Q3Presentation2021 (opens in new window)

Third Quarter 2021 Investor Call

Corning Reports Third-Quarter 2021 Results As Sales Reach All-Time High

Core sales and EPS grew 21% and 30% year over year, respectively, with free cash flow of $0.5 billion Company on track to reach $14 billion in sales and over $2 in EPS for 2021

Sales and EPS growth with strong cash generation expected to continue in 2022

October 26, 2021

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Forward-Looking and Cautionary Statements

The statements in this presentation that are not historical facts or information and contain words such as "will," "believe," "anticipate," "expect," "intend," "plan," "seek," "see," "would," and "target" and similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements relate to, among other things, the Company's future operating performance, the Company's share of new and existing markets, the Company's revenue and earnings growth rates, the Company's ability to innovate and commercialize new products, and the Company's implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the Company's manufacturing capacity. These statements are subject to change and uncertainty which are, in many instances, beyond our control. There can be no assurance that future developments will be in accordance with management's expectations. Actual results could differ materially from those expected by us, depending on the outcome of various factors. We do not undertake to update forward-looking statements.

Although the Company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, current estimates and forecasts, general economic conditions, its knowledge of its business, and key performance indicators that impact the Company, actual results could differ materially. Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward looking statements include, but are not limited to: the duration and severity of the COVID-19 pandemic, and its impact across our businesses on demand, operations, our global supply chains and stock price; the effects of acquisitions, dispositions and other similar transactions; global economic trends, competition and geopolitical risks, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries, and related impacts on our businesses' global supply chains and strategies; changes in macroeconomic and market conditions and market volatility (including developments and volatility arising from the COVID-19 pandemic), including inflation, interest rates, the value of securities and other financial assets, precious metals, oil, natural gas and other commodity prices and exchange rates (particularly between the U.S. dollar and the Japanese yen, new Taiwan dollar, euro, Chinese yuan and South Korean won), and the impact of such changes and volatility on our financial position and businesses; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; possible disruption in commercial activities or our supply chain due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, international trade disputes or major health concerns; loss of intellectual property due to theft, cyber-attack, or disruption to our information technology infrastructure; unanticipated disruption to our supply chain, equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; our ability to increase margins through implementation of operational changes and other cost reduction measures; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability to maintain profitable operations and obtain financing to fund ongoing operations and manufacturing expansions and pay receivables when due; loss of significant customers; changes in tax laws and regulations; the impacts of audits by taxing authorities; and the potential impact of legislation, government regulations, other government action and investigations; and other risks detailed in Corning's SEC filings.

For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q.

© 2021 Corning Incorporated

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Use of Non-GAAP Financial Information

Corning has included non-GAAP financial measures in this presentation to supplement Corning's consolidated financial statements presented on a GAAP basis. In managing the Company and assessing our financial performance, we adjust certain measures provided by our consolidated financial statements to exclude specific items to arrive at core performance measures.

In managing the Company and assessing our financial performance, certain measures provided by our consolidated financial statements are adjusted to exclude specific items to report core performance measures. These items include gains and losses on our translated earnings contracts, acquisition- related costs, certain discrete tax items and other tax-related adjustments, restructuring, impairment losses, and other charges and credits, certain litigation-related expenses, pension mark-to-market adjustments and other items which do not reflect on-going operating results of the Company or our equity affiliates. Corning utilizes constant-currency reporting for our Display Technologies, Environmental Technologies, Specialty Materials and Life Sciences segments for the Japanese yen, South Korean won, Chinese yuan, new Taiwan dollar and the euro. The Company believes that the use of constant-currency reporting allows investors to understand our results without the volatility of currency fluctuations and reflects the underlying economics of the translated earnings contracts used to mitigate the impact of changes in currency exchange rates on earnings and cash flows. Corning also believes that reporting core performance measures provides investors greater transparency to the information used by the management team to make financial and operational decisions.

Core performance measures are not prepared in accordance with Generally Accepted Accounting Principles in the United States ("GAAP"). We believe investors should consider these non-GAAP measures in evaluating results as they are more indicative of our core operating performance and how management evaluates operational results and trends. These measures are not, and should not be viewed as a substitute for GAAP reporting measures. With respect to the Company's outlook for future periods, it is not possible to provide reconciliations for these non-GAAP measures because the Company does not forecast the movement of foreign currencies against the U.S. dollar, or other items that do not reflect ongoing operations, nor does it forecast items that have not yet occurred or are out of the Company's control. As a result, the Company is unable to provide outlook information on a GAAP basis.

© 2021 Corning Incorporated

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Q3 GAAP Earnings

FX Hedge Accounting

• Recorded unrealized, non-cash,after-tax loss of $16M in Q3 2021 on mark- to-market adjustments associated with currency-hedging contracts and foreign debt
• • Translation hedges reduce our economic exposure to currency fluctuations, providing higher certainty for our earnings and cash flow, our growth investments, and our future shareholder distributions
  • Hedge contracts settled in any given quarter substantially offset changes in earnings and cash flow due to currency fluctuations

© 2021 Corning Incorporated

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Third Quarter 2021 Investor Call

Corning Reports Third-Quarter 2021 Results As Sales Reach All-Time

High

Core sales and EPS grew 21% and 30% year over year, respectively, with free cash flow of $0.5 billion

Company on track to reach $14 billion in sales and over $2 in EPS for 2021

Sales and EPS growth with strong cash generation expected to continue in 2022

October 26, 2021

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Third Quarter 2021

Core Performance

"Strong execution resulted in another outstanding quarter as sales reached a new all-time high.

For the full year, we are on pace to reach $14B in sales and over $2 in EPS. We are successfully capturing a compelling set of long-term growth opportunities by innovating, extending commercial relationships, and scaling operations to meet robust demand. We are advancing our market leadership and expect to grow again in 2022."

- Wendell Weeks, Chairman and CEO

			$
$3.6B	38.3%	$0.56	$497M
Q3 Core Sales	Q3 Gross Margin	Q3 Core EPS	Q3 Free Cash Flow
21% Increase YoY	Expanded 70 bps YoY	30% Increase YoY
			© 2021 Corning Incorporated	7

Focusedused andandCohesiveCohesivePortfPortfoliolio

Foundation for Sustained Growth

Focus >80% of resources on opportunities that leverage
capabilities from at least two of three columns	© 2021 Corning Incorporated	8

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Optical Communications

Q3 Highlights

• Demand on networks is at an all-time high
• Stage set for significant investments by operators

$1.1B

• Corning's capacity expansions will allow AT&T to extend

Q3 Net Sales

Up 24%investmentsYoYin fiber infrastructure, expand U.S. broadband networks, and accelerate 5G deployment

$139M

Q3 Net Income

Up 21% YoY

© 2021 Corning Incorporated

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Mobile Consumer Electronics

Q3 Highlights

• Delivering more content and capturing higher revenue per device
• Samsung introduced its Galaxy Z Fold3 5G and Galaxy Z Flip3 $556M5G, both featuring Corning® Gorilla® Glass Victus®

Q3 Net Sales

• These devices also feature Corning® Gorilla® Glass with DX for device cameras, marking Corning's entrance into a new product category

$107M

Q3 Net Income

© 2021 Corning Incorporated

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