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To: Ron McKinnon who wrote (42467)	8/2/2002 1:20:47 PM
From: Larry S.	Read Replies (1) \| Respond to of 53068

Terms of Corning Convertible: WHITE PLAINS, N.Y., Aug 1 (Reuters) - Corning Inc. (NYSE:GLW - News), the world's largest fiber-optic cable maker based in Corning, New York, late Wednesday sold $500 million of three-year mandatorily convertible preferred stock, said joint book-running manager Salomon Smith Barney on Thursday. The securities were sold with a coupon of 7.00 percent and at a premium of 23 percent above Wednesday's $1.60 closing price of the company's shares on the New York Stock Exchange. J.P. Morgan, and Goldman Sachs & Co. were the other joint book-running managers for the sale. BORROWER: CORNING INC. AMT $500 MLN* DIVIDEND 7.00 PCT CONV DATE 8/16/2005 CONV PRICE 1.968 CONVRATIO VAR** ACCR INT 8/6/2002 TYPE MAND CONV PREF ISS PRICE 100 FIRST PAY 11/16/2002 LAST MOODY'S Ba2 YIELD 7.00 PCT PAY FREQ QUARTERLY LAST S&P BB-PLUS CNV PREM 23 PCT NON-CALLABLE $75 MLN GREENSHOE OVERALLOTMENT OPTION (15 PCT) *62.5000 IF PRICE LESS THAN $1.60 BETWEEN 62.5000 AND 50.8130 IF PRICE BETWEEN $1.60 AND $1.97 50.8130 IF PRICE GREATER THAN $1.97