An ongoing business model transitioning from declining legacy businesses limits visibility of future revenue and earnings; The majority of revenue continues to be generated from declining commercial offset printing markets and other legacy products; A limited subset of products, including PROSPER, SONORA process free plates, and FLEXECL NX plates are beginning to show consistent revenue growth, but they remain a small part of Kodak's revenue mix, and profitability remains elusive; Slower-than-expected progress commercializing the firm's significant intellectual property portfolio and real estate assets; and Declining revenues and considerable investments in more promising product areas constrain EBITDA margins to the mid-single digits in spite of reduced corporate expenses. Substantial adjusted debt burden with leverage (including preferred equity and pension liabilities) over
