Exhibit 99.2

FINANCIAL DISCUSSION DOCUMENT

The Company has three reportable segments: Consumer Digital Imaging Group (CDG), Graphic Communications Group (GCG), and Film, Photofinishing and Entertainment Group (FPEG). Within each of the Company’s reportable segments are various components, or Strategic Product Groups (SPGs). Throughout the remainder of this document, references to the segments’ SPGs are indicated in italics. The balance of the Company’s continuing operations, which individually and in the aggregate do not meet the criteria of a reportable segment, are reported in All Other.

2010 COMPARED WITH 2009

Fourth Quarter

RESULTS OF OPERATIONS – CONTINUING OPERATIONS

CONSOLIDATED

Revenues

For the three months ended December 31, 2010, net sales decreased approximately 25% compared with the same period in 2009 due primarily to unfavorable price/mix in the CDG segment (-18%) and volume declines in the FPEG segment (-5%).

Included in revenues in the current quarter was a non-recurring intellectual property licensing agreement in the CDG segment. This licensing agreement contributed approximately $78 million to revenues in the fourth quarter of 2010, as compared with approximately $421 million of revenue from non-recurring licensing agreements in the prior year quarter. The Company expects to secure other new licensing agreements, the timing and amounts of which are difficult to predict. These types of arrangements provide the Company with a return on portions of its R&D investments, and new licensing opportunities are expected to have a continuing impact on the results of operations.

Gross Profit

Gross profit margin decreased as compared with the prior year quarter, primarily due to unfavorable price/mix within the CDG segment (-14 pp), largely due to the decrease in revenue from non-recurring intellectual property agreements in the current quarter as compared with the prior year quarter.

Included in gross profit in the current quarter was a non-recurring intellectual property licensing agreement within Digital Capture and Devices in the CDG segment. This licensing agreement contributed approximately $78 million to gross profit in 2010, as compared with approximately $421 million of gross profit from non-recurring licensing agreements in 2009.

Research and Development Costs

The decrease in R&D costs as compared with the prior year quarter was due to focused cost reductions within the FPEG segment (-$4 million) and declines in All Other (-$3 million) as the result of the sale of assets of the Company’s organic light emitting diodes (OLED) group in the prior year quarter.

Restructuring Costs, Rationalization and Other

These costs, as well as the restructuring and rationalization-related costs reported in cost of goods sold, are discussed under the "RESTRUCTURING COSTS, RATIONALIZATION AND OTHER" section.

Other Operating (Income) Expenses, Net

The other operating (income) expenses, net category includes gains and losses on sales of assets and businesses and certain impairment charges. The prior year quarter amount primarily reflects a gain on the sale of assets of the Company’s OLED group.

In November 2009, the Company agreed to terminate its patent infringement litigation with LG Electronics, Inc., LG Electronics USA, Inc., and LG Electronics Mobilecomm USA, Inc., entered into a technology cross license agreement with LG Electronics, Inc. and agreed to sell assets of its OLED group to Global OLED Technology LLC, an entity established by LG Electronics, Inc., LG Display Co., Ltd. and LG Chem, Ltd. As the transactions were entered into in contemplation of one another, in order to reflect the asset sale separately from the licensing transaction, the total consideration was allocated between the asset sale and the licensing transaction based on the estimated fair value of the assets sold. Fair value of the assets sold was estimated using other competitive bids received by the Company. Accordingly, $100 million of the proceeds was allocated to the asset sale. The remaining gross proceeds of $414 million were allocated to the licensing transaction and reported in net sales of the CDG segment.

Interest Expense

The decrease in interest expense for the three months ended December 31, 2010 as compared with the three months ended December 31, 2009 is primarily attributable to the write-off of debt issuance costs in the prior year period, when the Company repurchased approximately $563 million of its outstanding 3.375% Convertible Senior Notes due 2033.

Income Tax (Benefit) Provision

The change in the Company’s effective tax rate from continuing operations is primarily attributable to: (1) a benefit associated with the release of deferred tax asset valuation allowances in certain jurisdictions outside of the U.S. in the three months ended December 31, 2010; (2) withholding taxes related to a non-recurring licensing agreement entered into in the three months ended December 31, 2009; (3) changes to the geographical mix of earnings from operations; and (4) changes in audit reserves and settlements.

CONSUMER DIGITAL IMAGING GROUP

Revenues

CDG’s fourth quarter revenue decline of approximately 40% was primarily attributable to unfavorable price/mix. This unfavorable price/mix was driven by a decrease in non-recurring intellectual property royalty revenues (-28%) and competitive pricing pressures within other components of Digital Capture and Devices (-7%). Also contributing to the decline were lower volumes (-2%) and unfavorable price/mix (-2%) within Retail Systems Solutions, primarily due to the previously disclosed expiration of a significant customer contract. Partially offsetting these declines were higher volumes within Consumer Inkjet Systems (+3%).

Included in revenues for the current quarter was a non-recurring intellectual property licensing agreement within Digital Capture and Devices. This licensing agreement contributed approximately $78 million of revenues in the fourth quarter of 2010, as compared with approximately $421 million of revenues from non-recurring licensing agreements in the prior year quarter.

Gross Profit

The decrease in gross profit margin was primarily the result of lower non-recurring intellectual property royalty revenues (-24 pp), and unfavorable price/mix within other components of Digital Capture and Devices (-2 pp) largely due to declining customer demand for digital still cameras. These declines were partially offset by favorable cost improvements in Consumer Inkjet Systems (+4 pp).

Included in gross profit for the current quarter was a non-recurring intellectual property licensing agreement within Digital Capture and Devices. This licensing agreement contributed approximately $78 million to gross profit in 2010, as compared with approximately $421 million of gross profit from non-recurring licensing agreements in 2009.

Selling, General and Administrative Expenses

The increase in SG&A expenses for CDG was primarily driven by increased advertising costs.

GRAPHIC COMMUNICATIONS GROUP

Revenues

The decrease in GCG net sales of approximately 3% for the quarter was primarily driven by unfavorable price/mix (-3%) and volume declines (-1%) within Prepress Solutions, as a result of the competitive pricing environment and industry overcapacity.

These declines were partially offset by growth in Business Services and Solutions, due to volume improvements (+3%) offset by unfavorable price/mix (-1%), reflecting a shift in sales toward lower capacity scanning equipment models. Volume improvements were equally attributable to the launch of the Kodak i4000 Series Scanners and increased business process services in Latin America and Asia with both existing and new customers.

Gross Profit

GCG gross profit margin decreased primarily due to unfavorable price/mix within Prepress Solutions, reflecting a continued competitive pricing environment and industry overcapacity for digital plates.

FILM, PHOTOFINISHING AND ENTERTAINMENT GROUP

Revenues

The decrease in net sales for FPEG was primarily driven by secular volume declines and, additionally within Entertainment Imaging, the impact of the economic climate on film makers, resulting in lower motion picture film production.

Gross Profit

The decrease in gross profit margin for FPEG was primarily driven by increased manufacturing and other costs (-9 pp), largely as a result of higher silver and other commodity costs, and unfavorable price/mix (-2 pp), reflecting competitive pricing pressures across all SPGs. The decrease in gross profit dollars was also driven by lower sales volumes as discussed above.

Selling, General and Administrative Expenses

The decline in SG&A expenses for FPEG was primarily attributable to focused cost reduction actions.

RESULTS OF OPERATIONS - DISCONTINUED OPERATIONS

The loss from discontinued operations, net of taxes, in the fourth quarter of 2010 of $11 million is primarily attributable to the recognition of legal costs related to a disposed operation. The earnings from discontinued operations, net of taxes, in the fourth quarter of 2009 of $14 million were largely driven by the release of a foreign tax reserve.

RESTRUCTURING COSTS, RATIONALIZATION AND OTHER

The Company recognizes the need to continually rationalize its workforce and streamline its operations in the face of ongoing business and economic changes. The actual charges for restructuring and ongoing rationalization initiatives are recorded in the period in which the Company commits to a formalized restructuring or ongoing rationalization plan, or executes the specific actions contemplated by the plans and all criteria for liability recognition under the applicable accounting guidance have been met.

The Company’s restructuring and rationalization charges and utilization for 2010 were as follows:

(1) The $(1) million reflects foreign currency translation adjustments.
(2) The $(7) million includes $(6) million for severance-related charges for pension plan curtailments, settlements, and special termination benefits, which are reflected in Pension and other postretirement liabilities and Other long-term assets in the Consolidated Statement of Financial Position. The remaining $(1) million reflects foreign currency translation adjustments.
(3) The $(13) million includes $(15) million for special termination benefits, which are reflected in Other long-term assets in the Consolidated Statement of Financial Position. The remaining $2 million reflects foreign currency translation adjustments.
(4) The $(7) million represents special termination benefits, which are reflected in Pension and other postretirement liabilities in the Consolidated Statement of Financial Position.

During the three and twelve months ended December 31, 2010, the Company made cash payments of approximately $17 million and $88 million, respectively, related to restructuring and rationalization.

The $24 million of charges for the fourth quarter of 2010 includes $2 million of charges for accelerated depreciation, which were reported in cost of goods sold in the accompanying Consolidated Statement of Operations for the three months ended December 31, 2010. The remaining costs incurred of $22 million were reported as restructuring costs, rationalization and other in the accompanying Consolidated Statement of Operations for the three months ended December 31, 2010. The severance and exit costs reserves require the outlay of cash, while long-lived asset impairments, accelerated depreciation and inventory write-downs represent non-cash items.

The charges of $24 million recorded in the fourth quarter of 2010 included $15 million applicable to FPEG, $1 million applicable to CDG, $5 million applicable to GCG, and $3 million that was applicable to manufacturing, research and development, and administrative functions, which are shared across all segments.

The ongoing restructuring and rationalization actions implemented in the fourth quarter of 2010 are expected to generate future annual cash savings of approximately $17 million. These savings are expected to reduce future cost of goods sold, SG&A, and R&D expenses by $8 million, $7 million, and $2 million, respectively. On a year-to-date basis, the ongoing restructuring and rationalization actions implemented during the year 2010 are expected to generate future annual cash savings of approximately $62 million. These savings are expected to reduce future cost of goods sold, SG&A, and R&D expenses by $35 million, $25 million, and $2 million, respectively. The Company began realizing these savings in the first quarter of 2010, and expects the savings to be fully realized by the end of the second quarter of 2011 as most of the actions and severance payouts are completed.

For the three months ended December 31, 2009, the Company recorded $61 million of charges, including $10 million of charges for accelerated depreciation and $4 million of charges for inventory write-downs, which were reported in Cost of goods sold in the accompanying Consolidated Statement of Operations. The remaining costs incurred, net of reversals, of $47 million were reported as Restructuring costs, rationalization and other in the accompanying Consolidated Statement of Operations for the three months ended March 31, 2009.

CASH FLOW ACTIVITY

Operating Activities

Net cash used in operating activities increased $83 million for the year ended December 31, 2010 as compared with the prior year due to the combination of working capital changes and use of cash for settlement of other liabilities in the current year using more cash than those factors in the prior year. This increase in cash used in operating activities was partially offset by the reduction in the Company’s net loss.

Cash received in 2010 related to non-recurring licensing agreements, net of applicable withholding taxes, of $629 million, was $7 million higher than cash received in 2009 related to non-recurring licensing agreements of $622 million.

Investing Activities

Net cash used in investing activities increased $90 million for the year ended December 31, 2010 as compared with 2009 due primarily to a decline of $124 million in proceeds received from sales of assets and businesses. Approximately $100 million of this decline is due to proceeds received from the sale of assets of the Company’s OLED group in the prior year quarter. Partially offsetting this decline were a decrease in cash used for acquisitions of $17 million and a reduction in funding of restricted cash of $13 million.

Financing Activities

Net cash used in financing activities increased $107 million for the year ended December 31, 2010 as compared with 2009 due to lower proceeds received from borrowings in the current year, primarily due to the Company’s debt refinancing in the fourth quarter of 2009 for which it received approximately $100 million of net proceeds. Partially offsetting this decrease was a reduction of debt issuance costs of $18 million, also primarily related to the fourth quarter 2009 debt refinancing.

CAUTIONARY STATEMENT PURSUANT TO SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Certain statements in this document may be forward-looking in nature, or "forward-looking statements" as defined in the United States Private Securities Litigation Reform Act of 1995. For example, references to the Company's expectations regarding the following are forward-looking statements: revenue; revenue growth; gross margins; savings from restructuring and rationalization; earnings; cash generation; and potential revenue, cash and earnings from intellectual property licensing.

Actual results may differ from those expressed or implied in forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the following risks, uncertainties, assumptions and factors as described in more detail in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 under the headings "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Cautionary Statement Pursuant to Safe Harbor Provisions the Private Litigation Reform Act of 1995" and in other filings the Company makes with the SEC from time to time:

• Continued weakness or worsening of economic conditions which could continue to adversely impact our financial performance and our liquidity;
• Whether we are successful with the strategic investment decisions we have made which could adversely affect our financial performance;
• Whether we effectively anticipate technology trends and develop and market new products to respond to changing customer preferences which could adversely affect our revenue and earnings;
• The competitive pressures we face which could adversely affect our revenue, earnings and market share;
• Whether our commercialization and manufacturing processes prevent product reliability and quality issues which could adversely affect our revenue, earnings and market share;
• Whether we are successful in licensing and enforcing our intellectual property rights or in defending against alleged infringement of the intellectual property rights of others which could adversely affect our revenue, earnings, expenses and liquidity;
• Changes in currency exchange rates, interest rates and commodity costs which could adversely impact our results of operations and financial position;
• Whether our pension and post-retirement plan costs and contribution levels are impacted by changes in actuarial assumptions, future market performance of plan assets or obligations imposed by legislative or regulatory authorities which could adversely affect our financial position, results of operation and cash flow;
• Whether we are successful in attracting, retaining and motivating key employees which could adversely affect our revenue and earnings;
• Our reliance on third party suppliers which could adversely affect our revenue, earnings and results of operations; and
• Whether we are required to recognize additional impairments in the value of our goodwill which could increase expenses and reduce profitability.

The Company cautions readers to carefully consider such factors. Many of these factors are beyond the Company’s control. In addition, any forward-looking statements represent the Company’s estimates only as of the date they are made, and should not be relied upon as representing the Company’s estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, even if its estimates change.

Any forward-looking statements in this document should be evaluated in light of the factors and uncertainties referenced above and should not be unduly relied upon.

Eastman Kodak Company

CONSOLIDATED STATEMENT OF OPERATIONS - UNAUDITED

Eastman Kodak Company

CONSOLIDATED STATEMENT OF OPERATIONS – UNAUDITED (Continued)

Eastman Kodak Company

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - UNAUDITED

Eastman Kodak Company

CONSOLIDATED STATEMENT OF CASH FLOWS - UNAUDITED

Net Sales from Continuing Operations by Reportable Segment and All Other - Unaudited

* Represents the percentage point change in segment net sales for the period that is attributable to foreign currency fluctuations

(Loss) Earnings from Continuing Operations Before Interest Expense, Other Income (Charges), Net and Income Taxes - Unaudited