Corning COO to Address Investors at UBS Global Communications and Technology Conference

Corning COO to Address Investors at UBS Global Communications and Technology Conference

November 16, 2006

Company to Reiterate Fourth-quarter Guidance, Provide Perspective on LCD Industry Trends

    CORNING, N.Y., Nov. 16, /Xinhua-PRNewswire/ -- Corning
Incorporated (NYSE: GLW) Chief Operating Officer Peter F.
Volanakis will address investors at the UBS Global
Communications and Technology Conference in New York on
Nov. 14.

    (Logo:
http://211.154.41.99:9080/xprn/back/upload/story_attchment/20061026172020-74.jpg
)

    "We have no changes to the company's
fourth-quarter guidance as outlined in our third-quarter
earnings announcement on Oct. 24," Volanakis will tell
investors. 

    Volanakis will focus on key topics of interest to
investors as they evaluate current trends in the liquid
crystal display (LCD) industry and the potential impact of
these trends on Corning's Display Technologies business. 

    In addressing recent LCD glass price declines,
Volanakis will say, "Although LCD glass pricing is
expected to be down again in the fourth quarter, this
should have no bearing on what the 2007 pricing environment
will be." In providing further clarification on this
topic, he will add, "While glass pricing is expected
to decline each year, the extent of the decline will be
influenced by several factors including: supply and demand
of glass; supply chain stability; competition; and the
transition to higher-generation glass substrate
sizes." 

    Volanakis will remind investors of Corning's success in
remaining competitive in the fast-paced LCD industry through
its significant LCD glass manufacturing cost reduction
programs averaging 14 percent per year from 1997 through
2005. "Clearly, the strong gross margin we have
achieved this year, in light of the significant price
declines, is a good indication of how successful our
ongoing cost reduction programs have been. Looking forward,
the opportunities for further cost reductions remain
robust," Volanakis will say. 

    In reviewing the growth drivers of future LCD glass
demand, Volanakis will remind investors that the majority
of the glass shipped today still goes into information
technology products, such as monitors and laptops, which do
not have the same seasonal surges and declines as TV. He
will also point out that the biggest growth driver for
glass will be the increase in LCD TV penetration, which has
grown each quarter over the last several years. 

    Volanakis will also address the potential impact of
seasonality and other factors on capacity utilization.
"At Corning, we have some levers within our control to
help us adjust production to market dynamics, including the
modularity of our manufacturing facilities and the
flexibility of our tank repairs and product
conversion." 

    Volanakis will reaffirm Corning's expectation for the
LCD glass market to grow by approximately 50 percent, or by
nearly 400 million square feet this year, with the total LCD
glass market expected to reach approximately 1.2 billion
square feet. "Given LCD TV penetration and average
screen size growth rate expectations, we are anticipating
another strong year of LCD glass volume growth in
2007," he will conclude.
 
    Corning's presentation to investors at the UBS Global
Communications and Technology Conference will be available
via webcast by accessing the IR events calendar on
Corning's Web site at
http://www.corning.com/investor_relations . 

    Corning Vice Chairman and Chief Financial Officer James
B. Flaws will also be meeting with investors at the Credit
Suisse Annual Technology Conference in Scottsdale, Ariz. on
Nov. 28. 

    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 EPS measure
excludes restructuring, impairment and other charges and
adjustments to prior estimates for such charges.
Additionally, the company's non-GAAP measure excludes
adjustments to asbestos settlement reserves required by
movements in Corning's common stock price, gains and losses
arising from debt retirements, charges resulting from the
impairment of equity or cost method investments, or
adjustments to deferred tax assets, and gains or losses
recognized in equity earnings from restructuring,
impairment or other charges or credits taken by equity
method companies. The company believes presenting non-GAAP
EPS measures are 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
http://www.corning.com/investor_relations and accompany
this news release. 

    About Corning Incorporated

    Corning Incorporated ( http://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 Statement

    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; tariffs, import duties and currency
fluctuations; product demand and industry capacity;
competition; manufacturing efficiencies; cost reductions;
availability and costs of critical components and
materials; new product development and commercialization;
order activity and demand from major customers; 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; adequacy and availability of insurance;
capital spending; 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. 

    For more information, please contact: 

    Media Relations Contact:

    Corning China
     Lydia Lu
     Tel:   [phone] X1900
     Email: [e-mail]

    US Corning
     M. Elizabeth Dann
     Tel:   [phone]
     Email: [e-mail]

    Investor Relations Contact:

     Kenneth C. Sofio
     Tel:   [phone]
     Email: [e-mail]

SOURCE  Corning Incorporated