Corning Completes Equity Venture with Vietnam's Primary Telecommunications Operator.

Business Editors/High Tech Writers

HICKORY, N.C.--(BUSINESS WIRE)--June 29, 2001

Corning Incorporated (NYSE:GLW), announced today that its wholly owned subsidiary, Corning International Corporation, has completed a transaction to acquire shares in an equity company with Vietnam Post and Telecommunications Corporation (VNPT), Vietnam's primary telecommunications operator.

Under the arrangement, Corning and VNPT will each own 50 percent of the company, which will manufacture fiber optic cable under its existing name, Fibre Optic Cable and Accessories Limited (FOCAL). Terms were not disclosed.

The option to purchase shares in FOCAL resulted from Corning Incorporated's acquisition last year of Siemens' fiber optic cable business. Corning first announced an agreement in principle with VNPT last November, and recently completed the agreement. Corning Cable Systems, with headquarters in Hickory, N.C., USA, will manage Corning's interest in FOCAL.

"We are pleased to have completed the acquisition of FOCAL shares and join in this business relationship with VNPT," said Mike Amicone, executive vice president, sales and marketing for Corning Cable Systems. "Corning becomes one of the first high-technology companies in the United States to have such a venture in Vietnam. This transaction substantially supports our global strategy by broadening our presence in the Asian market."

"VNPT has strong expertise in developing high quality telecommunications networks," Amicone added. "Uniting VNPT's capabilities and their desire to expand the Vietnamese telecommunications infrastructure with Corning Cable Systems' optical fiber cable expertise and technology positions us to collectively provide world-class telecommunications products and superior customer service."

Established in 1996, FOCAL is licensed to manufacture fiber optical cable. The FOCAL cable manufacturing plant, which has about 60 employees, is located in Binh Duong Province, near Ho Chi Minh City, Vietnam. For further information, Michael Osswald, general director of FOCAL, can be reached at (84)/(0) 650-749 099 or by e-mail at [e-mail].

Corning Cable Systems, committed to providing superior customer-support services and unparalleled product quality, has more than 14,000 employees in 20 countries. With sales of more than $2 billion in 2000, Corning Cable Systems, wholly owned by Corning Incorporated (NYSE:GLW), is the leading manufacturer of fiber optic and copper communications system solutions for voice, data, and video network applications worldwide.

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 revenues for 2000 were $7.1 billion.