Transcript
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Hoover's Online Report BuilderEastman Kodak Company (NYSE: EK)

Copyright 2004, Hoover's, Inc.

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Table of ContentsThe Basics...............................................................................................................................................................................1

Key Numbers.............................................................................................................................................................1Financial Overview....................................................................................................................................................1Officers & Employees................................................................................................................................................1Board Members..........................................................................................................................................................6Industry Information..................................................................................................................................................7SIC Codes...................................................................................................................................................................7NAICS Codes.............................................................................................................................................................7Top Competitors.........................................................................................................................................................8All Competitors..........................................................................................................................................................8Rankings.....................................................................................................................................................................8Subsidiaries/Affiliates Covered By Hoover's Online.................................................................................................8

Biographies..........................................................................................................................................................................10 Daniel A. Carp, Age 55...........................................................................................................................................10 Jude Rake, Age 45...................................................................................................................................................10 Robert H. Brust, Age 59..........................................................................................................................................11 Michael P. Morley...................................................................................................................................................11 James C. Stoffel, Age 57.........................................................................................................................................12 Henri D. Petit..........................................................................................................................................................13 Candy M. Obourn, Age 53......................................................................................................................................13 Carl E. Gustin Jr., Age 51.......................................................................................................................................14 Carl A. Marchetto....................................................................................................................................................15 James Langley, Age 53...........................................................................................................................................15 Bernard Masson......................................................................................................................................................16 Daniel I. Kerpelman, Age 44..................................................................................................................................16 Eric G. Rodli, Age 47..............................................................................................................................................17 Gary P. Van Graafeiland, Age 56...........................................................................................................................17 Karen A. Smith−Pilkington, Age 46.......................................................................................................................17 Charles S. Brown Jr., Age 52..................................................................................................................................18 Nachum (Homi) Shamir, Age 49............................................................................................................................19 Kim E. VanGelder, Age 39.....................................................................................................................................19 Larry Morgan..........................................................................................................................................................19 Atul Minocha..........................................................................................................................................................20 Joyce P. Haag, Age 53............................................................................................................................................20 Matthias Freund, Age 54.........................................................................................................................................21 Mark V. Gulling, Age 51........................................................................................................................................21 Mark A. Schneider..................................................................................................................................................22 Sharon J. Crino........................................................................................................................................................23 Alain Popelard, Age 62...........................................................................................................................................23 Jack C. Chang..........................................................................................................................................................24 Essie L. Calhoun.....................................................................................................................................................24 Richard S. Morabito................................................................................................................................................25 Stevan G. Ramirez..................................................................................................................................................25 Claude H. (Bud) Denker III ....................................................................................................................................25 Michael P. Benard...................................................................................................................................................26 Sharon L. Delman...................................................................................................................................................27 Michael A. Martino.................................................................................................................................................27 Barry S. Brenner......................................................................................................................................................28

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Table of ContentsBiographies

Aaron J. McLeod.....................................................................................................................................................28 Robert P. Rozek......................................................................................................................................................29 Paul A. Walrath.......................................................................................................................................................29 David E. Wilson......................................................................................................................................................29 R. Hays Bell............................................................................................................................................................30

Overview..............................................................................................................................................................................32

History..................................................................................................................................................................................33

Products/Operations...........................................................................................................................................................35

Other Resources Available On Hoover's Online..............................................................................................................36Other Resources.......................................................................................................................................................36Related Products From Our Trusted Partners..........................................................................................................36

Annual Financials................................................................................................................................................................37

Quarterly Financials...........................................................................................................................................................39

Historical Financials & Employees....................................................................................................................................42

Market Data.........................................................................................................................................................................44

Comparison Data.................................................................................................................................................................45

Competitive Landscape.......................................................................................................................................................47

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The Basics

343 State St.Rochester, NY 14650 (Map)http://www.kodak.com

Phone: 585−724−4000Fax: 585−724−1089

When Kodak made the Brownies, folks began to smile. The inventor of the world−famous Brownie camera (1900), Kodakremains the world's #1 maker of photographic film (ahead of Fuji Photo Film); yet it has launched an historic,billion−dollar remake of its business. The company is focusing less on sales of traditional photographic film, whichrepresents 70% of the company's revenues, and is investing heavily in digital cameras and imaging technology. Thecompany also has long−term plans to sell ink jet printers and flat−panel displays. Part of Kodak's shift to a digitaltechnology business includes a 20% reduction in its work force (about 14,000 people) over the next three years.

Key Numbers

Company Type Public (NYSE: EK)

Fiscal Year−End December

2003 Sales (mil.) $13,317.0

1−Year Sales Growth 3.8%

2003 Net Income (mil.) $265.0

1−Year Net Income Growth (65.6%)

2002 Employees 70,000

1−Year Employee Growth (6.8%)

Auditor PricewaterhouseCoopers LLP

Financial Overview

Last Close 10−Mar−2004 $26.10

52−Week High $32.46

52−Week Low $20.39

Basic EPS $0.83

Price/Earnings Ratio 31.45

Current Ratio 0.94

R&D Expenditures (mil.) −−

Ad Expenditures (mil.) −−

% Owned by Institutions 80.70%

Officers & Employees

Title Name Age Salary Bonus

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Chairman, President, and CEO Daniel A. Carp 55 $1,030,769 $2,327,325

President and COO Antonio M. Perez

COO, Kodak Consumer ImagingU.S. & Canada Region

Jude Rake 45

EVP and CFO Robert H. Brust 59 $635,828 $669,240

EVP and Chief AdministrativeOfficer

Michael P. Morley $491,154 $514,800

EVP, Ofoto James Joaquin

SVP, CTO, and Director,Research & Development

James C. Stoffel 57

SVP; Chairman and President,Greater Asia Region, andDirector, International RegionalOperations

Henri D. Petit

SVP and COO, Health Imaging Candy M. Obourn 53

SVP and Chief MarketingOfficer

Carl E. Gustin Jr. 51

SVP and President, CommericalImaging Group

Carl A. Marchetto

SVP and President, CommercialPrinting

James Langley 53

SVP and President, Digital andFilm Imaging Systems (D&FIS)

Bernard Masson

SVP and President, HealthImaging

Daniel I. Kerpelman 44

SVP and President,Entertainment Imaging

Eric G. Rodli 47

SVP and General Counsel Gary P. Van Graafeiland 56

SVP and Vice Chairman, GreaterAsia

Karen A. Smith−Pilkington 46

SVP and Director of GlobalManufacturing and Logistics

Charles S. Brown Jr. 52

VP; President, KodakVersamark

Nachum (Homi) Shamir 49

VP and CIO Kim E. VanGelder 39

VP, Consumer Imaging andDirector, Worldwide Marketing

Larry Morgan

VP Health Imaging Group; ChiefMarketing Officer

Atul Minocha

VP Legal and Assistant GeneralCounsel

Joyce P. Haag 53

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VP and Acting President,Consumer and ProfessionalImaging Products and Services(Retiring March 1, 2004)

Matthias Freund 54

VP and Director, Global SharedServices

Mark V. Gulling 51

VP and CTO, Consumer Imaging Mark A. Schneider

VP and Area Business GeneralManager, Health ImagingEurope, Pacific, Middle East,Africa, and Russia

Sharon J. Crino

VP and Associate Director,Global Manufacturing andLogistics (Retiring March 31, 2004)

Alain Popelard 62

VP and Associate Director ofResearch & Development

Jack C. Chang

VP, Chief Diversity Officer, andDirector, Community Affairs

Essie L. Calhoun

VP and Chief Purchasing Officer Richard S. Morabito

VP and Chief Quality Officer Stevan G. Ramirez

VP and Director, Brand andMarket Development

Claude H. (Bud) Denker III

VP and Director,Communications & PublicAffairs

Michael P. Benard

VP and Director CorporateBranding and CMO Kodak.com

Sharon L. Delman

VP and Director, CorporateStrategic and Financial Planning

Michael A. Martino

VP and Director, CorporateStrategic Planning

Barry S. Brenner

VP and General Manager,D&FIS Worldwide ProfessionalCustomer Relationships

Aaron J. McLeod

VP and Director, Finance,European, African, and MiddleEast

Robert P. Rozek

VP; Director, Global Paper andImaging Chemicals Flow;Divisional VP, GlobalManufacturing and Logistics

Paul A. Walrath

VP and Director, GlobalLogistics

David E. Wilson

R. Hays Bell

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VP and Director, Health, Safety& Environment

VP and Director, HumanResources

Robert L. Berman 45

VP and Director, Inkjet SystemsProgram

William J. Lloyd 63

VP and Director, Public Affairs Stephen J. Ciccone 42

VP and Director of WorldwideColor Film Manufacturing &Global Manufacturing andLogistics

Daniel T. Meek

VP and General Manager,D&FIS Worldwide Digital Sales

Michael A. Korizno 47

VP and General ManagerCapture and Traditional MediaConsumer Imaging

Mary Jane Hellyar

VP and General Manager andChief Strategy Officer, Softwareand Digital Services Business,Digital & Applied Imaging

Philip Gerskovich

VP and General Manager, DigitalCameras, Accesssories, andHome Printing Solutions

Gregory R. Westbrook

VP and General Manager GlobalIntegrated Supply Chain

John J. Chiazza

VP and General Manager, GlobalOperations, Commercial ImagingGroup

Philip V. Tatusko

VP and General Manager, GlobalSites, Global Manufacturing andLogistics

Mary Burkhardt

VP and General Manager HealthImaging Americas

Richard F. Cimino

VP and General Manager,kodak.com

Robert L. (Bob) LaPerle

VP and General Manager, LatinAmerican Region, ConsumerImaging

Jamie Cohen 39

VP and General Manager,Wholesale and Online Services

Brad W. Kruchten

VP and Manager KodakRochester Operations and SiteServices

Charles C. Barrentine

VP and Managing Director, David G. Monderer

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Corporate Business Development

VP and President, Commercial &Government Systems

James Manchisi

VP and President, Kodak Japan,Ltd., and General ManagerJapan Region

Yoshikazu Hori

VP and Regional BusinessGeneral Manager, ConsumerImaging, Greater Asia Region

John Tseng

VP and General Manager,D&FIS Worldwide Consumer &Professional Sales

Gerald P. (Jerry) Quindlen 44

VP and Vice Chairman, GreaterChina

Ying Yeh

CTO and VP, Health ImagingGroup

Michael W. Jackman

Chairman, Eastman Kodak S.A.,VP, European, African, andMiddle Eastern Region(EAMER), and RegionalOperations Manager

Etienne Bourgeois 56

CEO, Encad Barry R. Lathan

President, Display andComponents

Willy C. Shih

President, Kodak Canada Michael P. Ducey

President and General Manager,Kodak Display

Leslie G. Polgar

President, Ofoto Inc. Lisa Gansky 45

VP, Health Imaging Group Connie Meza

VP, Health Imaging and RegionalBusiness General Manager, USand Canada

Roger L. (Vern) Davenport 45

VP, Latin American Region andRegional Operations Manager

Jorge Perez−Cordova 54

Treasurer William G. Love

Controller Richard G. Brown Jr. 55

Director, D&FIS BusinessStrategy and Marketing Services

Pierre Schaeffer 40

Director, D&FIS HumanResources

Jean−Luc Duchemin 48

Director, D&FIS Finance Michael Pomeroy 45

Director, Global Capture Flow, Ted McNeff

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and Divisional VP

Director, MulticulturalMarketing, Corporate MarketingOffice

Aubyn Thomas

Director, Worldwide Operations,Consumer Imaging Service andSupport, Retail Business Segment

Rick Gary

Director, Worldwide OriginalEquipment ManufacturersBusiness; VP, Health ImagingGroup

Jonathan J. Tweed

Regional Business GeneralManager, Kodak Professional;Regional Operations Manager,EAMER

Claudio D'Amico 46

General Manager, ConsumerOutput

Kent McNeley 46

General Manager, D&FISOperations

Mark Rajkowski 45

General Manager, HomePrinting

Richard Stearns 55

General Manager, ProfessionalOutput

John Blake 37

General Manager, WorldwideDigital Camera and SystemDevelopment

Yusuke Kojima 58

General Manager, The AmericasRegion & VP, KodakProfessional Division

Diane F. McCue

Manager, Communications andPublic Relations, GlobalDiversity Office

David Kassnoff

Chief Privacy Officer Dale E. Skivington

Assistant to the Chairman, CEO,and President

Diane Wilfong

Chief Governance Officer Laurence L. Hickey 49

Board Members

Title Name Age

Chairman, President, and CEO Daniel A. Carp 55

Director Richard S. Braddock 61

Director William W. (Bill) Bradley 61

Director Martha Layne Collins 67

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Director Timothy M. (Tim) Donahue 54

Director William H. Hernandez 55

Director Durk I. Jager 59

Director Debra L. Lee 49

Director Delano E. Lewis 64

Director Paul O'Neill 67

Director Hector de J. Ruiz 58

Director Laura D Andrea Tyson 55

Industry Information

Consumer Products ManufacturersPhotographic &Optical Equipment/Supplies Manufacturers (primary)♦

Health CareHealth Care Products

Medical Equipment & Supplies◊ ♦

Computer HardwareComputer Peripherals

Printing & Imaging Equipment◊ ♦

RetailOffice Products Retail & Distribution♦

SIC Codes

3423 Hand and edge tools, nec

3429 Hardware, nec

3484 Small arms

3577 Computer peripheral equipment, nec

3579 Office machines, nec

3823 Process control instruments

3826 Analytical instruments

3827 Optical instruments and lenses

3841 Surgical and medical instruments

3861 Photographic equipment and supplies

5044 Office equipment

5047 Medical and hospital equipment

NAICS Codes

325992 Photographic Film, Paper, Plate, and Chemical Manufacturing

333293 Printing Machinery and Equipment Manufacturing

333314 Optical Instrument and Lens Manufacturing

333315 Photographic and Photocopying Equipment Manufacturing

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33411 Computer and Peripheral Equipment Manufacturing

334119 Other Computer Peripheral Equipment Manufacturing

339112 Surgical and Medical Instrument Manufacturing

339113 Surgical Appliance and Supplies Manufacturing

423410 Photographic Equipment and Supplies Merchant Wholesalers

424120 Stationery and Office Supplies Merchant Wholesalers

Top Competitors

Canon• Fuji Photo• Sony•

All Competitors

3M• Agfa• Canon• CASIO COMPUTER• China Lucky Film• Duracell• Fuji Photo• Hewlett−Packard• Jazz Photo• Konica Minolta• Leica Camera• Matsushita• Nikon• Olympus• Pentax• Philips Electronics• Photo Control• PhotoWorks• Polaroid• Ricoh• Sharp• Sony• Xerox•

Rankings

#150 in FORTUNE 500 • S&P 500• Dow Jones Industrials•

Subsidiaries/Affiliates Covered By Hoover's Online

Cinesite, Inc.• ENCAD, Inc.•

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Biographies

Daniel A. Carp, Age 55

Chairman, President, and CEO, $1,030,769 salary, $2,327,325 bonus

Other Company Affiliations

Company Title Salary Bonus

Texas Instruments Incorporated DirectorBiography

Mr. Carp is Chairman, Chief Executive Officer, and President of Eastman Kodak Company. He became Chairman onDecember 8, 2000. He was elected CEO effective January 1, 2000. He was President from January 1, 1997 until April2001 and was re−elected President in January 2002. Mr. Carp served as Executive Vice President and Assistant ChiefOperating Officer from November 1995 to January 1997. Mr. Carp began his career with Kodak in 1970 and has held anumber of increasingly responsible positions in market research, business planning, marketing management and line ofbusiness management. In 1986, Mr. Carp was named Assistant General Manager of the Latin American Region and inSeptember 1988, he was elected a Vice President and named General Manager of that region. In 1991, he was namedGeneral Manager of the European Marketing Companies and, later that same year, General Manager, European, Africanand Middle Eastern Region. He holds a BBA degree in quantitative methods from Ohio University, an MBA degree fromRochester Institute of Technology and an MS degree in management from the Sloan School of Management,Massachusetts Institute of Technology. Mr. Carp is a director of Texas Instruments Inc.

Source: Company Web Site, 2003

Jude Rake, Age 45

COO, Kodak Consumer Imaging U.S. & Canada Region

Other Company Affiliations

Company Title Salary Bonus

Fellowes, Inc. EVP and Chief Marketing OfficerBiography

Jude Rake is Chief Operating Officer for the U.S. and Canada Region of Kodak's Consumer Imaging business. Hisresponsibilities include business strategy and execution, marketing, market research, public relations, photofinishingoperations, and new products and services for Consumer Imaging's capture, output, and digital services businesses. Thisincludes a vast array of products and services such as Kodak Max and Advantix premium films, Kodak One Time Use andAdvantix Cameras, Kodak Picture Processing, Kodak Picture Maker and Picture CD, and Kodak Picture Center Online,which is co−branded with retailers. Jude has an undergraduate degree in Civil Engineering from Purdue University, andan MBA with concentrations in Marketing and Finance from the University of Chicago. Prior to joining Kodak inSeptember, 2000, Jude worked at SC Johnson Wax for eight years. His last position there was Vice President and GeneralManager of their Home Cleaning business, SCJ's largest division. While at SCJ he drove significant top and bottom linegrowth on the businesses he led, and he championed development and commercialization of several expansiveinnovations, including Windex Outdoor, Pledge Grab−Its and Off! Candles. Jude was also named to Advertising Age's

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Top 100 Marketers list in both 1994 and 1998 for his leadership of breakthrough advertising. Prior to SCJ, Jude wasManager of Marketing and Business Development at Pepsi−Cola International where he led global expansion of a newinnovative package, and development of Pepsi's first international advertising campaign. During his time at Pepsi heworked in twenty−eight different countries. Before Pepsi he was Brand Manager at The Clorox Company where heworked on Clorox Bleach and Formula 409. The advertising work he led on Clorox won two Mobius awards in 1988. Inbetween undergraduate and graduate school, he was a Structural Engineer designing and building Nuclear Power Plantsfor Bechtel. Jude and his wife Kathy have been married since 1981, and they have two daughters Jennifer and Megan. Hehas been very active in the community for the past 25 years coaching youth basketball and soccer. He enjoys sports,outdoor adventures, gardening and of course photography.

Source: Company Web Site, 2003

Robert H. Brust, Age 59

EVP and CFO, $635,828 salary, $669,240 bonus

Other Company Affiliations

Company Title Salary Bonus

Delphi Corporation DirectorBiography

Mr. Brust was named Chief Financial Officer and Executive Vice President of Eastman Kodak Company, effectiveJanuary 3, 2000. He reports to Daniel A. Carp, Chairman and Chief Executive Officer, President and Chief OperatingOfficer. Prior to joining Kodak, Mr. Brust was Senior Vice President and Chief Financial Officer of Unisys Corporation, aglobal information services and technology company with $8 billion in revenues, located in Blue Bell, Pennsylvania. Hejoined Unisys in 1997, where he directed the company's financial organization, including treasury, control, tax,information systems, mergers and acquisitions, strategy, procurement, and investor relations. He is largely credited forstrengthening Unisys' balance sheet and achieving a significant upgrade in the company's credit ratings. Mr. Brust went toUnisys following a distinguished 31−year career at General Electric, where he last ran the finance operations of thatcompany's plastics division as it grew from $900 million in revenues to about $8 billion. He joined General Electric in1965, working in a variety of financial and financial management positions in businesses as diverse as motors, capacitors,steam turbines and generators, and engineering services. He joined the plastics division in 1983, directing the financialoperation of that business through its dramatic period of growth. Mr. Brust is a graduate of Penn State University with aBS degree in accounting. He is a member of the board of directors of Delphi Corporation and Rochester BusinessAlliance, Inc. He is also a member of The Conference Board Council of Financial Executives.

Source: Company Web Site, 2003

Michael P. Morley

EVP and Chief Administrative Officer, $491,154 salary, $514,800 bonus

Other Company Affiliations

Company Title Salary Bonus

Charter One Financial, Inc. Director

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Biography

Mr. Morley began his Kodak career in 1964, in the Film Testing Division at Kodak Park. From 1970 through 1981, heheld a variety of human resource assignments at Kodak Park Division culminating with the position of director ofPersonnel Relations. Transferred to Kodak Colorado Division in 1982, he served as director of Industrial Relations. Mr.Morley returned to Rochester in 1985, as director of Industrial Relations for the Kodak Research Laboratory and thefollowing year was named director of Industrial Relations for Kodak Apparatus Division. In 1986, Mr. Morley wasawarded a Sloan Fellowship for study at the Massachusetts Institute of Technology. In 1987, after earning an MS inmanagement from MIT, he returned to Kodak as regional business manager, U.S. and Canadian regions, ProfessionalPhotography Division. Mr. Morley also received a BS degree from the Rochester Institute of Technology. In 1990, Mr.Morley was named director, Corporate Human Resource Strategic Planning. In 1991, he became general manager ofConsumer Services Division of the Photographic Products Group. Mr. Morley was elected a vice president of thecompany in May 1991. Later in the year, he was named general manager of the Imaging Resources Group. In January1992, Mr. Morley became general manager of U.S. and Canada, Consumer Imaging Division. Mr. Morley was appointeddirector, Human Resources, effective February 1, 1994, and elected a senior vice president of the company February 11,1994. On October 23, 2000, he was appointed Chief Administrative Officer and elected an Executive Vice President ofthe company. He is a member of the board of directors for Charter One Bank F.S.B; and Chairman of the Board, NACME(National Action Council for Minorities In Engineering, Inc.); member of the board of directors for IMC (IndustrialManagement Council); member of the board of governors for the Al Sigl Center and MIT Sloan School; and a member ofthe board of trustees for Rochester Institute of Technology, and Chairman, Personnel Roundtable.

Source: Company Web Site, 2003

James C. Stoffel, Age 57

SVP, CTO, and Director, Research & Development

Other Company Affiliations

Company Title Salary Bonus

Harris Corporation DirectorBiography

Dr. Stoffel joined Kodak in 1997, in the newly created position of vice president and director, Electronic ImagingProducts Research & Development. He was promoted to director of R&D in 1998. He had previously been with XeroxCorporation. Jim began his career at Xerox and held various positions of increasing responsibility in research, productdevelopment, manufacturing, and marketing. In 1989, he was named vice president & chief engineer; and subsequently,vice president, imaging systems development; and vice president and general manager of the Advance Imaging businessunit for Xerox. Stoffel was elected a corporate officer and vice president of Kodak in 1998. In 1999, he was promoted toDirector of Research and Development and vice president, responsible for research and development for all Kodaklaboratories worldwide. In 2000, he was appointed Chief Technical Officer and elected a senior vice president. He alsohas responsibility for Kodak Ventures (venture capital and new business incubation) and the new Kodak Display BusinessUnit. Stoffel received a BSEE Magna Cum Laude degree from the University of Notre Dame. As a NDEA Fellow atSyracuse University, he received his MSEE degree in 1970 and his Ph.D. in 1972. He is the author/editor of "Binary andGraphical Image Processing", a reference book for graduate students. He holds over 25 U.S. patents and numerousinternational patents. Stoffel currently is on the board of directors of NexPress Solutions LLC and Phogenix Imaging. Heis also a member of the advisory board at Stanford University Electrical Engineering Department, and the Research Boardat the University of Notre Dame. He also serves on the Executive Committee and Board of the Information TechnologiesIndustries Association, Washington, D.C.

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Source: Company Web Site, 2003

Henri D. Petit

SVP; Chairman and President, Greater Asia Region, and Director, International Regional Operations

Other Company Affiliations

Company Title Salary Bonus

Chesapeake Corporation DirectorRecent Work Highlights

Eastman Kodak Company2003 − 2003, VP and Chairman & President, Greater Asia Region♦

Biography

Following three years with a French sub−nuclear physics research lab, Henri Petit began his Kodak career in 1975 asassistant to the manager of the Purchasing Division, Kodak−Pathé (France). In 1980, he became assistant to the managerof Kodak−Pathé's Photofinishing Laboratory in Sevran. In the following year, Petit was named manager of thePhotofinishing Laboratory. After taking part in an internship program and training in marketing and management inRochester, New York, he became business unit manager, Business Information Systems and Corporate Accounts,Kodak−Pathé in 1985. In 1987, he was named business unit manager of the Photofinishing Systems Division, responsiblefor marketing of photographic papers, chemicals and equipment to photofinishing labs. In 1989, Petit was appointedgeneral manager and vice president, Motion Picture and Television Imaging, Europe, Africa and Middle East Regionlocated in London. In December 1992, he was appointed corporate vice president and worldwide general manager ofMotion Picture and Television Imaging and relocated to the U.S. In November 1995, Petit was named general manager ofEuropean, African and Middle Eastern Region. In September 1997, he was appointed Chief Operating Officer ofConsumer Imaging. Effective February 2001, he was named to his current position based in Shanghai, China. A native ofBaden−Baden, Germany, Henri Petit holds a masters degree in engineering from the École Superieure de Physique etChimie de Paris, a post−graduate degree in nuclear physics, and a Ph.D. in corpuscular electronics from the University ofParis XI, France. He attended the Advanced Management Program, I.N.S.E.A.D., Fontainbleau, France.

Source: Company Web Site, 2003

Candy M. Obourn, Age 53

SVP and COO, Health Imaging

Other Company Affiliations

Company Title Salary Bonus

Parker Hannifin Corporation DirectorBiography

Candy M. Obourn began her career at Kodak as a systems analyst in 1974. She later held management assignments inManagement Information Systems, Corporate Planning, Business Imaging Systems and Document Imaging divisions. In1990, as general manager of Data Processing Products, Business Imaging Systems, she was responsible for profit and loss

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of Kodak's Data Processing Products business. This included computer output microfilm equipment, service and supplies,as well as complementary optical, printer and CD products. In 1991 she served as assistant to the chairman, EastmanKodak Company. In December 1991, Mrs. Obourn was elected a vice president and named director, Information Systemsand Business Processes. She was elected chief information officer and was responsible for both Information Systems andthe Reengineering of Kodak's Business Processes. In October 1993, she was elected vice president and general manager,Business Imaging Systems, becoming President of the division in October 1995. In this position, she was responsible forprofit and loss of Kodak's Business Imaging Systems unit, which provides Document Management Systems, supplies andservice. In April 1998, she was given additional responsibility for the Office Imaging division that manufactures copiersand supplies. The combined divisions were renamed Document Imaging. The copier business was sold to HeidelbergerDruckmaschinen AG in 1999. In October 1999, she was elected a corporate senior vice president effective January 2000.In January 2002, she was named Chief Operating Officer of Kodak's Health Imaging division, responsible for profit andloss for their $2.3B products and services business with a direct staff of 4,700. Mrs. Obourn received her BA inmathematics from Boston University, where she graduated with honors. She is a member of the board of directors ofParker Hannifin Corporation. She was on the board of directors of Cognos Inc. from 1999−2002. She served on the boardof directors at Stratus Computer, Inc. from 1993 until sold in 1998.

Source: Company Web Site, 2003

Carl E. Gustin Jr., Age 51

SVP and Chief Marketing Officer

Biography

Carl Gustin joined Kodak as vice president and general manager of the Digital and Applied Imaging Division in August1994. In October 1995, he was appointed to his present position as chief marketing officer and senior vice president,Eastman Kodak Company, in addition to his role as acting president and general manager of Digital and Applied Imaging,which he did through 1996. As chief marketing officer, Gustin has been breaking new ground in the areas of advertisingand marketing in an effort to fuel new market growth while further enhancing and broadening the reach of the brand. Hisareas of responsibility include: corporate−wide general marketing, internet marketing, developer relations, presencemarketing, corporate branding, new business incubation, multicultural marketing, business research as well as providingleadership and direction for the marketing functions across the company. Gustin is currently a member of Kodak's SeniorExecutive Council; Chairman of the Corporate Brand Management Council; and Chairman, e−Business ManagementCouncil. In 2000, he led the development and launch of Kodak's new Infoimaging campaign that, along with key industrypartners, has been recategorizing the imaging sector as a $385 billion category involving hundreds of new and establishedimaging companies. These companies are providing a wide array of traditional and digital imaging products and servicesspanning devices, infrastructure and services/media. Most recently, his office has managed the new worldwide,multi−business unit brand and marketing effort, "Share Moments/Share Life," drawing on Kodak's long legacy ofcustomer emotional involvement across all product lines and services. During Gustin's tenure, Kodak was inducted intothe American Marketing Association's Marketing Hall of Fame in 1997. In 1997, Kodak was also awarded AMA's GOLDEFFIE for the Tall Tales Corporate Branding Campaign, and an OBIE award for the unique bus advertising at the '96Atlanta Olympic Games, as well as numerous awards for our internet site. In addition, Bill Delaney, Delaney Report, whonamed him "Corporate Marketing Executive of the Year" for 1996, recognized Gustin for his leadership in corporatemarketing. Gustin was also named one of Ad Age's Top 50 marketers in 1996. Prior to Kodak, Gustin was with DigitalEquipment Corporation (DEC) in 1994. He joined DEC as the PCBU's worldwide vice president of Product and MarketStrategy and was then promoted to DEC's Computer Systems Division, where he was responsible for product andmarketing strategy as well as all communications activities (advertising, PR, research, collateral support, industrial design,direct marketing, etc.). Prior to joining DEC, he was vice president of Worldwide Communications and MarketingSupport for Apple Computer. Most notably, he was responsible for Apple's highly acclaimed advertising campaignsincluding: PowerBook, Hard Way/Easy Way desktop and Does More/Costs Less full product line campaigns. In addition,prior to heading up communications for Apple, he was executive aide to John Sculley, Chairman & CEO, Apple

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Computer. Prior to working with John Sculley, Gustin was the director of sales, Southern Operations, for reselleroperations. When he first joined Apple in 1988, he was the business development executive for the Southeast Region.Before joining Apple, he spent the years of 1974 through 1988 as senior vice president and director of marketing servicesfor two different Young & Rubicam affiliates, president and general manager of Doyle Dane Bernbach's Midwesternoperations, and senior vice president/partner in a smaller regional agency. Before his advertising career, Gustin was aresearch chemist for the Fairfield Engineering Co.

Source: Company Web Site, 2003

Carl A. Marchetto

SVP and President, Commerical Imaging Group

Biography

Mr. Marchetto began his career at Kodak in 1996 as director of Image Acquisition Systems and vice presidentCommercial & Government Systems. He was named president, Commercial & Government Systems in April 1998. Hewas elected a corporate vice president of the company in June 1998 and a senior vice president in February 2001. OnNovember 14, 2001 he was appointed president, Commercial Imaging Group. Prior to joining Kodak from 1977 to 1979,Marchetto was employed at Farrell Company, located in Ansonia, Connecticut. From 1979 to 1990, he was employedwith Jet Propulsion Laboratory, located in Pasadena, California and from 1990 to 1996, he was employed with LockheedMartin Corporation−Astro Space Division, located in Princeton, New Jersey. Marchetto is a member of the board ofdirectors of NexPress Solutions L.L.C.; Kodak Polychrome Graphics; and St. Joseph's Villa; and on the board ofgovernors of the National Space Club. He has a BS degree in engineering from Stevens Institute of Technology and anMS in mechanical engineering from California State University. He also participated in the engineering managementprogram at the California Institute of Technology. His achievements include five NASA awards and five NASAtechnology grants. Born in Summit, New Jersey, Marchetto resides in Victor, New York, with his wife and two children.

Source: Company Web Site, 2003

James Langley, Age 53

SVP and President, Commercial Printing

Recent Work Highlights

Eastman Kodak CompanyTitle held until 2003: President, Commercial Printing♦

Biography

Langley joined Kodak in 2003 as President, Commercial Printing, a business that includes Kodak's Encad subsidiary andits NexPress and Kodak Polychrome Graphics joint ventures. The Commercial Printing business also includes an initiativeto enter the digital asset management market and publishing services, which involves managing the distribution andoutput of digital assets, such as images. He reports to President and Chief Operating Officer Antonio M. Perez. Langleyjoined Kodak after a 30−year career at Hewlett−Packard Company. Most recently, he was vice president of CommercialPrinting at HP from March 2000 to August 2002. Prior to that assignment, he served for three years as vice president ofInkjet Worldwide Office, responsible for expanding the presence of HP's inkjet products in new, higher−end markets.This included all−in−one office printing devices, large format printing, photofinishing and commercial printing. From

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August 1993 to June 1997, Langley served as the general manager of HP's Vancouver Printer Division. As generalmanager, he led the development of high−performance inkjet technology and products for retail and commercial channels.Langley joined HP in 1972, working in a variety of technical and management positions involving laser printers. A nativeof Berkeley, California, Langley holds a Bachelor of Science degree in Mechanical Engineering from the University ofCalifornia−Berkeley and a Masters of Science degree in both Mechanical Engineering and Computer Science fromStanford University. He also completed the Executive MBA program at the University of Michigan.

Source: Company Press Release, September 25, 2003

Bernard Masson

SVP and President, Digital and Film Imaging Systems (D&FIS)

Recent Work Highlights

Eastman Kodak Company2003 − 2003, SVP and President, Display Group♦

Biography

Bernard Masson is president of the company's Display Group, a position he assumed in December 2002. He joined Kodakin May 2002, as a consultant to the company's Photography Group, with an emphasis on output − or the delivery ofhardcopy images and photographs. He remains a strategic advisor to the Photography Group on output and other segmentsof the group's business. On December 13, 2002 he was elected senior vice president of the company. Prior to Kodak,Masson was an executive vice president at Lexmark International Inc. and president of the company's Consumer PrinterDivision between 1997 and 2001. He joined Lexmark in 1995. From 1992 until 1995, Masson was vice president andgeneral manager of DH Print, a subsidiary of DH Technology, based in San Diego. The company designs, manufacturesand markets specialty printers worldwide. During his 28−year career, Masson also has worked for the Calcomp subsidiaryof Lockheed Martin Corp. and the Memorex subsidiary of Burroughs Corp. A native of Paris, Masson graduated with anMS in electronics and mechanics from Ecole Nationale Superieure d'Electronique et d'Electromecanique de Caen, inFrance. He also attended the Stanford Executive Institute and the UCLA Executive Institute. Masson and his wife Janylive in Rochester, NY.

Source: Company Web Site, 2003

Daniel I. Kerpelman, Age 44

SVP and President, Health Imaging

Biography

Dan Kerpelman joined Kodak in June 2002, as president of Health Imaging. In this capacity, he is responsible fordeveloping strategies for pursuing growth opportunities created by the convergence of imaging and informationtechnologies. He also manages the day−to−day operations of Kodak's second largest business. Kerpelman brings to Kodaknearly 15 years of broad management experience in the diagnostic imaging industry, including his most recent position asGeneral Manager of the Global Diagnostic X−Ray Division of GE Medical Systems, a unit of General Electric Co. In his17−year career at GE, Kerpelman spent most of his time with the company's Medical Systems unit, in which he served asGeneral Manager for Global Quality; General Manager of Global Service Operations; Region Services Manager; Managerof Logistics; and Manager of Safety & Regulatory Engineering. During his time in Global Quality, he led GE Medical

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Systems' Six Sigma quality initiative. He joined GE in 1985 as a software engineer in the company's Research &Development unit. Prior to GE, Kerpelman worked as a software engineer at Hewlett−Packard Co. Fluent in English,Italian and French, Kerpelman holds a BS in Computer Science from the University of Maryland, an MS in ComputerEngineering from Rensselaer Polytechnic Institute, and a MBA from Northwestern University.

Source: Company Web Site, 2003

Eric G. Rodli, Age 47

SVP and President, Entertainment Imaging

Biography

Eric G. Rodli was appointed president, Entertainment Imaging, and senior vice president, Eastman Kodak Company inSeptember 2001. His responsibilities include defining growth objectives and implementing business strategies to expandthe company's role as the world's leading supplier of motion imaging solutions, including film, hybrid, and digital mediaproducts and services. Since January 2000, Rodli has served as Chief Operating Officer and Vice President of theEntertainment Imaging division. Prior to joining Kodak, Rodli was president of Bexel, the largest broadcast video andaudio equipment rental service in the U.S. In his twenty−year career, Rodli has had a broad range of senior managementpositions. He began his career at the Boston Consulting Group; served as president of Iwerks Entertainment; and later wasa partner at the Price Waterhouse Coopers Management Consulting Group, specializing in the firm's entertainmentstrategy practice. Rodli is based at Kodak's Entertainment Imaging headquarters in Hollywood.

Source: Company Web Site, 2003

Gary P. Van Graafeiland, Age 56

SVP and General Counsel

Biography

Mr. Van Graafeiland was elected a senior vice president and named general counsel of Eastman Kodak Companyeffective February 14, 1992. He is also the Company's Chief Compliance Officer. Mr. Van Graafeiland joined the KodakLegal Department as a member of the Corporate Legal Staff in 1979. He was named assistant general counsel and directorof the Corporate Legal Staff in January 1989, and was elected corporate secretary effective January 1990. Prior to joiningKodak, Mr. Van Graafeiland was associated with the Rochester law firm of Harter, Secrest & Emery. A graduate of UnionCollege with a BA in English, Mr. Van Graafeiland holds a JD degree from Cornell University Law School. He is amember of the American Corporate Counsel Association, the Association of General Counsel, the Civil Justice ReformGroup, the American Bar Association, the New York State Bar Association, and the Monroe County Bar Association. Heis a member of the Executive Committee of the Association of General Counsel. He is also a member and formerchairman of the board of directors of the Rochester School of the Holy Childhood, and a member of the board of directorsof ESL Federal Credit Union and the board of trustees of the U.S. − China Legal Cooperation Fund.

Source: Company Web Site, 2003

Karen A. Smith−Pilkington, Age 46

SVP and Vice Chairman, Greater Asia

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Recent Work Highlights

Eastman Kodak Company2001 − 2003, SVP and President, Kodak Professional♦ Title held until 2004: SVP and Business Operations Manager, Consumer and Professional ImagingProducts and Services

Biography

Smith−Pilkington was second−in−command of Kodak's combined Consumer & Professional Imaging operations,focusing primarily on the integration of those two organizations. Previously, she was president of Kodak Professional,which provides imaging products, solutions and services to professional photographers and related labs. Smith−Pilkingtonhas had global responsibilities in Consumer Imaging, Health Imaging and Kodak Professional. She also served as theregional business unit general manager for Kodak Professional in Canada. Smith−Pilkington holds a B.A. in PoliticalScience (Summa Cum Laude) from the State University of New York at Geneseo (1978); a Masters in Industrial andLabor Relations from Cornell University (1980); and a Masters of Business Administration from the William E. SimonSchool of Graduate Business Administration at the University of Rochester (1988).

Source: Company Press Release, December 17, 2003

Charles S. Brown Jr., Age 52

SVP and Director of Global Manufacturing and Logistics

Biography

Mr. Brown began his Kodak career as a process engineer in the Synthetic Chemicals Division in 1973 and served invarious technical and supervisory capacities until 1982. In 1982−84, he was involved in several developmentalassignments leading to his movement into production management. Mr. Brown's Kodak experience has been primarily inmanufacturing serving as the director, Manufacturing Research and Engineering Division; manufacturing manager,Materials for Ektacolor Paper and Chemicals; and manager, Synthetic Chemicals Division. In 1993, he was named thegeneral manager of Sensitized Goods Platform Center, the company's unit responsible for the development of newphotographic films, papers and photochemical products, and manufacturing technologies. On November 1, 1995 he wasnamed chief operating officer, Consumer Imaging and vice president, Eastman Kodak Company. His primaryresponsibilities included Consumer Imaging's film, paper and camera businesses. Mr. Brown was then named the assistantdirector, Imaging Materials Manufacturing beginning September 1, 1997. Mr. Brown was named to his current position,director, Global Manufacturing and Logistics, and vice president, Eastman Kodak Company, effective February 1, 1999.In this position, he provides leadership for Kodak's global operations for film, photographic paper, chemical products andequipment. On April 14, 2000 Eastman Kodak Company's board of directors elected Mr. Brown a senior vice president. Anative of Waukegan, Illinois, he received BS and Masters of Engineering degrees in chemical engineering from CornellUniversity in 1972 and 1973, respectively. He earned an MBA from Rochester Institute of Technology in 1979 and an MSin management as a Fellow at Massachusetts Institute of Technology, Sloan School of Management, in 1992. He is amember of AIChE; the Society of Engineers, the Engineering College Advisory Council and University Council atCornell University. He is also a member of the Board of Trustees, Nazareth College; and a member of the Board ofDirectors, National Association of Manufacturers.

Source: Company Web Site, 2003

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Nachum (Homi) Shamir, Age 49

VP; President, Kodak Versamark

Other Company Affiliations

Company Title Salary Bonus

Kodak Versamark, Inc. President; VP, Eastman KodakBiography

Shamir joined Kodak as President, Kodak Versamark Inc., a wholly owned subsidiary. The company formed KodakVersamark after the acquisition of the assets of Dayton, Ohio−based Scitex Digital Printing.

Shamir joined Scitex in 1993 as managing director of the Asia−Pacific and Japan regions for Scitex Digital Printing,where he was responsible for positioning the company as a regional leader in high−speed, variable informationtechnology. He was promoted to president and CEO of Scitex Digital Printing, the Dayton, Ohio, subsidiary, in January2001. Shamir became president and CEO of Scitex Corporation in July 2003.

Prior to joining Scitex, Shamir spent 16 years in the Asia−Pacific region holding executive−level positions for a numberof companies in Hong Kong, Australia, Fiji and the Philippines. He earned a master's degree in Public Administrationfrom Harvard University in 1990, and a Bachelor of Science degree from Hebrew University in Jerusalem in 1980.

Shamir is a board member of Scitex Corporation, and also serves on the board of the Victoria Theatre in Dayton, as anexecutive director of the printing industry's EDSF association, and on the external advisory board of the College ofEngineering and Computer Science at Wright State University. Shamir and his family reside in Dayton.

Source: Company Press Release, January 21, 2004

Kim E. VanGelder, Age 39

VP and CIO

Biography

VanGelder joined Kodak in September 1984 and has held a variety of assignments of increasing responsibility, all in theInformation Technology arena. She has a B.S. in Mathematics from the Rochester Institute of Technology.

Source: Company Press Release, December 17, 2003

Larry Morgan

VP, Consumer Imaging and Director, Worldwide Marketing

Biography

Mr. Morgan has over 20 years of US and International experience with Kodak, Pepsi−Cola and Richardson−Vicks. Mr.Morgan joined Richardson−Vicks (now part of Proctor and Gamble Health Care) in 1975. While there, he moved through

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the brand management ranks on a number of products including Clearasil, Fixodent, and new products. Prior to leaving,he managed their largest business, Oil of Olay, leading that business to a 50% sales increase. In 1981, Mr. Morgan joinedPepsi−Cola's international division as Marketing Manager for their North Latin America Region. He was promoted togeneral manager of Pepsi's Colombian subsidiary in 1983. Morgan joined Kodak in the Ultra Technologies group in 1986as manager of Marketing. In 1988, Kodak moved him to Business Manager for worldwide development of one−time−usecameras, and he championed the introduction and early growth of that business. In 1990, he was named MarketingManager for the Northeast Sales Zone. In 1993, he was appointed U.S. general manager of Marketing for Image−TakingProducts, and in 1995 was named vice president, Consumer Imaging, for Image−Taking Products for the U.S. andCanada. In 1997, Mr. Morgan took a special assignment to head a "Tiger Team" dedicated to the relaunch of the AdvantixPhoto System. In the assignment, he led an effort that successfully established this strategic business. In February, 1998,he was named director of Marketing for Kodak's worldwide film business. In 1999, Mr. Morgan was named director,Worldwide Marketing, and vice president, Consumer Imaging, responsible for worldwide strategic planning for Kodak'straditional and APS film and cameras and one−time−use cameras. Most recently he has been Vice President of WWMarketing for Capture Products (Film, Cameras, One−Time Use Cameras and Batteries). A native of Dryden, New York,Morgan has a Bachelor's Degree in Agricultural Economics from Cornell University and an MBA from the Darden Schoolof the University of Virginia.

Source: Company Web Site, 2003

Atul Minocha

VP Health Imaging Group; Chief Marketing Officer

Biography

Upon joining Kodak in 1999, Minocha served as Director of Marketing for Health Imaging's U.S. and Canada region. In2001, he was named to his most recent position, Vice President of Marketing for Health Imaging's Americas organization,which comprises the United States and Canada and Latin America regions. Among his accomplishments, Minocha ledmarketing initiatives that helped the Americas organization gain market share in six out of seven product categories. Healso has played an instrumental role in transitioning U.S. customers and prospects from traditional film−based medicalimaging products to digital products. More than 50% of the Americas' 2002 revenue came from digital products. Prior tojoining Kodak, Minocha held top marketing positions with AlliedSignal Inc.; Graco Inc., the world's leading manufacturerof fluid−handling equipment; Cummins Engine Company's Power Generation Group; and DCM Toyota Limited, a jointventure between DCM Limited and Toyota to manufacture and market light trucks in India. Minocha holds a bachelor'sdegree in Mechanical Engineering from the Indian Institute of Technology, New Delhi, India. He also earned an MBAfrom Yale School of Management, New Haven, Conn.

Source: Company Press Release, February 18, 2003

Joyce P. Haag, Age 53

VP Legal and Assistant General Counsel

Biography

Ms. Haag began her Kodak career in 1981, as a lawyer on the Legal Staff. She was elected assistant secretary inDecember 1991 and elected corporate secretary in February 1995. In January 2001, she was appointed to the additionalposition of Assistant General Counsel. She currently is doing a two year developmental assignment on the Marketing,Antitrust, Trademark and Litigation Legal Staff. A graduate of Mt. Holyoke College, Ms. Haag holds a BA degree inmathematics and graduated Phi Beta Kappa. She was a Sara Williston Scholar at Mt. Holyoke. She received her JD and

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graduated cum laude from Cornell Law School. Prior to joining the Kodak Legal staff, Ms. Haag was an associate withBoylan, Brown, Code, Fowler Vigdor & Wilson LLP in Rochester, New York. Ms. Haag is currently a member of theAmerican Society of Corporate Secretaries the President's Council of Cornell Women and ACCA. Ms. Haag has also beena member of the Board of Governors of the Genesee Hospital (1988−1996), Chair of the Genesee Hospital Foundation(1988−1996), a director of Via Health, Inc. (1995−1997), a member of the Board of Trustees of Monroe County BarAssociation (1984−1985), Director of Fleet Bank, NA (1996−1998), a member of the Board of Trustees MargaretWoodbury Strong Museum (1996−1998) and the Secretary of the American Society of Corporate Secretaries.

Source: Company Web Site, 2003

Matthias Freund, Age 54

VP and Acting President, Consumer and Professional Imaging Products and Services (Retiring March 1, 2004)

Recent Work Highlights

Eastman Kodak Company2003 − 2003, VP and CEO, Photofinishing; Acting President, Consumer Imaging Products and Services;COO, Consumer Imaging

2003 − 2003, VP and CEO, Photofinishing; Acting President, Consumer Imaging Products and Services;COO, Consumer Imaging

Title held until 2003: VP and CEO Qualex & COO Consumer Imaging,♦

Biography

Mr. Freund began his career with Eastman Kodak Company at Kodak AG, Germany, in 1972, as a business planner inCommercial Labs and Professional Wholesaler, followed by an assignment as sales representative for PhotofinishingProducts and marketing manager in Commercial Labs. In 1979, he was named the manager of Customer Service andEuropean Logistics and Supply manager for Kodak Copier and Clinical Chemistry business. In 1983, Mr. Freund wastransferred to Rochester as the European manager, Consumer Electronics Division and Product Planning director, Videoequipment. In 1986, he returned to Kodak AG as national sales manager, Photofinishing System Division. In 1988, Mr.Freund returned to Rochester as manager, Product & Marketing Planning New Photographic Systems (Photo CD andAPS). In 1993, he was named the country business unit manager, Consumer Imaging, Kodak AG, Germany. In 1996, Mr.Freund was named general manager, Photofinishing Product Business, Consumer Imaging, Kodak, Rochester. He waselected a corporate vice president in September, 1996. In 1998, Mr. Freund was named general manager, ConsumerImaging, U.S. and Canada Region, and vice president, Kodak, as well as president and chief executive officer of QualexInc., in 1998. He achieved significant productivity improvements while improving quality by 19% in 1999, followed byan additional 16% improvement so far this year. In 2000, he assumed the additional responsibility of general manager,Output Product and Service Business, Consumer Imaging. In September, 2000 Mr. Freund was named chief operatingofficer, Consumer Imaging and retained his title of CEO at Qualex. Mr. Freund is a native of Stade, Germany, and holds aBusiness degree in Photo Trade Marketing from Fotofachschule, Kiel. He also graduated as Polizei Oberwachtmeister(equivalent to U.S. Military Police Colonel) from Police Academy in Hamburg, Germany.

Source: Company Web Site, 2003

Mark V. Gulling, Age 51

VP and Director, Global Shared Services

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Recent Work Highlights

Eastman Kodak CompanyTitle held until 2003: VP and CIO♦ Title held until 2003: VP and CIO♦

Biography

Mark Gulling began his career at Kodak in 1974 as a systems analyst in the Corporate Information Systems Division.From 1974−1985, he supported sales, billing, credit, advertising, and distribution systems acting in various analyst,supervisory, and management roles. In 1986, Mark became the Information Systems Director for Eastman Savings andLoan, a banking institution that serves Kodak employees. In 1989, Mark moved to the newly formed Health Group andwas instrumental in launching Business Process Reengineering within Kodak, starting in the Health Sciences Division.From 1991−1992, he served as the Reengineering Project Manager responsible for the redesign and implementation of themajor business processes for Kodak's Dental business. In 1993, he became the Information Systems Director responsiblefor the worldwide information systems for the Business Imaging Systems and Office Imaging businesses. In 1996, Markwas named Program Manager for the Corporate Enterprise Resource Planning (ERP) initiative. In 1998, Mark was namedAssistant Chief Information Officer of Eastman Kodak Company. In 2000, Mark was named Acting Chief InformationOfficer. On February 9, 2001, Mark was appointed Chief Information Officer and Vice President, Eastman KodakCompany. In 2002, he received the 2001 CEO Diversity Award for his achievement in pursuit of diversity. He receivedhis latest assignment as director of Global Shared Services in 2003. Mark received his BS degree in Mathematics andEconomics from Ashland University in 1974. In 1991, he completed an executive education program at Duke University.

Source: Company Web Site, 2003

Mark A. Schneider

VP and CTO, Consumer Imaging

Biography

Mr. Schneider is a 1981 graduate of Clarkson University. He started his career with Kodak as a summer employee,working as an injection molding press operator. Obtaining his degree in Mechanical and Industrial engineering, Mr.Schneider began work full−time at Kodak as a camera−manufacturing engineer in Consumer Products. In the mid−80'sMr. Schneider moved to the Boston area, joining the then newly acquired Eikonix Corp. Eikonix (and later Atex) providedthe opportunity to get involved with a variety of digital imaging capture and output technologies. These systems createddigitally enhanced images for the printing and publishing industry. Returning to Rochester in 1990, Mr. Schneider beganworking on the Cineon Digital Film System as the product manager for the Workstation product. This role includedsignificant software development and OEM relationship building. The project required coordinating operations inRochester, Los Angeles, San Francisco, and Melbourne, Australia. Following work on Cineon, Mr. Schneider moved backto the camera business, taking the role of managing the group responsible for the sourcing of Consumer Imaging'straditional camera line. From this role he moved on to become the Category Manager for APS cameras. In late 1997 hebecame Director − Research, Development and Manufacturing for Cameras. In April of 2000, Mr. Schneider was namedGeneral Manager, Worldwide Cameras and Batteries Business, and Vice−President, Consumer Imaging. In May of 2001,Mr. Schneider moved into the role of Chief Technology Officer and Vice President, Consumer Imaging. In October of2001, Consumer Imaging (CI) re−aligned its product groups. At this time Mr. Schneider was named Worldwide GeneralManager, Imaging Equipment and Network Services. In this role Mr. Schneider is now responsible for CI's portfolio ofWholesale Photofinishing Equipment, Retail Photofinishing Equipment, Kiosk Products and Network Services forConsumers. (Network Services includes support of Retail On−line Photofinishing sites (collectively referred to asRetail.com), Picture CD, and AOL You've Got Pictures.) Mr. Schneider was named an Officer of the Company inDecember of 2001.

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Source: Company Web Site, 2003

Sharon J. Crino

VP and Area Business General Manager, Health Imaging Europe, Pacific, Middle East, Africa, and Russia

Biography

Ms. Crino currently holds the position of Area Business general manager, Health Imaging, Europe, Pacific, Middle East,Africa, and Russia Area (EPMAR) and vice president, Eastman Kodak Company, residing in Geneva, Switzerland. Shewas elected vice president, Eastman Kodak Company in 2001. In Ms. Crino's current position she provides overallleadership, coordination, and management for all of Health Imaging EPMAR, including Sales, Marketing, Services, andOperations, in order to facilitate the delivery of all business commitments for the EPMAR Health Imaging Business. Thisbusiness contributes revenues in excess of $1B, and employs approximately 1000+ employees. Ms. Crino began hercareer with Eastman Kodak in 1970 in Business Systems Imaging Division. She joined Copy Products at the inception ofthe this Division in 1975, where she held a number of positions including sales, marketing, operations, staff assistant, andfirst and second line management positions. In 1991, she joined the Health Group as a Healthcare Account Executivewhere she managed the combination of portfolios brought in through the acquisition of Sterling Drug and the existingHealth Sciences portfolio of products and services. In 1993, she became director and vice president, Health GroupMarketing, managing the Corporate Account team that crossed all Business Units within Eastman Kodak Company. In1997, Ms Crino became the Regional Business general manager and vice president, Health Imaging, Europe, Middle East,Africa, and Russia, based in London. During this time, Ms. Crino was part of the WW acquisition team for the ImationMedical business and successfully managed the major integration for Europe, Middle East, Africa, and Russia in athree−month period. In Ms. Crino's current role, she is able to apply her diverse experiences to support the growth in themedical imaging business in EPMAR as it moves from a traditional to a digital environment, while recognizing thecultural, geographic, and economic sensitivities. This new environment is made up of products and services designed tomeet the Diagnostic Imaging Market, which includes traditional X−ray film based products, and increasingly, digitallycaptured diagnostic images to create digital solutions for the Medical Imaging market. Ms. Crino has had 14 geographicmoves with Eastman Kodak Company. Sharon is a member of Kodak Women who are Leaders (KLW), an organizationof middle and senior management women. She also attended the Rochester School of Nursing in Rochester, N.Y.

Source: Company Web Site, 2003

Alain Popelard, Age 62

VP and Associate Director, Global Manufacturing and Logistics (Retiring March 31, 2004)

Biography

Alain Popelard began his Kodak career in 1969 as an operation researcher in Kodak's French subsidiary at Kodak Pathe.From 1972 through 1974, he led the French Distribution Re−engineering project, then created and managed the FrenchSouthern Region until 1981. After returning to Paris to lead the Information Systems function for France, he left in 1985to manage the Customer and Marketing Support organization. In 1988, he became the French Manufacturing Manager andin 1992, joined the European Region headquarters in London as the European Photofinishing Regional Business UnitManager. In 1997, he moved to Rochester as Director of Strategy and Strategic Opportunities in Imaging MaterialsManufacturing. Mr. Popelard was named to his current position February 1, 2000, and was named a company vicepresident February 14, 2000. A native of Normandy, France, Popelard received his education in scientific and generalengineering at Ecole Centrale De Paris and received his MBA at the Sorbonne in Paris.

Source: Company Web Site, 2003

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Jack C. Chang

VP and Associate Director of Research & Development

Biography

Dr. Chang began his Kodak career in 1967 as a research chemist in the company's Research Laboratories. Over the next17 years, he worked in Special Projects, Analytical Sciences and Electrophotography. In 1984, he was named manager ofthe Advanced Technology Division for Copy Products. He later served as director of the Chemistry Division, later theCorporate Research Laboratory, and the PhotoScience Research Division. In 1996, he was appointed associate directorand vice president of Imaging Research and Advanced Development, Materials. He was elected a vice president of thecompany in 1998. He is responsible for building and maintaining the company's core competencies and guiding thecareers of the technical staff, in addition to building and strengthening Kodak's imaging systems core technicalcompetency. In 1999, he was appointed Associate Director, Research and Development and Vice President. Changreceived his B.A. degree from Asbury College in Wilmore, Kentucky, a M.S. from the University of Illinois at Urbana,and his Ph.D in Analytical Chemistry from the University of Illinois at Urbana. He has done post−doctoral studies atMassachusetts Institute of Technology in Electroluminescence of Aromatic Hydrocarbons.

Source: Company Web Site, 2003

Essie L. Calhoun

VP, Chief Diversity Officer, and Director, Community Affairs

Recent Work Highlights

Eastman Kodak Company2003 − 2003, VP and Director Multicultural Marketing, Community Relations and CorporateContributions

♦ •

Biography

Calhoun began her Kodak career as a Copy Products Division Sales Representative in 1982, later holding positions as aMarketing Specialist and Sales Manager. In 1988, Calhoun joined Communications & Public Affairs as Director of PublicAffairs Planning. A year later, she was appointed Director of Community Relations, and in 1994 she assumed her currentposition as Director, Community Relations and Contributions. In 2000, she was elected a corporate vice president, andwas named Director of Multicultural Marketing in 2002. She is the founder of several organizations focused on leadershipdevelopment, including the United Way of Rochester's African American Leadership Development Program; the AfricanAmerican Leadership Roundtable; and the Kodak Youth Leadership Academy. She has served on boards and committeesof numerous organizations including current service on the boards of: United Way of Greater Rochester, Urban League ofRochester (Past Chair), Roberts Wesleyan College, and Rochester Institute of Technology. She received a B.Ed degree inSocial Science from the University of Toledo, a M.S. in Administration and Supervision from Bowie State University, andan Honorary Doctorate from Roberts Wesleyan College.

Source: Company Press Release, September 12, 2003

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Richard S. Morabito

VP and Chief Purchasing Officer

Biography

Monderer began his Kodak career in 1973 as a Cost Engineer in the Kodak Colorado Division. Upon graduation fromcollege, he moved to Rochester, NY and spent several years as an Industrial Engineer supporting film manufacturing,marketing and corporate projects. In 1980 he joined Finance and Administration and held several positions in financialanalysis and financial management, supporting various marketing and manufacturing organizations. In 1986, he wasappointed Director of Finance, Corporate Accounts and from 1988 through 1991 served in London, England as Directorof Finance, Copy Products and Printer Products, European Region. Monderer returned to the United States in 1991 as theBusiness and Alliance Manager for Professional Imaging. He joined Corporate Business Development in 1995, wasnamed to his current position of managing director in 1997, and was appointed vice president, Business Strategy andInformation Technology in 2000. In 2001, the Board of Directors elected him a corporate vice president. Monderer holdsa BS in engineering from the University of Colorado with honors and an MBA in finance from the Rochester Institute ofTechnology.

Source: Company Web Site, 2003

Stevan G. Ramirez

VP and Chief Quality Officer

Biography

Mr. Ramirez joined Eastman Kodak Company in March 2000, as the director and vice president of Worldwide Qualityand Supply Chain, Consumer Imaging. In February 2001, he was named Chief Quality Officer and vice president,reporting to Mike Morley, Chief Administrative Officer. Prior to joining Kodak, Mr. Ramirez was a vice president ofCustomer Services Operations at Xerox Corp., concluding a 28−year career with Xerox. Mr. Ramirez holds a BS degreein Business Management from the University of Redlands in Redlands, Calif. and an MBA from the Simon School of theUniversity of Rochester. He serves on the board of directors and is the resource committee chairperson of the WilsonCommencement Center, a foundation that provides assistance to low−income families. Mr. Ramirez is a member of theHispanic MBAs, and is a member and management sponsor of the Kodak Hispanic Organization for Leadership andAdvancement (HOLA).

Source: Company Web Site, 2003

Claude H. (Bud) Denker III

VP and Director, Brand and Market Development

Recent Work Highlights

Norrell CorporationLast position held, SVP, Customer Development, East♦

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Biography

Bud Denker joined Kodak in September 2001 in the position of director and vice president, Brand and MarketDevelopment, Corporate Marketing Office. In this role, his areas of responsibility include leading Kodak's PresenceMarketing efforts and the recently tasked Customer Relationship Management initiatives. The Presence Marketingresponsibilities will include strategically managing Kodak's relationships with premiere customers including Walt DisneyCompany, the Olympic Organizing Committees, the United States National Parks, Hollywood and Highlands, New YorkYankees, and many other important accounts and venues. His team works directly with the customer and with Kodak'sbusiness units to build brand and revenue enhancing initiatives which provide value to Kodak and to the customer. Priorto joining Kodak, Denker worked in the Internet, Information Technology industry with Computerjobs.com Inc. as seniorvice president. His responsibilities included all revenue, operations, business development and alliance partnershipactivities, as well as serving on its executive management team. While in his tenure, the company achieved record revenuegrowth and sustained profitability. Previous to Computerjobs.com, Denker was senior vice president, Sales, for NorrellCorporation, a $1.5B outsourcing services provider based in Atlanta, GA. His responsibilities included revenue growthand P&L management throughout its hundreds of offices in the United States. He also led the development of businesswith the company's largest customers. Before joining Norrell, Denker spent 15 years working with leading consumerpackaged goods companies of Pillsbury, Grand Metropolitan, and PepsiCo Corporation. With Pillsbury, he served as vicepresident, Sales, responsible for their largest revenue division and later as vice president, Strategic Operations, responsiblefor the sales and marketing integration efforts of the company's acquisitions. At PepsiCo, Denker worked in various salesand marketing positions during his 11−year tenure and most recently as vice president/general manager of the company'slargest bottling operation in the U.S. Denker received his Bachelor of Science Degree from Lake Superior StateUniversity and his MBA from Western Michigan University.

Source: Company Web Site, 2003

Michael P. Benard

VP and Director, Communications & Public Affairs

Biography

Michael Benard, Eastman Kodak Company's director of Communications & Public Affairs, has worldwide responsibilityfor internal and external communications, government affairs, community relations, corporate contributions, andmanagement communications. Mr. Benard joined Kodak in 1986 as a senior speechwriter, and took charge of thespeechwriting team in 1987. He progressed through a series of management responsibilities including employeecommunications, KBTV (Kodak Business TeleVision network), and corporate communications. He was appointeddirector, Communications & Public Affairs in May 1994 and elected vice president, Eastman Kodak Company inNovember 1994. He is a member of the company's Senior Executive Council, Global Leadership Forum, Corporate PolicyCommittee, Trade Policy Committee, Corporate Brand Management Council, Health, Safety, & EnvironmentManagement Council, Corporate Contributions Policy Committee and Corporate Ethics Committee. At Kodak, he has ledthe Communications & Public Affairs teams that have earned four Silver Anvils, the highest award from the PublicRelations Society of America. He was named a "PR All−Star" by Inside PR magazine. The performance of Kodak'sCommunications & Public Affairs operation has been recognized in books and articles such as: Value−Added PublicRelations by Thomas L. Harris, and Reputation Management magazine. In addition he is a member of The BrookingsCouncil, the Public Relations Seminar and the Wisemen. Prior to joining Kodak, Mr. Benard spent 12 years with PPGIndustries, a major producer of glass, coatings, chemicals and fiberglass. While there, he served in a variety of publicrelations and marketing communications assignments involving both corporate and business unit activities. His lastposition there was as manager of Communications for the Coatings Group. A graduate of John Carroll University, Mr.Benard holds a BA in English and a M.Ed. from Temple University.

Source: Company Web Site, 2003

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Sharon L. Delman

VP and Director Corporate Branding and CMO Kodak.com

Biography

Sharon Delman currently serves as the Director & VP, Corporate Branding & CMO of Kodak.com for Eastman KodakCompany. In this role, Delman leads the site's marketing efforts on a worldwide basis and is responsible for assessing,building and nurturing both kodak.com's photo community and commercial imaging strategy and marketing capability.She is charged with helping create a Web site that drives traffic, provides compelling site content, builds Kodak consumerloyalty and generates revenue. In that effort, Delman leads both an internal marketing team and manages kodak.com'sexternal agency partners. Prior to her role at kodak.com, Delman was the director for Kodak's worldwide marketingdevelopment and education, in which she provided marketing and educational consultancy to Kodak's business units andregions. She also created the first Kodak Marketing Development Council, comprised of the marketing heads of Kodak'sbusiness units. Delman brings a vast amount of consumer marketing experience to her position at Kodak. Before joiningKodak, Sharon worked with Kraft Foods for more than six years, steadily rising from assistant brand manager to seniorbrand manager. During her tenure with Kraft, she was the lead manager on multimillion dollar brands such asPhiladelphia Cream Cheese and DiGiorno Rising Pizza Crust, successfully leading both teams to outstanding businessresults. She led the agency and marketing team in developing new advertising content for Philadelphia Cream Cheese,representing the first time in more than five years that Philadelphia employed a unified campaign idea worldwide. Delmanbegan her career in the advertising industry working first with Rosenfeld, Sirowitz & Humphrey Advertising and thenwith Jordan, McGrath, Case & Taylor Advertising, both located in New York City. In this capacity, she formulatedsolutions to clients' marketing problems, identified markets and opportunities, performed analyses, presentedrecommendations and directed creative, research and media teams for clients such as Quaker Oats, Welch's and the Bainde Soleil brand. Delman holds both a Bachelor of Arts and a Master of Business Administration from the University ofChicago. She was also an international business fellow with Waseda University's Graduate School of Commerce inTokyo. She serves on the Board of Governors for the University of Chicago and is an appointed trustee with theMarketing Sciences Institute. She speaks both Japanese and German.

Source: Company Web Site, 2003

Michael A. Martino

VP and Director, Corporate Strategic and Financial Planning

Biography

Mr. Martino began his career at Eastman Kodak Company in April 1985, as a Financial Analyst in the EquipmentManufacturing Division and, subsequently, held a variety of increasingly responsible positions in Finance &Administration. From 1992 to 1995, Mr. Martino served as Finance Director, Commercial Film Flow, Imaging MaterialsManufacturing. In 1995, he was named Finance Director, Output Solutions, Digital &Applied Imaging. In 1996, heassumed the role of Controller, Digital Product Center. From 1997 through 2001, Mr. Martino served in several positionsin Corporate Financial Reporting & Analysis, assuming the role of Director in 1999. In 2001, Mr. Martino was named tohis current position as director and vice president, Corporate Strategic & Financial Planning, in Rochester, New York.Prior to joining Kodak, Mr. Martino served as senior structural engineer for Skidmore, Owings & Merrill, Architects &Engineers, in Chicago, Illinois. He began his career as a structural engineer for Heery & Heery, Architects & Engineers,Atlanta, Ga. A native of Brockway, Pennsylvania, he received a Bachelor of Architectural Engineering from ThePennsylvania State University in 1978 and a Master of Business Administration from the Kellogg Graduate School ofManagement, Northwestern University in 1985.

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Source: Company Web Site, 2003

Barry S. Brenner

VP and Director, Corporate Strategic Planning

Biography

Mr. Brenner began his career at Eastman Kodak Company in May 1973, as a research physicist in the ResearchLaboratories and, subsequently, held a variety of increasingly responsible positions in marketing, strategic planning, newbusiness development, and information technology. From 1989 to 1992, Mr. Brenner was named country general managerand managing director, Kodak Singapore Pte. Ltd., Republic of Singapore. From 1992 to 1993, he was director, CorporateStrategic Planning, Imaging Group. From 1993 to 1995, he was manager, Global Strategy and New BusinessDevelopment, Consumer Imaging. From 1995 to 1997, he was named a regional business general manager and divisionalvice president for Consumer Imaging, Eastman Kodak Asia Pacific Ltd., Tokyo, Japan. From 1997 to 1998, Mr. Brennerheld the position as regional business general manager and vice president, Consumer Imaging, Kodak Japan Ltd., Tokyo,Japan. In 1998, Mr. Brenner was named to his current position as director and vice president, Corporate StrategicPlanning, in Rochester, New York. Mr. Brenner is a member of the American Management Association; AmericanChamber of Commerce, Japan; and the American Society of Mechanical Engineers. A native of Merchantville, NewJersey, Mr. Brenner received a Bachelor of Science in mechanical engineering from Cornell University; a Master ofScience in mechanical engineering from Lehigh University; a Master of Business Administration from the graduate schoolof management (Simon School) at the University of Rochester; and attended the Executive Development Program at theKellogg Graduate School of Management, Northwestern University.

Source: Company Web Site, 2003

Aaron J. McLeod

VP and General Manager, D&FIS Worldwide Professional Customer Relationships

Recent Work Highlights

Eastman Kodak CompanyTitle held until 2003: VP and Director, Customer Advocacy & Industry Resource Kodak ProfessionalDivision

♦ •

Biography

Aaron Jeff McLeod began his professional career with Eastman Kodak Company in 1973 as a technical salesrepresentative. In 1983, Jeff worked as a marketing planning specialist before becoming manager of Customer andTechnical Sales Representative training. Jeff accepted his first international assignment in 1985 and moved to KualaLumpur, Malaysia, as marketing manager for Kodak Malaysia. In 1988, Jeff expanded his international marketing andgeneral management experiences working as manager of Marketing Operations for the Professional Photography Divisionfor the Asia−Pacific Region based in Singapore. Upon being repatriated to the United States in 1990, Jeff became director,U.S. Marketing Operations, Professional Photography Division. In 1992, he became national sales manager and vicepresident, Professional Imaging. In 1996, Jeff was appointed general manager and vice president, Kodak ProfessionalDivision, U.S. and Canada. He was elected a corporate vice president in July 1998. Born in Dothan, Alabama, Jeffreceived his Bachelor of Arts Degree in Business Administration from Morehouse College. He is actively involved in hislocal church and is the founder of Achievers in Life − a church−based organization dedicated to helping boys, ages 4 −

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15, develop physically, mentally, spiritually, and socially in order to reach their fullest potentials. He also serves on theBoard of Directors for Greater Rochester YMCA. In addition he serves as chairman of the Rochester Institute ofTechnology's McGhee Advisory Committee.

Source: Company Web Site, 2003

Robert P. Rozek

VP and Director, Finance, European, African, and Middle East

Recent Work Highlights

Eastman Kodak Company2003 − 2003, Controller♦

Biography

Robert Rozek joined Eastman Kodak Company in May 2001, as Controller, reporting to Robert Brust, Chief FinancialOfficer and Executive Vice President. He now is Vice President and Director, Finance, for the company's European,African and Middle Eastern Region (EAMER). Rozek also will be responsible for the finance operations of the company'sConsumer & Professional Imaging operations in the region, as well as those of Eastman Kodak S.A., the company'sEuropean subsidiary headquartered in Geneva. Prior to joining Kodak, Mr. Rozek was a partner atPricewaterhouseCoopers LLP and served as the lead partner with multi−national clients across a number of industries,including industrial products, services, biotech and financial services. He has had significant experience in mergers,acquisitions, equity and debt capital management and risk management. Mr. Rozek graduated cum laude from CanisiusCollege with a BS in Accounting and currently holds CPA licenses in New York, Massachusetts, Rhode Island andMaine. He currently serves on the executive committee of the Board of Trustees of the Massachusetts Chapter of theLeukemia and Lymphoma Society of America and is active in fund−raising efforts for the American Heart Association.

Source: Company Web Site, 2003

Paul A. Walrath

VP; Director, Global Paper and Imaging Chemicals Flow; Divisional VP, Global Manufacturing and Logistics

Biography

Paul Walrath is currently Director, Global Paper & Imaging Chemicals Flow, and Divisional Vice President, GlobalManufacturing & Logistics. Before his appointment to his current position, Walrath served as Associate Director, GlobalCapture Flow. Prior to that assignment, Walrath was Manager, Imaging Materials Manufacturing, at Kodak's facility inXiamen, China, and Assistant Manufacturing Manager for Imaging Materials Manufacturing in Chalon, France. He hasheld a number of manufacturing positions since joining Kodak in 1976. Walrath holds a BS in Chemical Engineering fromClarkson University and an MBA from the University of Rochester.

Source: Company Press Release, October 22, 2003

David E. Wilson

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VP and Director, Global Logistics

Biography

Prior to joining Kodak in 1973, David W. Wilson worked for the U.S. Government as a VISTA (Volunteers in Service toAmerica) volunteer serving in Harlem and the South Bronx, NY. He joined Kodak in the Estimating and PlanningDepartment of the company's Distribution Division, and was first assigned to the European Region headquarters inLondon, England in 1977 where he held a variety of positions in Distribution, Marketing and Finance. After returningbriefly to the United States in 1982 in a corporate staff position, he was appointed general manager of Kodak Kenya, Ltd.in 1984 with responsibility for East and Central Africa. While based in Nairobi, he assumed additional responsibility asgeneral manager, Kodak Zimbabwe Ltd. and general manager, Ugandan Photographic Supply Co. In 1987, Wilson wasassigned to South Korea where he established Kodak's first subsidiary company in that country. He served as presidentand CEO of Kodak Korea Ltd. from its inception in 1988 until 1990. In 1990, he returned to Europe as regional managerand divisional vice president, Logistics having responsibility for physical distribution, customer service and supply chainmanagement for the European, African and Middle Eastern Region. Wilson was appointed cluster general manager forKodak Nordic in 1995. Based in Stockholm, he was responsible for Kodak's operations in Denmark, Finland, Norway andSweden. In 1997, he was named general manager, Marketing Companies, European, African and Middle Eastern Region,once again relocating to London. In 1998, Wilson was named general manager, U.S. & Canada Region and was elected acorporate vice president. In this capacity he provided infrastructure support services for the business units in the region. In2002, he took on worldwide responsibility and was appointed director, Global Logistics and vice president, EastmanKodak Company. He holds a BA in history and political science and a MBA in business administration from theUniversity of Rochester. He also completed the Executive Development Program at the University of Michigan. Wilson isa member of the Board of Trustees for the Rochester Institute of Technology's American College of Management andTechnology in Dubrovnik, Croatia, and a member of the Board of Directors of the Rochester Philharmonic Orchestra, Inc.Club memberships include: Royal Ocean Racing Club, London, England; Muthaiga Club, Nairobi, Kenya; and RoyalLondon Yacht Club, Cowes, Isle of Wight, United Kingdom. He currently resides in Rochester, New York, with his wife,Jennifer, and two sons, Alex and Jack.

Source: Company Web Site, 2003

R. Hays Bell

VP and Director, Health, Safety & Environment

Biography

Dr. Bell began his Kodak career in 1982 as a technical assistant to the directors of the Health and EnvironmentLaboratories (HAEL). He was manager of Technical Issues, HAEL, from 1984−1986. He became director of HAEL in1986, director and vice president of Health, Safety, and Environment (HSE) in 1991, and was named to his currentposition in 1992. Prior to joining Kodak, he served as a member of the Senior Executive Service in the U.S. Governmentand was director of the Technical Support Directorate at the Occupational Safety and Health Administration. He alsoworked nine years for Owens Corning Fiberglas Corporation in their research organization. He is a member of theInternational Leadership Council of The Nature Conservancy and Trustee of the Central and Western New York Chapter,The Nature Conservancy; member of the Society of Toxicology; American Industrial Hygiene Association; AmericanChemical Society; American Association for the Advancement of Science; and New York Academy of Sciences. Dr.Bell's civic memberships include adjunct professor, Department of Environmental Medicine, University of Rochester andvoluntary professor, Department of Environmental Health, University of Cincinnati. A native of Lamartine, Pennsylvania,Dr. Bell holds a BS degree in chemistry from Grove City College, PA; an MS and Ph.D. in organic chemistry from TheOhio State University, and a two−year NIH/NIEHS postdoctoral in toxicology and environmental health from theKettering Laboratory, College of Medicine, University of Cincinnati, OH.

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Source: Company Web Site, 2003

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Overview

When Kodak made the Brownies, folks began to smile. The inventor of the world−famous Brownie camera (1900), Kodakremains the world's #1 maker of photographic film (ahead of Fuji Photo Film); yet it has launched an historic,billion−dollar remake of its business. The company is focusing less on sales of traditional photographic film, whichrepresents 70% of the company's revenues, and is investing heavily in digital cameras and imaging technology. Thecompany also has long−term plans to sell ink jet printers and flat−panel displays. Part of Kodak's shift to a digitaltechnology business includes a 20% reduction in its work force (about 14,000 people) over the next three years.

With digital technology transforming photography, the company is aiming for a big share of the digital imaging market,which allows photos to be altered via computer and stored on the Internet; in addition to bundling image manipulationsoftware with its digital cameras, it offers other computerized products such as hot−swappable CD writers. Deals with USand European cell phone operators are allowing Kodak to tap into the camera−phone market by offering online photoservices and printing capabilities at Bluetooth−enabled Kodak kiosks.

The company has slashed its stock dividend by 70% saying the company needs more flexibility to meet future revenuegoals. Kodak says it will spend $3 billion in the next three years acquiring and investing in digital technologies. In early2004 the company acquired the Digital Print division of Heidelberger Druckmaschinen.

The company said amid this push for new technologies, it will stop shipping reloadable cameras using 35 mm film in theUS, Canada, and Western Europe; however, it will continue to invest in traditional film technology in emerging markets.For example, it has purchased a minority stake in China's leading filmmaker, Lucky Film Co. Also, the company will rollout new designs for reloadable film cameras in China, India, Eastern Europe, and Latin America.

Kodak sold its Remote Sensing Systems (RSS) business (including the Research Systems subsidiary) to optical imagingcomponent maker ITT Industries in early 2004. The RSS unit designs satellite imaging systems for the aerospace anddefense industries. The sale is in line with the company's strategy to focus on digital technologies and its markets inconsumer and health imaging.

The company has filed a copyright infringement suit against Sony. The suit involves 10 of Kodak's patents for digitalphoto technology, which the company registered between February 1987 and June of 2003. Sony is denying anywrong−doing.

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History

After developing a method for dry−plate photography, George Eastman established The Eastman Dry Plate and FilmCompany in 1884. In 1888 it introduced its first camera, a small, easy−to−use device that was loaded with enough film for100 pictures. Owners mailed the camera back to the company, which returned it with the pictures and more film. The firmsettled on the name Eastman Kodak in 1892, after Eastman tried many combinations of letters starting and ending with"k," which he thought was a "strong, incisive sort of letter." The user−friendly Brownie camera followed in 1900. Threeyears later Kodak introduced a home movie camera, projector, and film.

Ailing and convinced that his work was done, Eastman committed suicide in 1932. Kodak continued to dominate thephotography industry with the introduction of color film (Kodachrome, 1935) and a handheld movie camera (1951). Thecompany established US plants to produce the chemicals, plastics, and fibers used in its film production.

The Instamatic, introduced in 1963, became Kodak's biggest success. The camera's foolproof film cartridge eliminated theneed for loading in the dark. By 1976 Kodak had sold an estimated 60 million Instamatics, 50 million more cameras thanall its competitors combined. Subsequent introductions included the Kodak instant camera (1976) and the unsuccessfuldisc camera (1982).

In the 1980s Kodak diversified into electronic publishing, batteries, floppy disks (Verbatim, 1985, sold 1990),pharmaceuticals (Sterling Drug, sold 1994), and do−it−yourself and household products (L&F Products, sold 1994).

Kodak entered a joint research and development project with four Japanese photo giants (Canon, Nikon, Minolta, and FujiPhoto Film) in 1992 to develop the Advanced Photography System. Also that year the company introduced the Photo CD,a CD capable of storing photographs.

George Fisher, former chairman of Motorola, became Kodak's chairman and CEO in 1993. Fisher began cutting debt byselling noncore assets. Kodak spun off Eastman Chemical in 1994. Sales in 1996 included its money−losing copier salesand services business.

Kodak wrote off nearly $1.5 billion in 1997, mostly because of costs related to the layoffs. That year Kodak bought thedocument management operations from Wang Laboratories (now part of Getronics), and the next year it formed deals toexpand its digital offerings, including a collaboration with Intel and Adobe Systems allowing consumers to manipulate,print, and send personal photos from their PCs. Kodak acquired the medical imaging business of Imation in 1998, but italso unloaded more of its noncore operations, including its 450−store Fox Photo chain.

President and COO Daniel Carp replaced Fisher as CEO in early 2000. Also that year Kodak formed a joint venture withcomputer giant Hewlett−Packard to develop photofinishing equipment for digital photography; extended its push into theonline photo business by buying the remaining shares (it already owned 51%) of PictureVision, a digital image storageservice; and acquired Lumisys, a maker of digital imaging systems for the medical industry.

In early 2001 Kodak announced a three−year plan to introduce camera and film vending machines in about 10,000high−traffic US locations (amusement parks, zoos, airports, ski resorts, and other tourist spots). It also completed itsacquisition of Bell & Howell's (now ProQuest) imaging operations. In April former Avaya executive Patricia Russo wasnamed president and COO; Carp remained chairman and CEO.

Further hits to the economy and Kodak's revenue prompted management in 2001 to eliminate regional divisions andrealign the business along product lines. In December, Kodak and SANYO Electric Co. announced the formation of abusiness venture to manufacture OLED displays for cameras, PDAs, and other devices.

In January 2002 Russo left to rejoin Lucent Technologies; Carp assumed her responsibilities. In May, Kodak renewed amulti−year agreement that secured its position as the exclusive imaging supplier of film and related products for The WaltDisney Company. In June 2003 Kodak closed its only single−use camera factory in the US and shifted operations

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overseas.

A month later Kodak said it would purchase PracticeWorks, a dental imaging and software business. In July 2003 Kodakannounced it would cut as many as 6,000 jobs worldwide. This came after reducing as many as 2,200 jobs in the US andWestern Europe earlier in the year and cutting as many as 7,000 jobs worldwide in 2002.

In October 2003, Kodak purchased Laser−Pacific Media Corporation, which provides post−production film editing andprocessing for television, video, and motion pictures. Kodak also announced in the fall of 2003 that it would work withIBM on the storage and management of medical images used by health professionals and purchase Algotec Systems Ltd.by the end of 2003. Algotec develops technology for radiology departments interested in storing digital images. In January2004, the company completed purchase of Scitex Digital Printing. The company, which Kodak renamed Versamark,manufactures high−speed inkjet printers used to print invoices, credit card statements, direct mail pieces, and other jobsrequiring high volumes.

As part of its January 2004 announcement that it would stop selling film−based cameras in Western markets byyear’s end, Kodak said it also would stop global production of its Advantix Advanced Photo System (APS)cameras. Production of 35mm and APS film will continue. In February, Kodak Japan purchased the outstanding shares ofdigital camera developer Chinon Industries (it already owned about 60% of the company) and made it a wholly ownedsubsidiary.

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Products/Operations

Eastman Kodak has manufacturing plants in Australia, Brazil, Canada, China, England, France, Germany, India,Indonesia, Mexico, Russia, and the US.

2002 Sales $ mil. % of totalPhotography US 4,034 31 Foreign 4,968 39Health Imaging US 1,088 8 Foreign 1,186 9Commercial Imaging US 818 6 Foreign 638 5Other US 53 1 Foreign 50 1

Total 12,835 100

2002 Sales $ mil. % of totalPhotography 9,002 70Health imaging 2,274 18Commercial imaging 1,456 11Other imaging 103 1

Total 12,835 100

Archived Charts

2001 Sales $ mil. % of totalPhotography US $4,482 34 Foreign $4,921 37Health Imaging US $1,089 8 Foreign $1,173 9Commercial Imaging US $ 820 6 Foreign $ 639 5Other US $ 68 Total $13,234 100

2001 Sales $ mil. % of totalPhotography 9,403 71Health imaging 2,262 17Commercial imaging 1,459 11Other imaging 110 1

Total 13,234 100

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Other Resources Available On Hoover's Online

News for Eastman Kodak (last 90 days)

Company Press Release Archive

Other Resources

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Stock Quote• Stock Chart• Earnings Estimates• ValuEngine Analysis• Annual Report • Investor Relations • Financial Data Definitions• Market Data Definitions• Comparison Data Definitions• Historical Financials & Employees Definitions•

Related Products From Our Trusted Partners

Buy Reports and Books

D&B Business/Credit Reports: Eastman Kodak Company(D&B, Feb 1, 2004, Business Reports)

Kodak Acquires Applied Science Fiction Technologies(Gartner, Inc., May 16, 2003, Business Reports)

E−mail Marketing: Kodak Measures Multichannel Impact(Jupitermedia Corporation, Feb 20, 2003, Business Reports)

Eastman Kodak Company: Company Profile(Datamonitor, Feb 1, 2004, Business Reports)

Quantitative Report for EK(ValuEngine, Inc., Jan 1, 2004, Business Reports)

Retail Travail: Selling in a Wal−Mart World(Hoover's, Inc., Feb 1, 2004, Business Reports)

Photographic Equipment & Supplies Mfg Deluxe Set(Harris Industry Reports, Aug 12, 2003, Business Reports)

Medical Equipment & Supplies: Financial Analysis Profiles(BizMiner, Dec 23, 2003, Business Reports)

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Manufacturing Branches • Corporate Hierarchy •

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Annual Financials

All amounts in millions of US Dollars

Income Statement Dec 03 (Prelim.) Dec 02 Dec 01

Revenue 13,317.0 12,835.0 13,234.0

Cost of Goods Sold −− 7,407.0 7,905.0

Gross Profit −− 5,428.0 5,329.0

Gross Profit Margin −− 42.3% 40.3%

SG&A Expense −− 3,292.0 3,406.0

Depreciation & Amortization −− 818.0 919.0

Operating Income −− 1,318.0 1,004.0

Operating Margin −− 10.3% 7.6%

Nonoperating Income −− (84.0) (18.0)

Nonoperating Expenses −− 173.0 219.0

Income Before Taxes −− 963.0 108.0

Income Taxes −− 153.0 32.0

Net Income After Taxes −− 810.0 76.0

Continuing Operations 238.0 793.0 76.0

Discontinued Operations 27.0 (23.0) 0.0

Total Operations 265.0 770.0 76.0

Total Net Income 265.0 770.0 76.0

Net Profit Margin 2.0% 6.0% 0.6%

Diluted EPS from Continuing Operations ($) 0.83 2.72 0.26

Diluted EPS from Discontinued Operations ($) 0.00 (0.08) 0.00

Diluted EPS from Total Operations ($) 0.83 2.64 0.26

Diluted EPS from Total Net Income ($)

Dividends per Share 1.15 1.80 2.21

Balance Sheet Dec 03 (Prelim.) Dec 02 Dec 01

Assets

Current Assets

Cash −− 569.0 448.0

Net Receivables −− 2,234.0 2,337.0

Inventories −− 1,062.0 1,137.0

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Other Current Assets −− 669.0 761.0

Total Current Assets −− 4,534.0 4,683.0

Net Fixed Assets −− 5,420.0 5,659.0

Other Noncurrent Assets −− 3,415.0 3,020.0

Total Assets −− 13,369.0 13,362.0

Liabilities and Shareholders' Equity Dec 03 (Prelim.) Dec 02 Dec 01

Current Liabilities

Accounts Payable −− 3,351.0 3,276.0

Short−Term Debt −− 1,442.0 1,534.0

Other Current Liabilities −− 584.0 544.0

Total Current Liabilities −− 5,377.0 5,354.0

Long−Term Debt −− 1,164.0 1,666.0

Other Noncurrent Liabilities −− 4,051.0 3,448.0

Total Liabilities −− 10,592.0 10,468.0

Shareholders' Equity

Preferred Stock Equity −− 0.0 0.0

Common Stock Equity −− 2,777.0 2,894.0

Total Equity −− 2,777.0 2,894.0

Shares Outstanding (mil.) 286.6 285.9 290.9

Cash Flow Statement Dec 03 (Prelim.) Dec 02 Dec 01

Net Operating Cash Flow −− 2,204.0 2,065.0

Net Investing Cash Flow −− (758.0) (1,047.0)

Net Financing Cash Flow −− (1,331.0) (808.0)

Net Change in Cash −− 121.0 202.0

Depreciation & Amortization −− 818.0 919.0

Capital Expenditures −− (649.0) (1,049.0)

Cash Dividends Paid −− (525.0) (643.0)

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Quarterly Financials

All amounts in millions of US Dollars except per share amounts.

Income StatementQuarter Ending Dec

03 (Prelim.)Quarter Ending

Sep 03Quarter Ending

Jun 03Quarter Ending

Mar 03

QuarterEndingDec 02

Revenue 3,778.0 3,447.0 3,352.0 2,740.0 3,435.0

Cost of Goods Sold −− 2,095.0 2,043.0 1,714.0 2,007.0

Gross Profit −− 1,352.0 1,309.0 1,026.0 1,428.0

Gross Profit Margin −− 39.2% 39.1% 37.4% 41.6%

SG&A Expense −− 833.0 895.0 760.0 893.0

Depreciation & Amortization −− 225.0 193.0 202.0 217.0

Operating Income −− 294.0 221.0 64.0 318.0

Operating Margin −− 8.5% 6.6% 2.3% 9.3%

Nonoperating Income −− (9.0) (9.0) (21.0) (10.0)

Nonoperating Expenses −− 33.0 34.0 37.0 45.0

Income Before Taxes −− 100.0 134.0 (26.0) 156.0

Income Taxes −− (22.0) 22.0 (23.0) 3.0

Net Income After Taxes −− 122.0 112.0 (3.0) 153.0

Continuing Operations 7.0 122.0 112.0 (3.0) 136.0

Discontinued Operations 12.0 0.0 0.0 15.0 (23.0)

Total Operations 19.0 122.0 112.0 12.0 113.0

Total Net Income 19.0 122.0 112.0 12.0 113.0

Net Profit Margin 0.5% 3.5% 3.3% 0.4% 3.3%

Diluted EPS fromContinuing Operations ($)

0.03 0.42 0.39 (0.01) 0.47

Diluted EPS fromDiscontinued Operations ($)

0.00 0.00 0.00 0.05 (0.08)

Diluted EPS from TotalOperations ($)

0.03 0.42 0.39 0.04 0.39

Diluted EPS from Total NetIncome ($)

Dividends per Share 0.25 0.90 0.00 0.00 0.90

Balance SheetQuarter Ending Dec

03 (Prelim.)Quarter Ending

Sep 03Quarter Ending

Jun 03Quarter Ending

Mar 03

QuarterEndingDec 02

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Assets

Current Assets

Cash −− 983.0 838.0 597.0 569.0

Net Receivables −− 2,340.0 2,462.0 2,073.0 2,234.0

Inventories −− 1,202.0 1,190.0 1,197.0 1,062.0

Other Current Assets −− 708.0 669.0 698.0 669.0

Total Current Assets −− 5,233.0 5,159.0 4,565.0 4,534.0

Net Fixed Assets −− 5,157.0 5,289.0 5,336.0 5,420.0

Other Noncurrent Assets −− 3,647.0 3,628.0 3,414.0 3,415.0

Total Assets −− 14,037.0 14,076.0 13,315.0 13,369.0

Liabilities andShareholders' Equity

Quarter Ending Dec03 (Prelim.)

Quarter EndingSep 03

Quarter EndingJun 03

Quarter EndingMar 03

QuarterEndingDec 02

Current Liabilities

Accounts Payable −− 3,531.0 3,538.0 3,179.0 3,351.0

Short−Term Debt −− 1,410.0 1,474.0 1,659.0 1,442.0

Other Current Liabilities −− 619.0 604.0 513.0 584.0

Total Current Liabilities −− 5,560.0 5,616.0 5,351.0 5,377.0

Long−Term Debt −− 1,480.0 1,516.0 1,045.0 1,164.0

Other Noncurrent Liabilities −− 4,073.0 4,090.0 4,055.0 4,051.0

Total Liabilities −− 11,113.0 11,222.0 10,451.0 10,592.0

Shareholders' Equity

Preferred Stock Equity −− 0.0 0.0 0.0 0.0

Common Stock Equity −− 2,924.0 2,854.0 2,864.0 2,777.0

Total Equity −− 2,924.0 2,854.0 2,864.0 2,777.0

Shares Outstanding (mil.) 286.6 286.6 286.5 286.5 285.9

Cumulative Cash FlowStatement

Quarter Ending Dec03 (Prelim.)

Quarter EndingSep 03

Quarter EndingJun 03

Quarter EndingMar 03

QuarterEndingDec 02

Net Operating Cash Flow −− 843.0 233.0 106.0 2,204.0

Net Investing Cash Flow −− (474.0) (366.0) (187.0) (758.0)

Net Financing Cash Flow −− 30.0 390.0 104.0 (1,331.0)

Net Change in Cash −− 414.0 269.0 28.0 121.0

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Depreciation & Amortization −− 225.0 193.0 202.0 217.0

Capital Expenditures −− (441.0) (324.0) (165.0) (649.0)

Cash Dividends Paid −− (258.0) 0.0 0.0 (525.0)

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Historical Financials & Employees

Income Statement

YearRevenue

($ mil.)Net Income

($ mil.)Net Profit

MarginEmployees

Dec 02 12,835.0 770.0 6.0% 70,000

Dec 01 13,234.0 76.0 0.6% 75,100

Dec 00 13,994.0 1,407.0 10.1% 78,400

Dec 99 14,089.0 1,392.0 9.9% 80,650

Dec 98 13,406.0 1,390.0 10.4% 86,200

Dec 97 14,538.0 5.0 0.0% 97,500

Dec 96 15,968.0 1,288.0 8.1% 94,800

Dec 95 14,980.0 1,252.0 8.4% 96,600

Dec 94 13,557.0 557.0 4.1% 96,300

Dec 93 16,364.0 (1,515.0) −− 110,400

Stock History

YearStock Price ($) P/E Per Share ($)

FYHigh

FYLow

FYClose

High Low Earns. Div.BookValue

Dec 02 38.5 25.2 35.0 14.6 9.6 2.6 1.8 9.7

Dec 01 50.0 24.4 29.4 192.1 93.8 0.3 2.2 9.9

Dec 00 67.5 35.3 39.4 14.7 7.7 4.6 1.8 11.8

Dec 99 80.4 56.6 66.2 18.6 13.1 4.3 1.8 12.6

Dec 98 88.9 57.9 72.0 21.0 13.7 4.2 1.8 12.4

Dec 97 94.8 53.3 60.6 9,475.0 5,331.0 0.0 1.7 9.8

Dec 96 85.0 65.1 80.2 22.3 17.0 3.8 1.6 14.3

Dec 95 70.4 47.1 67.0 19.2 12.8 3.7 1.6 14.8

Dec 94 56.4 40.7 47.8 23.3 16.8 1.6 1.7 11.8

Dec 93 65.0 40.2 56.2 −− −− (4.6) 2.0 10.2

2002 Year−End Financials

Debt ratio 41.9%

Return on equity 27.7%

Cash ($ mil.) 569.0

Current ratio 0.84

Long−term debt ($ mil.) 1,164.0

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Shares Outstanding (mil.) 285.9

Dividend yield 5.1%

Dividend payout 68.2%

Market value ($ mil.) 10,019.1

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Market Data

Current Information

Last Close 10−Mar−2004 $26.10 Price/Sales Ratio 0.56

52−Week High $32.46 Price/Book Ratio 2.56

52−Week Low $20.39 Price/Earnings Ratio 31.45

60−Month Beta 1.0 Price/Cash Flow Ratio 6.26

Market Value (mil.) $7,479.6 Return on Assets 1.9%

Shares Outstanding (mil.) 286.6 Return on Equity 9.1%

Dividend Rate 0.50 Current Ratio 0.94

Dividend Yield 1.9% Long−Term Debt/Equity −−

# of Institutional Holders 1,017 % Owned by Institutions 80.7%

Latest Short Interest Ratio 4.30 Latest Net Insider Transactions 0.00

Growth Rates 12 Month 36 Month 60 Month

Revenue Growth 3.8% (1.8%) (1.0%)

EPS Growth (68.6%) (24.5%) (30.0%)

Dividend Growth (36.1%) (13.8%) (5.1%)

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Comparison Data

Profitability Company Industry 1 Market 2

Gross Profit Margin 40.99% 48.83% 47.92%

Pre−Tax Profit Margin 2.73% 8.03% 5.80%

Net Profit Margin 1.99% 4.70% 2.87%

Return on Equity 9.1% 9.1% 5.7%

Return on Assets 1.9% 4.4% 0.9%

Return on Invested Capital 6.0% 8.3% 2.8%

Valuation Company Industry 1 Market 2

Price/Sales Ratio 0.56 1.13 1.43

Price/Earnings Ratio 31.45 24.29 50.09

Price/Book Ratio 2.56 2.18 2.84

Price/Cash Flow Ratio 6.26 10.27 15.76

Operations Company Industry 1 Market 2

Days of Sales Outstanding 63.26 66.28 59.48

Inventory Turnover 6.4 4.0 7.5

Days Cost of Goods Sold in Inventory 56 90 48

Asset Turnover 1.0 1.0 0.3

Net Receivables Turnover Flow 5.7 5.5 6.2

Effective Tax Rate −− 37.5% −−

Financial Company Industry 1 Market 2

Current Ratio 0.94 1.71 1.39

Quick Ratio 0.6 1.1 1.0

Leverage Ratio 4.80 2.07 6.02

Total Debt/Equity 0.99 0.22 1.43

Interest Coverage 3.30 15.40 2.00

Per Share Data ($) Company Industry 1 Market 2

Revenue Per Share 46.47 31.23 19.61

Fully Diluted Earnings Per Sharefrom Total Operations

0.83 1.45 0.56

Dividends Per Share 1.15 0.42 0.42

Cash Flow Per Share 4.17 3.43 1.78

Working Capital Per Share (1.14) 6.86 2.14

Long−Term Debt Per Share 5.16 1.56 10.17

Book Value Per Share 10.20 16.13 9.89

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Total Assets Per Share 48.98 33.43 59.58

Growth Company Industry 1 Market 2

12−Month Revenue Growth 3.8% 5.8% 4.3%

12−Month Net Income Growth (65.6%) (2.8%) 70.2%

12−Month EPS Growth (68.6%) (3.3%) 75.0%

12−Month Dividend Growth (36.1%) 0.0% 2.4%

36−Month Revenue Growth (1.8%) 5.4% 1.7%

36−Month Net Income Growth (23.6%) (2.4%) (18.9%)

36−Month EPS Growth (24.5%) (2.1%) (19.7%)

36−Month Dividend Growth (13.8%) (0.1%) 1.5%1Industry: Photographic Equip/SuplsIndustry classifications are from Media General Financial Services, Inc. .

2 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Competitive Landscape

KEY: Best of Group. Companies listed are Top Competitors.

Key Numbers Eastman Kodak Canon Fuji Photo Sony

Annual Sales ($mil.) 13,317.0 29,888.5 20,880.9 63,264.0

Employees −− −− 72,633 161,100

Market Value ($mil.) 7,479.6 42,747.1 15,141.1 37,179.2

Profitability Eastman Kodak Canon Fuji Photo Sony Industry 2 Market 3

Gross Profit Margin 40.99% 59.66% 46.87% 38.41% 48.83% 47.92%

Pre−Tax Profit Margin 2.73% 12.61% 5.02% 1.59% 8.03% 5.80%

Net Profit Margin 1.99% 8.62% 2.24% 0.42% 4.70% 2.87%

Return on Equity 9.1% 15.9% 3.1% 1.3% 9.1% 5.7%

Return on Assets 1.9% 9.2% 1.8% 0.3% 4.4% 0.9%

Return on Invested Capital 6.0% 15.3% 2.9% 0.9% 8.3% 2.8%

Valuation Eastman Kodak Canon Fuji Photo Sony Industry 2 Market 3

Price/Sales Ratio 0.56 1.43 0.71 0.56 1.13 1.43

Price/Earnings Ratio 31.45 16.79 30.73 138.59 24.29 50.09

Price/Book Ratio 2.56 2.64 0.99 1.70 2.18 2.84

Price/Cash Flow Ratio 6.26 11.07 9.52 5.92 10.27 15.76

Operations Eastman Kodak Canon Fuji Photo Sony Industry 2 Market 3

Days of Sales Outstanding 63.26 52.42 78.41 76.26 66.28 59.48

Inventory Turnover 6.4 2.9 3.8 6.5 4.0 7.5

Days Cost of Goods Sold in Inventory 56 124 96 55 90 48

Asset Turnover 1.0 1.2 0.8 0.8 1.0 0.3

Net Receivables Turnover Flow 5.7 7.6 4.8 5.0 5.5 6.2

Effective Tax Rate −− 38.5% −− −− 37.5% −−

Financial Eastman Kodak Canon Fuji Photo Sony Industry 2 Market 3

Current Ratio 0.94 2.30 2.00 1.33 1.71 1.39

Quick Ratio 0.6 1.3 1.4 0.9 1.1 1.0

Leverage Ratio 4.80 1.73 1.77 4.01 2.07 6.02

Total Debt/Equity 0.99 0.06 0.17 0.98 0.22 1.43

Interest Coverage 3.30 79.80 14.80 5.10 15.40 2.00

Per Share Data ($) Eastman Kodak Canon Fuji Photo Sony Industry 2 Market 3

Revenue Per Share 46.47 34.05 41.40 71.39 31.23 19.61

Fully Diluted Earnings Per Sharefrom Total Operations

0.83 2.90 0.96 0.29 1.45 0.56

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Dividends Per Share 1.15 0.26 0.21 0.22 0.42 0.42

Cash Flow Per Share 4.17 4.40 3.10 6.79 3.43 1.78

Working Capital Per Share (1.14) 10.70 12.79 9.71 6.86 2.14

Long−Term Debt Per Share 5.16 0.72 2.24 11.42 1.56 10.17

Book Value Per Share 10.20 18.43 29.79 23.66 16.13 9.89

Total Assets Per Share 48.98 31.91 52.58 94.89 33.43 59.58

Growth Eastman Kodak Canon Fuji Photo Sony Industry 2 Market 3

12−Month Revenue Growth 3.8% 22.0% 14.4% 6.1% 5.8% 4.3%

12−Month Net Income Growth (65.6%) 62.1% (4.8%) (84.8%) (2.8%) 70.2%

12−Month EPS Growth (68.6%) 62.0% (24.4%) (84.5%) (3.3%) 75.0%

12−Month Dividend Growth (36.1%) 23.8% 5.0% 4.8% 0.0% 2.4%

36−Month Revenue Growth (1.8%) 7.6% 18.9% 3.3% 5.4% 1.7%

36−Month Net Income Growth (23.6%) 29.9% (24.4%) (10.4%) (2.4%) (18.9%)

36−Month EPS Growth (24.5%) 29.8% (23.9%) (9.6%) (2.1%) (19.7%)

36−Month Dividend Growth (13.8%) 17.2% 0.0% (18.9%) (0.1%) 1.5%

1 Data unavailable.2 Industry: Photographic Equip/SuplsIndustry classifications are from Media General Financial Services, Inc. .3 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Copyright 2004, Hoover's, Inc.

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