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KODAK BOARD DECLARES DISTRIBUTION OF EASTMAN STOCK TO KODAK SHAREOWNERS

 ROCHESTER, N.Y., Dec. 10 /PRNewswire/ -- Eastman Kodak Company's (NYSE: EK) board of directors today declared a distribution to Kodak shareowners of common shares of Eastman Chemical Company, as part of the previously announced spin-off of Kodak's chemical group.
 The distribution will consist of one share of stock in Eastman Chemical Company for every four shares of Kodak stock held. The distribution will be payable after Dec. 31, 1993 to Kodak shareowners of record on Dec. 20, 1993.
 The company also noted it has received a favorable private letter ruling from the Internal Revenue Service which provides that the distribution of Eastman Chemical Company shares will not be a taxable transaction to Kodak or its shareholders.
 An information statement filed with the Securities and Exchange Commission, describing Eastman, will be mailed to Kodak shareowners in December. Delivery of the Eastman Chemical Company shares will take place shortly after year-end.
 Fractional shares of Eastman Chemical Company stock will not be issued. Kodak shareowners who would normally be entitled to a fractional share will receive a cash payment in an amount equal to the value of the fractional share.
 Shares of Eastman Chemical Company will be listed for trading on the New York Stock Exchange with the trading symbol of "EMN."
 Kodak announced it would spin off its chemical group in June as a key step in enabling management to focus more directly on its core imaging and health businesses, while allowing Eastman to operate as a free-standing company. The spin recognizes strategic differences between the two companies, with Kodak marketing a broad range of branded consumer, commercial and specialty products, and Eastman being a top- tier provider of intermediate products.
 Eastman Chemical Company was established as a division of Kodak in 1920 by Kodak founder George Eastman to supply raw materials for Kodak photographic products. Originally, Kodak accounted for 100 percent of the chemical company's business. Today, Kodak accounts for about 8 percent of Eastman sales and Eastman is now a leading supplier of chemicals, fibers and plastics. It is the only company in the chemical industry to have won the prestigious Malcolm Baldrige award for quality.
 Eastman ranks 10th in sales among U.S. chemical manufacturers. The company produces more than 400 products at 14 manufacturing sites in three countries and has sales operations in 29 countries. Based on 1992 sales of $3.9 billion, Eastman would rank among the FORTUNE 200 industrials.
 -0- 12/10/93
 /CONTACT: Paul C. Allen of Eastman Kodak Company, 716-724-5802, or Tom Dickens of Eastman Chemical Company, 615-229-3149/
 (EK EMN)


CO: Eastman Kodak Company; Eastman Chemical Company ST: New York IN: CPR HOU CHM SU:

AR -- CL005 -- 2543 12/10/93 10:25 EST
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Publication:PR Newswire
Date:Dec 10, 1993
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