Corning Incorporated GLW

1. Corning Incorporated(GLW) Created by: Jason Lamport Thomas Li Yuchen Su Ghazey Aleck

3. Corning Incorporated Corning Inc. is an American manufacturer of glass, ceramics, and related materials. Founded in 1851, Incorporated in 1989. Based in Corning, NY -24,000 Employees Ranked 414 on Fortune 500 Member of S&P 500 Index

4. Shift to Display Technology from Telecom Shift from Telecom to Display Technology starting in 2001 Saw significant declines in telecom demand New tech allowed more info to be carried in existing lines Divestiture of telecom businesses General business restructuring in 2002 Research in liquid crystal technology (LCD) Continued growth of LCD demand led to segment shift with LCD as focus

5. Business Sectors Display technologies -Liquid crystal display (LCD) Telecommunications - Market leader in fiber optics Environmental Technologies - Ceramic technology used for emission and pollution control Specialty Materials -Glass, ceramics, semiconductor optics Life Sciences -Laboratory products

6. Joint Ventures Dow Corning Quest Diagnostics Covance Samsung

7. Corning Incorporated Financials

8. Five Year Price Chart

9. Revenue and EPS

10. Revenue Breakdown

11. Competitors and Financials

12. Corning Incorporated Recent News & Risk Factors

13. Recent News Plaslab S.A.S acquisition complete Shrink licenses Corning�s microfluid technology Corning names two new executive vice presidents Gorilla Glass receives Corporate Technical Achievement Award from American Ceramic Society

14. Risk Factors Current economic conditions Heavily depended on consumer spending Cutting output due to lower demand for glass products Pricing pressures Growth of the Chinese consumer

15. Income Concentrations

16. Corning Incorporated Competitive Advantages

17. Gorilla Glass

18. Features Scratch resistant compression layer Durable Eco-friendly creation process Twice as strong and half as thing as regular glass Including Samsung and Apple, Samsung smartphones, Apple iPad + iPhone + iPod Samsung Galaxy S phone, tablet & new Verizon iPhone Dell, Motorola (Droid), LG http://seekingalpha.com/article/221847-3-green-stocks-for-playing-the-ipad?source=yahoo Including Samsung and Apple, Samsung smartphones, Apple iPad + iPhone + iPod Samsung Galaxy S phone, tablet & new Verizon iPhone Dell, Motorola (Droid), LG http://seekingalpha.com/article/221847-3-green-stocks-for-playing-the-ipad?source=yahoo

19. Relevance More than 20 major makers of PC and handheld devices Already in 225 devices. More than 55 models will be released over the next six months. Dominant market share in Smartphones and tablets

20. Smartphone Industry http://www.idc.com/getdoc.jsp?containerId=prUS22486010\ 55% increase 1st half 2012 � 563.8 million http://www.idc.com/getdoc.jsp?containerId=prUS22486010\ 55% increase 1st half 2012 � 563.8 million

21. http://www.marketingcharts.com/interactive/smartphones-projected-to-overtake-feature-phones-next-year-12418/ Nielson report http://www.marketingcharts.com/interactive/smartphones-projected-to-overtake-feature-phones-next-year-12418/ Nielson report

22. http://www.emarketer.com/Article.aspx?R=1007453 Morgan Stanley estimates http://www.emarketer.com/Article.aspx?R=1007453 Morgan Stanley estimates

23. What Else We Like Dominate Share in the LCD Space 60% of LCD market share with Samsung Corning Double digit LCD sales growth expected in future years 10th Generation LCD manufacturing compatibilities Solid Fundamentals Research Oriented Increasing solar panel efficiency by 2% Green lasers for mobile projection devices Large Cash Position - $2/ share Cost Reductions

24. Corning Incorporated Discounted Cash Flow

25. Conclusions Buy Recommendation Price Target of $19.62 Analyst Rec � 16 buys, 6 holds 1 sell Avg Price Target $22.24 Solid Fundamentals Strong Growth Prospects Innovative Products