Corning Announces Three-for-One Stock Split.

Business Editors

CORNING, N.Y.--(BUSINESS WIRE)--Aug. 16, 2000

Corning Incorporated (NYSE:GLW), a leading manufacturer of fiber-optic technologies used to create the world's communications network, announced today that its board of directors has approved a three-for-one stock split of its common shares.

"Our decision to split the stock reflects our confidence that we are firmly established in markets that will continue to grow well into the next decade," said Roger G. Ackerman, Corning's chairman and chief executive officer. "Our position as the world's leading manufacturer of optical fiber gives us a unique ability to co-design fiber and optical components that both increase the carrying capacity of the network and decrease the cost of transmission. We will exploit this competitive advantage by continuing to develop a rapid succession of new products through a combination of internal innovations and external acquisitions."

The split comes during one of the most successful and dynamic periods in the company's 149-year history. In the past 12 months alone, Corning has embarked on a bold plan to solidify its leadership position in the market for fiber-optic technology, including $7 billion in acquisitions, a doubling of its workforce, and a $1.5 billion expansion of its manufacturing capacity of optical fiber, optical components, and liquid crystal display (LCD) glass.

The stock split will be effected as a special stock dividend of two additional shares of common stock for each share of Corning's common stock held by shareholders of record on September 5, 2000. The new shares will be issued on October 3, 2000.

As of June 30, 2000, Corning had approximately 319 million common shares issued. The split will increase the number of common shares issued to approximately 957 million. The company's shareholders voted on April 27, 2000 to increase the number of authorized shares to 1.2 billion.

Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning's revenues in 1999 were $4.7 billion.

Forward-Looking Cautionary Statements Except for historical information and discussions contained herein, statements included in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause results to differ materially, as discussed in the company's filing with the Securities and Exchange Commission.