Kodak completes sale of its Flexographic Packaging Division to Montagu

New company Miraclon to meet packaging industry needs with KODAK
FLEXCEL Solutions

ROCHESTER, N.Y.–(BUSINESS WIRE)–Today Eastman Kodak Company and Montagu Private Equity LLP announced the
completion of the sale of Kodak’s Flexographic Packaging Division (FPD).
Now part of Montagu’s portfolio, the division operates as a standalone
company known as Miraclon. As previously announced, Kodak’s flexographic
leadership team has transitioned as part of the deal and will continue
to directly manage this business.

Proceeds at close were approximately $320 million, which included the
gross purchase price of $340 million less agreed indebtedness, other
items, and delayed proceeds related to a deferred close entity.

The net proceeds from the transaction will be used by Kodak to reduce
outstanding term debt. The Company expects to refinance the remaining
outstanding term debt.

Over the past five years, FPD has grown and thrived within Kodak and
become a significant player in the package printing industry.

“Closing this sale was a priority for Kodak, and I’m proud we were able
to execute on this plan and leverage a homegrown asset,” said Jim
Continenza, Executive Chairman of Kodak. “This is one of many steps we
are taking to increase our financial stability and focus on generating
cash for our shareholders.”

Kodak remains committed to the print industry and delivering products
and services that meet the evolving needs of printers. Following this
transaction, Kodak will continue to focus on the demonstrated growth
areas of SONORA environmental plates, enterprise inkjet, workflow
software and brand licensing. The Company is well positioned for the
future by leveraging these growth engines and continuing to maximize
value in commercial printing, film and advanced materials.

UBS Investment Bank acted as exclusive financial advisor and Akin Gump
Strauss Hauer & Feld LLP acted as legal advisor to Kodak for the
transaction. Ernst & Young acted as financial advisor, Bain & Co. acted
as commercial advisor and Linklaters LLP acted as legal advisor to
Montagu for the transaction.

About Kodak

Kodak is a technology company focused on imaging. We provide – directly
and through partnerships with other innovative companies – hardware,
software, consumables and services to customers in graphic arts,
commercial print, publishing, packaging, entertainment and commercial
films, and consumer products markets. With our world-class R&D
capabilities, innovative solutions portfolio and highly trusted brand,
Kodak is helping customers around the globe to sustainably grow their
own businesses and enjoy their lives. For additional information on
Kodak, visit us at kodak.com,
follow us on Twitter @Kodak,
or like us on Facebook at Kodak.

Contacts

Media:
For Kodak: Nick Rangel, +1 585-615-0549, nicholas.rangel@kodak.com