Advanced Glassfiber Yarns LLC Announces Corrected Second Quarter EBITDA

Business Wire, August 16, 2002

Business Editors

AIKEN, S.C.--(BUSINESS WIRE)--Aug. 16, 2002

Advanced Glassfiber Yarns LLC announced a correction to its recently issued press release.

As previously announced adjusted EBITDA for the quarter ended June 30, 2002 decreased $8.4 million, to $7.3 million from $15.7 million for the quarter ended June 30, 2001. This is corrected to state that adjusted EBITDA for the quarter ended June 30, 2002 decreased $7.3 million, or 46.5%, to $8.4 million from $15.7 million for the quarter ended June 30, 2001.

Attached are the corrected Consolidated Statements of Operations and Consolidated Statements of Cash Flows.

Advanced Glassfiber Yarns, headquartered in Aiken, SC, is one of the largest global suppliers of glass yarns, which are a critical material used in a variety of electronic, industrial, construction and specialty applications. Prior to and including September 30, 1998, the Company was the glass yarns and specialty materials business of Owens Corning. Since September 30, 1998, Advanced Glassfiber Yarns has been a joint venture between Porcher Industries, S.A. and Owens Corning.