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Graham Announces Increase in Quarterly Cash Dividend and Two-for-One Stock Split

• Annual cash dividend increased 33% to $0.16 per share pre-split
• Two-for-one stock split to increase shares outstanding to 10.1 million

BATAVIA, NY, July 31, 2008 – Graham Corporation (AMEX: GHM) announced today that the Board of Directors raised the annual cash dividend, which is currently $0.12 per share annually, to $0.16 per share annually. On a post split basis, the annual dividend will be $0.08 per share, or $0.02 per share per quarter. The dividend will be paid on or about October 6, 2008 to stockholders of record on September 5, 2008.

The Board of Directors, at its meeting following the annual meeting, declared a two-for-one stock split of the Company’s common shares in the nature of a stock dividend and an increase in the post-split quarterly dividend to $0.02 per share.

The two-for-one stock split will be effected as a stock dividend, and stockholders will receive one additional share of common stock for every share of common stock held on the record date of September 5, 2008. The Company expects the new common shares to be distributed on or about October 6, 2008. Graham currently has approximately 5.0 million shares of common stock outstanding. After the distribution of the stock dividend, there will be approximately 10.1 million common shares outstanding.

James R. Lines, President and Chief Executive Officer, commented, “We believe the dividend increase and stock split reflect the continued confidence of our Board of Directors in Graham’s future financial performance.”

First Quarter Fiscal 2009 Financial Results

Graham will report its financial and operating results for the first quarter of fiscal 2009 tomorrow, August 1, 2008, before the market opens. Graham’s senior management will host a conference call and live webcast at 11:00 a.m. EST to review the first quarter fiscal 2009 financial and operating results as well as its strategy and outlook. A question-and-answer session will follow.

Graham’s conference call can be accessed as follows:

�� The live webcast can be accessed at this website. Participants should go to the website 10 -15 minutes prior to the scheduled conference in order to register and download any necessary audio software.
�� The teleconference can be accessed by dialing 1-201-689-8560 and requesting conference ID number 291806 approximately 5 - 10 minutes prior to the call.

To listen to the archived conference call:
�� The webcast will be archived on this website. A transcript will also be posted once available.

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Graham Corporation
20 Florence Avenue. Batavia, NY 14020
Phone: 585.343.2216 // Fax: 585.343.1097
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