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Stockholders

As of July 31, 2002, Polaroid Corporation became a new, privately held company operating out-of-bankruptcy.

One Equity Partners, a division of Bank One in Chicago, purchased substantially all of the Polaroid business (including the company’s name) from the old Polaroid Corporation, which is now know as Primary PDC, Inc.

Shares in the old Polaroid Corporation do not represent equity in the new company.

We continue to believe that there will be no recovery for stockholders of the old Polaroid Corporation (now known as Primary PDC, Inc.) which continues to exist under the protection of chapter 11 of the U.S. Bankruptcy Code. A final determination as to any distribution to stockholders is, however, subject to approval of the U.S. Bankruptcy Court at the time it considers whether to confirm a plan of reorganization for Primary PDC, Inc.

We hope this helps explain what is a very complex situation. Thank you for your interest in Polaroid.