Corning to Meet with Investors on the West Coast and in Boston.

Business Editors

CORNING, N.Y.--(BUSINESS WIRE)--July 30, 2003

Corning Incorporated (NYSE:GLW) today announced that it will meet with investors on the West Coast and in Boston, Mass., over the next week. Corning Vice Chairman and Chief Financial Officer James B. Flaws and President and Chief Operating Officer Wendell P. Weeks plan to tell investors that Corning is continuing to focus on managing costs, paying down debt and investing in future technologies.

Weeks will tell investors that Corning's performance during the second quarter is evidence that these efforts are paying off. "Revenues were up again for the second quarter in a row and this is the company's first quarter of profitability in two years, when you exclude charges and special items," Weeks will say. "While we realize there is still work to do, it is an important milestone and it tells us we are on the right track."

Corning reported its second-quarter results on July 21. The company posted sales of $752 million and incurred a net loss of $22 million or $0.02 per share.

Flaws will tell investors that Corning's financial health is strong with $1.5 billion in cash and short-term investments at the end of the second quarter and that the company is continuing to pay down debt. "We are very pleased about the improvements to our balance sheet over the past several months," Flaws will say. "We have reduced the company's debt by $2 billion since the beginning of 2001 and we ended the quarter with a debt-to-capital ratio of 40 percent, down from 45.6 percent at the end of the previous quarter," Flaws will add.

He also will tell investors that Corning will continue to work on strengthening the financial health of the company by further reducing its debt. He will discuss with investors the company's recent public offering of 45 million shares of its common stock and its plans to reduce debt with the proceeds. Last week the company issued common stock at a price of $8.15 per share, under the company's existing $5 billion universal shelf registration statement.

Corning also announced last week that it expects its third-quarter sales to be in the range of $740 million to $765 million and anticipates earnings per share in the range of $0.01 to $0.03, excluding any remaining gains or losses related to the exit of its conventional television tube or photonics businesses and any further adjustments to the asbestos settlement reserve required by movement in Corning's stock price. Weeks will tell investors, "We're delivering on the goals we outlined to Wall Street and believe we are in a position to gain more momentum through the rest of the year."

About Corning Incorporated

Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies that offer growth opportunities in markets that fuel the world's economy. Corning manufactures optical fiber, cable, hardware and equipment in its Telecommunications segment. Corning's Technologies segment manufactures high-performance display glass, and products for the environmental, life sciences and semiconductor markets.

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.