Corning CEO to Address Investors at Citigroup Global Technology Conference

Corning Incorporated (NYSE:GLW) Chairman and Chief Executive Officer Wendell P. Weeks will address investors at the 14th Annual Citigroup Global Technology Conference in New York today. He will reiterate the company’s third-quarter guidance, provide updates on key topics relevant to the company’s display and telecommunications businesses, and address questions posed by investors. In reaffirming Corning’s previously disclosed third-quarter guidance of sales in the range of $1.525 to $1.575 billion and earnings per share of $.34 to $.37, Weeks will address the potential impact of foreign exchange rates on earnings. "We have been pleased with the recent movement in the Yen to U.S. Dollar exchange rate,” Weeks will say. "This positive rate change has been a fairly recent event and we are therefore not changing our guidance at this time. However, if this rate continues for the remainder of the quarter, it could positively impact the company’s third-quarter earnings per share by $0.01.” These are non-GAAP financial measures. These and all non-GAAP financial measures are reconciled on the company’s investor relations Web site and in attachments to this news release. Weeks will confirm that the company’s research on the liquid crystal display (LCD) industry indicates continued healthy supply-chain conditions. "Inventory levels at panel manufacturers appear to be within normal levels and our end market checks indicate that LCD product shipments, including TVs are on track with our forecasts,” Weeks will note. In emphasizing the global market for LCD TVs, he will remind investors that approximately 70 percent of all LCD TVs are sold outside of North America. Updates on the company’s telecommunications business will include: a review of Corning’s recent breakthrough optical fiber technology; confirmation of a new European fiber-to-the-premises customer representing a significant growth opportunity for the company; and a brief update on the expansion of the company’s Shanghai fiber manufacturing facility. "The telecommunications market continues to grow and evolve,” Weeks will tell investors. "At Corning, we are bringing on capacity to meet this demand and innovating to capture the future opportunity.” Lastly, Weeks will underscore the company’s solid financial performance and its benefit to shareholders. "We are pleased to be able to provide a return to shareholders through the recently announced reinstatement of a dividend and repurchase of $500 million of common stock while we also continue to invest in our current businesses and future technologies.” Corning’s presentation to investors at the 14th Annual Citigroup Global 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 accompanies this news release. About Corning Incorporated Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 150 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy and metrology. 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 in global economic and political conditions; currency fluctuations; product demand and industry capacity; competition; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; changes in the mix of sales between premium and non-premium products; new plant start-up costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political instability or major health concerns; adequacy of insurance; equity company activities; 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; stock price fluctuations; and adverse litigation or regulatory developments. Additional 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 September 30, 2007 (Unaudited; amounts in millions, except per share amounts) Corning’s earnings per share (EPS) excluding special items for the third quarter of 2007 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 $ 0.34   $ 0.37   Special items: Restructuring, impairment, and other (charges) and credits (a)   Asbestos settlement (b)           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, if the reorganization plan is approved, 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 third quarter of 2007, Corning will record a charge or credit for the change in its common stock price as of September 30, 2007 compared to $25.55, the common stock price at June 30, 2007. In addition, Corning will record an adjustment to the asbestos liability to reflect the change in fair value of any of the other components of the proposed asbestos settlement. 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 2007 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.