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EASTMAN KODAK Kodak's Institutional Investor Meeting February 8, 2007

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EASTMAN KODAK Kodak's Institutional Investor Meeting February 8, 2007 EASTMAN KODAK Kodak’s Institutional Investor Meeting February 8, 2007 – New York City Don Flick: Good Morning. I’m Don Flick, the Director of Investor Relations at Eastman Kodak. And I’d also like to welcome you to the meeting this morning as well as those who are joining via our webcast. As we get started, as per my custom, I ask if you would take out your cell phones and PDAs and either mute them or turn them off, that way we wont have them off during the meeting, which I would appreciate a great deal. I’d also like to call your attention to the safe harbor slide that we have on the screen at the moment. There’ll be a short quiz on this later so, a bit of an eye test. But obviously, this morning’s meeting is all about the future, so we certainly are making a number of forward-looking statements which are covered by the private securities and litigation reforms. All of the risk factors that you need to consider as we go through this are enumerated in the handout in your book this morning, as well as on our press release and on our Web site this morning. And of course, I urge you to carefully look and read those discussion of risk factors. Lastly, we will be using certain non-GAAP measures in our discussion this morning. And in each and every case where we do use a non-GAAP measure, it is reconciled to the equivalent gap measure, and that’s included in the reconciliation in the back of your handout package this morning, as well as on our Website. So now I’d like to turn the podium over to Antonio Perez, Kodak’s Chairman and CEO. Antonio Perez: Thank you, Don. Thank you very much for attending. Very happy to see you here. I feel good. I feel really good. If you’ve ever listen to any of these presentations that I made for the last three years, I don’t recall, starting, anyone this way. Feel good for several reasons. I think we had a great year. I have a phenomenal team behind me which, you know, by the way they’re going to do all the work today. The first time maybe I’m going to ask as to see you all looking from the top, and they’re going to actually give you everything that you need to know. And we have a great plan for 2007. I’m very happy with introductions that we just made, so I feel really good. The agenda for today is this. I will make some comments; I will give you some of the strategy of the company, with the key challenges. I will go a little bit through what we’ve done last year in my view, and why is that important. And then the challenges for 2007 and a little further. And then I have, my key team going through each one of the three businesses. Mary Jane will, tell you about film. James will tell you graphics and Phil will tell you about the consumer business. Frank will close the deal in telling you how are we going to pay for all of this, and how we’re funded. We are in there, and then after that we’ll go through questions and answers. -1- So I have a summary of last year. Very strong cash flow, we reduced by $800 million, very happy with that. The equity was very strong. Digital earnings increased almost five times. Remember the numbers. The equivalent numbers were from 72, I recall were the year before, to 343. We were very happy about that. Our IP program is working very well. We have an excellent IP program. This company has had phenomenal research for 100 years. We are just beginning to capitalize on that potential. It is not for the year, it is not for a month. This is something that is going to keep going on, and I’ll give you some metrics of that, as much as I can without hurting the progress of the program, though. GCG, very well, they almost finished with the consolidation of the companies, and they move from minus $41 million last year to plus $141, which is very spectacular, and more to come this year. Consumer achieve a very, very aggressive goal that we put in their hands, which was to work with their present portfolio, plus investing a tremendous amount of money in new product development, some of it you’ve seen, some of it you haven’t seen yet. They were able to break even, versus minus 131 million last year. We got what I think is a fair and full price for the health group. That was our strategic decision. We want to be in a market where we feel that we can be number one, maybe number two for a while, but no less than that. Health was not one of the. Our IP portfolio is a lot stronger in the other two fields, though we have refocused the company. And obviously we will benefit from those proceeds too. And the film group, under tremendous pressure with their decline, I believe that for the first year we have come to manage this declining business in a fabulous world. Not only they make a lot of cash for the company, but they end up with an 8.6 operating margin. And they will continue in years to come. We stayed away from the low end of digital cameras. And I really want you to remember that we told you this in January 31, 2006. It’s not that we came with this crazy idea halfway through when we knew that we couldn’t do anything with that. We told you, and – actually 30th, sorry. January 30, 2006 we told you that we were nowhere, and we decided that because we knew that the holiday season in 2005 for everybody was not nearly as good as we all thought it was going to be. We realized that there was a lot more stock in the market that we were hoping for, or anybody else was hoping for. We knew there was going to be a price war coming, and it was going to be ugly, and it was going to be bloody, and we had no interest whatsoever to be part of that. We lost five points of market share, but I have to remind you that at the end of the year we’re still number one in sell through digital cameras in the U.S. We are three in the world in sell through. We look at the data that shows the sell to as well. We’re very careful with the cell to data though, because you know how quickly these cameras lose price when you lose body when you have them in the stock. So it was our strategy. We executed the strategy. I’m very proud with the team and how they’ve done it. For me this is an excellent year, better than I was hoping for, and one that is going to help us a lot in 2007. -2- The other thing that I want you to notice is they looked these markets where we’re in. In every single market, every single promo line we are either at one, or we are one of the top three. And I want to take you through this. In film you already knew we are number one. I know that it is declining fast. The film capture is declining fast. And today EI film is not declining. You asked me these questions since I came to this company. Since I came to this company a lot of people have predicted that this was going to go away. This is going digital. This business is very wrong for you. And I did listen to you, and I did investigate when it was going to happen, and we have all these curves, and Mary Jane will take through all those curves. Well so far I haven’t seen any of this. This is a great business; this is a business that we want to keep. For as long as it’s going like this, this is a great business to have. Digital cameras, we’re in the top three worldwide, number one in the U.S. Snapshot Printer, we’re still number one, although that category is not growing the way we thought it was going to grow. We told you that last year, but it still is, you know, a nice business to be in. In the Gallery I said that we are top three, I actually think we are the number one, it’s just that we don’t have sufficient third-party data to prove it, so they wouldn’t let me, my legal team wouldn’t let me put number one, so I put, top three. But I think we are number one for every data that I can look at, but there is no third-party data that I can show you to prove it. In Kiosk, we’re certainly number one. Color negative paper that is now part of our digital business, and I think we went through that before, it is still the halide paper. But it is happening the system for printing in retail is working very well. You come with your digital files, and the one-hour mini labs are very productive printing devices for that kind of volume, for that kind of quality.
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