Ladies and gentlemen, thank you for standing by, and welcome to the Eastman Kodak Q3 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] I would now like to turn the conference to your speaker today, Paul Dils. Please go ahead, sir.

Thank you, and good afternoon, everyone. I am Paul Dils, Eastman Kodak Company’s Chief Tax Officer and Director of Investor Relations. Welcome to Kodak’s third quarter 2020 earnings call. At 4:15 pm this afternoon Kodak filed its third quarter 2020 Form 10-Q and issued its release for financial results for the third quarter. You may access the presentation and webcast for today’s call on our Investor Center at investor.kodak.com. During today’s call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. All forward-looking statements are based upon Kodak’s expectations and various assumptions. Future events or results may differ from those anticipated or expressed in the forward-looking statements. Important factors that could cause actual events or results to differ materially from these forward-looking statements include among others, the risks, uncertainties and other factors described in more detail in Kodak’s filings with the U.S. Securities and Exchange Commission from time-to-time. There may be other factors that may cause Kodak’s actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included or referenced in this presentation. Kodak undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. In addition, the release just issued and the presentation provided contain certain measures that are deemed non-GAAP measures. Reconciliations to the most directly comparable GAAP measures have been provided with the release and within the presentation on our website in our Investor Center at investor.kodak.com. Speakers on today’s call are Jim Continenza, Kodak’s Executive Chairman; and David Bullwinkle, Chief Financial Officer of Kodak. We will not be holding a formal Q&A during today’s call. As always, the Investor Relations team is available for follow-up. I will now turn the call over to Jim.

Welcome, everyone, and thank you for joining the third quarter investor call for Kodak. Beginning on Slide 4, third quarter results were impacted by COVID-19 as the pandemic continues to present challenges for companies around the world. However, we began to see some improvements in several areas of the Company throughout the quarter. Despite the challenges the pandemic has presented, we remain focused on maintaining the safety of our employees and customers as a top priority as we continue to manage our business, cost and cash until the pandemic is resolved. Dave will provide more details on the third quarter and year-to-date results shortly. I would like to begin with comments on the July announcement by the U.S. International Development Finance Corp. for a potential government loan to support the launch of Kodak Pharmaceuticals and to clarify some important points about the potential transaction. The announcement on July 28 was about the U.S. International Development Finance Corp., DFC, signing a letter of interest for an application or a potential loan, not a subsidy or a grant. This is an opportunity for the Company to apply for a loan only. The application process has been placed on hold by the DFC. As part of our long-term strategy, we will continue to move forward with expanding the existing pharmaceutical business, regardless of whether we received the potential DFC loan. The scale and speed of the expansion will depend on the availability of capital and our assessment of the business opportunity at various production levels, taking into account, among other factors, any by American initiatives. We remain 100% committed to our core business of print, advanced materials and chemicals, including unregulated key starting materials. This combined with the continued dedication of our employees in the United States and globally, gives us tremendous confidence…

Thanks, Jim, and good afternoon. Today, the Company filed its Form 10-Q for the quarter ended September 30, 2020 with the Securities and Exchange Commission. As always, I recommend you read this filing in its entirety. Before I get into the details for the quarter, I would like to comment on an important transaction that occurred in the third quarter of 2020. During the quarter, $100 million of the Company’s 5% secured convertible notes due 2021 were converted into shares of the Company’s common stock. The delivery of the conversion shares and the payment of the accrued interest satisfies the Company’s obligations under the notes. As a result of the conversion of all of the notes, the lien granted by the Company on certain of its assets to secure the notes was released. Turning to Slide 6. The Company has recognized a reduction of $367 million in our net debt position since March 2019. This includes the repayment of $395 million of the first lien term loans with the net proceeds received from the sale of the Flexographic Packaging Division and issuance of the 5% secured convertible notes in 2019. As I just indicated, during the third quarter of 2020, the $100 million 5% secured convertible notes were fully converted into common stock. The improvement in our net debt position illustrates the Company’s efforts to strengthen its balance sheet and the financial health of the Company. Moving on, the increased value associated with the derivative liability embedded in the convertible notes, driven by the increase in our stock price, was reflected in our financial statements at the time of conversion, which resulted in a non-cash charge of $416 million. The derivative liability and the carrying value of the convertible notes at the time of conversion was then written off against…

In summary, I am extremely proud of Kodak and our ability to navigate the past few months. Despite the challenges from the pandemic, we’ve continued to innovate and move our business forward. The eight awards won on our print products and solutions illustrate our commitment toward restoring Kodak to its rightful place at the forefront of print. Kodak is well-positioned to capture the opportunity presented by the accelerated shift to the environmentally friendly print that the world is now experiencing. Thank you for your time today. And we look forward to speaking with you again on next quarter’s call.

Ladies and gentlemen, this concludes today’s conference call. Thank you for participating. You may now disconnect.