Document daL7L58NKX1MNR0jj7Govm1yB

MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF PITTSBURGH CORNING CORPORATION HELD IN NEW YORK CITY, DECEMBER 1, 1971 PLAINTIFF'S EXHIBIT Unprofitable operations will be closed down as soon as inventories are liquidated. Normal Net Loss from Operations Normal writeoffs 1971 After-tax impact Extraordinary Writeoffs Unibestos-Foamthane After-tax impact Total Loss $456,000 $232,000 214,000 940,000 442,000 $888,000 3 A review of the UNIBESTOS operations was held. Mr. Bierer advised the Board that the UNIBESTOS basic raw material. Asbestos Fiber, was in short supply at the mine in Africa, expensive additional equipment will be required in the process, and competitive pricing practices are such that the gross profit margins are not sufficient to generate an adequate operating profit. He requested authority to close down the plant at Tyler, Texas, and Port Allegany, Pennsylvania, and to dispose of the assets that cannot be used in other operations. was: After discussion, and upon motion duly made, seconded and carried, it RESOLVED, That the UNIBESTOS operations at Tyler, Texas, and Port Allegany, Pennsylvania, be, and are hereby authorized to be, shut down and those assets which cannot be utilized in other operations be disposed of. .PITTSBURGH CORNING CORPORATION 4 OTHER DEDUCTIONS 1971 4 U.S. OPERATIONS EXTRAORDINARY WRITEOFFS UNIBESTOS Assets (book value, no salvage) Inventories Severence Pay Fiber Loss UNIBEST Deferral Bad Debt Reserve Total UNIBESTOS $570M 68 123 28 - 75 25 $889M 1