Corning to Meet with Investors; Reiterates Fourth-Quarter guidance.

CORNING, N.Y. -- Corning Incorporated (NYSE:GLW) will speak to investors this evening during a Merrill Lynch sponsored trip to the company's headquarters in Corning. Wendell P. Weeks, president and chief operating officer, and James B. Flaws, vice chairman and chief financial officer are expected to discuss with investors the company's third-quarter results, its fourth-quarter guidance and its growth opportunities in the display, fiber-to-the-premises and diesel markets.

Company officials are also expected to reiterate Corning's 2004 fourth-quarter guidance of revenues in the range of $950 million to $1 billion, with earnings per share, in the range of $0.10 and $0.12, before special items. This estimate is a non-GAAP financial measure and excludes potential gains and charges. The non-GAAP financial estimate is reconciled on the company's investor relations Web site and accompanies this news release. Corning originally issued this fourth-quarter guidance during its quarterly conference call on Oct. 21.

Corning will also comment on the recent announcements by several liquid crystal display (LCD) panel makers on the pace of their capital expansion plans. "Panel capacity adjustments were not unexpected," Weeks will say. "As we told investors on our last conference call, there was risk that the panel makers would collectively add more capacity than required as each bids to gain market share. We are not surprised that some are now adjusting these plans as panel manufacturers reassess their individual growth potential," he will tell investors.

"As for Corning, our announced expansion plans remain on track for 2005 and beyond. "However, because our manufacturing equipment installations can be modular, we are able to vary the timing of these expansions. If needed, we are prepared to pace the installation of production lines to meet changes in fab plant expansion plans," Weeks will say.

The company will also tell investors that LCD customer deposit negotiations are continuing. The outcomes of those negotiations will hinge on a number of factors, including the expansion plans of panel makers. In addition, Corning management will also tell investors that the company continues to be encouraged by the recent regulatory changes regarding fiber-to-the-premises or home architectures and believes that the subsequent customer announcements should be viewed as a positive step forward for that portion of its telecommunications segment.

Presentation of Information in this News Release

Corning's earnings estimate for the third quarter is a non-GAAP financial measure as it excludes any potential gains or losses arising from previously announced restructuring actions; previously announced loss on the sale of the frequency control business; any further adjustments to the asbestos settlement reserve required by movement in Corning's stock price; and income from discontinued operations. The company believes presenting earnings estimates that exclude these items is helpful in understanding Corning's operating results. This earnings estimate is reconciled in this press 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 in the liquid crystal display industry and other businesses; pace of recovery in telecommunications capital spending, particularly for optical fiber and cabling; 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 December 31, 2004
      (Unaudited; amounts in millions, except per share amounts)

Corning's earnings estimate excluding certain items for the third
quarter is a non-GAAP financial measure within the meaning of
Regulation G of the Securities and Exchange Commission. The company
believes presenting earnings estimates that exclude these items is
helpful in understanding Corning's operating results. This non-GAAP
measure is not in accordance with and should not be considered an
alternative of measurements required under generally accepted
accounting principles (GAAP). A detailed reconciliation is provided
below outlining the differences between this non-GAAP measure and the
directly related GAAP measure.

                                                          Range
                                                   -------------------
Guidance: Earnings per share (EPS)
 excluding certain items                            $0.10       $0.12

Certain items excluded from guidance:

   Asbestos settlement (a)

   Restructuring, impairment and other
    charges and (credits) (b)

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


   This schedule will be updated as additional announcements occur.

(a) 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 fourth
quarter of 2004, Corning will record a charge or credit for the change
in its common stock price as of December 31, 2004 compared to $11.08,
the common stock price at September 30, 2004.

(b) 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.

(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 third quarter 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.