Corning Incorporated Receives Tax Ruling From U.S. Revenue Service for Distribution of Shares for Spin-Off Transaction.

CORNING, N.Y.--(BUSINESS WIRE)--Nov. 8, 1996--Corning Incorporated (NYSE:GLW) said today it has received a ruling from the U.S. Internal Revenue Service (IRS) for a tax-free distribution to Corning shareholders of shares in two new independent companies: Corning Clinical Laboratories Inc. and Covance Inc. (formerly Corning Pharmaceutical Services Inc.)

As previously reported, the company believes it is on track for a year-end completion of the transaction.

Established in 1851, Corning Incorporated creates leading-edge technologies for the fastest growing segments of the world's economy. Corning manufactures optical fiber, cable and components, high- performance glass and components for televisions, and other electronic displays for communications and communications-related industries; advanced materials for the scientific, life sciences and environmental markets; and consumer products. Corning's total revenues from continuing operations in 1995 were $3.3 billion.

Corning Clinical Laboratories is one of the largest clinical laboratory testing companies in the United States, offering a broad range of routine and esoteric testing services used by the medical profession in the diagnosis, monitoring and treatment of disease and other medical conditions. Revenues in 1995 totaled $1.6 billion.

Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive global pharmaceutical and biopharmaceutical development service companies with annual revenues in 1995 of more than $400 million, operations in more than 15 countries, and currently over 5,000 employees worldwide. Covance is dedicated to providing superior services to the world's pharmaceutical, biotechnology, and medical device companies.

CONTACT: Corning Inc.

Investor Relations Contacts:

Richard B. Klein, 607/974-8313

Katherine M. Dietz, 607/974-8217

Kathryn C. Littleton, 607/974-8206