Corning CFO to Speak at Florida Investor Conference; Company Will Reaffirm Quarterly Guidance.

CORNING, N.Y. -- Corning Incorporated (NYSE:GLW) Vice Chairman and Chief Financial Officer James B. Flaws will discuss the company's growth opportunities, including liquid crystal display (LCD) glass and diesel emissions control products during the 2005 Deutsche Bank Information Technology Conference in South Beach, Fla., today.

During the discussion, Flaws will reiterate the company's 2005 first-quarter revenue guidance of sales in the range of $980 million to $1.03 billion and earnings per share, before special items, in the range of $0.11 to $0.13. This is a non-GAAP financial measure. This non-GAAP financial measure is reconciled on the company's investor relations Web site and accompanies this news release.

Flaws will tell investors that Corning continues to expect that sequential optical fiber volume will be in the range of zero to 10 percent decline; that pricing is expected to decline by less than 5 percent; and that the company's premium fiber will be less than 10 percent of total sales volume. He will add that Corning still expects its total LCD glass volume, for the combination of its wholly owned business and 50 percent owned equity venture Samsung Corning Precision Glass Co. Ltd., to increase sequentially for the first quarter in the range of 5 percent to 10 percent and LCD glass pricing could decline by approximately 5 percent.

LCD Glass

Flaws will remind investors that the company expects the LCD glass market volume to grow between 40 percent and 60 percent this year, with a compound annual volume growth rate of 40 percent through 2007. He will note that LCD TV is expected to be a key driver of glass demand. "This is the first year that LCD TV demand will have a material impact on the amount of LCD glass needed," Flaws will say. "Of the expected market growth this year, which we believe will be more than 50 percent, LCD TV glass could be as much as 40 percent of that growth. Of the total LCD glass produced in the industry, we expect about 25 percent will go to LCD TV, compared to only 15 percent last year," he will add.

Diesel Products

Flaws will also say that 2005 is an important year for Corning's diesel products business as engine manufacturers make decisions on which products will be included in their engine platforms. Corning has said that while the global diesel product market is about $200 million today, growth will accelerate after 2006 driven by U.S. regulatory requirements and could be a $1 billion market in 2008. Flaws will add, "The initial feedback on our diesel emissions control technology has been very positive. We have already received several letters of intent from engine manufacturers and expect these will lead to supply agreements this year."

Webcast Information

Corning's discussion with investors at the 2005 Deutsche Bank Information Technology Conference will be available via webcast by accessing the IR events calendar on Corning's Web site at www.corning.com/investor_relations.

Presentation of Information in this News Release

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP. Corning's non-GAAP net income and EPS measures exclude restructuring, impairment and other charges and adjustments to prior estimates for such charges. Additionally, the company's non-GAAP measures exclude adjustments to asbestos settlement reserves required by movements in Corning's common stock price, gains and losses arising from debt retirements, charges or credits arising from adjustments to the valuation allowance against deferred tax assets, equity method charges resulting from impairments of equity method investments or restructuring, impairment or other charges taken by equity method companies, and gains from discontinued operations. The company believes presenting non-GAAP net income and EPS measures is helpful to analyze financial performance without the impact of unusual items that may obscure trends in the company's underlying performance. These non-GAAP measures are reconciled on the company's Web site at www.corning.com/investor-relations and accompany this news release.

About Corning Incorporated

Corning Incorporated (www.corning.com) is a diversified technology company that concentrates its efforts on high-impact growth opportunities. Corning combines its expertise in specialty glass, ceramic materials, polymers and the manipulation of the properties of light, with strong process and manufacturing capabilities to develop, engineer and commercialize significant innovative products for the telecommunications, flat panel display, environmental, semiconductor, and life sciences industries.

Forward-Looking and Cautionary Statements

This press release contains forward-looking statements that involve a variety of business risks and other uncertainties that could cause actual results to differ materially. These risks and uncertainties include the possibility of changes or fluctuations in global economic and political conditions; tariffs, import duties and currency fluctuations; product demand and industry capacity; competitive products and pricing; manufacturing efficiencies; cost reductions; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; capital spending by larger customers in the liquid crystal display industry and other businesses; changes in the mix of sales between premium and non-premium products; facility expansions and new plant start-up costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political instability or major health concerns; ability to obtain financing and capital on commercially reasonable terms; adequacy and availability of insurance; capital resource and cash flow activities; capital spending; equity company activities; interest costs; acquisition and divestiture activities; the level of excess or obsolete inventory; the rate of technology change; the ability to enforce patents; product and components performance issues; changes in key personnel; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are identified in Corning's filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.

CORNING INCORPORATED AND SUBSIDIARY COMPANIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE
                   Three Months Ended March 31, 2005
      (Unaudited; amounts in millions, except per share amounts)

Corning's earnings per share (EPS) excluding special items for the
first quarter of 2005 is a non-GAAP financial measure within the
meaning of Regulation G of the Securities and Exchange Commission.
Non-GAAP financial measures are not in accordance with, or an
alternative to, generally accepted accounting principles (GAAP). The
company believes presenting non-GAAP EPS is helpful to analyze
financial performance without the impact of unusual items that may
obscure trends in the company's underlying performance. A detailed
reconciliation is provided below outlining the differences between
this non-GAAP measure and the directly related GAAP measure.


                                                     Range
                                        ------------------------------
Guidance: EPS excluding special items      $0.11               $0.13

Special items:
    Restructuring, impairment and other
    (charges) and credits (a)

    Asbestos settlement (b)

    (Loss) gain on repurchases and
    retirements of debt, net (c)
                                           -----               -----

Earnings per share

   This schedule will be updated as additional announcements occur.


(a) From time to time, Corning may need to make adjustments to
    estimates used in the determination of prior year restructuring
    and impairment charges, which could result in a gain or loss
    during the quarter.

(b) As part of Corning's asbestos settlement arrangement to be
    incorporated into the Pittsburgh Corning Corporation
    reorganization plan, Corning will contribute, when the
    reorganization plan becomes effective, 25 million shares of
    Corning common stock to a trust. The common stock will be
    contributed to the trust, after the plan has been approved by the
    asbestos claimants and bankruptcy court. The portion of the
    asbestos liability to be settled in common stock requires
    adjustment each quarter based upon movements in Corning's common
    stock price prior to contribution of the shares to the trust. In
    the first quarter of 2005, Corning will record a charge or credit
    for the change in its common stock price as of March 31, 2005
    compared to $11.77, the common stock price at December 31, 2004.

(c) From time to time, Corning may repurchase or retire debt, which
    could result in a gain or loss during the quarter.


Please note that the company may pursue other financing, restructuring
and divestiture activities at any time in the future, and that the
potential impact of these events is not included within Corning's
first quarter 2005 guidance.

This schedule contains forward looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such forward
looking statements are based on current expectations and involve
certain risks and uncertainties. Actual results may differ from those
projected in the forward looking statements. Additional information
concerning factors that could cause actual results to materially
differ from those in the forward looking statements is contained in
the Securities and Exchange Commission filings of this Company.