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					Equity Research
June 30, 2009

Corning Incorporated Another Increase In 2Q LCD Glass Volume Guidance Marking The Full Recovery Of The LCD Supply Chain
TECHNOLOGY Applied Technologies
FAVORABLE Ajit Pai 212.271.3695 apai@tweisel.com Andy Yeung, CFA 415.364.2589 ayeung@tweisel.com Sven Eenmaa 212.271.3838 seenmaa@tweisel.com
Key Data 52-Week Range: Market Cap. (mn): Shares Out. (mn): Avg. Daily Vol.: Fiscal Year-End: Dividend (Ind. Annual): Yield: $7.36-$24.11 $25,364.9 1559.0 16,696,956 31-Dec $0.20 1.23% FY EPS Q1 Q2 Q3 Q4 Year P/E 2008 $0.44A $0.49A $0.46A $0.13A $1.53A 10.65x

GLW (06/29/09): $16.27 USD MARKET WEIGHT Raising Estimates
2009 Prev 2009 New 2010 Prev $0.10A $0.29E $0.36E $0.34E $1.09E $0.10A $0.34E $0.37E $0.35E $1.15E 14.15x NE NE NE NE $1.20E 2010 New NE NE NE NE $1.25E 13.05x

12% Debt/Total Capital: Rev. (mn) $989.0A NE NE 4.8x $1617.0A $989.0A Price/TTM Sales: Q1 Net Cash/Share: $0.59 Q2 $1692.0A $1290.0E $1375.0E NE NE NE NE $8.14 $1555.0A $1430.0E $1440.0E Book Value/Share: Q3 NE NE 2.0x $1084.0A $1395.0E $1400.0E Price/Book Value: Q4 3-5 Year EPS Growth: 12.00% Year $5948.0A $5104.0E $5204.0E $5340.0E $5450.0E Price Target: $16.00 4.1x 4.6x 4.4x TEV/Sales Note: Price is as of the close on the date indicated. All monetary figures are in the same currency as noted in market price unless noted otherwise. Any price target displayed in the data box above represents either a specific price target or the midpoint of a range. EPS figures are pro forma for restructuring and other one-time charges/expenses as well as one-time gains.

Executive Summary What’s New: Before the market opened on June 30, GLW again raised its guidance for 2Q09 LCD glass volume growth: (1) from 75% q/q increase (initial guidance in April called for a 50% q/q increase) to a 100% q/q increase at its wholly-owned operations and (2) from a 40% q/q increase (initial guidance in April called for a 25% q/q increase) to a 50% q/q increase at its SCP joint venture in South Korea. Management cited stronger than expected LCD TV demand and inventory replenishment as key reasons for the improvement. Management indicated that LCD TV unit sales grew robustly in May (22% y/y in Europe, 77% y/y in China, and 28% y/y in Japan). Overall, management indicated that inventory levels in the LCD supply chain in 2Q are equivalent to inventory levels at the beginning of this year. Management expects some further inventory expansion in the LCD supply chain as the industry prepares for the seasonally strong sell-through in the second half of the year. Management indicated that it will continue to take a conservative approach to bringing on additional idled capacity, likely keeping capacity constrained in 3Q. Management expects 3Q LCD glass shipment to be consistent with its increased 2Q forecast. Management continues to expect moderate q/q pricing decline in LCD glass in 2Q and flattish pricing in 3Q Why it Matters: We remain impressed by GLW's ability and capacity to quickly ramp up production in response to the stronger than expected recovery in the LCD supply chain and provide a reliable source of LCD glass supply for panel makers while its competitors are still trying to align production to expected demand/forecast. We are raising our 2009 and 2010 sales and EPS estimates to reflect management's guidance and current market conditions. We note that inventory replenishment, seasonality and robust LCD TV and laptop PC sales have driven a strong sequential rebound in demand for LCD glass substrate in 2Q09, from very depressed levels in 4Q08 and early 1Q09. However, as the LCD supply chain normalizes, we expect the pace of sequential improvement to moderate substantially and begin to track end market sell-through and seasonality more closely.

GLW Index Weighting Russell 1000: 0.263% Russell 3000: 0.241%

Please see analyst certification and other important disclosures starting on page 12 and continuing through page 14.

Thomas Weisel Partners does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Customers of Thomas Weisel Partners in the United States can receive independent, third-party research on the company or companies covered in this report, at no cost to them, where such research is available. Customers can access this independent research at www.tweisel.com or can call (877) 921-3900 to request a copy of this research. Investors should consider this report as only a single factor in making their investment decision.

CORNING INCORPORATED (GLW)

Raising Estimates

Recommendation: While today's announcement is a positive development and is consistent with the monthly Taiwanese data as well as recent industry news that suggested a strong recovery in the LCD supply chain in 2Q09, the strong LCD volume growth in 2Q should have largely been priced in the stock. There is no change to our thesis of near term strength but medium and long term uncertainty in the LCD glass business given still challenging global economic fundamentals, rising unemployment rates and heightening uncertainty in the competitive response (production and pricing) by GLW's competitors in 4Q09 and 2010. Valuation: Our 12-month price target of $16 is based on approximately 13x our 2010 EPS estimate of $1.25. There always are risks that the price target for any security will not be realized. In addition to general market and macroeconomic risks, for Corning, these risks include, among other things the inability of the company to suitably control its equity investments in other companies, a weaker-than-expected rebound in its telecommunications end markets, a slower-than-anticipated ramp in demand for LCD glass substrate, greater-thanexpected pricing pressure in its key product lines, the company's international exposure being affected by increased geopolitical uncertainty, currency exchange rate fluctuations, and product liability or environmental claims on the corporation.

Taiwanese panel makers reported a significant m/m improvement in sales in May
140,000 120,000 100,000 Sales (NT$mn) 80,000 60,000 40,000 20,000 Jan-03 Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-08 Mar-09 May-09 CC DC

Top 4 Taiwanese LCD Panel Makers
Combined Sales (NT$mn) % Change Y/Y % Change M/M

150% 125% 100% 75% 50% 25% 0% -25% -50% -75% -100% % Change

Source: Company reports and Thomas Weisel Partners LLC estimates

Company Description: Corning is an applied technologies company that 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.
June 30, 2009 Page 2 of 15 Thomas Weisel Partners LLC Ajit Pai 212.271.3695

CORNING INCORPORATED (GLW)
Taiwanese panel makers also reported a significant m/m improvement in shipment in May
20,000 18,000 16,000 Shipment (K Units) 14,000 12,000 10,000 8,000 6,000 4,000 2,000 7 % Change Y/Y % Change M/M

Raising Estimates

Top 4 Taiwanese LCD Panel Makers
Combined Shipment (K units)

100% 80% 60% % Change
% Change

40% 20% 0% -20% -40% -60% Jan-03 Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-08 Mar-09 May-09

Source: Company reports and Thomas Weisel Partners LLC estimates

Implied LCD panel ASPs also stabilized in May
10,000 9,000 8,000 Blended ASP (NT$) 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Jan-03 Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-08 Mar-09 May-09

Top 4 Taiwanese LCD Panel Makers

ASP (NT$) % Change Y/Y % Change M/M

50% 40% 30% 20% 10% 0% -10% -20% -30% -40% -50%

Source: Company reports and Thomas Weisel Partners LLC estimates

June 30, 2009 Page 3 of 15

Thomas Weisel Partners LLC Ajit Pai 212.271.3695

CORNING INCORPORATED (GLW)
Corning Inc. Annual Earnings Model (Pro-form a) (in $ mil. except per-share data) 1999A Dec Net sales Cost of sales Gross profit Gross margin (%) S, G & A R&D expenses Operating incom e Operating margin Amortization of purchased intangibles Interest income Interest expense Other income/(expense) Other Items Gross equity earnings Incom e before incom e taxes Taxes Effective tax rate pro-forma Incom e bef. m inority interest Minority interest Equity in earnings of assoc. cos. Incom e from continuing operations Pro-form a EPS (Diluted - Incl. Options) Diluted shares outstanding (mil.) % of Sales Sales Cost of sales Gross Profit S, G & A R&D Operating Income Gross equity earnings Income before income taxes Equity in earnings of assoc. cos. Income from continuing operations Grow th y/y (%) Sales Cost of sales Gross Profit S, G & A R&D Operating Income Gross equity earnings Income before income taxes Equity in earnings of assoc. cos. Income from continuing operations Pro-forma EPS (Diluted - Incl. Options) 4,741 2,930 1,811 38.2% 667 378 765 16.1% 0 41 (93) (39) (11) N/A 663 198 29.8% 466 (67) 112 511 $0.61 795 2000A Dec 7,127 4,131 2,996 42.0% 1,047 540 1,409 19.8% 29 105 (107) (15) (17) N/A 1,346 424 31.5% 922 (24) 185 1,083 $1.11 879 2001A Dec 6,272 4,380 1,892 30.2% 1,097 631 164 2.6% 75 68 (153) (26) 13 N/A (10) (30) 311.5% 20 13 148 181 ($0.20) 933 2002A Dec 3,164 2,562 602 19.0% 716 483 (597) (18.9)% 43 41 (179) (38) 15 N/A (802) (244) 30.5% (557) 29 136 (392) ($0.65) 1,030 2003A Dec 3,090 2,241 849 27.5% 599 344 (94) (3.0)% 37 32 (154) (1) 8 N/A (246) (81) 32.9% (165) 19 275 128 ($0.03) 1,292 2004A Dec 3,854 2,427 1,427 37.0% 653 355 419 10.9% 38 25 (141) 25 9 N/A 299 108 36.0% 192 (13) 499 678 $0.35 1,490 2005A Dec 4,579 2,595 1,984 43.3% 756 443 785 17.1% 13 61 (116) 30 0 N/A 747 173 23.1% 574 (7) 693 1,260 $0.80 1,536 2006A Dec 5,174 2,891 2,283 44.1% 857 517 909 17.6% 11 118 (76) 84 0 N/A 1,024 167 16.3% 857 (11) 906 1,752 $1.10 1,596 2007A Dec 5,860 3,111 2,749 46.9% 912 565 1,272 21.7% 10 145 (82) 134 0 N/A 1,459 187 12.8% 1,272 (3) 974 2,243 $1.40 1,603

Raising Estimates

2008A Dec 5,948 3,210 2,738 46.0% 901 627 1,210 20.3% 11 85 (59) 53 0 N/A 1,278 206 16.1% 1,072 1 1,346 2,419 $1.53 1,584

2009E Dec 5,204 3,037 2,167 41.6% 877 601 689 13.2% 15 46 (44) 20 0 1,319 2,015 219 10.9% 1,796 0 0 1,796 $1.15 1,563

2010E Dec 5,450 3,105 2,345 43.0% 900 615 830 15.2% 20 65 (40) 0 0 1,456 2,291 334 14.6% 1,958 0 0 1,958 $1.25 1,570

100.0 61.8 38.2 14.1 8.0 16.1 NM 14.0 2.4 10.8

100.0 58.0 42.0 14.7 7.6 19.8 NM 18.9 2.6 15.2

100.0 69.8 30.2 17.5 10.1 2.6 NM (0.2) 2.4 2.9

100.0 81.0 19.0 22.6 15.3 (18.9) NM (25.3) 4.3 (12.4)

100.0 72.5 27.5 19.4 11.1 (3.0) NM (8.0) 8.9 4.1

100.0 63.0 37.0 16.9 9.2 10.9 NM 7.8 12.9 17.6

100.0 56.7 43.3 16.5 9.7 17.1 NM 16.3 15.1 27.5

100.0 55.9 44.1 16.6 10.0 17.6 NM 19.8 17.5 33.9

100.0 53.1 46.9 15.6 9.6 21.7 NM 24.9 16.6 38.3

100.0 54.0 46.0 15.1 10.5 20.3 NM 21.5 22.6 40.7

100.0 58.4 41.6 16.9 11.5 13.2 24.8 38.7 NM 34.5

100.0 57.0 43.0 16.5 11.3 15.2 26.7 42.0 NM 35.9

34.2 36.0 31.4 36.8 28.6 28.3 NM 38.6 17.9 39.3 28.5

50.3 41.0 65.4 56.9 42.8 84.1 NM 102.9 64.6 112.0 82.2

(12.0) 6.0 (36.8) 4.8 16.9 (88.4) NM (100.7) (20.0) (83.3) (118.0)

(49.6) (41.5) (68.2) (34.7) (23.5) (464.0) NM 8,336.8 (8.1) (316.4) NM

(2.3) (12.5) 41.0 (16.3) (28.8) (84.3) NM (69.3) 102.2 (132.7) NM

24.7 8.3 68.1 9.0 3.2 (545.7) NM (221.5) 81.5 428.5 NM

18.8 6.9 39.0 15.8 24.8 87.4 NM 149.5 38.9 86.0 129.2

13.0 11.4 15.1 13.4 16.7 15.8 NM 37.1 30.7 39.0 37.1

13.3 7.6 20.4 6.4 9.3 39.9 NM 42.5 7.5 28.0 27.5

1.5 3.2 (0.4) (1.2) 11.0 (4.9) NM (12.4) 38.2 7.8 9.1

(12.5) (5.4) (20.9) (2.7) (4.1) (43.1) NM 57.7 NM (25.7) (24.7)

4.7 2.2 8.2 2.6 2.3 20.5 12.9 13.7 NM 9.0 8.5

Note: EPS are pro forma for restructuring and other one-time charges/expenses. Beginning 1Q06, EPS include stock option expensing adjustments. Source: Company reports and Thomas Weisel Partners LLC estimates

June 30, 2009 Page 4 of 15

Thomas Weisel Partners LLC Ajit Pai 212.271.3695

CORNING INCORPORATED (GLW)
Corning Inc. Annual Cash Flow Statem ent (in $ mil. except per-share data) 1999A Dec Cash flow s from operating activities: Net income from continuing operations Amortization of goodw ill & intangibles Depreciation Restructuring, impairment & other charges Deferred tax benefit Changes in w orking capital Other items Net cash from operating activities Cash flow s from investing activities: Capital expenditures Acquisition of businesses Net proceeds from sale of assets Long-term & Restricted Investments Short-term Investments Other, net Net cash from investing activities Cash flow s from financing activities: Issuance/(redemption) of ST debt Issuance/(redemption) of LT debt Issuance/(redemption) of pref. stock Repurchases of common stock Issuance of common stock Dividends paid Other items Net cash from financing activities Effect of exchange rates on cash Cash provided by discont. operations Net increase/(decrease) in cash Beginning cash Ending cash* 2000A Dec 2001A Dec 2002A Dec 2003A Dec 2004A Dec 2005A Dec 2006A Dec 2007A Dec

Raising Estimates

2008A Dec

2009E Dec

2010E Dec

516 28 376 (29) 43 (123) 56 867

363 245 502 463 (47) (325) 172 1,373

(5,532) 439 621 5,973 (511) 310 82 1,382

(1,780) 43 618 1,628 (624) (71) (138) (324)

(223) 37 480 (116) (263) 68 150 133

(2,185) 38 485 1,632 947 2 90 1,009

585 13 499 (54) 558 106 232 1,939

1,855 11 580 193 (101) (235) (502) 1,801

2,150 10 597 172 (98) (194) (560) 2,077

5,257 11 684 (303) (2,594) 71 (998) 2,128

1,653 15 725 153 (182) (258) 198 2,304

1,945 20 750 0 (10) (12) (378) 2,315

(757) (188) 68 (38) 0 (18) (933)

(1,485) (5,053) 80 (55) (715) 5 (7,223)

(1,741) (66) 67 (113) (467) 4 (2,316)

(357) 731 92 (60) 565 (2) 969

(366) 2 46 5 230 4 (79)

(857) 100 49 5 (441) 7 (1,137)

(1,553) 0 17 0 (216) 40 (1,712)

(1,182) (16) 12 0 (918) (77) (2,181)

(1,262) 1 (10) 0 710 0 (561)

(1,921) (15) 17 0 218 2 (1,699)

(951) 0 12 0 138 0 (801)

(700) 0 0 0 0 0 (700)

0 482 0 (96) 113 (177) (18) 304 (4) (13) 221 59 280

(386) 2,559 0 0 4,744 (211) (57) 6,649 (5) 5 799 280 1,079

181 631 0 0 247 (113) (42) 904 (7) (5) (42) 1,079 1,037

(490) (314) 550 (23) 52 (88) (1) (314) 43 60 434 1,037 1,471

(162) (1,193) 0 0 666 (19) 0 (708) 60 0 (594) 1,427 833

(115) 288 0 0 42 (7) 57 265 39 0 176 833 1,009

(451) 45 0 0 564 (1) (10) 147 (41) 0 333 1,009 1,342

(14) (122) 0 0 329 0 (13) 180 15 0 (185) 1,342 1,157

(20) (238) 0 (250) 130 (158) (3) (539) 82 0 1,059 1,157 2,216

(24) 65 0 (625) 97 (313) 2 (798) 26 0 (343) 2,216 1,873

(18) (63) 0 5 0 (313) (7) (396) (88) 0 1,019 1,873 2,892

(50) 0 0 0 0 (314) 0 (364) 0 0 1,251 2,892 4,143

* Note: The beginning cash balance in 2003 does not match the ending cash balance in 2002 due to restatement Source: Company reports and Thomas Weisel Partners LLC estimates

June 30, 2009 Page 5 of 15

Thomas Weisel Partners LLC Ajit Pai 212.271.3695

CORNING INCORPORATED (GLW)
Corning Inc. Annual Balance Sheet (in $ mil. except per-share data) 1999A Dec Assets Cash and short-term investments Net receivables Inventories Deferred income taxes Other current assets Total current assets Restricted cash and investments Total investments Property, plant and equipment Goodw ill, net of amort. Other intangible assets, net of amort. Deferred taxes Other assets Total Assets 280 872 602 229 0 1,984 0 504 3,202 507 0 329 6,526 1,794 1,302 1,040 172 326 4,634 0 650 4,679 6,779 561 223 17,526 2,219 593 725 347 223 4,107 0 778 5,097 1,937 352 522 12,793 2,090 470 559 296 410 3,825 82 769 3,705 1,715 261 887 304 11,548 1,266 525 467 242 194 2,694 66 1,045 3,620 1,735 166 1,225 201 10,752 1,881 585 535 92 188 3,281 0 1,484 3,941 270 128 440 166 9,710 2,434 629 570 44 183 3,860 0 1,697 4,675 230 108 10 595 11,175 3,167 746 639 47 199 4,798 0 2,522 5,193 216 100 114 122 13,065 3,516 856 631 54 237 5,294 0 3,036 5,986 208 100 202 389 15,215 2000A Dec 2001A Dec 2002A Dec 2003A Dec 2004A Dec 2005A Dec 2006A Dec 2007A Dec

Raising Estimates

2008A Dec

2009E Dec

2010E Dec

2,816 512 798 158 335 4,619 0 3,056 8,199 205 100 2,932 145 19,256

3,697 839 1,035 214 537 6,322 0 2,784 7,931 204 86 3,059 194 20,579

4,948 879 1,084 224 562 7,696 0 3,242 7,881 204 66 3,059 203 22,352

Liabilities and Shareholders' Equity Loans payable Accounts payable Other accrued liabilities Total current liabilities Long-term debt Postretirement benefits Other liabilities Minority interest in subsidiary cos. Series B convertible pref. stock Total Liabilities Series C convertible pref. stock Shareholders equity Total shareholders' equity Total Liabilities and Equity 421 418 715 1,554 1,490 0 721 285 14 4,063 0 2,463 2,463 6,526 128 855 966 1,949 3,966 588 242 139 9 6,893 0 10,633 10,633 17,526 477 441 1,076 1,994 4,461 608 190 119 7 7,379 0 5,414 5,414 12,793 204 339 1,137 1,680 3,963 617 538 59 0 6,857 155 4,536 4,691 11,548 146 333 1,074 1,553 2,668 619 412 36 0 5,288 85 5,379 5,464 10,752 478 682 1,176 2,336 2,214 600 715 29 0 5,894 64 3,752 3,816 9,710 18 690 1,508 2,216 1,789 593 925 43 0 5,566 0 5,609 5,609 11,175 20 631 1,668 2,319 1,696 739 1,020 45 0 5,819 0 7,246 7,246 13,065 23 609 1,880 2,512 1,514 744 903 46 0 5,719 0 9,496 9,496 15,215 78 846 1,128 2,052 1,527 784 1,402 48 0 5,813 0 13,443 13,443 19,256 50 767 1,390 2,207 1,596 774 1,902 48 0 6,528 0 14,051 14,051 20,579 0 804 1,456 2,259 1,596 774 1,992 48 0 6,669 0 15,682 15,682 22,352

Balance Sheet Analysis Total Cash, Equiv. & ST Investments Cash / Share Net Cash / Share Total Debt Net Debt / Equity (x) Total Equity Book Value / Share Tangible Book Value / Share Assets/Equity (x) Receivables Receivable Days Outstanding Payables Payable Days Outstanding Inventories Inventory Turnover (x) Days of Inventory 280 $0.35 ($2.1) 1,911 0.59 2,761 $3.47 $2.84 2.6 872 53 418 26 602 5.9 75 1,794 $2.04 ($2.6) 4,094 0.21 10,781 $12.27 $3.91 1.6 1,302 56 855 33 1,040 5.0 92 2,219 $2.38 ($2.9) 4,938 0.49 5,540 $5.94 $3.48 2.4 593 55 441 38 725 5.0 60 2,090 $2.03 ($2.0) 4,167 0.44 4,750 $4.61 $2.69 2.5 470 61 339 45 559 4.0 80 1,266 $0.98 ($1.2) 2,814 0.28 5,500 $4.26 $2.79 2.0 525 59 333 40 467 4.4 76 1,881 $1.29 ($0.6) 2,692 0.21 3,845 $2.63 $2.36 2.5 585 53 682 48 535 4.9 80 2,434 $1.58 $0.4 1,807 -0.11 5,652 $3.68 $3.46 2.0 629 48 690 55 570 4.7 80 3,167 $1.99 $0.9 1,716 -0.20 7,291 $4.57 $4.37 1.8 746 48 631 47 639 4.8 81 3,516 $2.19 $1.2 1,537 -0.21 9,542 $5.95 $5.76 1.6 856 50 609 39 631 4.9 74 2,816 $1.78 $0.8 1,605 -0.09 13,491 $8.52 $8.33 1.4 512 42 846 45 798 4.5 91 3,697 $2.37 $1.3 1,646 -0.15 14,099 $9.02 $8.84 1.5 839 47 767 57 1,035 3.3 124 4,948 $3.15 $2.1 1,596 -0.21 15,730 $10.02 $9.85 1.4 879 58 804 53 1,084 2.9 127

Source: Company reports and Thomas Weisel Partners LLC estimates

June 30, 2009 Page 6 of 15

Thomas Weisel Partners LLC Ajit Pai 212.271.3695

CORNING INCORPORATED (GLW)
Corning Inc. Annual Segm ent Revenue Model (in $ mil. except per-share data) 2000 Dec Telecom m unications Telecom - Fiber and Cable Telecom - Hardw are and Equipme Telecom - Controls and Connector Telecom - Photonic Technologies Technologies Environmental Technologies Display Technologies Life Sciences Other Advanced Materials Conventional Video Components Precision Lens Total Segm ent Sales Other Sales Net sales for Incom e Statem ent 4,136 2,875 1,020 241 1,050 1,915 411 333 248 362 354 207 6,051 1,076 7,127 2001 Dec 3,911 2,889 817 205 547 1,793 379 323 267 347 252 225 5,704 568 6,272 2002 Dec 1,520 859 552 109 111 1,513 394 405 280 268 166 0 3,033 131 3,164 2003 Dec 1,372 760 535 77 54 1,641 476 595 281 224 65 0 3,013 66 3,079 2004 Dec 1,575 755 784 36 0 1,967 548 1,113 304 0 2 0 3,542 312 3,854 2005 Dec 1,623 834 789 0 0 2,604 580 1,742 282 0 0 0 4,227 352 4,579 2006 Dec 1,729 877 852 0 0 3,035 615 2,133 287 0 0 0 4,764 410 5,174 2007 Dec 1,779 880 899 0 0 3,677 757 2,613 307 0 0 0 5,456 404 5,860

Raising Estimates

2008A Dec 1,799 920 879 0 0 3,761 711 2,724 326 0 0 0 5,560 388 5,948

2009E Dec 1,655 827 828 0 0 3,268 480 2,482 306 0 0 0 4,923 281 5,204

2010E Dec 1,730 870 860 0 0 3,420 530 2,575 315 0 0 0 5,150 300 5,450

% of Total Sales Telecom m unications Telecom - Fiber and Cable Telecom - Hardw are and Equipme Telecom - Photonic Technologies Telecom - Controls and Connector Technologies Environmental Technologies Display Technologies Life Sciences Other Advanced Materials Conventional Video Components Precision Lens 68.4 47.5 16.9 17.4 4.0 31.6 6.8 5.5 4.1 6.0 5.9 3.4 68.6 50.6 14.3 9.6 3.6 31.4 6.6 5.7 4.7 6.1 4.4 3.9 50.1 28.3 18.2 3.7 3.6 49.9 13.0 13.4 9.2 8.8 5.5 0.0 45.5 25.2 17.8 1.8 2.6 54.5 15.8 19.7 9.3 7.4 2.2 0.0 44.5 21.3 22.1 0.0 1.0 55.5 15.5 31.4 8.6 0.0 0.1 0.0 38.4 19.7 18.7 0.0 0.0 61.6 13.7 41.2 6.7 0.0 0.0 0.0 36.3 18.4 17.9 0.0 0.0 63.7 12.9 44.8 6.0 0.0 0.0 0.0 32.6 16.1 16.5 0.0 0.0 67.4 13.9 47.9 5.6 0.0 0.0 0.0 32.4 16.5 15.8 0.0 0.0 67.6 12.8 49.0 5.9 0.0 0.0 0.0 33.6 16.8 16.8 0.0 0.0 66.4 9.8 50.4 6.2 0.0 0.0 0.0 33.6 16.9 16.7 0.0 0.0 66.4 10.3 50.0 6.1 0.0 0.0 0.0

Year-Over-Year Grow th (%) Telecom m unications Telecom - Fiber and Cable Telecom - Hardw are and Equipme Telecom - Photonic Technologies Telecom - Controls and Connector Technologies Environmental Technologies Display Technologies Life Sciences Other Advanced Materials Conventional Video Components Precision Lens Total Segm ent Sales 39.8 69.1 82.1 121.1 14.8 9.1 2.8 75.3 (6.4) (7.2) (0.3) 33.5 28.4 (5.4) 0.5 (19.9) (47.9) (14.9) (6.4) (7.8) (3.0) 7.7 (4.1) (28.8) 8.7 (5.7) (61.1) (70.3) (32.4) (79.7) (46.8) (15.6) 4.0 25.4 4.9 (22.8) (34.1) NA (46.8) (9.7) (11.5) (3.1) (51.4) (29.4) 8.5 20.8 46.9 0.4 (16.4) (60.8) NA (0.7) 14.8 (0.7) 46.5 NA (53.2) 19.9 15.1 87.1 8.2 NA NA NA 17.6 3.0 10.5 0.6 NA NA 32.4 5.8 56.5 (7.2) NA NA NA 19.3 6.5 5.2 8.0 NA NA 16.6 6.0 22.4 1.8 NA NA NA 12.7 2.9 0.3 5.5 NA NA 21.2 23.1 22.5 7.0 NA NA NA 14.5 1.1 4.5 (2.2) NA NA 2.3 (6.1) 4.2 6.2 NA NA NA 1.9 (8.0) (10.1) (5.8) NA NA (13.1) (32.5) (8.9) (6.1) NA NA NA (11.5) 4.5 5.2 3.9 NA NA 4.7 10.4 3.7 2.9 NA NA NA 4.6

Source: Company reports and Thomas Weisel Partners LLC estimates

June 30, 2009 Page 7 of 15

Thomas Weisel Partners LLC Ajit Pai 212.271.3695

CORNING INCORPORATED (GLW)
Corning Inc. Quarterly Earnings Model (Pro-form a) (in $ mil. except per-share data) 1Q07 Mar Net sales Cost of sales Gross profit Gross margin (%) S, G & A R&D expenses Operating incom e Operating margin Amortization of purchased intangibles Interest income Interest expense Other income/(expense) Other Items Gross equity earnings Incom e before incom e taxes Taxes Effective tax rate pro-forma Incom e bef. m inority interest Minority interest Equity in earnings of assoc. cos. Incom e from continuing operations Pro-form a EPS (Diluted - Incl. Options Diluted shares outstanding (mil.) % of Sales Sales Cost of sales Gross Profit S, G & A R&D Operating Income Gross equity earnings Income before income taxes Equity in earnings of assoc. cos. Income from continuing operations Grow th y/y (%) Sales Cost of sales Gross Profit S, G & A R&D Operating Income Gross equity earnings Income before income taxes Equity in earnings of assoc. cos. Income from continuing operations Pro-forma EPS (Diluted - Incl. Options) Grow th q/q (%) Sales Cost of sales Gross Profit S, G & A R&D Operating Income Gross equity earnings Income before income taxes Equity in earnings of assoc. cos. Income from continuing operations Pro-forma EPS (Diluted - Incl. Options) 1,307 716 591 45.2% 214 130 247 18.9% 3 37 (21) 32 0 N/A 292 58 20.0% 234 0 216 450 $0.28 1,600 2Q07 Jun 1,418 759 659 46.5% 229 137 293 20.7% 2 35 (20) 38 0 N/A 344 24 7.0% 320 (1) 220 539 $0.34 1,605 3Q07 Sept 1,553 811 742 47.8% 212 145 385 24.8% 2 38 (21) 20 0 N/A 420 62 14.8% 358 (1) 257 614 $0.38 1,605 4Q07 Dec 1,582 825 757 47.9% 257 153 347 21.9% 3 35 (20) 44 0 N/A 403 42 10.4% 361 (1) 281 641 $0.40 1,602 1Q08 Mar 1,617 773 844 52.2% 242 151 451 27.9% 2 30 (18) 1 0 N/A 462 60 13.0% 402 1 304 707 $0.44 1,598 2Q08 Jun 1,692 840 852 50.4% 260 163 429 25.4% 3 22 (15) 51 0 N/A 484 62 12.8% 422 0 360 782 $0.49 1,600 3Q08 Sept 1,555 820 735 47.3% 220 160 355 22.8% 2 22 (15) 23 0 N/A 383 62 16.3% 321 0 400 721 $0.46 1,578 4Q08 Dec 1,084 777 307 28.3% 179 153 (25) (2.3)% 4 11 (11) (22) 0 N/A (51) 22 -43.1% (73) 0 282 209 $0.13 1,559 1Q09 Mar 989 719 270 27.3% 207 151 (88) (8.9)% 3 7 (14) 20 0 224 146 (6) -4.1% 152 0 NM 152 $0.10 1,559

Raising Estimates

2Q09E Jun 1,375 765 610 44.4% 225 150 235 17.1% 4 12 (10) 0 0 353 586 62 10.5% 525 0 NM 525 $0.34 1,562

3Q09E Sept 1,440 778 662 46.0% 222 150 290 20.1% 4 13 (10) 0 0 368 657 79 12.0% 578 0 NM 578 $0.37 1,564

4Q09E Dec 1,400 775 625 44.6% 223 150 252 18.0% 4 14 (10) 0 0 374 626 84 13.5% 542 0 NM 542 $0.35 1,566

100.0 54.8 45.2 16.4 9.9 18.9 0.0 22.3 16.5 34.4

100.0 53.5 46.5 16.1 9.7 20.7 0.0 24.3 15.5 38.0

100.0 52.2 47.8 13.7 9.3 24.8 0.0 27.0 16.5 39.5

100.0 52.1 47.9 16.2 9.7 21.9 0.0 25.5 17.8 40.5

100.0 47.8 52.2 15.0 9.3 27.9 0.0 28.6 18.8 43.7

100.0 49.6 50.4 15.4 9.6 25.4 0.0 28.6 21.3 46.2

100.0 52.7 47.3 14.1 10.3 22.8 0.0 24.6 25.7 46.3

100.0 71.7 28.3 16.5 14.1 (2.3) 0.0 (4.7) 26.0 19.3

100.0 72.7 27.3 20.9 15.3 (8.9) 19.7 14.8 NM 15.4

100.0 55.6 44.4 16.4 10.9 17.1 25.7 42.6 NM 38.2

100.0 54.0 46.0 15.4 10.4 20.1 25.5 45.6 NM 40.1

100.0 55.4 44.6 15.9 10.7 18.0 26.7 44.7 NM 38.7

3.6 3.9 3.1 (4.0) 4.8 9.3 NM 18.2 4.3 11.4 10.8

12.5 5.4 21.8 18.0 7.0 33.8 NM 44.5 (1.3) 30.7 30.0

21.1 13.3 31.1 (2.8) 14.2 74.2 NM 61.5 10.8 36.1 35.6

15.6 7.7 25.5 15.8 10.9 42.8 NM 44.4 15.2 32.2 31.7

23.7 8.0 42.8 13.1 16.2 82.6 NM 58.2 40.7 57.2 57.4

19.3 10.7 29.3 13.5 19.0 46.4 NM 40.7 63.6 45.1 45.6

0.1 1.1 (0.9) 3.8 10.3 (7.8) NM (8.8) 55.6 17.4 19.4

(31.5) (5.8) (59.4) (30.4) 0.0 (107.2) NM (112.7) 0.4 (67.4) (66.5)

(38.8) (7.0) (68.0) (14.5) 0.0 (119.5) NM (68.4) NM (78.5) (78.0)

(18.7) (8.9) (28.4) (13.5) (8.0) (45.2) NM 21.1 NM (32.9) (31.3)

(7.4) 29.2 (5.1) (0.3) (9.9) 103.6 0.9 24.6 (6.3) (2.0) (18.3) (1,108.0) NM NM 71.5 (1,327.0) NM NM (19.8) 159.1 (19.1) 158.0

(4.5) (6.5) (2.0) (3.6) (5.8) 1.6 NM 4.7 (11.5) (7.3) (7.5)

8.5 6.0 11.5 7.0 5.4 18.6 NM 17.8 1.9 19.9 19.5

9.5 6.9 12.6 (7.4) 5.8 31.4 NM 22.1 16.8 13.9 13.9

1.9 1.7 2.0 21.2 5.5 (9.9) NM (4.0) 9.3 4.4 4.6

2.2 (6.3) 11.5 (5.8) (1.3) 30.0 NM 14.6 8.2 10.3 10.6

4.6 8.7 0.9 7.4 7.9 (4.9) NM 4.8 18.4 10.6 10.5

(8.1) (2.4) (13.7) (15.4) (1.8) (17.2) NM (20.9) 11.1 (7.8) (6.5)

(30.3) (5.2) (58.2) (18.6) (4.4) (107.0) NM (113.3) (29.5) (71.0) (70.6)

(8.8) (7.5) (12.1) 15.6 (1.3) 252.0 NM (386.3) NM (27.3) (27.3)

39.0 6.4 125.9 8.7 (0.7) (367.0) 81.2 301.6 NM 245.2 244.5

4.7 1.7 8.5 (1.3) 0.0 23.4 4.1 12.0 NM 10.2 10.0

(2.8) (0.4) (5.6) 0.5 0.0 (13.1) 1.6 (4.7) NM (6.3) (6.4)

Note: EPS are pro forma for restructuring and other one-time charges/expenses. Beginning 1Q06, EPS include stock option expensing adjustments. Source: Company reports and Thomas Weisel Partners LLC estimates

June 30, 2009 Page 8 of 15

Thomas Weisel Partners LLC Ajit Pai 212.271.3695

CORNING INCORPORATED (GLW)
Corning Inc. Quarterly Cash Flow Statem ent (in $ mil. except per-share data) 1Q07 Mar Cash flow s from operating activities: Net income from continuing operations Amortization of goodw ill & intangibles Depreciation Restructuring, impairment & other charges Deferred tax benefit Changes in w orking capital Other items Net cash from operating activities Cash flow s from investing activities: Capital expenditures Acquisition of businesses Net proceeds from sale of assets Long-term & Restricted Investments Short-term Investments Other, net Net cash from investing activities Cash flow s from financing activities: Issuance/(redemption) of ST debt Issuance/(redemption) of LT debt Issuance/(redemption) of pref. stock Repurchases of common stock Issuance of common stock Dividends paid Other items Net cash from financing activities Effect of exchange rates on cash Cash provided by discont. operations Net increase/(decrease) in cash Beginning cash Ending cash 2Q07 Jun 3Q07 Sept 4Q07 Dec 1Q08 Mar 2Q08 Jun 3Q08 Sept 4Q08 Dec 1Q09 Mar

Raising Estimates

2Q09E Jun

3Q09E Sept

4Q09E Dec

327 3 150 125 0 (245) (167) 193

489 2 149 65 0 (112) (118) 475

617 2 147 (16) 18 37 (128) 677

717 3 151 (2) (116) 126 (147) 732

1,029 2 157 (328) (2) (330) (233) 295

3,211 3 162 6 (2,471) 34 (255) 690

768 2 164 4 (59) 93 (209) 763

249 4 201 15 (62) 274 (301) 380

14 3 175 153 (119) (184) 222 264

525 4 180 0 (59) (70) 277 857

578 4 185 0 (10) (12) (136) 609

536 4 185 0 6 7 (165) 574

(262) 0 0 0 245 0 (17)

(204) (4) (10) 0 436 0 218

(405) 0 0 0 (122) 0 (527)

(391) 5 0 0 151 0 (235)

(467) 0 0 0 92 0 (375)

(397) 0 2 0 (146) 0 (541)

(291) (15) 15 0 646 0 355

(766) 0 0 0 (374) 2 (1,138)

(276) 0 12 0 138 0 (126)

(375) 0 0 0 0 0 (375)

(160) 0 0 0 0 0 (160)

(140) 0 0 0 0 0 (140)

(8) (238) 0 0 26 0 0 (220) 10 0 (34) 1,157 1,123

(2) 0 0 0 56 0 0 54 4 0 751 1,123 1,874

(8) 0 0 (125) 24 (79) (2) (190) 44 0 4 1,874 1,878

(2) 0 0 (125) 24 (79) (1) (183) 24 0 338 1,878 2,216

(9) 0 0 (62) 22 (78) (2) (129) 117 0 (92) 2,216 2,124

(3) 0 0 (63) 67 (80) 2 (77) (21) 0 51 2,124 2,175

(8) 0 0 (500) 4 (77) 5 (576) (121) 0 421 2,175 2,596

(4) 65 0 0 4 (78) (3) (16) 51 0 (723) 2,596 1,873

0 (63) 0 5 0 (78) (7) (143) (88) 0 (93) 1,873 1,780

(18) 0 0 0 0 (78) 0 (96) 0 0 386 1,780 2,166

0 0 0 0 0 (78) 0 (78) 0 0 371 2,166 2,537

0 0 0 0 0 (78) 0 (78) 0 0 355 2,537 2,892

Source: Company reports and Thomas Weisel Partners LLC estimates

June 30, 2009 Page 9 of 15

Thomas Weisel Partners LLC Ajit Pai 212.271.3695

CORNING INCORPORATED (GLW)
Corning Inc. Quarterly Balance Sheet (in $ mil. except per-share data) 1Q07 Mar Assets Cash and short-term investments Net receivables Inventories Deferred income taxes Other current assets Total current assets Restricted cash and investments Total investments Property, plant and equipment Goodw ill, net of amort. Other intangible assets, net of amort. Deferred taxes Other assets Total Assets 2,888 781 685 38 237 4,629 0 2,588 5,281 214 100 116 233 13,161 3,203 793 677 33 301 5,007 0 2,720 5,179 213 100 116 205 13,540 3,329 874 665 37 221 5,126 0 2,932 5,602 211 100 92 210 14,273 3,516 856 631 54 237 5,294 0 3,036 5,986 208 100 202 389 15,215 3,309 988 692 47 303 5,339 0 3,098 6,837 206 100 229 454 16,263 3,507 958 726 168 289 5,648 0 3,264 6,944 203 100 2,579 442 19,180 3,172 828 755 162 305 5,222 0 3,119 7,220 206 100 2,616 507 18,990 2,816 512 798 158 335 4,619 0 3,056 8,199 205 100 2,932 145 19,256 2,585 593 731 151 379 4,439 0 2,435 7,806 204 98 3,059 137 18,178 2Q07 Jun 3Q07 Sept 4Q07 Dec 1Q08 Mar 2Q08 Jun 3Q08 Sept 4Q08 Dec 1Q09 Mar

Raising Estimates

2Q09E Jun

3Q09E Sept

4Q09E Dec

2,971 824 1,016 210 527 5,549 0 2,550 8,001 204 94 3,059 190 19,647

3,342 863 1,064 220 552 6,041 0 2,667 7,976 204 90 3,059 199 20,237

3,697 839 1,035 214 537 6,322 0 2,784 7,931 204 86 3,059 194 20,579

Liabilities and Shareholders' Equity Loans payable Accounts payable Other accrued liabilities Total current liabilities Long-term debt Postretirement benefits Other liabilities Minority interest in subsidiary cos. Series B convertible pref. stock Total Liabilities Series C convertible pref. stock Shareholders equity Total shareholders' equity Total Liabilities and Equity 20 551 1,660 2,231 1,466 740 1,034 46 0 5,517 0 7,644 7,644 13,161 19 474 1,712 2,205 1,456 714 956 43 0 5,374 0 8,166 8,166 13,540 21 495 1,739 2,255 1,460 714 1,002 44 0 5,475 0 8,798 8,798 14,273 23 609 1,880 2,512 1,514 744 903 46 0 5,719 0 9,496 9,496 15,215 78 701 1,083 1,862 1,503 743 1,368 47 0 5,523 0 10,740 10,740 16,263 76 831 1,051 1,958 1,474 739 1,280 48 0 5,499 0 13,681 13,681 19,180 75 958 1,025 2,058 1,470 742 1,244 48 0 5,562 0 13,428 13,428 18,990 78 846 1,128 2,052 1,527 784 1,402 48 0 5,813 0 13,443 13,443 19,256 68 542 982 1,592 1,596 774 1,521 48 0 5,531 0 12,647 12,647 18,178 50 754 1,365 2,169 1,596 774 1,967 48 0 6,553 0 13,094 13,094 19,647 50 789 1,430 2,269 1,596 774 1,957 48 0 6,644 0 13,593 13,593 20,237 50 767 1,390 2,207 1,596 774 1,902 48 0 6,528 0 14,051 14,051 20,579

Balance Sheet Analysis Total Cash, Equiv. & ST Investments Cash / Share Net Cash / Share Total Debt Net Debt / Equity (x) Total Equity Book Value / Share Tangible Book Value / Share Assets/Equity (x) Receivables Receivable Days Outstanding Payables Payable Days Outstanding Inventories Inventory Turnover (x) Days of Inventory 2,888 $1.81 $0.88 1,486 -0.18 7,690 $4.81 $4.61 1.7 781 53.2 551 41 685 4.3 87 3,203 $2.00 $1.08 1,475 -0.21 8,209 $5.11 $4.92 1.7 793 50.5 474 33 677 4.5 81 3,329 $2.07 $1.15 1,481 -0.21 8,842 $5.51 $5.32 1.6 874 49 495 28 665 4.8 75 3,516 $2.19 $1.24 1,537 -0.21 9,542 $5.96 $5.76 1.6 856 50 609 32 631 5.1 70 3,309 $2.07 $1.08 1,581 -0.16 10,787 $6.75 $6.56 1.5 988 51.9 701 37 692 4.7 81 3,507 $2.19 $1.22 1,550 -0.14 13,729 $8.58 $8.39 1.4 958 52.3 831 41 726 4.7 79 3,172 $2.01 $1.03 1,545 -0.12 13,476 $8.54 $8.35 1.4 828 52 958 52 755 4.4 84 2,816 $1.81 $0.78 1,605 -0.09 13,491 $8.65 $8.46 1.4 512 56 846 76 798 4.0 93 2,585 $1.66 $0.59 1,664 -0.07 12,695 $8.14 $7.95 1.4 593 50.8 542 64 731 3.8 93 2,971 $1.90 $0.85 1,646 -0.10 13,142 $8.41 $8.22 1.5 824 46.9 754 43 1,016 3.5 121 3,342 $2.14 $1.08 1,646 -0.12 13,641 $8.72 $8.53 1.5 863 53 789 49 1,064 3.0 124 3,697 $2.36 $1.31 1,646 -0.15 14,099 $9.00 $8.82 1.5 839 55 767 51 1,035 3.0 121

Source: Company reports and Thomas Weisel Partners LLC estimates

June 30, 2009 Page 10 of 15

Thomas Weisel Partners LLC Ajit Pai 212.271.3695

CORNING INCORPORATED (GLW)
Corning Inc. Quarterly Segm ent Revenue Model (in $ mil. except per-share data) 1Q07 Mar Telecom m unications Telecom - Fiber and Cable Telecom - Hardw are and Equipment Telecom - Controls and Connectors Telecom - Photonic Technologies Technologies Environmental Technologies Display Technologies Life Sciences Other Advanced Materials Conventional Video Components Precision Lens Total Segm ent Sales Other Sales Net sales for Incom e Statem ent 439 211 228 0 0 779 179 524 76 0 0 0 1,218 89 1,307 2Q07 Jun 438 219 219 0 0 879 191 610 78 0 0 0 1,317 101 1,418 3Q07 Sept 472 237 235 0 0 981 198 705 78 0 0 0 1,453 100 1,553 4Q07 Dec 430 213 217 0 0 1,038 189 774 75 0 0 0 1,468 114 1,582 1Q08 Mar 421 214 207 0 0 1,107 197 829 81 0 0 0 1,528 89 1,617 2Q08 Jun 477 248 229 0 0 1,105 209 809 87 0 0 0 1,582 110 1,692 3Q08 Sept 496 258 238 0 0 956 177 696 83 0 0 0 1,452 103 1,555 4Q08 Dec 405 200 205 0 0 593 128 390 75 0 0 0 998 86 1,084 1Q09 Mar 385 192 193 0 0 543 110 357 76 0 0 0 928 61 989 2Q09E Jun 410 205 205 0 0 897 120 700 77 0 0 0 1,307 68 1,375

Raising Estimates

3Q09E Sept 455 230 225 0 0 913 125 710 78 0 0 0 1,368 72 1,440

4Q09E Dec 405 200 205 0 0 915 125 715 75 0 0 0 1,320 80 1,400

% of Total Sales Telecom m unications Telecom - Fiber and Cable Telecom - Hardw are and Equipment Telecom - Photonic Technologies Telecom - Controls and Connectors Technologies Environmental Technologies Display Technologies Life Sciences Other Advanced Materials Conventional Video Components Precision Lens 36.0 17.3 18.7 0.0 64.0 14.7 43.0 6.2 0.0 0.0 33.3 16.6 16.6 0.0 66.7 14.5 46.3 5.9 0.0 0.0 32.5 16.3 16.2 0.0 67.5 13.6 48.5 5.4 0.0 0.0 29.3 14.5 14.8 0.0 70.7 12.9 52.7 5.1 0.0 0.0 27.6 14.0 13.5 0.0 72.4 12.9 54.3 5.3 0.0 0.0 30.2 15.7 14.5 0.0 69.8 13.2 51.1 5.5 0.0 0.0 34.2 17.8 16.4 0.0 65.8 12.2 47.9 5.7 0.0 0.0 40.6 20.0 20.5 0.0 59.4 12.8 39.1 7.5 0.0 0.0 41.5 20.7 20.8 0.0 58.5 11.9 38.5 8.2 0.0 0.0 31.4 15.7 15.7 0.0 68.6 9.2 53.6 5.9 0.0 0.0 33.3 16.8 16.4 0.0 66.7 9.1 51.9 5.7 0.0 0.0 30.7 15.2 15.5 0.0 69.3 9.5 54.2 5.7 0.0 0.0

Year-Over-Year Grow th (%) Telecom m unications Telecom - Fiber and Cable Telecom - Hardw are and Equipment Telecom - Photonic Technologies Telecom - Controls and Connectors Technologies Environmental Technologies Display Technologies Life Sciences Other Advanced Materials Conventional Video Components Precision Lens Total Segm ent Sales 10.6 2.9 18.8 N/A N/A 0.6 15.5 (4.2) 5.6 N/A N/A (7.2) (6.4) (8.0) N/A N/A 27.8 25.7 32.3 4.0 N/A N/A 3.5 (1.7) 9.3 N/A N/A 34.9 29.4 39.3 14.7 N/A N/A 6.4 8.1 4.8 N/A N/A 22.7 21.9 25.0 4.2 N/A N/A (4.1) 1.4 (9.2) N/A N/A 42.1 10.1 58.2 6.6 N/A N/A 8.9 13.2 4.6 N/A N/A 25.7 9.4 32.6 11.5 N/A N/A 5.1 8.9 1.3 N/A N/A (2.5) (10.6) (1.3) 6.4 N/A N/A (5.8) (6.1) (5.5) N/A N/A (42.9) (32.3) (49.6) 0.0 N/A N/A (8.6) (10.3) (6.8) N/A N/A (50.9) (44.2) (56.9) (6.2) N/A N/A (14.0) (17.3) (10.5) N/A N/A (18.8) (42.6) (13.5) (11.5) N/A N/A (8.3) (10.9) (5.5) N/A N/A (4.5) (29.4) 2.0 (6.0) N/A N/A 0.0 0.0 0.0 N/A N/A 54.3 (2.3) 83.3 0.0 N/A N/A

4.0

13.5

22.8

17.4

25.5

20.1

(0.1)

(32.0)

(39.3)

(17.4)

(5.8)

32.3

Sequential Grow th (%) Telecom m unications Telecom - Fiber and Cable Telecom - Hardw are and Equipment Telecom - Photonic Technologies Telecom - Controls and Connectors Technologies Environmental Technologies Display Technologies Life Sciences Other Advanced Materials Conventional Video Components Precision Lens Total Segm ent Sales 8.7 7.1 10.1 N/A N/A (7.9) 15.5 (15.3) 5.6 N/A N/A (0.2) 3.8 (3.9) N/A N/A 12.8 6.7 16.4 2.6 N/A N/A 7.8 8.2 7.3 N/A N/A 11.6 3.7 15.6 0.0 N/A N/A (8.9) (10.1) (7.7) N/A N/A 5.8 (4.5) 9.8 (3.8) N/A N/A (2.1) 0.5 (4.6) N/A N/A 6.6 4.2 7.1 8.0 N/A N/A 13.3 15.9 10.6 N/A N/A (0.2) 6.1 (2.4) 7.4 N/A N/A 4.0 4.0 3.9 N/A N/A (13.5) (15.3) (14.0) (4.6) N/A N/A (18.3) (22.5) (13.9) N/A N/A (38.0) (27.7) (44.0) (9.6) N/A N/A (4.9) (4.0) (5.9) N/A N/A (8.4) (14.1) (8.5) 1.3 N/A N/A 6.5 6.8 6.2 N/A N/A 65.2 9.1 96.1 1.3 N/A N/A 11.0 12.2 9.8 N/A N/A 1.8 4.2 1.4 1.3 N/A N/A (11.0) (13.0) (8.9) N/A N/A 0.2 0.0 0.7 (3.8) N/A N/A

(2.6)

8.1

10.3

1.0

4.1

3.5

(8.2)

(31.3)

(7.0)

40.8

4.7

(3.5)

Source: Company reports and Thomas Weisel Partners LLC estimates

June 30, 2009 Page 11 of 15

Thomas Weisel Partners LLC Ajit Pai 212.271.3695

CORNING INCORPORATED (GLW)
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST.

Raising Estimates

ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES: The Research Analyst(s) principally responsible for the analysis of any security or issuer included in this report certifies that the views expressed accurately reflect the personal views of the Research Analyst(s) about the subject securities or issuers and certifies that no part of his or her compensation was or is or will be, directly or indirectly, related to the specific recommendations or views expressed by the Research Analyst(s) in this report. Our European Conflicts Management Policy is available on our website at http://www.tweisel.com

Notes: Price chart updated as of 6/27/2009. All price targets displayed in the chart above represent either a specific price target or the midpoint of a range. Prior to November 16, 2006, Thomas Weisel Partners LLC used a three-tier rating system with different rating names and definitions: Outperform, Peer Perform and Underperform. Source: First Call, FactSet and Thomas Weisel Partners LLC

Corning Incorporated: Our 12-month price target of $16 is based on approximately 13x our 2010 EPS estimate of $1.25. There always are risks that the price target for any security will not be realized. In addition to general market and macroeconomic risks, for Corning, these risks include, among other things the inability of the company to suitably control its equity investments in other companies, a weaker-than-expected rebound in its telecommunications end markets, a slower-than-anticipated ramp in demand for LCD glass substrate, greater-than-expected pricing pressure in its key product lines, the company's international exposure being affected by increased geopolitical uncertainty, currency exchange rate fluctuations, and product liability or environmental claims on the corporation.

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Thomas Weisel Partners LLC Ajit Pai 212.271.3695

CORNING INCORPORATED (GLW)

Raising Estimates

The following table outlines the Thomas Weisel Partners LLC stock rating system, along with the relevant definitions, effective November 16, 2006. PCT. OF SECURITIES RATED IN STOCK RATINGS DEFINITIONS When an analyst rates a stock Overweight, he/she is advising our clients to carry a position in the stock that is in excess of its weighting relative to the stocks either in that analyst's coverage or an index identified by the analyst that includes, but is not limited to, stocks covered by that analyst. When an analyst rates a stock Market Weight, he/she is advising our clients to carry a position in the stock that is in line with its weighting relative to the stocks either in that analyst's coverage or an index identified by the analyst that includes, but is not limited to, stocks covered by that analyst. When an analyst rates a stock Underweight, he/she is advising our clients to carry a position in the stock that is below its weighting relative to the stocks either in that analyst's coverage or an index identified by the analyst that includes, but is not limited to, stocks covered by that analyst. The stock rating has been suspended. The stock is not rated, but it is covered by a Thomas Weisel Partners LLC analyst. The stock is not covered by a Thomas Weisel Partners LLC analyst.
EACH CATEGORY

STOCK RATING

51.0%

PCT. FOR WHICH IB SERVICES HAVE BEEN PROVIDED 16.8%

Overweight (O)

Total Buy

51.0% 45.7%

16.8% 10.3%

Market Weight (M)

Total Hold

45.7% 3.3%

10.3% 0.0%

Underweight (U)

Total Sell Suspended Rating (S) Not Rated (NR) Not Covered (NC)

3.3%

0.0%

Notes: The percentage of investment banking services is calculated as of 3/31/2009. The percentage of securities rated in each category is calculated as of 6/30/2009. The new rating system is effective 11/16/2006. An analyst's coverage universe is defined as all of the stocks within the analyst's industry that reasonably are part of his/her potential coverage, not necessarily the stocks specifically covered. "Buy", "Hold" and "Sell" are not ratings categories defined by Thomas Weisel Partners LLC and should not be interpreted as investment opinions. We show these categories for illustrative purposes in accordance with NASD and NYSE regulations. The above table includes Thomas Weisel International stocks. Source: FactSet and Thomas Weisel Partners LLC

The following grid outlines the Thomas Weisel Partners LLC industry rating system, along with the relevant definitions, effective November 16, 2006. INDUSTRY RATINGS Favorable Neutral Unfavorable
Source: Thomas Weisel Partners LLC

INDUSTRY RATINGS DEFINITIONS When an analyst assigns a Favorable rating to an industry that means he/she believes that, generally, the industry's fundamentals or stock prospects are improving. When an analyst assigns a Neutral rating to an industry that means he/she believes that, generally, the industry's fundamentals or stock prospects are stable. When an analyst assigns an Unfavorable rating to an industry that means he/she believes that, generally, the industry's fundamentals or stock prospects are deteriorating.

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Thomas Weisel Partners LLC Ajit Pai 212.271.3695

CORNING INCORPORATED (GLW)

Raising Estimates

The following grid outlines the Thomas Weisel Partners LLC stock rating system, along with the relevant definitions, in effect from April 4, 2003, to November 16, 2006. COMPANY RATING Outperform (O) Peer Perform (P) Underperform (U) Suspended Rating (S) Not Rated (NR) Not Covered (NC) RATINGS DEFINITION The stock is expected to outperform the median performance of the Analyst's coverage universe over the next six to 12 months. The stock is expected to perform in line with the median performance of the Analyst's coverage universe over the next six to 12 months. The stock is expected to underperform the median performance of the Analyst's coverage universe over the next six to 12 months. The stock rating has been suspended. The stock is not rated, but it is covered by a Thomas Weisel Partners LLC analyst. The stock is not covered by a Thomas Weisel Partners LLC analyst.

SECTOR RATING Overweight (OW) Market Weight (MW) Underweight (UW)
Source: Thomas Weisel Partners LLC

SECTOR RATING DEFINITION The Analyst's coverage universe is expected to outperform the S&P 500 over the next six to 12 months. The Analyst's coverage universe is expected to perform in line with the S&P 500 over the next six to 12 months. The Analyst's coverage universe is expected to underperform the S&P 500 over the next six to 12 months.

This report contains statements of fact relating to economic conditions generally and to parties other than Thomas Weisel Partners. Although these statements of fact have been obtained from and are based on sources that Thomas Weisel Partners believes to be reliable, we do not guarantee their accuracy and any such information might be incomplete or condensed. All opinions and estimates included in this report constitute Thomas Weisel Partners LLC's judgment as of the date of this report and are subject to change without notice. This report is for information purposes only. It is not intended as an offer or a solicitation with respect to the purchase or sale of a security, and it should not be interpreted as such. This report does not take into account the investment objective, financial situation or particular needs of any particular investor. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision based on the recommendations in this report. Thomas Weisel Partners International Limited, which is authorized and regulated by the Financial Services Authority, has approved this document for the purposes of the financial promotion regime under Section 21 of the Financial Services and Markets Act of 2000 for communication only to eligible counterparties and professional clients. It is not intended for communication to retail customers and it may not and is not intended to be passed on, directly or indirectly, to retail customers. The investments and/or services detailed in this document are available only to eligible counterparties and professional clients, and only they should rely upon this document. Retail clients should not rely on the contents of this document in any way. © Thomas Weisel Partners LLC, 2009. All rights reserved. Any unauthorized use, duplication or disclosure is prohibited by law and will result in prosecution.

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Thomas Weisel Partners LLC Ajit Pai 212.271.3695

E Q U I T Y

R E S E A R C H

D I R E C T O R Y

R. Keith Gay • Senior Managing Director, Head of Research • kgay@tweisel.com • 415.364.2582 Blair Abernethy, CFA • Associate Head of Research – Canada and International • babernethy@tweisel.com • 416.815.3050 Steven P. Halper • Associate Head of Research – United States • shalper@tweisel.com • 212.271.3807
Consumer Restaurants
Fitzhugh Taylor ftaylor@tweisel.com Alexander Slagle, CFA 415.364.2570 415.364.2978

Healthcare Information Technology and Pharmaceutical Services
Steven P. Halper shalper@tweisel.com Alan Fishman Topher Orr 212.271.3807 212.271.3679 212.271.3659

Special Situations
Ari Black ablack@tweisel.com

416.815.3103

Technology Applied Technologies

Retailing: Softlines
Liz Dunn ldunn@tweisel.com Christina Colone 212.271.3806 212.271.3582

Life Science and Diagnostics
Peter Lawson, PhD plawson@tweisel.com Eric Criscuolo Patrick Donnelly 212.271.3859 212.271.3592 212.271.3824

Ajit Pai apai@tweisel.com Sven Eenmaa Andy Yeung, CFA

212.271.3695 212.271.3838 415.364.2589

Sports and Lifestyle Brands
Jim Duffy jduffy@tweisel.com Christian Buss Sam Bitetti 415.364.5974 415.364.2519 617.488.4630

Medical Devices
Raj Denhoy rdenhoy@tweisel.com Jared Holz 212.271.3698 212.271.3644

Communications Equipment
Hasan Imam, PhD himam@tweisel.com 212.271.3462

Computer Systems and Storage
Doug Reid, CFA dreid@tweisel.com 212.271.3841

Energy Alternative Energy
Jeff Osborne josborne@tweisel.com Scott Reynolds Dilip Warrier dwarrier@tweisel.com Thomas Daniels 212.271.3577 212.271.3429 415.364.2983 415.364.2535

Pharmaceuticals: Specialty
Annabel Samimy asamimy@tweisel.com Aaron Mishel 212.271.3823 212.271.3829

Electronic Supply Chain
Matt Sheerin msheerin@tweisel.com Alberto Mann 212.271.3753 212.271.3635

Internet, Media and Telecom Broadcasting and Entertainment Media & Entertainment
Ben Mogil bmogil@tweisel.com Benjamin Shapiro 416.815.3078 416.815.3106

Information & Financial Technology Services
David Grossman dgrossman@tweisel.com Nicole Conway Melissa Moran, CFA 415.364.2541 415.364.5934 415.364.2586

Energy Equipment and Services
Dana Benner, CFA dbenner@tweisel.com Juan Jarrah 403.268.9168 403.268.9164

Internet Services
Christa Quarles, CFA cquarles@tweisel.com Cyrus Modanlou, CFA Jennifer Wang, CFA 415.364.7154 415.364.2976 415.364.2590

Semiconductors: Analog & Mixed Signal
Tore Svanberg tsvanberg@tweisel.com Evan Wang Brian Williamson 650.688.5261 650.688.5263 415.364.2550

International Oil & Gas
David Dudlyke ddudlyke@tweisel.com Quinn Sievewright Thomas Martin thomas.martin@tweisel.com +44 207.877.4411 +44 207.877.4410 +44 207.877.4412

Telecom Services
James D. Breen, Jr., CFA jbreen@tweisel.com Louie DiPalma Shane J. Larkin 617.488.4107 617.488.4167 617.488.4108

Semiconductors: Processors & Components
Kevin Cassidy kcassidy@tweisel.com Gaute Farner 650.688.5264 415.364.2553

Software: Applications
Blair Abernethy, CFA babernethy@tweisel.com Doug Taylor 416.815.3050 416.815.3127

Oil & Gas Exploration and Production
Kurt Molnar kmolnar@tweisel.com Michael Zuk Juan Jarrah Michael Scialla mscialla@tweisel.com Daniel Guffey 403.268.9156 403.268.9158 403.268.9164 720.479.2435 720.479.2437

Metals and Mining Base Metals and Uranium
Simon Tonkin stonkin@tweisel.com 416.815.3115

Software: Applications & Communications
Tom Roderick troderick@tweisel.com 415.364.5952 415.364.2608 415.364.2655

Basic Materials
Horst Hueniken, CFA horst.hueniken@tweisel.com 416.815.1633

Gur Talpaz Chris Koh, CFA

Healthcare Biotechnology
Ian Somaiya isomaiya@tweisel.com Michael Ulz Sasha Blaug, PhD Stephen Willey swilley@tweisel.com Aaron Berman 212.271.3761 212.271.3423 212.271.3818

Gold & Precious Metals
Heather Douglas, CFA hdouglas@tweisel.com Josh Wolfson 416.815.3108 416.815.3080

Software: Infrastructure
Tim Klasell tklasell@tweisel.com Dormain Geyer 415.364.2949 415.364.2807

Andrew Mikitchook, P. Eng., CFA amikitchook@tweisel.com 416.815.1622 Kwong-Mun Achong Low 416.815.1548

212.271.3620 212.271.3427

Thomas Weisel Partners LLC • One Montgomery Street • San Francisco CA 94104 • tel 415.364.2500 • fax 415.364.2695 • www.tweisel.com


				
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