Forward-Looking and Cautionary Statements
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1 Peter F. Volanakis President and Chief Operating Officer February 8, 28 Forward-Looking and Cautionary Statements Certain statements in this presentation constitute forwardlooking statements within the meaning of the U.S. Private Securities Litigation Reform Act of Such forward-looking statements are based on current expectations and involve certain risks and uncertainties. Actual results might differ from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the Securities and Exchange Commission filings on the Company and at the end of this presentation. 2 1
2 Agenda Display Technologies 27 retrospective Glass demand and drivers 28 outlook Long-term market potential - early thoughts Summary 3 27 Retrospective Sustained industry leadership Market Leadership Technology Leadership Cost Leadership 4 2
3 27 Retrospective We maintained our strong market leadership Market Leadership Technology Leadership Quality of glass Reliability of supply Differentiated services The size of Corning and SCP far outpace the size of the nearest competitor Number one in large sizes Cost Leadership 5 27 Retrospective We continued to lead through innovation Market Leadership EAGLE XG TM green glass Technology Leadership Cost Leadership Developing Gen 1 Advanced technologies for future applications Jade TM (polysilicon glass) Vita TM (OLED frit sealing) Gorilla TM (strengthened cover glass) 6 3
4 27 Retrospective Cost reduction programs continued to pay off Market Leadership Technology Leadership Cost Leadership Shared cost reduction gains with customers 11% price decline YoY Margins expanded slightly 7 27 Retrospective Another year of strong financial performance Corning wholly-owned $2.6 billion sales, up 23% Volume up 38% Currency flat vs. 6 Price declined 11% vs. 6 Gross margin increased slightly Samsung Corning Precision $2.4 billion sales, up 16% Volume up 39% Price declined 15% vs. 6 $1.2 billion NPAT Corning equity earnings: $582 million Segment Net Income Up 23% 8 4
5 Agenda Display Technologies 27 retrospective Glass demand and drivers 28 outlook Long-term market potential - early thoughts Summary 9 Glass market outlook Global Glass Demand CAGR ( 7-9) 25% 25-3% in 28 >45 M sq.ft. Million sq.ft % CAGR ( 7-9) Source: Corning 1 5
6 Continued growth in small displays (<1 ) 28 Global Glass Demand CAGR ( 7-9) 25% Small Size Current View ( 7 9) Million sq.ft Unit growth of small applications with LCD displays Mobile phones GPS & Auto Displays 16%.7 1B units 83 11M units Small 22% Source: Corning Glass demand (million sq.ft.) Nearly half of total PC sales will be notebooks 28 Global Glass Demand CAGR ( 7-9) 25% Notebook Current View ( 7 9) 21 Underlying annual PC unit growth 11% Million sq.ft. 14 Notebook % of PCs LCD penetration 43% 51% 1% 7 Avg. screen size Notebook 19% Small 22% Source: Corning Glass demand (million sq.ft.)
7 LCD monitor growth slowing 28 Global Glass Demand CAGR ( 7-9) 25% Desktop Monitor Current View ( 7 9) 21 Underlying annual monitor growth 4% Million sq.ft Monitor 8% LCD penetration Avg. screen size 88% 95% Notebook 19% Small 22% Source: Corning Glass demand (million sq.ft.) LCD TV penetration is key driver for glass growth 28 Global Glass Demand CAGR ( 7-9) 25% LCD TV Current View ( 7 9) 21 TV 33% Underlying annual TV unit growth (all technologies) 4% Million sq.ft Monitor 8% LCD penetration Avg. screen size 38% 6% Notebook 19% Small 22% Source: Corning Glass demand (million sq.ft.) 84 1,
8 LCD penetration varies widely by region LCD TV Penetration by Region (% of sales) ROW 4% 14% 24% 4% China 11% 22% 38% 51% North America 34% 66% 77% 83% Europe 44% 69% 77% 82% Japan 67% 83% 86% 88% Worldwide 22% 38% 5% 6% 15 LCD TV grows 71% to 132M units Growth fastest in emerging markets LCD TV Penetration by Region (% of sales) ROW China North America Europe Japan Worldwide 26 4% 11% 34% 44% 67% 22% 27 14% 22% 66% 69% 83% 38% 28 24% 38% 77% 77% 86% 5% 29 4% 51% 83% 82% 88% 6% Million Units LCD TV Unit Sales by Region 44M 77M 15M 132M ROW China NA Japan CAGR ( 7 9) Total 31% Emerging Markets 69% Developed Markets Europe 15% 16 8
9 LCD penetration into installed base still very low 27 LCD TV Installed Base ROW TV Installed Base / All Technologies* 72M % LCD* 2% Largest markets are least penetrated China North America 4M 3M 4% 15% In both N.A. and E.U. <2% of TVs are LCDs Europe Japan 37M 11M 16% 21% 1% increase in global installed base = 21M sq.ft. Worldwide 1,9M 8% *Source: International Telecommunication Union (ITU) TV installed base; Corning for % LCD 17 In 27 total TV market reached 21M units 27 TV Sales 21 million units worldwide Million Units % of TVs were Source: Corning 1"-19" 2"-29" 3"-39" 4"-49" 5"+ Screen size (diagonal) 18 9
10 LCD TV now dominates the 3 49 TV segment 27 TV Sales 21 million units worldwide Penetration Rear Projection 1% 12 Plasma LCD 6% 38% Million Units CRT 55% 4 2 Source: Corning 9% 36% 16% 69% 19% 1"-19" 2"-29" 3"-39" 4"-49" 5"+ Screen size (diagonal) 19 TVs shifting to larger screen sizes Demand Forecast TV Sales 218 million units worldwide Million Units M 4 + TVs 15% ( 7) 28% ( 9) M 25M 2 Source: Corning 5M 8M 1"-19" 2"-29" 3"-39" 4"-49" 5" + Screen size (diagonal) 2 1
11 LCD assumes market leadership in 28 Demand Forecast TV Sales 218 million units worldwide Rear Projection 27 1% Penetration 28 1% 29 <1% 12 Plasma LCD 6% 38% 6% 5% 7% 6% Million Units CRT 55% 43% CRT declining rapidly LCD penetrating faster PDP last battleground is % 4 96% 86% 2 28% Source: Corning 5% 46% 1"-19" 2"-29" 3"-39" 4"- 49" 5"+ Screen size (diagonal) 21 Large size TV drives glass growth Demand Forecast TV Sales 218 million units worldwide 32 Million Units TVs: 28% of units 55% of area Million sq.ft. of Screen Area 2 1"-19" 2"-29" 3"-39" 4"- 49" 5"+ Source: Corning Screen size (diagonal) 22 11
12 Growth highest in large Gen sizes Million sq.ft Global Glass Demand CAGR ('7-'9) 25% Supports growth in large size TVs Gen % Gen 6 & 7 23% Gen 8+ growing fastest '9 demand is 5x '7 7 Gen 5 3% Source: Corning 23 Gen 1 is next 7% larger than Gen 8 Gen 8 Gen 7 Gen 6 Gen 1 Gen 1 1 sq.ft. Gen 5 Gen 2 Gen 1 Gen 3 Gen
13 What Gen 1 will look like Six 65 panels 25 Gen 1 will efficiently produce a range of panel sizes 57 Gen 1 panelization Panel # Efficiency 84% 86% 89% 84% 84% 26 13
14 Corning is locating glass manufacturing on Sharp s Gen 1 site Sharp site size: ~265 acres Size of ~25 football fields Source: Google maps (aerial photo) Start up timed with Sharp s commercial plan Mutual economic benefits in logistics, inventory, and quality 27 Agenda Display Technologies 27 retrospective Glass demand and drivers 28 outlook Long-term market potential - early thoughts Summary 28 14
15 28 Outlook LCD glass demand expected to grow 25 3% Glass supply/demand expected to be tight Competitors adding capacity in line with demand Quarterly glass demand pattern may not mirror 27 Tighter inventory heading into Q1 Little excess in panel-making capacity Potential impact of Beijing Olympics 29 We expect moderate price declines as in % ASP 6% CADR ( 96-7) 6% 5% /sq.ft. index (Base year 1996).5 Best and Worst Annual ASP Change 4% 3% 2% 7% 16% 1%. '96 '97 '98 '99 ' '1 '2 '3 '4 '5 '6 '7 % 3 15
16 Process improvement and volume growth should result in another year of solid cost reduction 1. 7% ASP 6% CADR ( 96-7) 6% 5% /sq.ft. index (Base year 1996).5 Mfg. cost 14% CADR ( 96-7) 4% 3% 2% 1%. '96 '97 '98 '99 ' '1 '2 '3 '4 '5 '6 '7 % 31 We expect to maintain high levels of gross margin 1. 7% ASP 6% CADR ( 96-7) 6% 5% /sq.ft. index (Base year 1996).5 Mfg. cost 14% CADR ( 96-7) 4% 3% 2% Gross Margin % 1%. '96 '97 '98 '99 ' '1 '2 '3 '4 '5 '6 '7 % 32 16
17 Agenda Display Technologies 27 retrospective Glass demand and drivers 28 outlook Long-term market potential - early thoughts Summary 33 Thinking longer term about the LCD TV opportunity Current industry forecasts based on early technology substitution Key metrics: penetration, screen size and historic underlying TV market growth rate As LCD TV becomes dominant technology, we need to revise our models and assumptions May not fully capture growth potential Today, we are unveiling how we are beginning to think about the future Exploring new assumptions and models 34 17
18 Exploring new growth assumptions and models If LCD TV drives category growth above historic norms Faster replacement rate of LCD TVs Increase in TVs per household If CRT industry declines faster If flat panel format induces consumers to adopt even larger screen sizes If LCDs are even more successful against PDP in Faster replacement rate of LCD TVs Historic TV replacement rate is eight years LCD TV technology is evolving rapidly Resolution: 72p 18i 18p Switching speed: 6Hz 12Hz Contrast ratio: 1,5:1 5,:1 15,:1 More innovation on the way TVs 18p Quad-HD 12Hz 18Hz 15,:1 5,:1 Broadband networks Content availability 36 18
19 Faster replacement of LCD TVs would meaningfully affect glass demand Global LCD TV Glass Demand Volume (M sq.ft.) Alternative scenario 6 year replacement cycle 8 year replacement cycle assumed in 211 Six year replacement represents an additional 21M sq.ft. '6 '7 '8 '9 '1 '11 37 Today there exists a wide range for TVs/household by region Emerging markets represent 75% of total households and have the fewest number of TVs/household Logical to assume highest growth in TVs/household in these regions TV Installed Base / All Technologies* (27) Number of Households* TVs per Household ROW 72M 9M.8 China 4M 38M 1.1 N. America 3M 125M 2.4 Europe 37M 25M 1.5 Japan 11M 45M 2.4 Worldwide 1,9M 1,7M 1.1 *Source: Global Insight for Household data; International Telecommunication Union (ITU) for Installed Base 38 19
20 Small changes in TVs per household meaningfully impact glass demand Global LCD TV Glass Demand Volume (M sq.ft.) TVs / household Alternative scenario 1.25 TVs / household 1.2 TVs / household assumed in TVs / household represents an additional 24M sq.ft. '6 '7 '8 '9 '1 '11 39 CRT industry could collapse sooner than we think Loss of retail distribution and shelf space Conversion to digital adds cost Exit of key component suppliers 2 CRT TV sales (M units) 2 Global CRT TV Glass Capacity (Sets equivalent) % Million Units 1 5 WW 57M Million Units 1 5 Alternative scenario 28M '4 '5 '6 '7 '8E '9E '1E '11E
21 Faster decline of CRT industry implies more LCD glass Global LCD TV Glass Demand Volume (M sq.ft.) CRT units = 111M Alternative scenario 28M CRT units 57M CRT units assumed in 211 Faster decline represents an additional 31M sq.ft. '6 '7 '8 '9 '1 '11 41 Even more glass if LCD is as successful vs. PDP in 5 + as in 4-49 today Global LCD TV Glass Demand Volume (M sq.ft.) PDP units = 11M 5 + LCD share = 19% Alternative scenario 11M PDP units 5 + LCD share = 7% 15M PDP units assumed in LCD share = 52% Share gain represents an additional 9M sq.ft. '6 '7 '8 '9 '1 '
22 Availability/affordability of larger sets could induce higher average screen size Global LCD TV Glass Demand Volume (M sq.ft.) Average size 31.4 Alternative scenario Average size 35.5 Average size 34.5 assumed in increase in average size represents an additional 11M sq.ft. '6 '7 '8 '9 '1 '11 43 In summary, a few minor changes in assumptions can significantly change our view of glass demand Can add as much as 3% more glass in 211 versus today s assumptions >3B sq.ft. >4B sq.ft. 27 market was 1.7B sq.ft. More research and analysis is required and underway 211 potential upside to LCD LCD TV Glass Drivers Faster replacement rate of LCD TVs Increase in TVs per household Faster decline of CRT industry Share gains in large sizes Higher average screen size Glass Impact (M sq.ft.) ~1B sq.ft
23 Agenda Display Technologies 27 retrospective Glass demand and drivers 28 outlook Long-term market potential - early thoughts Summary 45 What to watch LCD TV penetration trends globally Announcements from the global LCD TV brands IT related sales Supply chain Substantial change in fab utilizations by multiple players Sudden large changes in panel prices Excessive inventory levels at multiple players Changes in foreign exchange rates Glass supply/demand balance 46 23
24 Key take aways Strong end-market outlook LCD TV to reach 5% penetration in 28 LCD glass demand to grow at a 25% CAGR through 29 28: >45 million sq.ft. of growth Tight glass supply in 28 Continued modest price declines Robust cost-reduction portfolio Working to refine understanding of long-term glass demand Could be bigger 47 Forward Looking and Cautionary This presentation 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 conditions; currency exchange rates; 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; capital spending by larger customers in the telecommunications industry and other business segments; the mix of sales between premium and non-premium products; possible disruption in commercial activities due to terrorist activity and armed conflict; ability to obtain financing and capital on commercially reasonable terms; acquisition and divestiture activities; the level of excess or obsolete inventory; the ability to enforce patents; product and components performance issues; and litigation. 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
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