GLW Corning Inc

Corning Incorporated (NYSE:GLW) today announced that it will redeem for cash all outstanding Oak 4 7/8 percent convertible subordinated notes due March 1, 2008 on the redemption date of Sept. 6, 2005. These notes were originally issued by Oak Industries Inc, which was acquired by Corning in 2000. Notes in an aggregate principal amount of $95,646,000 are currently outstanding. The redemption price is 100 percent per $1,000 principal amount per convertible note, together with accrued and unpaid interest to the redemption date of Sept. 6, 2005. Holders retain the right to convert their convertible subordinated notes into Corning common stock at any time before the close of business on Sept. 2, 2005, the business day immediately prior to the redemption date. The notes are convertible into 64.41381 shares of Corning common stock for each $1,000 principal amount. "These conversions will not impact our third-quarter guidance issued on July 26, 2005," said James B. Flaws, Corning's vice chairman and chief financial officer. A notice of redemption is being sent to all currently registered holders of the convertible subordinated notes by the trustee for these notes, U.S. Bank NA. Copies of the notice of redemption and additional information relating to the procedure for redemption may be obtained from U.S. Bank NA by calling 1-800-934-6802. About Corning Incorporated Corning Incorporated (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 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.