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OWNERSHIP INTELLIGENCE I JANUARY 4, 2011

Prepared by Joseph Griesbeck, CFA - Thomson Reuters

KODAK PREPARES BANKRUPTCY FILING


According to sources, Eastman Kodak (EK-N) is preparing a Chapter 11 bankruptcy protection filing. It has tried selling its digital patents since July 2011, and this filing is precautionary in the event it cannot find buyers to raise capital for the film company. The news comes a day after it announced a possible delisting from the New York Stock Exchange, and markets reacted by sending the EK price down 28%. Of all institutions owning EK stock, 40% of them are index-tracking investors. Should Kodak file for bankruptcy, investors like BlackRock Inst Trust and Vanguard will likely sell their shares as they will only trade over the counter at that point. Their latest publicly disclosed positions in the company are as of the end of Q3 2011, so their actual holdings may have changed. Contrarius Investment Management is the largest active shareholder, and it entered its position in Q3 2011, the same time the company announced it would sell its patents. Since this quarter, EK has dropped from the $2-$3 range to its close of $.47. Frankfurts Allianz Global position of 3.5 million shares could be significantly different as it has not updated its filing since September 2010. Another Frankfurt investor, Commerzbank owns just over 3 million shares as of Q3 2011.
Income 1% Growth 13% GARP 9%

Institutional Holders of EK-N by Style

Index 40%

Hedge Fund 5%

Other 18%

Value 14%

Institutional Holders of EK-N by Region Top Institutional Holders of Eastman Kodak Co (EK-N)
Investor
BlackRock Institutional Trust Company, N.A. Vanguard Group, Inc. State Street Global Advisors (US) Contrarius Investment Management Ltd. Private Capital Management, LP Bill & Melinda Gates Foundation Fidelity Management & Research Company Allianz Global Investors (Frankfurt) Commerzbank AG Northern Trust Investments, N.A. Total: EMEA 12% 9/30/11 9/30/11 9/30/11 9/30/11 9/30/11 9/30/11 10/31/11 9/30/10 9/30/11 9/30/11 Asia 0%

Style
Index Index Index Core Value Core Growth N/A GARP GARP NA Index

Pos. ($MM)
10 8 6 4 4 4 2 2 2 2 45

% O/S Filing Date


5.88 4.77 3.21 2.47 2.34 2.13 1.33 1.31 1.15 1.14 25.73

Americas 88%

Source: Thomson Reuters Holdings based on most recent publicly available filings (1) Positions updated using 1/3/12 closing price

Contact Information: Joseph Griesbeck, CFA | (646) 822-3881 | ownershipintelligence@thomsonreuters.com http://dmi.thomsonreuters.com/ownership http://twitter.com/#!/Ownershipintel

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