C ORNING T ELECOMMUNICA TIONS The ongoing malaise of the telecommunications industry led Corning to initiate significant restructurings during 2002. Optical fiber plant closings and workforce reductions were evidence of our comprehensive plan to align expenses with dramatically lowered revenues in our telecommunications businesses. Despite industry weakness, we remain the global leader in the manufacturing and sale of optical communications products. Our position will serve us well when the inevitable growth of this dynamic market returns. For the near-term,we are focused on maintaining our leading position across our markets and with our customers. Through our many generations of manufacturing technology development, we are restoring our businesses to profitability despite continued pricing pressure and low-volume growth expectations.  Looking further ahead, we remain committed to creating innovative optical communications products that meet even tighter quality, capability and cost requirements for our customers. We are empha- sizing metro and access segments of the market as our major oppor- tunities. And we are watching carefully for signs of market recovery. When that time comes, we will be poised for growth once again. O PTICAL N ETWORKS:  METRO , LOCAL, LAST MILE C ORNING C ABLE S YSTEMS : CABLE AND HARDWARE Pi 6