Slide 1: Forward Looking and Cautionary Statements; Offering Summary
F ORWARD L OOKING AND C AUTIONARY S TATEMENTS Certain statements in this presentation constitute “forward looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward looking statements are based on current expectations and involve certain risks a
Slide 2: Diversified Product Portfolio: Corning Worldwide Revenues
Telecommunications Advanced Materials Information Display D IVERSIFIED P RODUCT P ORTFOLIO CORNING WORLDWIDE REVENUES In Millions
Slide 3: Revenues by segment 2000, 2001, 2002 YTD
2000 2001 2002 YTD 73% 1% 50% $5,186 $1,021 $894 $4,458 $993 $800 $902 $475 $407 ‘Telecommunications Hb Aavancea Materials TBE information Display
Slide 4: Diversified Product Portfolio: Telecommunications
DIVERSIFIED PRODUCT PORTFOLIO <n REVENUES YTD $902 milton Optical Fiber & Cable Hardware & Equipment Photonic Technologies and Optical Networking Devices CORNING
Slide 5: Diversified Product Portfolio: Advanced Materials
DIVERSIFIED PRODUCT PORTFOLIO CORNING WORLDWIDE REVENUES YTD 2002 $475 million Environmental Technologies ‘Semiconductor Materials Life Sciences 1 CORNING
Slide 6: Diversified Product Portfolio: Information Display
aa ~~ DIVERSIFIED PRODUCT PORTFOLIO. CORNING WORLDWIDE REVENUES YTD a\ Information Display — $407 million Liquid Crystal Display Glass Projection Lens Assemblies NEG tetvision Glass CORNING
Slide 7: Quarter Two Financial Results
Q UARTER T WO F INANCIAL R ESULTS
Slide 8: Business Outlook — Quarter Three 2002
1 Excludes restructuring and impairment charges totaling $(0.36) per share and a gain resulting from debt repurchases of $0.04 per share. B USINESS O UTLOOK — Q UARTER T HREE 2002 Total Company Revenue $825-$875 million EPS 1 $(0.07) - $(0.10) Optical fiber business — Sequential volume flat to down
Slide 9: Restore Profitability
R ESTORE P ROFITABILITY IN In Millions First Half Annualized Net Sales $ 1,794 $ 3,588 EBIT (244 ) (488 ) Operating NPBT $ (321 ) $ (642 ) Taxes Operating NPAT $ (241 ) $ (482 ) Minority Interest Equity Earnings NPAT $ (160 ) $ (320 ) From current run rate -need $300mm NPAT to breakeven. Excludes re
Slide 10: Restructuring Actions
Restructuring plan in motion Excludes restructuring and impairment charges totaling $494mm ($342mm after-tax) and a gain resulting from debt repurchases of $68mm ($42mm after-tax). R ESTORE P ROFITABILITY IN RESTRUCTURING ACTIONS Additional restructuring options available Actions under review now —
Slide 11: Restore 2003: Market Environment and Bandwidth Demand
RESTORE P ROFITABILITY IN 2003 MARKET ENVIRONMENT BAD TO WORSE Carriers under continuing financial pressure — Deteriorating balance sheets — Accounting issues — Public policy uncertainty — Lack of clear broadband and public Internet profit model Bankruptcies continue to expand Crisis of confidence a
Slide 12: Demand for Fiber Will Return First in Metro Edge and Access
N ETWORK D ESCRIPTION DEMAND FOR FIBER WILL RETURN FIRST IN METRO EDGE AND ACCESS
Slide 13: Corning Optical Fiber Is the Worldwide Market Leader
R ESTORE P ROFITABILITY IN CORNING OPTICAL FIBER IS THE WORLDWIDE MARKET LEADER Strong customer base in global Metro and Access market segments
Slide 14: Corning's Telecommunications Position
R ESTORE P ROFITABILITY IN CORNING’S TELECOMMUNICATIONS POSITION A well recognized worldwide market leader — Winning share of jobs bid today Lowest cost/highest quality producer — Cash costs 50 of best competitors % Robust and innovative product portfolio Significant assets in technology and manufac
Slide 15: Corning Technologies 2001 Revenues — $1.8 Billion
C ORNING T ECHNOLOGIES 2001 R EVENUES — $1.8 B ILLION BALANCE ACROSS INDUSTRIES
Slide 16: Profitable Today and Growing
Segments are profitable and growing today. R ESTORE P ROFITABILITY IN PROFITABLE TODAY AND GROWING LCD Glass — Growth in demand for laptop computers — Desktop monitor penetration rate continues at strong pace — Larger and lighter screens drive demand for new innovative glass Environmental Technologi
Slide 17: Blue chip customer base
GM HIE ZEISS \Nikon| P zer DAIMLERCIIRYSLER Grd» SAMSUNG ( Gord D cr optronics
Slide 18: Invest in the Future; Investment Highlights
I NVEST IN THE F UTURE TODAY, TOMORROW AND BEYOND Pace and Execute — Fiber — LCD — Optical connectivity and broadband access — Diesel substrates for emission control — Calcium fluoride semiconductor materials Platform Creation — Chemical processing % — Drug discovery and development — Next generatio
Slide 19: Corning — Discovering Beyond Imagination
4} CORNING Discovering Beyond imagination