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<SEC-DOCUMENT>0000950152-05-007888.txt : 20050928
<SEC-HEADER>0000950152-05-007888.hdr.sgml : 20050928
<ACCEPTANCE-DATETIME>20050928163102
ACCESSION NUMBER:		0000950152-05-007888
CONFORMED SUBMISSION TYPE:	S-2
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20050928
DATE AS OF CHANGE:		20050928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAHAM CORP
		CENTRAL INDEX KEY:			0000716314
		STANDARD INDUSTRIAL CLASSIFICATION:	GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560]
		IRS NUMBER:				161194720
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-128646
		FILM NUMBER:		051108514

	BUSINESS ADDRESS:	
		STREET 1:		20 FLORENCE AVE
		STREET 2:		POST OFFICE BOX 719
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14020
		BUSINESS PHONE:		5853432216

	MAIL ADDRESS:	
		STREET 1:		20 FLORENCE AVENUE
		STREET 2:		POST OFFICE BOX 719
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14021-0719
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-2
<SEQUENCE>1
<FILENAME>l16028asv2.htm
<DESCRIPTION>GRAHAM CORPORATION  S-2
<TEXT>
<HTML>
<HEAD>
<TITLE>Graham Corporation   S-2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>As filed with the Securities and Exchange Commission on
September&nbsp;28, 2005</B>
</DIV>

<DIV align="right" style="font-size: 10pt;">
<B>Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
</DIV>

<DIV align="center" style="font-size: 6pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>Washington,&nbsp;D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Form&nbsp;S-2</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>Under</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>GRAHAM CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Exact name of Registrant as specified in its charter)</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>16-1194720</B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I>(State or other jurisdiction of incorporation or
    organization)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(I.R.S. Employer Identification No.)</I></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>20 Florence Avenue</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Batavia, New York 14020</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(585)&nbsp;343-2216</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Address, including zip code, and telephone number, including
area code, of Registrant&#146;s principal executive offices)</I>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>William C. Johnson</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>President and Chief Executive Officer</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Graham Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>20 Florence Avenue</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Batavia, New York 14020</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(585)&nbsp;343-2216</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Name, address, including zip code, and telephone number,
including area code, of agent for service)</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>Copies to:</I></B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Daniel R. Kinel,&nbsp;Esq.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Harter, Secrest&nbsp;&#38; Emery LLP</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>1600 Bausch&nbsp;&#38; Lomb Place</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Rochester, New York 14604</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(585)&nbsp;232-6500</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Approximate date of commencement of proposed sale to the
public:</B> From time to time after the effective date of this
Registration Statement.
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to
Rule&nbsp;415 under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;) check the following
box:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#254;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Registrant elects to deliver its latest annual report to
security holders, or a complete and legal facsimile thereof,
pursuant to Item&nbsp;11(a)(1) of this Form, check the following
box:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If this Form is filed to register additional securities for an
offering pursuant to Rule&nbsp;462(b) under the Securities Act,
please check the following box and list the Securities Act
registration number of the earlier effective registration
statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If this Form is a post-effective amendment filed pursuant to
Rule&nbsp;462(c) under the Securities Act, check the following
box and list the Securities Act registration number of the
earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If this Form is a post-effective amendment filed pursuant to
Rule&nbsp;462(d) under the Securities Act, check the following
box and list the Securities Act registration statement of the
earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If delivery of the prospectus is expected to be made pursuant to
Rule&nbsp;434, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Proposed Maximum</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Proposed Maximum</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Amount of</B></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Title of Each Class of</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Amount to be</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Offering Price</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Aggregate</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Registration</B></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Securities to be Registered</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Registered</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Per Share(1)</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Offering Price</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Fee</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common Stock, $0.10&nbsp;par value</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    99,123</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $39.86</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $3,951,043</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $465.04</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Estimated solely for the purpose of computing the registration
    fee pursuant to Rule&nbsp;457(c) under the Securities Act, and
    based on the average of the high and low prices reported on the
    American Stock Exchange on September&nbsp;26, 2005.</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>The Registrant hereby amends this Registration Statement on
such date or dates as may be necessary to delay its effective
date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall
thereafter become effective in accordance with Section&nbsp;8(a)
of the Securities Act or until the Registration Statement shall
become effective on such date as the Commission, acting pursuant
to Section&nbsp;8(a), may determine.</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" cellpadding="5" style="border: 3pt double #000000; margin-bottom: 6pt; font-size: 10pt"><TR><TD>
<FONT color="#E8112D">The information in this prospectus is not
complete and may be changed. These securities may not be sold
until the registration statement we filed with the SEC is
effective. This prospectus is not an offer to sell these
securities and we are not soliciting an offer to buy these
securities in any jurisdiction where such an offer or sale is
not permitted.
</FONT> <BR>
</TD></TR></TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 19pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT color="#E8112D">SUBJECT TO COMPLETION, DATED
SEPTEMBER&nbsp;28, 2005</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROSPECTUS</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="l16028al1602890.gif" alt="(GRAHAM CORPORATION LOGO)">
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>GRAHAM CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>99,123&nbsp;Shares of Common Stock</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are offering 99,123&nbsp;shares of our common stock, par
value $0.10&nbsp;per share, all of which are presently held by
us as treasury shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The shares of our common stock covered by this prospectus will
be sold by us and for our account from time to time at prices
related to market prices in privately negotiated transactions
consummated off the floor of the American Stock Exchange. We
will receive all the proceeds from sales of the shares, less any
commissions and discounts we agree to pay to any selling brokers
and dealers. We are not required to sell any minimum number of
the shares of common stock being offered pursuant to this
prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our common stock is listed on the American Stock Exchange under
the symbol &#147;GHM.&#148; On September&nbsp;27, 2005, the
closing price of our common stock on the American Stock Exchange
was $40.00&nbsp;per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Investing in our common stock involves a high degree of risk.
Please see the section entitled &#147;Risk Factors&#148;
beginning on page&nbsp;7 to read about important factors you
should consider before buying any of our common stock.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or passed upon the adequacy or accuracy of this
prospectus. Any representation to the contrary is a criminal
offense.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The date of this prospectus is September&nbsp;28, 2005
</DIV>

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<DIV align="left" style="font-size: 10pt;">

</DIV>

<DIV align="left" style="font-size: 10pt;">
<!-- TOC -->
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name="tocpage"></A>
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='101'></A>
</DIV>

<!-- link1 "TABLE OF CONTENTS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>TABLE OF CONTENTS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Page</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#102'>AVAILABLE INFORMATION AND DOCUMENTS
    INCORPORATED BY REFERENCE</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#103'>INFORMATION ACCOMPANYING THIS PROSPECTUS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#104'>PROSPECTUS SUMMARY</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#105'>THE OFFERING</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#106'>RISK FACTORS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#107'>PRICE RANGE OF OUR COMMON STOCK</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#108'>DIVIDEND POLICY</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#109'>CAUTIONARY STATEMENT REGARDING
    FORWARD-LOOKING INFORMATION</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#110'>USE OF PROCEEDS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#111'>PLAN OF DISTRIBUTION</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#112'>DESCRIPTION OF SECURITIES</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#113'>LIMITATIONS ON LIABILITY AND
    INDEMNIFICATION MATTERS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#114'>LEGAL MATTERS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#115'>EXPERTS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt;">
<!-- /TOC -->
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus is part of a registration statement that we
filed with the United States Securities and Exchange Commission,
or SEC, to cover the sale of the common stock we are offering
pursuant to this prospectus. This prospectus does not contain
all of the information set forth in the registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus contains summaries of certain provisions
contained in some of the documents described below, under
&#147;Available Information and Documents Incorporated By
Reference,&#148; but you should refer to the actual documents
referenced for complete information. All summaries in this
prospectus are qualified in their entirety by the actual
documents referenced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are not making, nor will we make, an offer to sell these
shares in any jurisdiction where such an offer or sale is not
permitted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All references in this prospectus to &#147;Graham,&#148; the
&#147;company,&#148; &#147;we,&#148; &#147;us,&#148; and
&#147;our&#148; refer to Graham Corporation, a Delaware
corporation, and its subsidiaries.
</DIV>

<P align="center" style="font-size: 10pt;">2

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='102'></A>
</DIV>

<!-- link1 "AVAILABLE INFORMATION AND DOCUMENTS INCORPORATED BY REFERENCE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>AVAILABLE INFORMATION AND</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>DOCUMENTS INCORPORATED BY REFERENCE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We file annual, quarterly and current reports, proxy statements
and other information with the SEC. You may read and copy any
document filed by us at the SEC&#146;s public reference room at
100&nbsp;F&nbsp;Street, N.E., Washington,&nbsp;DC, 20549. Please
call the SEC at 1-800-SEC-0330 for further information on the
operation of the public reference room. Our SEC filings are also
available to the public from the SEC&#146;s website at
<I>www.sec.gov </I>or from our website at
<I>www.graham-mfg.com.</I> The information on our website does
not constitute a part of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In this prospectus, we &#147;incorporate by reference&#148;
certain information we have filed with the SEC, which means that
we can disclose important information to you by referring to
that information. The information incorporated by reference is
considered to be a part of this prospectus. The exhibits
accompanying the documents we incorporate by reference into this
prospectus are not considered to be a part of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We incorporate by reference the documents listed below which
have been filed with the SEC under Sections&nbsp;13(a), 13(c),
14 or 15(d) of the Securities Exchange Act of 1934:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Quarterly Report on Form&nbsp;10-Q for our quarter ended
    June&nbsp;30, 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Annual Report on Form&nbsp;10-K/A for our fiscal year ended
    March&nbsp;31, 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Annual Report on Form&nbsp;10-K for our fiscal year ended
    March&nbsp;31, 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Proxy Statement for our 2005 Annual Meeting of Stockholders
    filed on June&nbsp;27, 2005;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Current Reports on Form&nbsp;8-K dated July&nbsp;12, 2005,
    July&nbsp;25, 2005 and July&nbsp;28, 2005 (except that any
    information only &#147;furnished&#148; to the SEC pursuant to
    such Current Reports on Form&nbsp;8-K are not incorporated by
    reference into this prospectus).</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon request, we will deliver, without charge, to each person
receiving a copy of this prospectus, a copy of any of the
documents referred to above that have been incorporated by
reference in this prospectus but not delivered with this
prospectus. If you would like a copy of any of such documents,
please write or telephone us at the following address:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Graham Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>20 Florence Avenue</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Batavia, New York 14020</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Attention: Chief Financial Officer</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Telephone: (585)&nbsp;343-2216</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You should rely only upon the information contained in this
prospectus or incorporated by reference into this prospectus. We
have not authorized anyone to provide you with different
information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You should not assume that the information in this prospectus,
including any information incorporated by reference, is accurate
as of any date other than the date of this prospectus. Our
business, financial condition, results of operations and
prospects may have changed since the date of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='103'></A>
</DIV>

<!-- link1 "INFORMATION ACCOMPANYING THIS PROSPECTUS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INFORMATION ACCOMPANYING THIS PROSPECTUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus is accompanied by a copy of each of our annual
report on Form&nbsp;10-K for our fiscal year ended
March&nbsp;31, 2005, our annual report on Form&nbsp;10-K/A for
our fiscal year ended March&nbsp;31, 2005, and our quarterly
report on Form&nbsp;10-Q for our quarter ended June&nbsp;30,
2005, each of which contains important information regarding our
business and operations. Our annual report on Form&nbsp;10-K for
our fiscal year ended March&nbsp;31, 2005, our annual report on
Form&nbsp;10-K/A for our fiscal year ended March&nbsp;31, 2005,
and our quarterly report on Form&nbsp;10-Q for our quarter ended
June&nbsp;30, 2005, which are incorporated into this prospectus
by reference, are considered part of this prospectus. Such
documents should be read in conjunction with this prospectus.
The exhibits accompanying such documents are not considered to
be part of this prospectus.
</DIV>

<P align="center" style="font-size: 10pt;">3

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='104'></A>
</DIV>

<!-- link1 "PROSPECTUS SUMMARY" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROSPECTUS SUMMARY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This summary highlights certain information found in greater
detail elsewhere in this prospectus. In addition to this
summary, we urge you to read the entire prospectus carefully,
especially the risks of investing in our company discussed under
&#147;Risk Factors,&#148; before you decide to buy our common
stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>About us</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We design, manufacture and sell custom-built vacuum and heat
transfer equipment. Our products include steam jet ejector
vacuum systems, surface condensers for steam turbines, vacuum
pumps and compressors, various types of heat exchangers,
including helical coil heat exchangers marketed under the
Heliflow&#174; name, and plate and frame exchangers. Our
products produce a vacuum, condense steam or transfer heat, or
perform a combination of these tasks. Our products are available
in a variety of metals and non-metallic corrosion resistant
materials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our products are used in a wide range of industrial process
applications, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    petroleum refineries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    chemical plants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    power generation facilities, such as fossil fuel, nuclear,
    cogeneration and geothermal power plants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    pharmaceutical plants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    plastics plants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    fertilizer plants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    breweries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    titanium plants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    liquefied natural gas production facilities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    soap manufacturing plants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    air conditioning systems;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    food processing plants;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    other process industries.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Our customers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our principal customers include large chemical, petrochemical,
petroleum refining and power generating industries, which are
end users of our products in their manufacturing, refining and
power generation processes, large engineering companies that
build installations for such companies, and original equipment
manufacturers, who combine our products into their equipment
prior to its sale to end users.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our products are sold using a combination of sales engineers we
employ directly, as well as independent sales representatives
located worldwide. No part of our business is dependent on a
single customer or a few customers, the loss of which would
seriously harm our business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Our strengths</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our core strengths are as follows:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We have strong brand recognition. Over the past 70&nbsp;years,
    we believe that we have built a reputation for top quality,
    reliable products and high standards of customer service. As a
    result, the Graham name is well known by both our existing
    customers, and many of our potential customers. We believe that
    recognition of the Graham brand allows us to capitalize on
    market opportunities in both existing and potential markets.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">4

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We manufacture high quality products. With over 70&nbsp;years of
    engineering expertise, we believe that we are well respected for
    our knowledge in vacuum and heat transfer technologies. We
    maintain strict quality control and manufacturing standards in
    order to manufacture products of the highest quality.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We have a global presence. Our products are used worldwide, and
    we have sales representatives located in over 40 major cities
    and on every continent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We believe that we have a solid reputation and strong
    relationships with our existing customer base, as well as with
    our key suppliers.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Our strategy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to grow our business and improve our results of
operations by implementing the following core strategies:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Continue to invest in engineering resources and technology in
    order to advance our market penetration with our vacuum and heat
    transfer technologies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Invest resources to meet the growing demand for our products in
    the oil refining, petrochemical processing and power generating
    industries.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Expand our margin potential by implementing and expanding upon
    our operational efficiencies through the introduction of lean
    manufacturing processes and other cost efficiencies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Enhance our engineering and manufacturing capacities, especially
    in connection with the design of our products, in order to be
    able to more quickly respond to existing and future customer
    demands.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Accelerate our bids on available contracts by implementing
    front-end bid automation and design processes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Expand our global sales presence in order to both further
    penetrate our existing markets and reach additional markets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Capitalize on the strength of the Graham brand in order to both
    win more business in our traditional markets and penetrate other
    markets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Examine acquisition and organic growth opportunities to expand
    and complement our core business, including opportunities to
    extend our existing product lines and opportunities to move into
    complementary product lines.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A more detailed description of both our business and results of
operations is contained in our annual report on Form&nbsp;10-K
for our fiscal year ended March&nbsp;31, 2005, our annual report
on Form&nbsp;10-K/A for our fiscal year ended March&nbsp;31,
2005, and in our quarterly report on Form&nbsp;10-Q for our
quarter ended June&nbsp;30, 2005, each of which accompanies this
prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our principal executive offices and our manufacturing facilities
are located at 20&nbsp;Florence Avenue, Batavia, New York 14020.
Our telephone number is (585)&nbsp;343-2216 and our website
address is <I>www.graham-mfg.com</I>. Information contained on
our website is not a part of this prospectus.
</DIV>

<P align="center" style="font-size: 10pt;">5

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt;">
<A name='105'></A>
</DIV>

<!-- link1 "THE OFFERING" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>THE OFFERING</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt;">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    Securities offered</TD>
    <TD></TD>
    <TD valign="top">
    99,123&nbsp;shares of our common stock, par value $0.10&nbsp;per
    share.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Stock split</TD>
    <TD></TD>
    <TD valign="top">
    Our board of directors has approved a two-for-one stock split in
    the nature of a dividend with a record date of September&nbsp;1,
    2005 and a payment date of on or about October&nbsp;3, 2005. The
    shares of common stock being offered pursuant to this prospectus
    will be subject to the stock split and, on or about
    October&nbsp;3, 2005, the 99,123&nbsp;shares being offered
    hereby will be adjusted to 198,246&nbsp;shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Shares outstanding before this offering</TD>
    <TD></TD>
    <TD valign="top">
    1,799,882&nbsp;shares (3,599,764&nbsp;shares after giving effect
    to our two-for-one stock split).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Shares outstanding after this offering</TD>
    <TD></TD>
    <TD valign="top">
    1,899,005&nbsp;shares (3,798,010&nbsp;shares after giving effect
    to our two-for-one stock split).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Use of proceeds</TD>
    <TD></TD>
    <TD valign="top">
    General corporate and working capital purposes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Risk factors</TD>
    <TD></TD>
    <TD valign="top">
    An investment in our common stock involves a high degree of
    risk. You should read the &#147;Risk Factors&#148; section
    beginning on page&nbsp;7 of this prospectus (along with the
    documents incorporated by reference into this prospectus) to
    ensure that you understand the risks associated with a purchase
    of our common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Terms of the sale</TD>
    <TD></TD>
    <TD valign="top">
    The terms of sale for the shares of common stock covered by this
    prospectus will be determined at the time of their sale.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    AMEX symbol</TD>
    <TD></TD>
    <TD valign="top">
    &#147;GHM&#148;</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt;">6

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<DIV align="left" style="font-size: 10pt;">
<A name='106'></A>
</DIV>

<!-- link1 "RISK FACTORS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RISK FACTORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>You should carefully consider the risks described below
before making a decision to invest in our common stock being
offered pursuant to this prospectus. You should also refer to
the other information contained in this prospectus, including
the information incorporated by reference, before making an
investment decision. Additional risks and uncertainties not
currently known to us or that we currently deem immaterial also
may impair our business and results of operations.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>If any of the following events occur, our business could be
seriously harmed. In such case, the value of your investment in
our common stock may decline and you could lose all or part of
your investment.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>Risks related to our business</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>The industries in which we operate are cyclical, and
downturns in such industries may adversely affect our operating
results.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Historically, a substantial portion of our revenue has been
derived from sales of our products to companies in the chemical,
petrochemical, petroleum refining and power generating
industries, or to firms that design and construct facilities for
these industries. The core industries in which our products are
used are, to varying degrees, cyclical and have historically
experienced severe downturns. Although we are currently in an
upturn of demand for our products in the petrochemical,
petroleum refining and power generating industries, a downturn
in one or more of these industries could occur at any time. In
the event of such a downturn, we have no way of knowing if, when
and to what extent there might be a recovery. A deterioration in
any of the cyclical industries we serve would harm our business
and operating results because our customers would not likely
have the resources necessary to purchase our products nor would
they likely have the need to build additional facilities or
improve existing facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Our international sales operations are subject to
uncertainties that could harm our business.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that revenue from the sale of our products outside
the United States will continue to account for a material
portion of our total revenue for the foreseeable future. For the
year ended March&nbsp;31, 2005, our sales to geographic regions
were as follows: 61%&nbsp;&#151; United States; 15%&nbsp;&#151;
Asia; 9%&nbsp;&#151; Canada; 7%&nbsp;&#151; Mexico and South
America; 4%&nbsp;&#151; Middle East; and 4%&nbsp;&#151; various
other regions. No sales to the Middle East were to Libya, Iran,
Sudan or Syria. We have invested significant resources in
developing and maintaining our international sales operations
and presence and we intend to continue to make such investments
in the future. Our international sales operations are subject to
numerous risks, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    it may be difficult to enforce agreements and collect
    receivables through some foreign legal systems;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    foreign customers may have longer payment cycles than customers
    in the United States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    tax rates in some foreign countries may exceed those of the
    United States and foreign earnings may be subject to withholding
    requirements or the imposition of tariffs, exchange controls or
    other restrictions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    general economic and political conditions in the countries where
    we sell our products may have an adverse effect on our sales in
    those countries or not be favorable to our growth strategy;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    foreign governments may adopt regulations or take other actions
    that could directly or indirectly harm our business and growth
    strategy;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    it may be difficult to enforce intellectual property rights in
    some foreign countries.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any one of the above could harm our business and results of
operations. In addition, we are exposed to the risk of currency
fluctuations between the dollar and the currencies of the
countries in which we sell our products to the extent that such
sales are not based on dollars. As such, fluctuations in
currency exchange rates which cause the value of the dollar to
increase could have an adverse effect on the profitability of
our business. While we enter into currency exchange rate hedges
from time to time to mitigate these types of fluctuations, we
cannot remove all fluctuations or hedge all exposures and our
earnings are impacted by changes in currency exchange rates.
</DIV>

<P align="center" style="font-size: 10pt;">7

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>If we fail to introduce enhancements to our existing products
or to keep abreast of technological changes in our markets, our
business and results of operations could be adversely
effected.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although technologies in the vacuum and heat transfer areas are
well-established, we believe our future success depends in part
on our ability to enhance our existing products and develop new
products in order to continue to meet customer demands. Our
failure to introduce new or enhanced products on a timely and
cost-competitive basis, or the development of processes that
make our existing technologies or products obsolete, could harm
our business and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>The loss of any of our senior executive officers or our
inability to hire additional qualified management personnel
could harm our business.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are dependent to a large degree on the services of William C.
Johnson, our president and chief executive officer,
J.&nbsp;Ronald Hansen, our vice president of finance and
administration and chief financial officer, James&nbsp;R. Lines,
our vice president and general manager, and Stephen &nbsp;P.
Northrup, our vice president and chief technology officer. Our
operations may suffer if we were to lose the services of any of
our senior executive officers. With the exception of
Mr.&nbsp;Lines, we do not maintain key person insurance on any
of our senior executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, competition for qualified management in our
industry is intense. Many of the companies with which we compete
for management personnel have greater financial and other
resources than we do or are located in geographic areas which
may be considered by some to be more desirable places to live.
If we are not able to retain qualified management personnel or
if a significant number of them were to leave our employ, our
business could be harmed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Our business is highly competitive. If we are unable to
successfully implement our business strategy, we risk losing
market share to current and future competitors.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Some of our present and potential competitors have or may have
substantially greater financial, marketing, technical or
manufacturing resources. Our competitors may also be able to
respond more quickly to new technologies or processes and
changes in customer demands. They may also be able to devote
greater resources to the development, promotion and sale of
their products than we can. In addition, our current and
potential competitors may make strategic acquisitions or
establish cooperative relationships among themselves or with
third parties that increase their ability to address the needs
of our existing customers. If we cannot compete successfully
against current or future competitors, our business will be
harmed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>If we are unable to make necessary capital investments, our
business may be harmed.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In order to remain competitive, we need to invest continuously
in research and development, manufacturing, customer service and
support, and marketing. From time to time we also have to adjust
the prices of our products to remain competitive. We may not
have available sufficient financial or other resources to
continue to make investments necessary to maintain our
competitive position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>If third parties infringe our intellectual property or if we
were to infringe the intellectual property of third parties, we
may expend significant resources enforcing or defending our
rights or suffer competitive injury.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our success depends in part on our proprietary technology. We
rely on a combination of patent, copyright, trademark, trade
secret laws and confidentiality provisions to establish and
protect our proprietary rights. If we fail to successfully
enforce our intellectual property rights, our competitive
position could suffer. We may also be required to spend
significant resources to monitor and police our intellectual
property rights. Similarly, if we were to infringe on the
intellectual property rights of others, our competitive position
could suffer. Furthermore, other companies may develop
technologies that are similar or superior to our technologies,
duplicate or reverse engineer our technologies or design around
our patents.
</DIV>

<P align="center" style="font-size: 10pt;">8

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In some instances, litigation may be necessary to enforce our
intellectual property rights and protect our proprietary
information, or to defend against claims by third parties that
our products infringe their intellectual property rights. Any
litigation or claims brought by or against us, whether with or
without merit, could result in substantial costs to us and
divert the attention of our management, which could harm our
business and results of operations. In addition, any
intellectual property litigation or claims against us could
result in the loss or compromise of our intellectual property
and proprietary rights, subject us to significant liabilities,
require us to seek licenses on unfavorable terms, prevent us
from manufacturing or selling certain products or require us to
redesign certain products, any of which could harm our business
and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>A decrease in supply or increase in cost of the materials
used in our products could harm our profitability.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any restrictions on the supply or the increase in the cost of
the materials used by us in manufacturing our products could
significantly reduce our profit margins. Efforts to mitigate
restrictions on the supply or price increases of materials by
entering into long-term purchase agreements, by implementing
productivity improvements or by passing cost increases on to our
customers may not be successful. Our profitability depends
largely on the price and continuity of supply of the materials
used in the manufacture of our products, which in many instances
are supplied by a limited number of sources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>We face potential liability from asbestos exposure and
similar claims.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are a defendant in several lawsuits alleging illnesses from
exposure to asbestos or asbestos-containing products and seeking
unspecified compensatory and punitive damages. We cannot predict
with certainty the outcome of these lawsuits or whether we could
become subject to any similar, related or additional lawsuits in
the future. In addition, because some of our products are used
in systems that handle toxic or hazardous substances, any
failure or alleged failure of our products in the future could
result in litigation against us. Any litigation brought against
us, whether with or without merit, could result in substantial
costs to us as well as divert the attention of our management,
which could harm our business and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Changes in accounting standards, legal requirements and
American Stock Exchange listing standards, or our inability to
comply with any existing requirements or standards, could
adversely affect our operating results.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Extensive reforms relating to public company financial
reporting, corporate governance and ethics, American Stock
Exchange listing standards and oversight of the accounting
profession have been implemented over the past several years.
Compliance with the new rules, regulations and standards that
have resulted from such reforms has increased our accounting and
legal costs and has required significant management time and
attention. In the event that additional rules, regulations or
standards are implemented or any of the existing rules,
regulations or standards to which we are subject undergo
additional material modification, we could be forced to spend
significant financial and management resources to ensure our
continued compliance, which could have an adverse effect on our
results of operations. In addition, although we believe that we
are in full compliance with all such existing rules, regulations
and standards, should we be or become unable to comply with any
of such rules, regulations and standards, as they presently
exist or as they may exist in the future, our results of
operations could be adversely effected and the market price of
our common stock could decline.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>Risks related to the ownership of our common stock</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Provisions contained in our certificate of incorporation,
bylaws and our stockholder rights plan could impair or delay
stockholders&#146; ability to change our management and could
discourage takeover transactions that our stockholders might
consider to be in their best interests.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Provisions of our certificate of incorporation and bylaws, as
well as our stockholder rights plan, could impede attempts by
our stockholders to remove or replace our management and could
discourage others from initiating a potential merger, takeover
or other change of control transaction, including a potential
transaction
</DIV>

<P align="center" style="font-size: 10pt;">9

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<DIV align="left" style="font-size: 10pt;">
at a premium over the market price of our common stock, that our
stockholders might consider to be in their best interests. For
example:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B>We could issue shares of preferred stock with terms adverse
    to our common stock.</B> Under our certificate of incorporation,
    our board of directors is authorized to issue shares of
    preferred stock and to determine the rights, preferences and
    privileges of such shares without obtaining any further approval
    from the holders of our common stock. Up to 440,000 of such
    undesignated shares of preferred stock are presently eligible
    for issuance. We could issue shares of preferred stock with
    voting and conversion rights that adversely affect the voting
    power of the holders of our common stock, or that have the
    effect of delaying or preventing a change in control of our
    company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B>We maintain a stockholder rights, or &#147;poison pill,&#148;
    plan.</B> Our stockholder rights plan has the effect of
    discouraging any person or group that wishes to acquire 15% or
    more of our common stock from doing so without obtaining our
    agreement because such acquisition would cause such person or
    group to suffer substantial dilution. Such plan may have the
    effect of discouraging a change in control transaction that our
    stockholders would otherwise consider to be in their best
    interests.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B>Only a minority of our directors may be elected in a given
    year.</B> Our bylaws provide for a classified board of
    directors, with only one-third of our board elected each year.
    This provision makes it more difficult to effect a change of
    control because at least two annual stockholder meetings are
    necessary to replace a majority of our directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B>Our bylaws contain advance notice requirements.</B> Our
    bylaws provide that any stockholder who wishes to bring business
    before an annual meeting of our stockholders or to nominate
    candidates for election as directors at an annual meeting of our
    stockholders must deliver advance notice of their proposals to
    us before the meeting. Such advance notice provisions may have
    the effect of making it more difficult to introduce business at
    stockholder meetings or nominate candidates for election as
    director.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B>Our certificate of incorporation requires supermajority
    voting to approve a change of control transaction.</B> 75% of
    our outstanding shares entitled to vote are required to approve
    any merger, consolidation, sale of all or substantially all of
    our assets and similar transactions if the other party to such
    transaction owns 5% or more of our shares entitled to vote. In
    addition, a majority of the shares entitled to vote not owned by
    such 5% or greater stockholder are also required to approve any
    such transaction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B>Amendments to our certificate of incorporation require
    supermajority voting.</B> Our certificate of incorporation
    contains provisions that make its amendment require the
    affirmative vote of both 75% of our outstanding shares entitled
    to vote and a majority of the shares entitled to vote not owned
    by any person who may hold 50% or more of our shares unless the
    proposed amendment was previously recommended to our
    stockholders by an affirmative vote of 75% of our board. This
    provision makes it more difficult to implement a change to our
    certificate of incorporation that stockholders might otherwise
    consider to be in their best interests without approval of our
    board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B>Amendments to our bylaws require supermajority voting.</B>
    Although our board of directors is permitted to amend our bylaws
    at any time, our stockholders may only amend our bylaws upon the
    affirmative vote of both 75% of our outstanding shares entitled
    to vote and a majority of the shares entitled to vote not owned
    by any person who owns 50% or more of our shares. This provision
    makes it more difficult for our stockholders to implement a
    change they may consider to be in their best interests without
    approval of our board.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Our stock price may be volatile because of factors beyond our
control.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The market price of our common stock may fluctuate significantly
in response to a number of factors, many of which are beyond our
control, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    variations in our revenue and operating results from quarter to
    quarter;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    developments or downturns in the industries in which we do
    business;</TD>
</TR>

</TABLE>

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our ability to obtain and/or maintain securities analyst
    coverage;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    changes in securities analysts&#146; recommendations or
    estimates of our financial performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    changes in market valuations of companies similar to ours;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    announcements by our competitors of significant contracts, new
    offerings, acquisitions, commercial relationships, joint
    ventures or capital commitments;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    general economic conditions.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the past, companies that have experienced volatility in the
market price of their stock have been subject to securities
class action litigation. A securities class action lawsuit
against us, regardless of its merit, could result in substantial
costs to us and divert the attention of our management, which in
turn could harm our business and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>This offering will result in additional shares of our common
stock being registered, which may depress the market price of
our common stock.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of September&nbsp;14, 2005, the number of outstanding shares
of our common stock freely tradable on the American Stock
Exchange was approximately 1,799,882 (3,599,764 as adjusted to
reflect our stock split). After giving effect to this offering,
the number of outstanding shares of our common stock will
increase to 1,899,005 (3,798,010 as adjusted to reflect our
stock split).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because the sale of the shares of our common stock in this
offering will increase the number of our freely tradeable
shares, the issuance of such shares could have a depressive
effect on the market price of our common stock.
</DIV>

<P align="center" style="font-size: 10pt;">11

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<DIV align="left" style="font-size: 10pt;">
<A name='107'></A>
</DIV>

<!-- link1 "PRICE RANGE OF OUR COMMON STOCK" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PRICE RANGE OF OUR COMMON STOCK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our common stock is traded on the American Stock Exchange under
the symbol &#147;GHM&#148;. The following table shows the high
and low per share prices of our common stock for the periods
indicated, as reported by the American Stock Exchange. The
following table does not take into account the effect on the
price of our common stock of our two-for-one stock split with a
record date of September&nbsp;1, 2005 and a payment date of on
or about October&nbsp;3, 2005.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>High</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Low</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Fiscal year ended March&nbsp;31, 2002</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    First Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>12.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7.80</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Second Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Third Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.80</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fourth Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.75</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="10">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Fiscal year ended March&nbsp;31, 2003</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    First Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.05</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Second Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8.10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Third Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.84</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fourth Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.50</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="10">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Fiscal year ended March&nbsp;31, 2004</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    First Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.06</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Second Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8.35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Third Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8.65</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fourth Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="10">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Fiscal year ended March&nbsp;31, 2005</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    First Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.70</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Second Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.95</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Third Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.40</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fourth Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12.77</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="10">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Fiscal year ending March&nbsp;31, 2006</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    First Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>27.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>16.55</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The last reported price for our common stock on the American
Stock Exchange on September&nbsp;27, 2005, was $40.00&nbsp;per
share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of September&nbsp;14, 2005 there were approximately 1,450
holders of shares of our common stock.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='108'></A>
</DIV>

<!-- link1 "DIVIDEND POLICY" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DIVIDEND POLICY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have declared cash dividends of $0.05 (adjusted to
$0.025&nbsp;per share to reflect our stock split) per share on
our common stock quarterly since September&nbsp;30, 2002. There
can be no assurance that we will pay cash dividends in any
future period or that the level of cash dividends paid by us
will remain constant.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='109'></A>
</DIV>

<!-- link1 "CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus and the documents incorporated into this
prospectus by reference include &#147;forward-looking
statements&#148; within the meaning of Section&nbsp;27A of the
Securities Act of 1933, as amended, and Section&nbsp;21E of the
Securities Exchange Act of 1934, as amended. These statements
involve known and unknown risks, uncertainties and other factors
that may cause our actual results to be materially different from
</DIV>

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<DIV align="left" style="font-size: 10pt;">
any future results implied by the forward-looking statements.
Forward-looking statements include, but are not limited to,
statements about:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the current economic environment affecting us and the markets we
    serve;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our sources of revenue and anticipated revenue, including the
    contribution from the growth of new products and markets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our plans for future products and services and for enhancements
    of existing products and services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our estimates regarding our liquidity and capital requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our ability to attract or retain customers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the outcome of any existing or future litigation;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our intellectual property.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Forward-looking statements are usually accompanied by words such
as &#147;anticipate,&#148; &#147;believe,&#148;
&#147;estimate,&#148; &#147;may,&#148; &#147;intend,&#148;
&#147;expect&#148; and similar expressions. Important factors
that could cause our actual results to differ materially from
our forward-looking statements are set forth in this prospectus
under the heading &#147;Risk Factors&#148; and in the documents
incorporated into this prospectus by reference. Our
forward-looking statements represent our estimates and
assumptions only as of the date of this prospectus. Our actual
results could differ materially from historical results or those
implied by the forward-looking statements contained in this
prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You should not place undue reliance on these forward-looking
statements. Except as required by law, we undertake no
obligation to update or announce any revisions to our
forward-looking statements contained in this prospectus, whether
as a result of new information, future events or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='110'></A>
</DIV>

<!-- link1 "USE OF PROCEEDS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>USE OF PROCEEDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will receive all of the net proceeds from sales of the
shares. We intend to use these proceeds (which, if all of the
common stock being offered hereby is sold, would be
approximately $3,964,920, less any applicable discounts and
commissions to which we may agree, based on the closing price
per share of our common stock on the American Stock Exchange of
$40.00 on September&nbsp;27, 2005) for general corporate and
working capital purposes, including, but not limited to, the
purchase of computer software and manufacturing equipment we
believe may be necessary or desirable for us to retain our
competitive position. No portion of the proceeds from the sale
of the shares being offered pursuant to this prospectus has been
earmarked for a particular purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pending our use of the net proceeds, we intend to invest such
net proceeds in short-term direct obligations of the United
States or federal agencies, in each case with maturities of less
than one year, short-term certificates of deposit or other time
deposits with banks, or corporate bonds with a Moody&#146;s or
Standard and Poor&#146;s investment grade rating.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='111'></A>
</DIV>

<!-- link1 "PLAN OF DISTRIBUTION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PLAN OF DISTRIBUTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We plan to sell the common stock being registered pursuant to
this prospectus at negotiated prices related to market prices in
privately negotiated transactions consummated off the floor of
the American Stock Exchange. No period of time has been fixed
within which the shares must be offered or sold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may sell some or all of the shares directly to purchasers
without the assistance of any broker-dealer. We may also sell
some or all of the shares in transactions involving
broker-dealers, who may act as agent or acquire the shares as
principal. As of the date of this prospectus, we have not
entered into any agreement or understanding with any
broker-dealer regarding the sale of any of the shares. Any
broker-dealer participating in these transactions as agent may
receive commissions from us (and, if the broker-dealer acts as
agent for the purchaser of those shares, from such purchaser as
well). A broker-dealer may also agree with us to sell a
</DIV>

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<DIV align="left" style="font-size: 10pt;">
specified number of shares at a stipulated price per share and,
to the extent unable to do so acting as an agent for us, to
purchase as principal any unsold shares at the price required to
fulfill its commitment to us. A broker-dealer who acquires
shares as a principal may thereafter resell those shares from
time to time in transactions at market prices prevailing at the
time of sale in the case of transactions consummated on the
floor of the American Stock Exchange, or at negotiated prices
related to the market price in the case of privately negotiated
transactions consummated off the floor of the American Stock
Exchange, and may pay to or receive from the purchasers of such
shares commissions in connection with such resales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any broker-dealer that is involved in selling the shares may be
deemed to be an &#147;underwriter&#148; within the meaning of
the Securities Act, in connection with such sales. In such
event, any commissions received by such broker-dealer and any
profit on the resale of the shares purchased by such
broker-dealer may be deemed to be underwriting commissions or
discounts under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the time a particular offer is made, if required, a
supplement to this prospectus will be distributed or a
post-effective amendment to the registration statement will be
filed that will set forth the number of shares being offered and
the terms of the offering, including the purchase price, public
offering price, name(s) of any agents, broker-dealers, any
discounts, commissions and other items constituting compensation
from us and any discounts, commissions or concessions allowed or
reallowed or paid to broker-dealers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under applicable rules of the Securities Exchange Act of 1934,
as amended, any person engaged in a distribution of the shares
may be limited in its ability to engage in market making
activities with respect to our common stock prior to the
commencement of the distribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If required in order to comply with state securities laws, we
will sell the shares only through registered or licensed
broker-dealers. In addition, in some states the common stock may
not be sold unless it has been registered with the state or
qualified for sale or an exemption from registration or
qualification requirements is available and is complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will maintain the effectiveness of the registration statement
of which this prospectus is a part for so long as, in our sole
opinion, we deem it necessary to accomplish our purposes.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='112'></A>
</DIV>

<!-- link1 "DESCRIPTION OF SECURITIES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DESCRIPTION OF SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our authorized capital stock is 6,500,000&nbsp;shares,
consisting of 6,000,000&nbsp;shares of common stock,
$0.10&nbsp;par value, and 500,000&nbsp;shares of preferred
stock, $1.00&nbsp;par value, of which 60,000&nbsp;shares have
been designated series&nbsp;A junior participating preferred
stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Common Stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of September&nbsp;14, 2005, we had 1,899,005&nbsp;shares of
our common stock issued and outstanding (or
3,798,010&nbsp;shares of common stock after giving effect to our
two-for-one stock split in the nature of a dividend with a
record date of September&nbsp;1, 2005 and a payment date on or
about October&nbsp;3, 2005). Subject to the rights of any
preferred stock we may then have outstanding, the holders of our
common stock are entitled to receive dividends as may be
declared from time to time by our board of directors out of
funds legally available for the payment of dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The holders of our common stock are entitled to one vote per
share on all matters submitted to a vote of the stockholders and
do not have cumulative voting rights. Except as described below
or otherwise provided by law, at all meetings of stockholders,
all matters are determined by a vote of the holders of a
majority of the number of votes eligible to be cast by the
holders of the outstanding shares of our stock (including both
common stock and preferred stock) present at the meeting and
entitled to vote. Directors are elected by a plurality of the
votes cast by each class of shares entitled to vote at a meeting
of stockholders, present at the meeting and entitled to vote in
the election. We maintain a classified board of directors, with
one-third of our board being elected in any given year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to our certificate of incorporation, certain actions
require a 75% supermajority vote, including certain
extraordinary transactions (such as certain mergers,
consolidations or the sale of all or substantially all
</DIV>

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<DIV align="left" style="font-size: 10pt;">
of our assets) and the removal of directors. A 75% supermajority
vote is also required for any amendment to our certificate of
incorporation, unless recommended to our stockholders by the
affirmative vote of 75% of our entire board of directors. Unless
amended by our board of directors or by vote of our stockholders
upon a proposal recommended by our entire board of directors, an
amendment to our bylaws also requires a 75% supermajority vote.
If more than 50% of our stock is owned by any corporation,
person or other entity, certain actions also require the
affirmative vote of a majority of the holders of our shares
entitled to vote which are not owned by such majority
stockholder. Please also see the first risk factor of the
section of this prospectus entitled &#147;Risk
Factors&nbsp;&#151; Risks related to the ownership of our common
stock&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we are liquidated, dissolved or wound up, the holders of our
common stock are entitled to receive a pro rata portion of all
of our assets available for distribution to our stockholders
after we pay liquidation preferences to holders of any
outstanding shares of our series&nbsp;A junior participating
preferred stock or any other class of preferred stock that may
then be outstanding. Our outstanding shares of common stock are
fully paid and non-assessable. The holders of our common stock
have no preemptive, conversion or redemption rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of September&nbsp;14, 2005, an aggregate of
85,490&nbsp;shares of our common stock were reserved for
issuance under our stock option plans in connection with
exercisable options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Preferred Stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Series&nbsp;A junior participating preferred
stock.</I></B> As of the date of this prospectus,
60,000&nbsp;shares of our preferred stock have been designated
as series&nbsp;A junior participating preferred stock, and are
available for issuance under our stockholder rights plan, as
described in &#147;Stockholder rights plan&#148; below. No
series&nbsp;A junior participating preferred stock has been
issued or are outstanding. The remaining undesignated
440,000&nbsp;shares of our preferred stock may be issued as a
class, without series or, if so determined from time to time by
the board of directors, in one or more series. See &#147;Blank
check preferred stock&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any of our series&nbsp;A junior participating preferred stock
is issued, each share will entitle the holder to one hundred
votes on all matters submitted to a vote of our stockholders
(two hundred votes after giving effect to our stock split),
subject to further adjustment to protect against dilution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
When issued, each share of our series&nbsp;A junior
participating preferred stock will also entitle the holder to
quarterly dividends, if declared by our board of directors out
of funds legally available for such purpose. Such dividends will
accrue and be cumulative. If we declare a dividend or
distribution on our common stock (other than a dividend payable
in shares of our common stock), we will immediately be required
to declare a dividend or distribution on any issued and
outstanding series&nbsp;A junior participating preferred stock.
Whenever dividends to the holders of series&nbsp;A junior
participating preferred stock are in arrears, our ability to
declare or pay dividends, or make any other distributions, on
our common stock (or on any other stock that ranks junior to, or
on parity with, our series&nbsp;A junior participating preferred
stock, as to dividends or upon liquidation, dissolution or
winding up), and our ability to redeem or purchase or otherwise
acquire for consideration shares of any such stock, will be
prohibited or restricted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At any time that any shares of our series&nbsp;A junior
participating preferred stock are issued and outstanding, our
certificate of incorporation may not be amended in any manner,
nor may our board of directors take any action, which would
materially alter or change the powers, preferences or special
rights of the series&nbsp;A junior participating preferred stock
so as to affect them adversely without the affirmative vote of
the holders of at least three-fourths of the outstanding shares
of series&nbsp;A junior participating preferred stock, voting
together as a single class.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Blank check preferred stock.</I></B> Our board of
directors is authorized to determine, fix, alter or revoke any
and all of the rights, preferences, privileges and restrictions
and other terms of our undesignated preferred stock, including
voting powers, liquidation preferences, dividend rights,
conversion rights, rights and terms of redemption and other
rights, privileges, preferences and restrictions as shall be set
forth in the board&#146;s resolutions providing for the issuance
of such preferred stock. Our board of directors may issue shares
of preferred stock with voting and conversion rights that could
adversely affect the voting power of the holders of
</DIV>

<P align="center" style="font-size: 10pt;">15

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<DIV align="left" style="font-size: 10pt;">
our common stock and which may have the effect of delaying,
deferring or preventing a change in control of our company. No
further approval by our stockholders is needed to authorize our
issuance of undesignated shares of our preferred stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Stockholder Rights Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We adopted a stockholder rights plan in 2000. Under this plan,
one share purchase right has been attached to each share of our
issued and outstanding shares of common stock. When and if these
rights become exercisable, each right entitles the holder of a
share of our common stock to purchase from us one one-hundredth
(1/100) interest in a share of series&nbsp;A junior
participating preferred stock at a price of $45, subject to
adjustment to protect against dilution (including an adjustment
which will be made to give effect to our stock split). These
rights become exercisable if a person or group of affiliated
persons, referred to as an acquiring person, either acquires 15%
or more of our outstanding common stock, or commences a tender
offer for 15% or more of our outstanding common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that someone becomes an acquiring person, each
holder of a share purchase right, other than any rights
beneficially owned by the acquiring person (i.e., the person
whose ownership of 15% or more common stock caused the share
purchase rights to become exercisable), will have the right to
receive upon exercise a number of shares of our common stock
having a market value of twice the purchase price of the share
purchase right. In the event that we are acquired in a merger or
other business combination transaction, or 50% or more of our
consolidated assets or earning power is sold, each holder of a
share purchase right, other than any rights beneficially owned
by an acquiring person, will have the right to receive, upon
exercise, a number of shares of common stock of the acquiring
corporation that at the time of the transaction has a market
value of two times the purchase price of the share purchase
right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may redeem the share purchase rights under our stockholder
rights plan for $.01&nbsp;per right at any time prior to the
acquisition of beneficial ownership of 15% or more of our
outstanding shares of common stock by an acquiring person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Transfer Agent and Registrar</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The transfer agent and registrar for our common stock is Mellon
Investor Services, LLC, 111&nbsp;Founders Plaza, East Hartford,
Connecticut 06108.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='113'></A>
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>LIMITATIONS ON LIABILITY AND INDEMNIFICATION MATTERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are a Delaware corporation. The corporate law of the state of
Delaware empowers a corporation to indemnify, subject to certain
limitations, any person who is a party to any action, suit, or
proceeding brought or threatened by reason of the fact that such
person was a director or officer of the corporation, or is or
was serving as such with respect to another entity at the
request of the corporation. Delaware law also provides that a
corporation may purchase insurance on behalf of any of its
directors and officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Delaware law further enables a corporation to provide in its
certificate of incorporation for the elimination or limitation
of the personal liability of a director to the corporation or
its stockholders for monetary damages for breach of fiduciary
duty as a director. However, no such provision can eliminate or
limit a director&#146;s liability: (i)&nbsp;for any breach of
director&#146;s duty of loyalty to the corporation or its
stockholders; (ii)&nbsp;for acts or omissions not in good faith
or which involve intentional misconduct or a knowing violation
of the law; (iii)&nbsp;for unlawful payment of dividends or
unlawful stock purchases or redemptions; or (iv)&nbsp;for any
transaction from which the director derived an improper personal
benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our certificate of incorporation provides that, to the fullest
extent permitted by Delaware law that: (i)&nbsp;our directors
shall not be liable to us or to any of our stockholders for
monetary damages for a breach of their fiduciary duties as a
directors; and (ii)&nbsp;that our directors and officers shall
be indemnified by us against any liabilities incurred by them in
their capacities as directors or officers, including the payment
by us of expenses incurred in the defense of a proceeding in
advance of its final disposition. Our certificate of
incorporation also provides that such rights to indemnification
shall not be exclusive of any other right which a director or
officer
</DIV>

<P align="center" style="font-size: 10pt;">16

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<DIV align="left" style="font-size: 10pt;">
of ours may have under any statute, provision of our certificate
of incorporation, bylaw, agreement, vote of our stockholders or
disinterested directors or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We maintain indemnification agreements with our directors as
well as with our chief executive officer. These agreements
provide that we shall pay on behalf of such directors and such
officer any amount which any of them becomes legally obligated
to pay because of any claim or because of any act or omission or
neglect or breach of duty, including any actual or alleged
error, misstatement or misleading statement, which such person
commits or suffers while acting in his or her official capacity
on our behalf, and solely because of his or her status as a
director or officer of ours. The payments we are obligated to
make under such indemnification agreements include damages,
judgments, settlements, and certain costs and expenses
(including attorneys fees). Notwithstanding the preceding, among
other limitations, we shall not be obligated to make any
indemnification payments in contravention of applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We provide directors&#146; and officers&#146; liability
insurance coverage for our directors and officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The effect of the above-described provisions and agreements is
to indemnify our directors and certain officers against all
costs and expenses incurred by them in connection with any
action, suit or proceeding in which they are involved by reason
of their affiliation with us, to the fullest extent permitted by
law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Currently, we are not aware of any pending litigation or
proceeding involving any of our directors or officers in which
indemnification would be required or permitted. Furthermore, we
are not aware of any threatened litigation or proceeding which
may result in a claim for such indemnification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and
controlling persons of ours based on the foregoing provisions,
or otherwise, we have been advised that, in the opinion of the
SEC, such indemnification is against public policy and is,
therefore, unenforceable.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='114'></A>
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>LEGAL MATTERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The validity of our common stock being offered pursuant to this
prospectus will be passed upon for us by Harter,
Secrest&nbsp;&#38; Emery LLP, Rochester, New York.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='115'></A>
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>EXPERTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated financial statements and related financial
statement schedule incorporated in this prospectus by reference
from our Annual Report on Form&nbsp;10-K for the fiscal year
ended March&nbsp;31, 2005 have been audited by
Deloitte&nbsp;&#38; Touche, LLP, an independent registered
public accounting firm, as stated in their reports (which
reports express an unqualified opinion and include an
explanatory paragraph relating to the change in accounting
method for construction-type contracts in 2005), which are
incorporated herein by reference, and have been so incorporated
in reliance upon the reports of such firm given upon their
authority as experts in accounting and auditing.
</DIV>

<P align="center" style="font-size: 10pt;">17
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<DIV align="center" style="font-size: 2pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You should rely only on the information contained in this
prospectus. We have not authorized anyone to provide you with
information different from that contained in this prospectus. We
are offering to sell and seeking offers to buy, shares of our
common stock only in those jurisdictions where offers and sales
are permitted. The information contained in this prospectus is
accurate only as of the date of this prospectus, regardless of
the time of delivery of this prospectus or any sale of our
common stock.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="l16028al1602890.gif" alt="(GRAPH)">
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>GRAHAM CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>99,123&nbsp;Shares of Common Stock</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 31%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROSPECTUS</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 31%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Subject to completion, dated September&nbsp;28, 2005
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 17pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART&nbsp;II</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;14.</B></TD>
    <TD>
    <B><I>Other Expenses of Issuance and Distribution</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth the costs and expenses in
connection with the sale and distribution of the securities
being registered hereby, other than underwriting discounts and
commissions. All of the amounts shown are estimates except the
Securities and Exchange Commission registration fees.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>To be Paid by</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>the Registrant</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    SEC registration fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>465</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    State registration fees</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounting fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>30,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legal fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Transfer Agent and registrar fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Printing and engraving expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Miscellaneous expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>66,965</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;15.</B></TD>
    <TD>
    <B><I>Indemnification of Directors and Officers</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section&nbsp;145 of the Delaware General Corporation Law (the
&#147;DGCL&#148;) empowers a corporation to indemnify, subject
to the standards set forth therein, any person who is a party to
any action in connection with any action, suit, or proceeding
brought or threatened by reason of the fact that the person was
a director, officer, employee or agent of the corporation, or is
or was serving as such with respect to another entity at the
request of the corporation. The DGCL also provides that a
corporation may purchase insurance on behalf of any such
director, officer, employee or agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section&nbsp;102(b)(7) of the DGCL enables a corporation to
provide in its certificate of incorporation for the elimination
or limitation of the personal liability of a director to the
corporation or its stockholders for monetary damages for breach
of fiduciary duty as a director. Any such provision cannot
eliminate or limit a director&#146;s liability: (1)&nbsp;for any
breach of director&#146;s duty of loyalty to the corporation or
its stockholders; (2)&nbsp;for acts or omissions not in good
faith or which involve intentional misconduct or a knowing
violation of the law; (3)&nbsp;under Section&nbsp;174 of the
DGCL (which imposes liability on directors for unlawful payment
of dividends or unlawful stock purchase or redemption); or
(4)&nbsp;for any transaction from which the director derived an
improper personal benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Article&nbsp;Fourteenth of the Registrant&#146;s Certificate of
Incorporation (the &#147;Certificate of Incorporation&#148;)
provides that, to the fullest extent permitted by the DGCL, a
director of the Registrant shall not be liable to the Registrant
or to any of its stockholders for monetary damages for breach of
fiduciary duty as a director. Article&nbsp;Fourteenth of the
Certificate of Incorporation also provides that a director or
officer of the Registrant shall be indemnified by the Registrant
against any liabilities incurred in his capacity as a director
or officer, such indemnification to include payment by the
Registrant of expenses incurred in defending a proceeding in
advance of its final disposition, to the fullest extent
permitted by the DGCL or as may be provided by written agreement
with the Registrant. The Certificate of Incorporation also
provides that such rights to indemnification shall not be
exclusive of any other right which a director or officer may
have under any statute, provision of the Certificate of
Incorporation, bylaw, agreement, vote of stockholders or
disinterested directors or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Registrant maintains indemnification agreements with its
directors and with its chief executive officer. These agreements
provide that the Registrant shall pay on behalf of such
directors and such officer any amount which any such director or
officer becomes legally obligated to pay because of any claim or
claims made against him or her or because of any act or omission
or neglect or breach of duty, including any actual or
</DIV>

<P align="center" style="font-size: 10pt;">II-1

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
alleged error or misstatement or misleading statement, which
such person commits or suffers while acting in his or her
capacity as a director or officer of the Registrant, and solely
because of his or her status as a director or officer of the
Registrant. The payments which the Registrant is obligated to
make under such indemnification agreements include damages,
judgments, settlements, and certain costs and expenses
(including attorneys fees and costs of attachment or similar
bonds). Notwithstanding the preceding, among other limitations,
the Registrant shall not be obligated to make any
indemnification payments in contravention of applicable laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Registrant provides directors&#146; and officers&#146;
liability insurance coverage for its directors and officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The effect of the above-described provisions and agreements is
to indemnify the directors and certain officers of the
Registrant against all costs and expenses of liability incurred
by them in connection with any action, suit or proceeding in
which they are involved by reason of their affiliation with the
Registrant, to the fullest extent permitted by law.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;16.</B></TD>
    <TD>
    <B><I>Exhibits</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following exhibits are filed with this Registration
Statement:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Exhibit Title</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*4</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Incorporation, as amended, of Graham Corporation.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Bylaws of Graham Corporation (filed as Exhibit&nbsp;3(ii) to the
    Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the
    quarter ended June&nbsp;30, 2004 and incorporated herein by
    reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Stockholder Rights Plan of Graham Corporation (filed as
    Exhibit&nbsp;99.3 to the Registrant&#146;s Form&nbsp;8-A filed
    on September&nbsp;15, 2000 and incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Credit Facility Agreement between Graham
    Corporation and Bank of America, N.A. dated as of July&nbsp;12,
    2005, including form of Amended and Restated Revolving Line Note
    (filed as Exhibit&nbsp;4.1 to the Registrant&#146;s Current
    Report on Form&nbsp;8-K dated July&nbsp;12, 2005 and
    incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*5</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Opinion of Harter, Secrest&nbsp;&#38; Emery LLP.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    1989 Stock Option and Appreciation Rights Plan of Graham
    Corporation (filed with the Registrant&#146;s Proxy Statement
    for its 1990 Annual Meeting of Stockholders and incorporated
    herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    1995 Graham Corporation Incentive Plan to Increase Stockholder
    Value (filed with the Registrant&#146;s Proxy Statement for its
    1996 Annual Meeting of Stockholders and incorporated herein by
    reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    2000 Graham Corporation Incentive Plan to Increase Stockholder
    Value (filed with the Registrant&#146;s Proxy Statement for its
    2001 Annual Meeting of Stockholders and incorporated herein by
    reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Long-Term Stock Ownership Plan of Graham Corporation (filed with
    the Registrant&#146;s Proxy Statement for its 2000 Annual
    Meeting of Stockholders and incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Graham Corporation Outside Directors&#146; Long-Term Incentive
    Plan (filed as Exhibit&nbsp;10.1 to the Registrant&#146;s
    Current Report on Form&nbsp;8-K dated March&nbsp;3, 2005 and
    incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Contracts between Graham Corporation and Named
    Executive Officers (filed as Exhibit&nbsp;10.4 to the
    Registrant&#146;s Annual Report on Form&nbsp;10-K for the fiscal
    year ended March&nbsp;31, 1998 and Exhibit&nbsp;10.2 to
    Registrant&#146;s Current Report on Form&nbsp;8-K dated
    November&nbsp;29, 2004 and incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Senior Executive Severance Agreements with Named Executive
    Officers (filed as Exhibit&nbsp;10.5 to the Registrant&#146;s
    Annual Report on Form&nbsp;10-K for the fiscal year ended
    March&nbsp;31, 1998 and incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Director Indemnification Agreement (filed as
    Exhibit&nbsp;10.1 to the Registrant&#146;s Quarterly Report on
    Form&nbsp;10-Q for the quarter ended December&nbsp;31, 2004 and
    incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Indemnification Agreement dated January&nbsp;19, 2005 between
    William C. Johnson and Graham Corporation (filed as
    Exhibit&nbsp;10.1 to Registrant&#146;s Current Report on
    Form&nbsp;8-K dated January&nbsp;19, 2005 and incorporated
    herein by reference).</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">II-2

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Exhibit Title</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*13</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    2005 Annual Report to Stockholders (includes the
    Registrant&#146;s Annual Report on Form&nbsp;10-K for its fiscal
    year ended March&nbsp;31, 2005 filed on June&nbsp;23, 2005, as
    amended by the Registrant&#146;s Annual Report on
    Form&nbsp;10-K/A filed on September&nbsp;22, 2005, each of which
    (excluding exhibits thereto) is incorporated herein by
    reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*13</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Graham Corporation&#146;s Quarterly Report on Form&nbsp;10-Q for
    the quarter ended June&nbsp;30, 2005 (filed by the Registrant on
    August&nbsp;3, 2005 and (excluding exhibits thereto)
    incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*23</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Deloitte&nbsp;&#38; Touche LLP.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*23</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of consent of Harter, Secrest&nbsp;&#38; Emery LLP
    (contained in Exhibit&nbsp;5.1 above).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Power of Attorney (included on signature page hereof).</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>*&nbsp;</TD>
    <TD align="left">
    filed herewith</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;17.</B></TD>
    <TD>
    <B><I>Undertakings</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned Registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    1.&nbsp;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;To include any prospectus required by
    section&nbsp;10(a)(3) of the Securities Act of 1933;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&nbsp;424(b) if, in the aggregate, the changes in volume and
    price represent no more than a 20% change in the maximum
    aggregate offering price set forth in the &#147;Calculation of
    Registration Fee&#148; table in the effective registration
    statement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (c)&nbsp;To include any material information with respect to the
    plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    2.&nbsp;That, for the purpose of determining any liability under
    the Securities Act, each such post-effective amendment shall be
    deemed to be a new registration statement relating to the
    securities offered therein, and the offering of such securities
    at that time shall be deemed to be the initial bona fide
    offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    3.&nbsp;To remove from registration by means of a post-effective
    amendment any of the securities being registered which remain
    unsold at the termination of the offering.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    4.&nbsp;The undersigned Registrant hereby undertakes to deliver
    or cause to be delivered with the prospectus, to each person to
    whom the prospectus is sent or given, the latest annual report
    to security holders that is incorporated by reference in the
    prospectus and furnished pursuant to and meeting the
    requirements of Rule&nbsp;14a-3 or Rule&nbsp;14c-3 under the
    Securities Exchange Act of 1934; and, where interim financial
    information required to be presented by Article&nbsp;3 of
    Regulation&nbsp;S-X is not set forth in the prospectus, to
    deliver, or cause to be delivered, to each person to whom the
    prospectus is sent or given, the latest quarterly report that is
    specifically incorporated by reference in the prospectus to
    provide such interim financial information.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5.&nbsp;Insofar as indemnification for liabilities arising under
    the Securities Act may be permitted to directors, officers, and
    controlling persons of the Registrant pursuant to the foregoing
    provisions, or</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">II-3

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    otherwise, the Registrant has been advised that in the opinion
    of the Securities and Exchange Commission such indemnification
    is against public policy as expressed in the Securities Act and
    is, therefore, unenforceable. In the event that a claim for
    indemnification against such liabilities (other than the payment
    by the Registrant of expenses incurred or paid by a director,
    officer, or controlling person of the Registrant in the
    successful defense of any action, suit, or proceeding) is
    asserted by such director, officer, or controlling person in
    connection with the securities being registered, the Registrant
    will, unless in the opinion of its counsel the matter has been
    settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Securities Act and will be governed by the final
    adjudication of such issue.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    6.&nbsp;The undersigned Registrant hereby undertakes that:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;For purposes of determining any liability under the
    Securities Act, the information omitted from the form of
    prospectus filed as part of this registration statement in
    reliance upon Rule&nbsp;430A and contained in a form of
    prospectus filed by the Registrant pursuant to
    Rule&nbsp;424(b)(1) or (4)&nbsp;or 497(h) under the Securities
    Act shall be deemed to be part of the registration statement as
    of the time it was declared effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;For the purposes of determining any liability under the
    Securities Act, each post-effective amendment that contains a
    form of prospectus shall be deemed to be a new registration
    statement relating to the securities offered therein, and the
    offering of such securities at that time shall be deemed to be
    the initial bona fide offering thereof.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">II-4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on
Form&nbsp;S-2 and has duly caused this Registration Statement to
be signed on its behalf by the undersigned, thereunto duly
authorized in the City of Batavia, State of New York, on
September&nbsp;28, 2005.
</DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>GRAHAM CORPORATION</B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="center">
    /s/ William C. Johnson</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    William C. Johnson</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>President and Chief Executive Officer</I></TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>POWER OF ATTORNEY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints William&nbsp;C. Johnson
and J.&nbsp;Ronald Hansen, jointly and severally, his or her
true and lawful attorneys-in-fact and agents, each with full
power of substitution and resubstitution, for him or her and in
his or her name, place and stead, in any and all capacities, to
sign any and all amendments to this Registration Statement, and
to file the same, with exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and
each of them, full power and authority to do and perform each
and every act and thing requisite or necessary to be done in and
about the premises, as fully to all intents and purposes as he
or she might or could do in person, hereby ratifying and
confirming all that each of said attorneys-in-fact and agents,
or his substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Date</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">William C. Johnson<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></FONT>William
    C. Johnson</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    President, Chief Executive Officer and Director<BR>
    (Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;28, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">J. Ronald Hansen<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></FONT>J.
    Ronald Hansen</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Chief Financial Officer<BR>
    (Principal Financial and Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;28, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Jerald D. Bidlack<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></FONT>Jerald
    D. Bidlack</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;28, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Helen H. Berkeley<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></FONT>Helen
    H. Berkeley</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;28, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">William C.
    Denninger<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></FONT>William
    C. Denninger</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;28, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">H. Russel Lemcke<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></FONT>H.
    Russel Lemcke</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;28, 2005</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">II-5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Date</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">James J. Malvaso<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></FONT>James
    J. Malvaso</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;28, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Cornelius S. Van
    Rees<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></FONT>Cornelius
    S. Van Rees</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;28, 2005</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">II-6

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Exhibit Index</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Exhibit Title</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*4</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Incorporation, as amended, of Graham Corporation.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Bylaws of Graham Corporation (filed as Exhibit&nbsp;3(ii) to the
    Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the
    quarter ended June&nbsp;30, 2004 and incorporated herein by
    reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Stockholder Rights Plan of Graham Corporation (filed as
    Exhibit&nbsp;99.3 to the Registrant&#146;s Form&nbsp;8-A filed
    on September&nbsp;15, 2000 and incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Credit Facility Agreement between Graham
    Corporation and Bank of America, N.A. dated as of July&nbsp;12,
    2005, including form of Amended and Restated Revolving Line Note
    (filed as Exhibit&nbsp;4.1 to the Registrant&#146;s Current
    Report on Form&nbsp;8-K dated July&nbsp;12, 2005 and
    incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*5</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Opinion of Harter, Secrest&nbsp;&#38; Emery LLP.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    1989 Stock Option and Appreciation Rights Plan of Graham
    Corporation (filed with the Registrant&#146;s Proxy Statement
    for its 1990 Annual Meeting of Stockholders and incorporated
    herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    1995 Graham Corporation Incentive Plan to Increase Stockholder
    Value (filed with the Registrant&#146;s Proxy Statement for its
    1996 Annual Meeting of Stockholders and incorporated herein by
    reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    2000 Graham Corporation Incentive Plan to Increase Stockholder
    Value (filed with the Registrant&#146;s Proxy Statement for its
    2001 Annual Meeting of Stockholders and incorporated herein by
    reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Long-Term Stock Ownership Plan of Graham Corporation (filed with
    the Registrant&#146;s Proxy Statement for its 2000 Annual
    Meeting of Stockholders and incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Graham Corporation Outside Directors&#146; Long-Term Incentive
    Plan (filed as Exhibit&nbsp;10.1 to the Registrant&#146;s
    Current Report on Form&nbsp;8-K dated March&nbsp;3, 2005 and
    incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Contracts between Graham Corporation and Named
    Executive Officers (filed as Exhibit&nbsp;10.4 to the
    Registrant&#146;s Annual Report on Form&nbsp;10-K for the fiscal
    year ended March&nbsp;31, 1998 and Exhibit&nbsp;10.2 to
    Registrant&#146;s Current Report on Form&nbsp;8-K dated
    November&nbsp;29, 2004 and incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Senior Executive Severance Agreements with Named Executive
    Officers (filed as Exhibit&nbsp;10.5 to the Registrant&#146;s
    Annual Report on Form&nbsp;10-K for the fiscal year ended
    March&nbsp;31, 1998 and incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Director Indemnification Agreement (filed as
    Exhibit&nbsp;10.1 to the Registrant&#146;s Quarterly Report on
    Form&nbsp;10-Q for the quarter ended December&nbsp;31, 2004 and
    incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Indemnification Agreement dated January&nbsp;19, 2005 between
    William C. Johnson and Graham Corporation (filed as
    Exhibit&nbsp;10.1 to Registrant&#146;s Current Report on
    Form&nbsp;8-K dated January&nbsp;19, 2005 and incorporated
    herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*13</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    2005 Annual Report to Stockholders (includes the
    Registrant&#146;s Annual Report on Form&nbsp;10-K for its fiscal
    year ended March&nbsp;31, 2005 filed on June&nbsp;23, 2005, as
    amended by the Registrant&#146;s Annual Report on
    Form&nbsp;10-K/A filed on September&nbsp;22, 2005, each of which
    (excluding exhibits thereto) is incorporated herein by
    reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*13</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Graham Corporation&#146;s Quarterly Report on Form&nbsp;10-Q for
    the quarter ended June&nbsp;30, 2005 (filed by the Registrant on
    August&nbsp;3, 2005 and (excluding exhibits thereto)
    incorporated herein by reference).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*23</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Deloitte&nbsp;&#38; Touche LLP.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*23</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of consent of Harter, Secrest&nbsp;&#38; Emery LLP
    (contained in Exhibit&nbsp;5.1 above).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Power of Attorney (included on signature page hereof).</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>*&nbsp;</TD>
    <TD align="left">
    filed herewith</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">II-7
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>l16028aexv4w1.txt
<DESCRIPTION>EX-4.1 CERTIFICATE OF INCORPORATION OF GRAHAM CORPORATION
<TEXT>
<PAGE>
                                                                     Exhibit 4.1

                          CERTIFICATE OF INCORPORATION

                                       OF

                               GRAHAM CORPORATION

                                   * * * * * *

     FIRST: The name of the Corporation is GRAHAM CORPORATION.

     SECOND: The address of its registered office in the State of Delaware is
No. 100 West Tenth Street, in the City of Wilmington, County of New Castle. The
name of its registered agent at such address is The Corporation Trust Company.

     THIRD: The nature of the business or purposes to be conducted or promoted
is:

          To engage in any lawful act or activity for which corporations may be
     organized under the General Corporation Law of Delaware.

     FOURTH: The total number of shares of all classes of stock which the
Corporation shall have authority to issue is 2,500,000 shares, of which 500,000
shares shall be shares of Preferred Stock having a par value of $1.00 each
(hereinafter called Preferred stock) and 2,000,000 shares shall be shares of
Common Stock having a par value of $0.10 each (hereinafter called Common Stock).

     Authority is hereby expressly granted to the Board of Directors from time
to time to issue the Preferred Stock as

<PAGE>

                                       -2-


Preferred Stock of one or more series and in connection with the creation of any
such series to fix by the resolution or resolutions providing for the issue of
shares thereof the designation, powers, preferences, and relative,
participating, optional, or other special rights of such series, and the
qualifications, limitations, or restrictions thereof. Such authority of the
Board of Directors with respect to each such series shall include, but not be
limited to, the determination of the following:

          (a) the distinctive designation of, and the number of shares
     comprising, such series, which number may be increased (except where
     otherwise provided by the Board of Directors in creating such series) or
     deceased (but not below the number of shares thereof then outstanding) from
     time to time by like action of the Board of Directors;

          (b) the dividend rate or amount of such series, the conditions and
     dates upon which such dividends shall be payable, the relation which such
     dividends shall bear to the dividends payable on any other class or classes
     or any other series of any class or classes of stock, and whether such
     dividends shall be cumulative, and if so, from which date or dates for such
     series;

          (c) whether or not the shares of such series shall be subject to
     redemption by the Corporation and the times, prices, and other terms and
     conditions of such redemption;

<PAGE>

                                       -3-


          (d) whether or not the shares of such series shall be subject to the
     operation of a sinking fund or purchase fund to be applied to the purchase
     or redemption of such shares and if such a fund be established, the amount
     thereof and the terms and provisions relative to the application thereof;

          (e) whether or not the shares of such series shall be convertible into
     or exchangeable for shares of any other class or classes, or of any other
     series of any class or classes of stock of the Corporation and if provision
     be made for conversion or exchange, the times, prices, rates, adjustments,
     and other terms and conditions of such conversion or exchange;

          (f) whether or not the shares of such series shall have voting rights,
     in addition to the voting rights provided by law, and if they are to have
     such additional voting rights, the extent thereof;

          (g) the rights of the shares of such series in the event of any
     liquidation, dissolution, or winding up of the Corporation or upon any
     distributions of its assets; and

          (h) any other powers, preferences, and relative, participating,
     optional, or other special rights of the shares of such series, and
     qualifications, limitations, or restrictions thereof, to the full extent
     now or

<PAGE>

                                       -4-


     hereafter permitted by law and not inconsistent with the provisions hereof.

     All shares of any one series of preferred Stock shall be identical in all
respects except as to the dates from which dividends thereon shall be
cumulative. All series of the Preferred Stock shall rank equally and be
identical in all respects except as otherwise provided in the resolution or
resolutions providing for the issue of any series of Preferred Stock.

     Whenever dividends upon the Preferred Stock at the time outstanding, to the
extent of the preference to which such stock is entitled, shall have been paid
in full or declared and set apart for payment for all past dividend periods, and
after the provisions for any sinking or purchase fund or funds for any series of
Preferred Stock shall have been complied with, the Board of Directors may
declare and pay dividends on the Common Stock, payable in cash, stock, or
otherwise, and the holders of shares of Preferred Stock shall not be entitled to
share therein, subject to the provisions of the resolution or resolutions
creating any series of Preferred stock.

     In the event of any liquidation, dissolution, or winding up of the
Corporation or upon the distribution of the assets of the Corporation, all
assets and funds of the Corporation remaining, after the payment to the holders
of the Preferred Stock of the full preferential amounts to which they shall be
entitled as provided in the resolution or resolutions creating any series
thereof, shall be divided and distributed among the

<PAGE>

                                       -5-


holders of the Common Stock ratably, except as may otherwise be provided in any
such resolution or resolutions. Neither the merger or consolidation of the
Corporation with another corporation nor the sale or lease of all or
substantially all the assets of the Corporation shall be deemed to be a
liquidation, dissolution, or winding up of the Corporation or a distribution of
its assets.

     Except as otherwise required by law or provided by a resolution or
resolutions of the Board of Directors creating any series of Preferred Stock,
the holders of Common Stock shall have the exclusive power to vote and shall
have one vote in respect of each share of such stock held and the holders of
Preferred Stock shall have no voting power whatsoever. Except as otherwise
provided in such a resolution or resolutions, the authorized shares of any class
or classes may be increased or decreased by the affirmative vote of the holders
of a majority of the outstanding shares of stock of the Corporation entitled to
vote.

     FIFTH: The name and mailing address of each incorporator is as follows:

<TABLE>
<CAPTION>
        NAME                      MAILING ADDRESS
        ----                      ---------------
<S>                     <C>
Cornelius S. Van Rees   40 Wall Street, New York, NY 10005

Edward A. Bacon, Jr.    40 Wall Street, New York, NY 10005
</TABLE>

<PAGE>

                                       -6-


     SIXTH: Elections of directors need not be by written ballot unless the
by-laws of the corporation shall so provide.

     SEVENTH: The books of the corporations may be kept (subject to any
provision contained in the statutes) outside the State of Delaware at such place
or places as may be designated from time to time by the board of directors or in
the by-laws of the corporation.

     EIGHTH: Any or all of the Directors may be removed at any time, but only
for cause, by the Shareholders at any meeting of Shareholders, called for the
purpose, by the affirmative vote of 75% of the shares of the Corporation
entitled to vote and, if a corporation, person or other entity owns more than
50% of the shares of the Corporation entitled to vote, by the affirmative vote
of the holders of a majority of the shares of the Corporation entitled to vote
and not owned by the majority shareholder.

     NINTH: The percentage of the votes cast at any meeting of shareholders that
shall be necessary for the transaction of any business shall be as required by
law and by the following provisions, and any purported shareholder action not in
compliance herewith and any purported transaction not in compliance herewith,
shall be void.

          (a) Except as set forth in paragraph (b) of this Article NINTH:

<PAGE>

                                       -7-


          (i)  any merger or consolidation of the Corporation with or into any
               other corporation;

          (ii) any sale, lease, exchange or other disposition of all or
               substantially all of the assets of the Corporation to or with any
               other corporation, person or other entity; or

          (iii) the issuance or disposition by the Corporation of any of its
               securities to any other corporation, person or other entity in
               exchange for cash, securities or other assets, or a combination
               thereof

shall require the affirmative vote of the holders of

          (iv) 75% of the shares of the Corporation entitled to vote, and

          (v)  a majority of the shares of the Corporation entitled to vote
               which are not owned by such other corporation, person or entity,

if, as of the record date for the determination of shareholders entitled to
notice thereof and to vote thereon, such other corporation, person or entity
which is a party to such transaction is the owner of 5% or more of the shares of
the Corporation entitled to vote. Such affirmative vote shall be required
notwithstanding the fact that no vote may be required or that some lesser
percentage may be specified by law or in any agreement with any national
securities exchange.

<PAGE>

                                       -8-


          (b) The provisions of paragraph (a) of this Article NINTH shall not
     apply to any transaction in which the Corporation and one or more
     subsidiaries of the Corporation are the only parties, nor to any other
     transaction described in clauses (i), (ii) or (iii) of paragraph (a) of
     this Article if

          (i)  the Board of Directors of the Corporation shall have approved the
               transaction between the Corporation and the other corporation,
               person or entity with whom the transaction is proposed prior to
               the time such other corporation, person or entity shall have
               become the owner of 5% of the shares of the Corporation entitled
               to vote; or

          (ii) the transaction is approved prior to its consummation by the
               affirmative vote of two-thirds of the Directors who are not
               involved with or representing the corporation, person or entity
               with whom the transaction is proposed.

     TENTH: The By-laws of the Corporation may not be amended except (a) by the
Board of Directors, (b) by the Shareholders voting upon a proposal recommended
by the affirmative vote of 75% of the entire Board of Directors, or (c) by the
affirmative vote of (i) the holders of 75% of the shares of the

<PAGE>

                                       -9-


Corporation entitled to vote and (ii) if any corporation, person, or other
entity owns more than 50% of the shares of the Corporation entitled to vote, the
holders of a majority of the shares of the Corporation entitled to vote and not
owned by the majority shareholder.

     ELEVENTH: Unless recommended to the Shareholders by the affirmative vote of
75% of the entire Board of Directors, the affirmative vote of the holders of 75%
of the shares of the Corporation entitled to vote shall be required for any
amendment of this Certificate of Incorporation by the Shareholders, and, if a
corporation, person or other entity owns more than 50% of the shares of the
Corporation entitled to vote, such amendment shall also require the affirmative
vote of the holders of a majority of the shares of the Corporation entitled to
vote and not owned by the majority shareholder.

     TWELFTH:

          (a) The Board of Directors of the Corporation shall have the power and
     duty to determine, on the basis of information then known to it, (i)
     whether any corporation, person or other entity owns 5% or more of the
     shares of the Corporation entitled to vote, or is an "affiliate" or an
     "associate" (as defined below) of another, (ii) whether any proposed sale,
     lease, exchange, or other disposition of part of the assets of the
     Corporation involves substantially all of the assets of the Corporation,
     and (iii) whether any approval by Shareholders or Directors of the
     Corporation, purporting to comply with the requirements of

<PAGE>

                                      -10-


this Certificate of Incorporation, the By-Laws of the Corporation, or applicable
law, is substantially consistent with the transaction to which it relates. Any
such determination by the Board of Directors shall be conclusive and binding for
all purposes of this Certificate of Incorporation.

          (b) For purposes of determining ownership of the Corporation's shares
     under Articles EIGHTH through TWELFTH of this Certificate of Incorporation,

          (i)  a corporation, person or other entity shall be deemed to be the
               owner of any shares of the Corporation registered in its name on
               the books of the Corporation and of any shares of the Corporation
               (1) which it has the right to acquire pursuant to any agreements,
               or upon exercise of conversion rights, warrants or options or
               otherwise, or (2) which are beneficially owned, directly, or
               indirectly (including shares deemed owned through application of
               clause (1) above), by any other corporation, person or other
               entity (x) with which it or its "affiliate" or "associate" (as
               defined below) has any agreement, arrangement or understanding
               for the purpose of acquiring, holding, voting or disposing of
               shares of the Corporation or (y) which is its "affiliate" or
               "associate" as those terms

<PAGE>

                                      -11-


               were defined in rule 12b-2 of the General Rules and Regulations
               of the Securities Exchange Act of 1934 as in effect on March 25,
               1976,

          (ii) "shares of the Corporation entitled to vote" shall mean such
               shares as are entitled to vote generally in the election of
               Directors, considered as one class, and

          (iii) the shares of the Corporation entitled to vote shall include any
               shares deemed owned through the application of clauses (1) and
               (2) of paragraph (i) above but shall not include any other shares
               that may be issuable by the Corporation pursuant to any
               agreement, or upon the exercise of conversion rights, warrants,
               options, or otherwise.

     THIRTEENTH: Whenever a compromise or arrangement is proposed between this
corporation and its creditors or any class of them and/or between this
corporation and its stockholders or any class of them, any court of equitable
jurisdiction within the State of Delaware may, on the application in a summary
way of this corporation or of any creditor or stockholder thereof or on the
application of any receiver or receivers appointed for this corporation under
the provisions of Section 291 of Title 8 of the Delaware Code or on the
application of trustees in dissolution or of any receiver or receivers appointed
for this corporation under

<PAGE>

                                      -12-


the provisions of Section 279 of Title 8 of the Delaware Code order a meeting of
the creditors or class of creditors, and/or of the stockholders or class of
stockholders of this corporation, as the case may be, to be summoned in such
manner as the said court directs. If a majority in number representing
three-fourths in value of the creditors or class of creditors, and/or of the
stockholders or class of stockholders of this corporation, as the case may be,
agree to any compromise or arrangement and to any reorganization of this
corporation as consequence of such compromise or arrangement and to any
reorganization of this corporation as consequence of such compromise or
arrangement, the said compromise or arrangement and the said reorganization
shall, if sanctioned by the court to which the said application has been made,
be binding on all the creditors or class of creditors, and/or on all the
stockholders or class of stockholders, of this corporation, as the case may be,
and also on this corporation.

     WE, THE UNDERSIGNED, being each of the incorporators hereinbefore named,
for the purpose of forming a corporation pursuant to the General Corporation Law
of the State of Delaware, do make this certificate, hereby declaring and
certifying that

<PAGE>

                                      -13-


this is our act and deed and the facts herein stated are true, and accordingly
have hereunto set our hands this 4th day of March, 1983.

                                        INCORPORATOR:


                                        /s/ Cornelius S. Van Rees
                                        ----------------------------------------
                                        (Signature)
                                        Cornelius S. Van Rees
                                        40 Wall Street
                                        New York, New York 10005


                                        INCORPORATOR:


                                        /s/ Edward A. Bacon, Jr.
                                        ----------------------------------------
                                        (Signature)
                                        Edward A. Bacon, Jr.
                                        40 Wall Street
                                        New York, New York 10005

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                      RESTATED CERTIFICATE OF INCORPORATION

     Graham Corporation, a corporation organized and existing under and by
virtue of the General Corporation Law of the State of Delaware, DOES HEREBY
CERTIFY:

     FIRST: That a meeting of the Board of Directors of Graham Corporation held
on March 14, 1986, resolutions were duly adopted setting forth a proposed
amendment to the Restated Certificate of Incorporation of said corporation,
declaring said amendment to be advisable and calling a meeting of the
stockholders of said corporation for consideration thereof. The resolution
setting forth the proposed amendment is as follows:

          RESOLVED, that the Restated Certificate of Incorporation of this
     corporation be amended by changing Article 4, paragraph 1 thereof so that,
     as amended said Article shall be and read as follows:

     "The total number of shares of all classes of stock which the corporation
     shall have authority to issue is 3,500,000 shares, of which 500,000 shares
     shall be shares of Preferred Stock having a par value of $1.00 each
     (hereinafter called Preferred Stock) and 3,000,000 shares shall be shares
     of Common Stock having a par value of $0.10 each (hereinafter called Common
     Stock)."

     SECOND: That thereafter, pursuant to resolution of its Board of Directors,
an annual meeting of the stockholders of said corporation was duly called and
held on May 27, 1986, upon notice in accordance with Section 222 of the General
Corporation Law of

<PAGE>

the State of Delaware at which meeting the necessary number of shares as
required by statute were voted in favor of the amendment.

     THIRD: That said amendment was duly adopted in accordance with the
provisions of Section 242 of the General Corporation Law of the State of
Delaware.

     IN WITNESS WHEREOF, said Graham Corporation has caused this certificate to
be signed by Frederick D. Berkeley its Chairman of the Board of Directors, and
attested by Cornelius S. Van Rees, its Secretary, this 1st day of July, 1986.


                                        By: /s/ Frederick D. Berkeley
                                            ------------------------------------
                                            Chairman of the Board of Directors


ATTEST:


By: /s/ Cornelius S. Van Rees
    ---------------------------------
    Secretary

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                      RESTATED CERTIFICATE OF INCORPORATION

     Graham Corporation, a corporation organized and existing under and by
virtue of the General Corporation Law of the State of Delaware, DOES HEREBY
CERTIFY:

     FIRST: That a meeting of the Board of Directors of Graham Corporation held
on February 26, 1987, resolutions were duly adopted setting forth a proposed
amendment to the Restated Certificate of Incorporation of said corporation,
declaring said amendment to be advisable and calling a meeting of the
stockholders of said corporation for consideration thereof. The resolution
setting forth the proposed amendment is as follows:

          RESOLVED, that the Restated Certificate of Incorporation of this
     corporation be amended by adding an Article Fourteen, said Article to be as
     follows:

     "FOURTEENTH

     Section 1. To the fullest extent permitted by the Delaware General
     Corporation Law as the same exists or may hereafter be amended, a director
     of this corporation shall not be liable to the corporation or to any of its
     stockholders for monetary damages for breach of fiduciary duty as a
     director.

     Any repeal or modification of the foregoing paragraph by the stockholders
     of the corporation shall not adversely affect any right or protection of a
     director of the corporation existing at the time of such repeal or
     modification.

<PAGE>

     Section 2. A director or officer of this corporation shall be indemnified
     by the corporation against any liabilities incurred in his capacity as a
     director or officer, such indemnification to include payment by the
     corporation of expenses incurred in defending a proceeding in advance of
     its final disposition, to the fullest extent permitted by the Delaware
     General Corporation Law or as may be provided by written agreement with the
     corporation.

     The right to indemnification conferred in this Section, including the
     payment of expenses incurred in defending a proceeding in advance of its
     final disposition, shall not be exclusive of any other right which a
     director or officer may have or hereafter acquire under any statute,
     provision of the Certificate of Incorporation, by-law, agreement, vote of
     stockholders or disinterested directors or otherwise.

     SECOND: That thereafter, pursuant to resolution of its Board of Directors,
an annual meeting of the stockholders of said corporation was duly called and
held on June 29, 1987, upon notice in accordance with Section 222 of the General
Corporation Law of the State of Delaware at which meeting the necessary number
of shares as required by statute were voted in favor of the amendment.

     THIRD: That said amendment was duly adopted in accordance with the
provisions of Section 242 of the General Corporation Law of the State of
Delaware.


                                       -2-

<PAGE>

     IN WITNESS WHEREOF, said Graham Corporation has caused this certificate to
be signed by Frederick D. Berkeley, its Chairman of the Board of Directors, and
attested by Cornelius S. Van Rees, its Secretary, this 20th day of July, 1987.

                                        GRAHAM CORPORATION


                                        By /s/ Frederick D. Berkeley
                                           -------------------------------------
                                           Frederick D. Berkeley
                                           Chairman of the Board of Directors


ATTEST:


By: /s/ Cornelius S. Van Rees
    ---------------------------------
    Cornelius S. Van Rees
    Secretary


                                       -3-

<PAGE>

                       CERTIFICATE FOR RENEWAL AND REVIVAL

                                       OF

                          CERTIFICATE OF INCORPORATION

                                       OF

                               GRAHAM CORPORATION

                                    * * * * *

     GRAHAM CORPORATION, a corporation organized under the laws of Delaware, the
Certificate of Incorporation of which was filed in the office of the Secretary
of State on the 7th day of March, 1983, the Certificate of Incorporation of
which was voided for non-payment of taxes, now desires to procure a restoration,
renewal and revival of its Certificate of Incorporation, and hereby certifies as
follows:

          1. The name of this corporation is GRAHAM CORPORATION

          2. Its registered office in the State of Delaware is located at
Corporation Trust Center, 1209 Orange Street, City of Wilmington, County of New
Castle and the name of its registered agent at such address is The Corporation
Trust Company.

          3. The date when the restoration, renewal, and revival of the
Certificate of Incorporation of this company is to commence is the 29th day of
February, 1988, same being prior to

<PAGE>

the date of the expiration of the Certificate of Incorporation. This renewal and
revival of the Certificate of Incorporation of this corporation is to be
perpetual.

          4. This corporation was duly organized under the Laws of the State of
Delaware and carried on the business authorized by its Certificate of
Incorporation until the 1st day of March, 1988, at which time its Certificate of
Incorporation became inoperative and void for non-payment of taxes and this
Certificate for Renewal and Revival is filed by authority of the duly elected
directors of the corporation in accordance with the laws of the State of
Delaware.

     IN WITNESS WHEREOF, said GRAHAM CORPORATION, in compliance with Section 312
of Title 8 of the Delaware Code, has caused this Certificate to be signed by
Alvin L. Snyder, its last and acting Vice President, and attested by Cornelius
S. Van Rees, its last and acting Secretary, this thirtieth day of August, 1988.

                                        GRAHAM CORPORATION


                                        By /s/ Alvin L. Snyder
                                           -------------------------------------
                                           Its Last and Acting
                                           Vice President


ATTEST:


By: /s/ Cornelius S. Van Rees
    ---------------------------------
    Its Last and Acting
    Secretary

<PAGE>

                            CERTIFICATE OF AMENDMENT

                   OF RESTATED CERTIFICATE OF INCORPORATION OF

                               GRAHAM CORPORATION

                                   ----------

     Graham Corporation, a corporation organized and existing under and by
virtue of the General Corporation Law of the State of Delaware, DOES HEREBY
CERTIFY:

     FIRST: That a meeting of the Board of Directors of Graham Corporation held
on February 23, 1990, resolutions were duly adopted setting forth a proposed
amendment to the Restated Certificate of Incorporation of said corporation,
declaring said amendment to be advisable and calling a meeting of the
stockholders of said corporation for consideration thereof. The resolution
setting forth the proposed amendment is as follows:

          RESOLVED, that the Restated Certificate of Incorporation of this
     corporation be amended by changing Article 4, paragraph 1 thereof so that,
     as amended said Article shall be and read as follows:

     "The total number of shares of all classes of stock which the corporation
     shall have authority to issue is 6,500,000 shares, of which 500,000 shares
     shall be shares of Preferred Stock having a par value of $1.00 each
     (hereafter called Preferred Stock) and 6,000,000 shares shall be shares of
     Common Stock having a par value of $0.10 each (hereinafter called Common
     Stock)."

     SECOND: That thereafter, pursuant to resolution of its Board of Directors,
an annual meeting of the stockholders of said corporation was duly called and
held on May 17, 1990 upon

<PAGE>

                                       -2-


notice in accordance with Section 222 of the General Corporation Law of the
State of Delaware at which meeting the necessary number of shares as required by
statute were voted in favor of the amendment.

     THIRD: That said amendment was duly adopted in accordance with the
provisions of Section 242 of the General Corporation Law of the State of
Delaware.

     IN WITNESS WHEREOF, said Graham Corporation has caused this certificate to
be signed by Frederick D. Berkeley, its Chairman of the Board of Directors, and
attested by Cornelius S. Van Rees, its Secretary, this 17th day of May, 1990.

                                        GRAHAM CORPORATION


                                        By /s/ Frederick D. Berkeley
                                           -------------------------------------
                                           Frederick D. Berkeley
                                           Chairman of the Board of Directors


ATTEST:


By: /s/ Cornelius S. Van Rees
    ---------------------------------
    Secretary

<PAGE>

                              CERTIFICATE OF MERGER

                                       OF

                         GRAHAM MANUFACTURING CO., INC.

                                      INTO

                               GRAHAM CORPORATION

The undersigned corporation DOES HEREBY CERTIFY:

     FIRST: That the name and state of incorporation of each of the constituent
corporations of the merger is as follows:

<TABLE>
<CAPTION>
NAME                             STATE OF INCORPORATION
- ----                             ----------------------
<S>                              <C>
GRAHAM MANUFACTURING CO., INC.   New York

GRAHAM CORPORATION               Delaware
</TABLE>

     SECOND: That an Agreement of Merger between the parties to the merger has
been approved, adopted, certified, executed and acknowledged by each of the
constituent corporations in accordance with the requirements of section 252 of
the General Corporation Law of Delaware.

     THIRD: That the name of the surviving corporation of the merger is GRAHAM
CORPORATION, a Delaware corporation.

     FOURTH: That the Certification of Incorporation of GRAHAM CORPORATION, a
Delaware corporation which is surviving the merger, shall be the Certificate of
Incorporation of the surviving corporation.

     FIFTH: That the executed Agreement of Merger is on file at an office of the
surviving corporation, the address of which is 20 Florence Avenue, Batavia, New
York 14020.

     SIXTH: That a copy of the Agreement of Merger will be furnished by the
surviving corporation, on request and without cost, to any stockholder of any
constituent corporation.

<PAGE>

                                       -2-


     SEVENTH: The authorized capital stock of each foreign corporation which is
a party to the merger is as follows:

<TABLE>
<CAPTION>
                                                               PAR VALUE PER SHARE OR
                                                             STATEMENT THAT SHARES ARE
          CORPORATION             CLASS   NUMBER OF SHARES       WITHOUT PAR VALUE
          -----------            ------   ----------------   -------------------------
<S>                              <C>      <C>                <C>
Graham Manufacturing Co., Inc.   Common         1,000                  $0.10
</TABLE>

     EIGHTH: That this Certificate of Merger shall be effective on January
1,1999.

Dated: December 22, 1998

                                        GRAHAM CORPORATION


                                        By /s/ A. Cadena
                                           -------------------------------------
                                           A. Cadena
                                           President & Chief Executive Officer

<PAGE>

         CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS OF SERIES A
           JUNIOR PARTICIPATING PREFERRED STOCK OF GRAHAM CORPORATION

     Pursuant to Section 151 of the General Corporation Law of the State of
Delaware

     We, Alvaro Cadena, and Cornelius S. Van Rees, being the President and Chief
Executive Officer and the Secretary, respectively, of GRAHAM CORPORATION, a
corporation organized and existing under the General Corporation Law of the
State of Delaware (the "CORPORATION"), in accordance with the provisions of
Sections 103 and 151 thereof, DO HEREBY CERTIFY:

     That, pursuant to the authority conferred upon the board of directors of
the Corporation (the "BOARD") by the Certificate of Incorporation of the
Corporation, the Board at a meeting duly called and held on July 27, 2000, at
which a quorum was present and acting throughout, duly adopted the following
resolution creating a series of sixty thousand (60,000) shares of Preferred
Stock, par value ONE DOLLAR ($1.00) per share, designated "Series A Junior
Participating Preferred Stock":

          RESOLVED, that, pursuant to the authority vested in the Board in
     accordance with the provisions of its Certificate of Incorporation, a
     series of preferred stock of the Corporation to be designated "Series A
     Junior Participating Preferred Stock," par value ONE DOLLAR ($1.00) per
     share (the "PREFERRED STOCK"), be, and it hereby is, created, the
     designations and amount thereof and the voting powers, preferences and
     relative, participating, optional and other special rights of the shares of
     such series, and the qualifications, limitations and restrictions thereof,
     to be as follows:

SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

     SECTION 1. Designation and Amount. The shares of such series shall be
designated as "Series A Junior Participating Preferred Stock," par value ONE
DOLLAR ($1.00) per share, and the number of shares constituting such series
shall be sixty thousand (60,000). Such number of shares may be increased or
decreased by resolution of the Board; provided, that no decrease shall reduce
the number of shares of Series A Junior Participating Preferred Stock to a
number less than the number of shares then outstanding plus the number of shares
reserved for issuance upon the exercise of outstanding options, rights or
warrants or upon the conversion of any outstanding securities issued by the
Corporation convertible into Series A Junior Participating Preferred Stock.

     SECTION 2. Dividends and Distributions.

     (a) Subject to the rights of the holders of any shares of any series of
preferred stock (or any similar stock) ranking prior and superior to the Series
A Junior Participating Preferred Stock with respect to dividends, the holders of
shares of Series A Junior Participating Preferred Stock, in preference to the
holders of Common Stock, par value TEN CENTS ($0.10) per share (the "COMMON
Stock"), of the Corporation, and of any other junior stock, shall be entitled to
receive, when, as and if declared by the Board out of funds legally available
for the purpose, quarterly dividends payable in cash on the first day of March,
June, September and December in each year

<PAGE>

(each such date being referred to herein as a "QUARTERLY DIVIDEND PAYMENT
DATE"), commencing on the first Quarterly Dividend Payment Date after the first
issuance of a share or fraction of a share of Series A Junior Participating
Preferred Stock, in an amount per share (rounded to the nearest cent) equal to
the greater of (a) ONE DOLLAR ($1.00) or (b) subject to the provision for
adjustment hereinafter set forth, one hundred (100) times the aggregate per
share amount of all cash dividends, and one hundred (100) times the aggregate
per share amount (payable in kind) of all non-cash dividends or other
distributions, other than a dividend payable in shares of Common Stock or a
subdivision of the outstanding shares of Common Stock (by reclassification or
otherwise), declared on the Common Stock since the immediately preceding
Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend
Payment Date, since the first issuance of any share or fraction of a share of
Series A Junior Participating Preferred Stock. In the event the Corporation
shall at any time declare or pay any dividend on the Common Stock payable in
shares of Common Stock, or effect a subdivision or combination or consolidation
of the outstanding shares of Common Stock (by reclassification or otherwise than
by payment of a dividend in shares of Common Stock) into a greater or lesser
number of shares of Common Stock, then in each such case the amount to which
holders of shares of Series A Junior Participating Preferred Stock were entitled
immediately prior to such event under clause (b) of the preceding sentence shall
be adjusted by multiplying such amount by a fraction, the numerator of which is
the number of shares of Common Stock outstanding immediately after such event
and the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

     (b) The Corporation shall declare a dividend or distribution on the Series
A Junior Participating Preferred Stock as provided in paragraph (a) of this
Section immediately after it declares a dividend or distribution on the Common
Stock (other than a dividend payable in shares of Common Stock); provided, that
in the event no dividend or distribution shall have been declared on the Common
Stock during the period between any Quarterly Dividend Payment Date and the next
subsequent Quarterly Dividend Payment Date, a dividend of ONE DOLLAR ($1.00) per
share on the Series A Junior Participating Preferred Stock shall nevertheless be
payable on such subsequent Quarterly Dividend Payment Date.

     (c) Dividends shall begin to accrue and be cumulative on outstanding shares
of Series A Junior Participating Preferred Stock from the Quarterly Dividend
Payment Date next preceding the date of issue of such shares, unless the date of
issue of such shares is prior to the record date for the first Quarterly
Dividend Payment Date, in which ease dividends on such shares shall begin to
accrue from the date of issue of such shares, or unless the date of issue is a
Quarterly Dividend Payment Date or is a date after the record date for the
determination of holders of shares of Series A Junior Participating Preferred
Stock entitled to receive a quarterly dividend and before such Quarterly
Dividend Payment Date, in either of which events such dividends shall begin to
accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but
unpaid dividends shall not bear interest. Dividends paid on the shares of Series
A Junior Participating Preferred Stock in an amount less than the total amount
of such dividends at the time accrued and payable on such shares shall be
allocated pro rata on a share-by-share basis among all such shares at the time
outstanding. The Board may fix a record date for the determination of holders of
shares of Series A Junior Participating Preferred Stock entitled to receive
payment of a dividend or distribution declared thereon, which record date shall
be not more than sixty (60) days prior to the date fixed for the payment
thereof.


                                       2

<PAGE>

     SECTION 3. Voting Rights. The holders of shares of Series A Junior
Participating Preferred Stock shall have the following voting rights:

     (a) Subject to the provision for adjustment hereinafter set forth, each
share of Series A Junior Participating Preferred Stock shall entitle the holder
thereof to one hundred (100) votes on all matters submitted to a vote of the
stockholders of the Corporation. In the event the Corporation shall at any time
declare or pay any dividend on the Common Stock payable in shares of Common
Stock, or effect a subdivision or combination or consolidation of the
outstanding shares of Common Stock (by reclassification or otherwise than by
payment of a dividend in shares of Common Stock) into a greater or lesser number
of shares of Common Stock, then in each such case the number of votes per share
to which holders of shares of Series A Junior Participating Preferred Stock were
entitled immediately prior to such event shall be adjusted by multiplying such
number by a fraction, the numerator of which is the number of shares of Common
Stock outstanding immediately after such event and the denominator of which is
the number of shares of Common Stock that were outstanding immediately prior to
such event.

     (b) Except as otherwise provided herein, in any other resolution creating a
series of preferred stock or any similar stock, in any amendment to the
Certificate of Incorporation of the Corporation or bylaw, the holders of shares
of Series A Junior Participating Preferred Stock and the holders of shares of
Common Stock and any other capital stock of the Corporation having general
voting rights shall vote together as one class on all matters submitted to a
vote of stockholders of the Corporation.

     (c) Except as set forth herein, or as otherwise provided by law, holders of
Series A Junior Participating Preferred Stock shall have no special voting
rights and their consent shall not be required (except to the extent they are
entitled to vote with holders of Common Stock as set forth herein) for taking
any corporate action.

     SECTION 4. Certain Restrictions.

     (a) Whenever quarterly dividends or other dividends or distributions
payable on the Series A Junior Participating Preferred Stock as provided in
Section 2 are in arrears, thereafter and until all accrued and unpaid dividends
and distributions, whether or not declared, on shares of Series A Junior
Participating Preferred Stock outstanding shall have been paid in full, the
Corporation shall not:

          (i) declare or pay dividends, or make any other distributions, on any
shares of stock ranking junior (either as to dividends or upon liquidation,
dissolution or winding up) to the Series A Junior Participating Preferred Stock;

          (ii) declare or pay dividends, or make any other distributions, on any
shares of stock ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding up) with the Series A Junior Participating Preferred
Stock, except dividends paid ratably on the Series A Junior Participating
Preferred Stock and all such parity stock on which dividends are payable or in
arrears in proportion to the total amounts to which the holders of all such
shares are then entitled;


                                       3

<PAGE>

          (iii) redeem or purchase or otherwise acquire for consideration shares
of any stock ranking junior (either as to dividends or upon liquidation,
dissolution or winding up) to the Series A Junior Participating Preferred Stock,
provided that the Corporation may at any time redeem, purchase or otherwise
acquire shares of any such junior stock in exchange for shares of any stock of
the Corporation ranking junior (either as to dividends or upon dissolution,
liquidation or winding up) to the Series A Junior Participating Preferred Stock;
or

          (iv) redeem or purchase or otherwise acquire for consideration any
shares of Series A Junior Participating Preferred Stock, or any shares of stock
ranking on a parity with the Series A Junior Participating Preferred Stock,
except in accordance with a purchase offer made in writing or by publication (as
determined by the Board) to all holders of such shares upon such terms as the
Board, after consideration of the respective annual dividend rates and other
relative rights and preferences of the respective series and classes, shall
determine in good faith will result in fair and equitable treatment among the
respective series or classes.

     (b) The Corporation shall not permit any subsidiary of the Corporation to
purchase or otherwise acquire for consideration any shares of stock of the
Corporation unless the Corporation could, under paragraph (a) of this Section 4,
purchase or otherwise acquire such shares at such time and in such manner.

     SECTION 5. Reacquired Shares. Any shares of Series A Junior Participating
Preferred Stock purchased or otherwise acquired by the Corporation in any manner
whatsoever shall be retired and canceled promptly after the acquisition thereof.
All such shares shall upon their cancellation become authorized but unissued
shares of preferred stock and may be reissued as part of a new series of
preferred stock subject to the conditions and restrictions on issuance set forth
herein, in a resolution of the Board, in the Certificate of Incorporation of the
Corporation, or in any other Certificate of Amendment creating a series of
preferred stock or any similar stock or as otherwise required by law.

     SECTION 6. Liquidation, Dissolution or Winding Up. Upon any liquidation,
dissolution or winding up of the Corporation, no distribution shall be made (a)
to the holders of shares of stock ranking junior (either as to dividends or upon
liquidation, dissolution or winding up) to the Series A Junior Participating
Preferred Stock unless, prior thereto, the holders of shares of Series A Junior
Participating Preferred Stock shall have received the greater of (i) ONE HUNDRED
DOLLARS ($100.00) per share, plus an amount equal to accrued and unpaid
dividends and distributions thereon, whether or not declared, to the date of
such payment, or (ii) an aggregate amount per share, subject to the provision
for adjustment hereinafter set forth, equal to one hundred (100) times the
aggregate amount to be distributed per share to holders of shares of Common
Stock, or (b) to the holders of shares of stock ranking on a parity (either as
to dividends or upon liquidation, dissolution or winding up) with the Series A
Junior Participating Preferred Stock, except distributions made ratably on the
Series A Junior Participating Preferred Stock and all such parity stock in
proportion to the total amounts to which the holders of all such shares are
entitled upon such liquidation, dissolution or winding up. In the event the
Corporation shall at any time declare or pay any dividend on the Common Stock
payable in shares of Common Stock, or effect a subdivision or combination or
consolidation of the outstanding shares of Common Stock (by reclassification or
otherwise than by payment of a dividend in shares of Common Stock) into a
greater or lesser number


                                        4

<PAGE>

of shares of Common Stock, then in each such case the aggregate amount to which
holders of shares of Series A Junior Participating Preferred Stock were entitled
immediately prior to such event under the proviso in clause (a) of the preceding
sentence shall be adjusted by multiplying such amount by a fraction, the
numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

     SECTION 7. Consolidation, Merger, Etc. In case the Corporation shall enter
into any consolidation, merger, combination or other transaction in which the
shares of Common Stock are exchanged for or changed into other stock or
securities, cash and/or any other property, then in any such case each share of
Series A Junior Participating Preferred Stock shall at the same time be
similarly exchanged or changed into an amount per share, subject to the
provision for adjustment hereinafter set forth, equal to one hundred (100) times
the aggregate amount of stock, securities, cash and/or any other property
(payable in kind), as the case may be, into which or for which each share of
Common Stock is changed or exchanged. In the event the Corporation shall at any
time declare or pay any dividend on the Common Stock payable in shares of Common
Stock, or effect a subdivision or combination or consolidation of the
outstanding shares of Common Stock (by reclassification or otherwise than by
payment of a dividend in shares of Common Stock) into a greater or lesser number
of shares of Common Stock, then in each such case the amount set forth in the
preceding sentence with respect to the exchange or change of shares of Series A
Junior Participating Preferred Stock shall be adjusted by multiplying such
amount by a fraction, the numerator of which is the number of shares of Common
Stock outstanding immediately after such event and the denominator of which is
the number of shares of Common Stock that were outstanding immediately prior to
such event.

     SECTION 8. No Redemption. The shares of Series A Junior Participating
Preferred Stock shall not be redeemable, except as otherwise provided herein.

     SECTION 9. Rank. The Series A Junior Participating Preferred Stock shall
rank, with respect to the payment of dividends and the distribution of assets,
junior to all other series of the Corporation's preferred stock.

     SECTION 10. Amendment. At any time that any shares of Series A Preferred
Stock are outstanding, the Certificate of Incorporation of the Corporation shall
not be amended in any manner, nor shall the Board take any action, which would
materially alter or change the powers, preferences or special rights of the
Series A Junior Participating Preferred Stock so as to affect them adversely
without the affirmative vote of the holders of at least three-fourths (3/4) of
the outstanding shares of Series A Junior Participating Preferred Stock, voting
together as a single class.

     SECTION 11. Fractional Shares. Series A Junior Participating Preferred
Stock may be issued in fractions of a share, which shall entitle the holder, in
proportion to such holder's fractional shares, to exercise voting rights,
receive dividends, participate in distributions and to have the benefit of all
other rights of holders of Series A Junior Participating Preferred Stock.


                                       5

<PAGE>

     IN WITNESS WHEREOF, Graham Corporation has caused this certificate to be
executed by its President and Chief Executive Officer and by its Secretary this
29th day of August, 2000.

                                    GRAHAM CORPORATION


                                    By: /s/ Alvaro Cadena
                                        ----------------------------------------
                                    Name: Alvaro Cadena
                                    Title: President and Chief Executive Officer


                                    By: /s/ Cornelius S. Van Rees
                                        ----------------------------------------
                                    Name: Cornelius S. Van Rees
                                    Title: Secretary


                                        6
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>l16028aexv5w1.txt
<DESCRIPTION>EX-5.1 FORM OF OPINION OF HARTER SECREST & EMERY LLP
<TEXT>
<PAGE>
                                                                     Exhibit 5.1

                 Form of Opinion of Harter, Secrest & Emery LLP

                   [Letterhead of Harter, Secrest & Emery LLP]

                               September ___, 2005

Graham Corporation
20 Florence Avenue
Batavia, New York 14020

Ladies and Gentlemen:

     We have acted as counsel to Graham Corporation, a Delaware corporation (the
"Company"), in connection with the Company's Registration Statement on Form S-2
under the Securities Act of 1933, as amended, (Registration No. 333-_____) (such
Registration Statement, as it may be amended from time to time, is referred to
herein as the "Registration Statement") with respect to the registration of
99,123 shares of the Company's Common Stock, par value $0.10 per share (the
"Securities"), to be adjusted to 198,246 shares following the completion by the
Company of a two-for-one stock split in the nature of a dividend with a record
date of September 1, 2005 and a payment date of on or about October 3, 2005.

     We have examined such corporate records, other documents and questions of
law as we have considered necessary or appropriate for the purpose of this
opinion.

     In our examination of the corporate records and other documents, we have
assumed the genuineness of all signatures and the authenticity of all documents
submitted to us as originals, the conformity to original documents of all
documents submitted to us as certified or photostatic copies, and the
authenticity of the originals of such latter documents. Our opinions set forth
below are limited to the General Corporation Law of the State of Delaware.

     Based on the foregoing, we advise you that, in our opinion, after the
Securities and Exchange Commission has declared the Registration Statement to be
effective and when the applicable provisions of the "Blue Sky" or other state
securities laws shall have been complied with, the Securities, when sold, will
be legally issued, fully paid and non-assessable.

     We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and the reference to this firm under the caption "Legal
Matters" in the Prospectus contained therein. This consent is not to be
construed as an admission that we are a party whose consent is required to be
filed with the Registration Statement under the provisions of the Securities Act
of 1933, as amended, or the rules and regulations of the United States
Securities and Exchange Commission promulgated thereunder.

                                        Very truly yours,
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>4
<FILENAME>l16028aexv13w1.txt
<DESCRIPTION>EX-13.1 GRAHAM CORPORATION ANNUAL REPORT 2005
<TEXT>
<PAGE>
                                                                    Exhibit 13.1

                      GRAHAM CORPORATION ANNUAL REPORT 2005

                            AT A POINT OF CONVERGENCE

With our global reach and engineering expertise, we can capitalize on converging
economic and environmental factors driving demand for our products.

CONVERGING DEMAND DRIVERS MEET TRANSFORMING GRAHAM PROCESSES.

TRANSFORMING

- -    Implementing Lean Manufacturing

- -    Investing in Information Management Systems

- -    Expanding Global Sales Network

- -    Automating the Design and Bid Processes

GRAHAM COMPANY PROFILE

With world-renowned engineering expertise in vacuum and heat transfer
technology, Graham Corporation is a global designer, manufacturer and supplier
of ejectors, pumps, condensers and heat exchangers. Over the past 70 years,
Graham Corporation has built a reputation for top quality, reliable products and
high-standards of customer service. Sold either as components or complete system
solutions, the principle markets for the Company's equipment are the
petrochemical, oil refining and electric power generation industries, including
cogeneration and geothermal plants. Graham equipment can also be found in
diverse applications, such as metal refining, pulp and paper processing,
shipbuilding, water heating, refrigeration, desalination, food processing,
drugs, heating, ventilating and air conditioning.

Graham Corporation's reach spans the globe. Its equipment is installed in
facilities from North and South America to Europe, Asia, Africa and the Middle
East.

www.graham-mfg.com

AMEX symbol: GHM

                                   (Pie chart)

2005 REVENUE BY INDUSTRY

<TABLE>
<S>                   <C>
Chemical Processing   31%
Other                 26%
OEM                    2%
HVAC                   5%
Fertilizers            3%
Oil Refining          26%
Power                  7%
</TABLE>


                                        1

<PAGE>

                                   (Pie chart)

2005 REVENUE BY GEOGRAPHIC MARKET

<TABLE>
<S>                      <C>
U.S.                     61%
Asia                     15%
Canada                    9%
Mexico & South America    7%
Middle East               4%
Other                     4%
</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
                                                                           Year Ended March 31
(in thousands,                       -----------------------------------------------------------------------------------------------
except per share data)                  2005        2004       2003      2002     2001     2000     1999     1998    1997**   1996**
- ----------------------               ----------  ---------  ---------  -------  -------  -------  -------  -------  -------  -------
                                     continuing
                                     operations  restated*  restated*
<S>                                  <C>         <C>        <C>        <C>      <C>      <C>      <C>      <C>      <C>      <C>
Operating Results
Revenue ...........................    $41,333    $37,508    $44,511   $47,396  $44,433  $38,728  $52,978  $56,206  $14,257  $51,487
Gross profit ......................      7,540      5,890      7,297    10,077    9,796    9,964   14,872   18,083    4,080   15,463
Selling, general and
   administrative .................      7,691      7,805      8,178    10,439    9,494    8,943   11,843   12,367    3,071   11,122
Income (loss) from continuing
   operations .....................        296       (832)       148     2,305      195     (833)   2,369    3,766      621    3,102
Diluted earnings (loss) per share
   from continuing operations .....    $  0.17    $ (0.51)   $  0.09   $  1.38  $  0.12  $ (0.55) $  1.46  $  2.21  $  0.38  $  1.93
Weighted average shares
   outstanding - diluted ..........      1,717      1,647      1,672     1,671    1,613    1,523    1,619    1,700    1,623    1,611

Year-End Financial Position
Total assets ......................    $33,529    $35,740    $38,323   $43,704  $36,608  $34,596  $34,136  $37,030  $31,224  $30,494
Long-term debt ....................         44         93        127       150      682    1,948      505      859    2,764    1,442
Shareholders' equity ..............     16,578     18,102     18,836    19,636   17,137   17,092   16,712   17,775   12,538   11,915
Book value per share ..............    $  9.76    $ 10.92    $ 11.43   $ 11.92  $ 10.52  $ 11.36  $ 10.99  $ 10.54  $  7.90  $  7.52

Other Year-End Data
Working capital ...................    $11,204    $11,652    $12,822   $13,812  $11,162  $12,397  $11,989  $12,459  $10,300  $ 8,239
Depreciation ......................        768        793        797       955      926      998      983      905      249      892
Capital expenditures ..............        224        249        799       688    1,124      711    1,189    1,400      237    1,291
Backlog as of March 31 ............    $22,376    $13,482    $16,843   $26,815  $27,326  $24,302  $15,438  $28,199  $22,348  $25,578
</TABLE>

*    Restated to reflect discontinued operations and the change in accounting
     for revenue recognition.

**   Data for 1997 is for the three-month transition period ending March 31,
     1997. Financial data for 1996 is for respective 12 months ending December
     31.

                                  (Line graphs)
<Table>
<Caption>
                                                        Income (loss) from
               Revenue             Backlog            Continuing Operations
            $ in millions       $ in millions             $ in thousands
            -------------       -------------         ---------------------
<S>         <C>                 <C>                   <C>
2005           41,333               22,376                     296
2004           37,508               13,482                    (832)
2003           44,511               16,843                     148
2002           47,396               26,815                   2,305
2001           44,433               27,326                     195
2000           38,728               24,302                    (833)
</Table>


LETTER TO THE SHAREHOLDERS

"The strength of Graham's brand, our skilled team, and the measures we are
taking to improve our business gives us confidence in our outlook."

Dear Fellow Shareholders,


                                       2

<PAGE>

Fiscal 2005 was a year of change and progress for Graham Corporation. In the
short few months that I have been here, I have had the opportunity to personally
validate what you likely already know:

     -    Our brand carries significant weight with our customers around the
          world.

     -    Our engineering know-how and solutions-oriented problem solving is
          well respected in the engineering community.

     -    We have a strong position in the global oil refining, electrical power
          generating and chemical processing markets.

     -    Our manufacturing expertise is relied on heavily by our customers for
          the consistency and reliability we provide with our products.

     -    We have an excellent, talented team at Graham.

These qualities provide a solid foundation from which we can face a more
challenging, yet opportunity-filled future.

In fiscal 2005, sales increased 10% to $41.3 million. The year was a tale of two
halves. In the first half of the year, our primary markets were sluggish, and we
were still feeling the effects of higher raw material prices, such as steel, in
fixed price contracts that were being built. In the latter half of the year, we
tightened the controls necessary to mitigate the material cost escalations, and
we began to see new orders for vacuum systems and condensers pick up as a
growing demand in our key markets had translated into some sizable orders. Based
on the current level of inquiry, we anticipate this trend continuing through
2006 and into 2007.

Income from continuing operations was $296 thousand, or $0.17 per diluted share.
This was a marked improvement from a loss of $832 thousand, or $(0.51) per
diluted share, in fiscal 2004. The improvement reflected the leverage we gained
from higher sales, increased selling prices and improved product mix. We expect
margins will improve as sales improve. However, I believe we have the
opportunity to strengthen our ability to contribute to the bottom line by
improving operational efficiencies and implementing automation through
information technology throughout our operations.

CONVERGING REVENUE DRIVERS

Our markets have significantly improved over the last year as a result of
several factors:

     -    Global growth, especially in Asia, has raised the demand for oil and
          oil products driving the need for more oil refineries.

     -    Higher oil prices have made heavier crude oil with higher sulfur
          content more attractive as a raw material, driving the need for more
          sophisticated vacuum processes to reduce the sulfur content.

     -    More demanding requirements for vehicle emissions that are effective
          in 2006 and 2007 are adding to the need for improvements to the sulfur
          reducing process in oil refineries.

     -    Continued global growth increases the need for electricity, therefore
          driving power


                                       3

<PAGE>

generation development.

     -    The demand for plastics and related products is driving capacity
          expansions for ethylene plants in both Asia and the Middle East.

Our products are used by these industries for these processes. For the near
term, we are in an enviable position of being a market leader among end-users
such as ExxonMobil, Chevron and Shell, as well as with engineering procurement
contractors such as Bechtel Corporation, KBR and original equipment
manufacturers such as Elliott Ebara Turbomachinery Corporation. We cannot be
content, however, and must remain competitive while continuing to provide the
sophisticated engineering support, quality product and reliable service our
customers expect.

                                  (Line graph)

CAPITAL EXPENDITURES
($ in thousands)

<TABLE>
<CAPTION>
Year    Expenditure
- -----   -----------
<S>     <C>
2000       $ 711
2001       $1124
2002       $ 688
2003       $ 799
2004       $ 249
2005       $ 224
2006E      $2000
</TABLE>

                                   (Pie chart)

2005 TOTAL CAPITALIZATION

<TABLE>
<S>                        <C>
Total current liability    32.5%
Total long-term debt        0.1%
Accrued compensation,
   pension and other       18.0%
Total Shareholder Equity   49.4%
</TABLE>

TRANSFORMATION FOR LONG-TERM MARKET ADVANTAGE

Lean manufacturing: We have the opportunity to strengthen our margins by
improving operational efficiencies, supply chain management and inventory
reduction. By implementing lean manufacturing, we believe we can shorten cycle
times, have customer demand pull product through our facility and have suppliers
provide inventory on demand. We expect these efforts will help us to realize
higher margins during strong business cycles and reduce the severity of the
impact of down cycles.

Automated design and quote processes: We believe having the ability to quickly
engineer, manufacture, and communicate highly-customized solutions is a value
proposition which is a key attribute for growing market share. Our customers are
demanding drawings at the time of order, or within weeks of order placement.
This requires a design system capable of capturing data during the quoting phase
and delivering a near complete solution at time of quote that is closely coupled
to our manufacturing processes. We plan to reduce the time to generate designs
and better capture, retain and re-employ the wealth of customized equipment
designs we create.


                                       4

<PAGE>

Information management: With our new technologies, we expect to be able to
create a streamlined flow of order data from initial bid to the shop floor. As a
result, we should improve the sales of our products by offering faster response
to customer inquiries with engineering details, specific cost information and
itemized delivery information. We believe that applying computer programming
technology from initial bid through to the shop floor will enable us to better
capture the real costs of our business.

Reorganized business structure: In order to focus our business and drive
efficiencies, we have reorganized the company into five business groups -
Condensers, Ejectors, Pumps, Spare Parts, Heat Exchangers. The reorganization
included an evaluation of each of the business units, and as a result, our UK
pump manufacturing operation was discontinued. We have re-engineered our
business model for pumps and have been successful in lowering our total cost to
better serve our customers and position Graham for future growth in this key
business segment. By re-engineering our business model, we believe our capture
ratio for vacuum systems and pumps will increase due to our better overall cost
position.

Expanding marketing and sales presence: We have taken steps to increase our
presence in Asia and the Middle East by adding full-time sales coverage in both
regions in order to capitalize on the enormous potential we believe is available
in these regions. Our goal is to work with local sales representatives and
fabricators to optimize the ability of Graham to serve the local customer base
and export to more markets. We are also evaluating our approach to South
America, recognizing that growing economies will demand energy and power.

CONFIDENT OUTLOOK

The strength of Graham's brand, our skilled team, and the measures we are taking
to strengthen our future gives us confidence in our outlook. Generally, a solid
industrial cycle, such as the one we are currently in, could last three to five
years. We believe there is potential for this one to last longer because of the
driving force of the growing Asian economy. The cycle itself, however, could
have major fluctuations within it. Our objective is to maximize this cycle and
position the Company for such fluctuations or a downturn.

The employees of Graham consider the Graham brand a promise to our customers and
shareholders. That promise is excellence in everything we do and a commitment to
maintaining high standards in business ethics and business integrity. We are
focused on transforming Graham into a stronger, growing business.

Sincerely,


/s/ William C. Johnson
- -------------------------------------
William C. Johnson
President and CEO
June 28, 2005


                                       5

<PAGE>

"We believe having the ability to quickly engineer, manufacture and communicate
highly customized solutions is avalue proposition which is key for growing
market share."

A CONVERSATION WITH MANAGEMENT

By transforming processes, we can improve our operational effectiveness and
reduce our cost structure while solidly positioning Graham to remain successful
in an ever-changing, competitive market.

Jim Lines, Vice President and General Manager

EXPANDING OUR GLOBAL PRESENCE

Our geographic sales growth strategy is designed to address expanding
opportunities in our export markets. We are the beneficiaries of the current
surge in planned capital spending by refining, petrochemical and power companies
in both our domestic and export markets. Historically, our success has been
built on the oil refining, petrochemical and power generation markets, which
represent approximately 60-70% of our sales. These industries are seeing
significant activity, particularly in Asia, the Middle East, Western Canada and
the Latin America region. Graham has a rich history of proven installations in
these regions. We believe we have a competitive advantage with these industries
because of our 'engineering answers' sales strategy.

Although China is not a new market for us, we are expanding our presence there.
We have established a sales office in China and are aggressively pursuing the
development of a strong sales representative network throughout the region. Our
objective is to establish effective and broad-reaching sales channels, develop
relationships with key decision-makers and local fabricators, and win a greater
share of the business. In Europe, we appointed a sales management team to
reconnect with engineering, procurement and construction contractors and process
licensors following a recent decision to discontinue our UK pump business.
European contractors, process licensors and turbomachinery equipment
manufacturers are active in the Asian, Middle East and Latin American planned
expansions. Maintaining our presence and developing a network of sales
representatives will help extend Graham's reach into these regions.

We are also evaluating other regions including South America, South Africa and
Canada. In South America, we have the potential to establish an office and
improve our sales representative network, similar to our approach in China and
Europe.

Our ultimate goal is to grow the business beyond our current customer base in
order to maximize sales during the up cycles and have a broader, global sales
presence to minimize the down cycles, which capital equipment businesses are
subject to endure.

Steve Northrup, Vice President and Chief Technology Officer

TRANSFORMING PROCESSES THROUGH INFORMATION SYSTEMS

The seed for the development of Graham's strong brand name in the markets it
serves is its top-notch engineering expertise, which through the years,
consistently developed and delivered complex system solutions to meet each
customer's unique requirements.


                                        6

<PAGE>

Our job-specific approach to the design and development of engineered solutions
in an engineer-to-order environment has evolved in sophistication as our
engineering skills have advanced over more than 70 years. However, we have not
historically employed computer systems that fully capture, leverage and improve
our intellectual property and expertise. That is why we have embarked on an
ambitious program to automate the bid proposal and job design processes to fully
engage a lean manufacturing philosophy.

To automate the sales and design processes, we are scrutinizing every internal
process by completing detailed workflow analysis and process mappings. We are
looking at every aspect of the sales and engineering processes, from initial
customer contact and proposal preparation to job drawings and production design.
The detailed information captured for each job will feed into our manufacturing
processes. With this automation, we can optimize our inventory control program
and improve our production planning and scheduling system.

We expect the impact to the customer experience to be great. We can increase our
value for our customers by reducing cycle times, leveraging our expertise and
providing superior project management through increased consistency and accuracy
for each job.

This investment in our information management systems should measurably improve
our operational effectiveness and reduce our cost structure while solidly
positioning Graham to remain successful in an ever-changing, competitive market.

Ron Hansen, Vice President of Finance and Administration and Chief Financial
Officer

ACCOUNTABILITY AND ENHANCED UNDERSTANDING

As Graham is undergoing significant transformation in its processes through
automation, we are defining the characteristics we must have for us to grow and
succeed well beyond this current strong cycle. The upgrade of our systems and
increased use of automation in our processes from bid through delivery is
designed to give us an improved ability to define the metrics that will keep us
on track with our vision for growth. Going forward, we recognize that we cannot
be dependent only on the industrial cycle to achieve profitability.

Transformation includes accountability. Internally, we are defining specific
metrics to monitor and objectives to achieve that are associated with leaning
our manufacturing process and improving cash management. These include the level
of inventory turn, which has room for improvement, and shortened cycle time from
purchase order to delivery. The automation efforts should help to strengthen our
material procurement functions by better defining material needs at the time of
submitting a proposal.

We fully recognize the need to be accountable to our shareholders. The markets
in which we operate tend to be highly cyclical, leaving us vulnerable on the top
line. Increasing our emphasis on spares and broadening our sales network is
intended to help to mitigate this problem. Where we can provide greater
understanding for our investors is in our earnings power and its sustainability.
Our goal in 2006, as we implement our new systems and transform our business, is
to expand our disclosure in order to improve transparency for the investment
community.

ENGINEERING ANSWERS


                                        7

<PAGE>

<TABLE>
<CAPTION>
BUSINESS UNIT       PRODUCT DESCRIPTION                                APPLICATION
- -------------       -------------------                                -----------
<S>                 <C>                                                <C>
Condensers          Surface and direct contact condensers which        -    Oil refineries
                    handle steam from a turbine that drives a          -    Petrochemical processing
                    compressor or pump. Also manages steam from a      -    Power plants
                    turbine-generator for power generation.            -    Cogeneration power plants
                                                                       -    Geothermal power plants

Ejectors            Ejectors are placed in single or multiple stages   -    Oil refineries
                    with process condensers to create vacuum in        -    Petrochemical processing
                    order to change pressure in a process.             -    Fertilizer production plants
                                                                       -    Steel mills
                                                                       -    Edible oil production plants

Pumps               Mechanical vacuum pumps can be independent or      -    Pharmaceutical production plants
                    part of an ejector system to create vacuum for a   -    Seawater deaeration
                    process.                                           -    Food production plants
                                                                       -    Petrochemical processing
                                                                       -    Power generation plants
                                                                       -    Ground water remediation

Heat Exchangers:    Used to heat, cool, condense or boil fluids        -    Clean steam generators
Heliflow(R),                                                           -    Compressors
Plate Exchangers,                                                      -    Seal cooling device
MicroMix                                                               -    Vent condensers
                                                                       -    Natural gas heaters
                                                                       -    Boiler blowdown
                                                                       -    Process sample coolers
                                                                       -    Supercritical water oxidation
                                                                       -    Cryogenic vaporization
                                                                       -    Waste heat recovery
                                                                       -    Water heaters
                                                                       -    Cooling tower isolation
                                                                       -    Heat pumps
                                                                       -    Thermal storage systems

After-Market:       Consultative problem solving and replacement       All heat transfer and vacuum and
Spare Parts         part supplier.                                     products systems.
</TABLE>

EXPANDING MARKET CHANNELS

<TABLE>
<CAPTION>
GEOGRAPHIC MARKETS   MARKET STRATEGY
- ------------------   ---------------
<S>                  <C>
North America        -    Provide consultative engineering
                     -    Maximize broad distribution and representative network
                     -    Pursue new opportunities in these mature markets, such
                          as: refinery revamps due to EPA ultra low sulfur
                          regulations; refinery revamps
</TABLE>


                                        8

<PAGE>

<TABLE>
<S>                  <C>
                          due to low quality high sour crude; and large
                          after-market opportunities that few competitors serve
                          well
                     -    Develop acquisition opportunities

Europe and the       -    Expand sales operations in Europe and the Middle East
Middle East          -    Provide on-site, in-country consultative engineering
                          service for Engineer Procurement Contractors who
                          represent customers and projects located throughout
                          the world

Asia                 -    Expand Graham presence in Asia
                     -    Build equipment representation network in rapidly
                          developing regions
                     -    Target new customers who are designing and building
                          oil refineries and power generation facilities

South America        -    Evaluate representative network potential
                     -    Identify new customer potential
</TABLE>

GRAHAM CORPORATION MANAGEMENT

WILLIAM C. JOHNSON

President and Chief Executive Officer

Mr. Johnson joined Graham Corporation in November 2004. Previously, he was
Senior Vice President and General Manager for ESAB Welding and Cutting
Equipment, a global welding and cutting equipment manufacturer. His career has
included extensive experience in the manufacturing sector, including General
Manager of the ABB Distribution Transformer Division from 1996 to 1999 as well
as other senior management positions within the ABB organization. Mr. Johnson
earned his Bachelor of Science degree in Ceramic Engineering from Alfred
University in Alfred, New York and his MBA from Rollins College in Winter Park,
Florida. He was an officer in the United States Navy from 1985 to 1990, serving
in the submarine fleet.

JAMES R. LINES

Vice President and General Manager

Mr. Lines joined Graham Corporation in May 1984. Other management positions at
Graham previously held by Mr. Lines included Vice President of Engineering and
Vice President of Sales and Marketing. Prior to his various senior management
roles, Mr. Lines was an application engineer, sales engineer and product
supervisor. Mr. Lines has had numerous articles published regarding the use,
operation and troubleshooting of vacuum and heat transfer equipment. He earned a
Bachelor of Science degree in Aerospace Engineering from University of Buffalo
in Buffalo, New York.

J. RONALD HANSEN

Vice President of Finance and Administration, and CFO


                                        9

<PAGE>

Mr. Hansen joined Graham Corporation in May 1993. Previously, he was the Vice
President of Finance and CFO of Al Tech Specialty Steel Corporation. He was
employed with Al Tech Specialty Corporation since October 1979. Following
graduation from the University of Notre Dame, with honors, Mr. Hansen began his
career with Deloitte & Touche, LLP and became a partner with Alpern, Rosenthal &
Company, a large regional CPA firm. Mr. Hansen is a certified public accountant.

STEPHEN P. NORTHRUP

Vice President and Chief Technology Officer

Mr. Northrup began his career with Graham Corporation in 1973 working in the
Engineering and R&D departments designing large heat exchangers for nuclear
power plants and developing new products. In 1981, he became the Plant Manager
of the Batavia, New York facility and Vice President Operations in 1986. He
expanded Graham's heavy fabrication and machining facilities to streamline large
fabrication operations, introducing advanced CNC machinery and large multiple
spindle drilling machines. In 1995, he held the position of Vice President
Engineering and is currently Vice President and Chief Technology Officer. Mr.
Northrup graduated from Clarkson University with a BSME degree. He has been a
member of ASME for over 30 years and involved in a number of other professional
organizations.

BOARD OF DIRECTORS

Jerald D. Bidlack (1,2,3,4,5)
Chairman
Director since 1985
President
Griffin Automation, Inc.

Helen H. Berkeley (2,3,4)
Director since 1998
Private Investor

William C. Denninger (2,3)
Director since 2003
Senior Vice President-Finance and Chief Financial Officer
Barnes Group, Inc.

William C. Johnson (1)
Director since 2004
President and Chief Executive Officer
Graham Corporation

H. Russel Lemcke (1,3,4)
Director since 1996
President
H. Russel Lemcke Group, Inc.

James J. Malvaso (4,5)
Director since 2003


                                       10

<PAGE>

President and Chief Executive Officer
The Raymond Corporation

Cornelius S. Van Rees (1,2,4,5)
Corporate Secretary
Director since 1969
Retired Partner
Thacher Proffitt & Wood, Attorneys-at-Law

1 - Executive Committee
2 - Employee Benefits Committee
3 - Audit Committee
4 - Compensation Committee
5 - Nominating Committee

GRAHAM CORPORATION SHAREHOLDER INFORMATION

ANNUAL MEETING

The 2005 Annual Meeting of shareholders will be held on Thursday, July 28, 2005
at 11:00 a.m. at the Holiday Inn-Airport, 911 Brooks Avenue, Rochester, NY.

TRANSFER AGENT AND REGISTRAR

For services such as change of address, replacement of lost certificates, and
changes in registered ownership, or for inquiries to your account, contact:

Mellon Investor Services LLC
85 Challenger Road
Ridgefield Park, NJ 07660
(800) 288-9541
www.melloninvestor.com

INVESTOR RELATIONS

Investors, stock brokers, security analysts and others seeking information about
Graham Corporation should contact:

J. Ronald Hansen
Vice President of Finance and Administration, and CFO
Phone: (585) 343-2216
Email: rhansen@graham-mfg.com

Additional information is available on our website at: www.graham-mfg.com

INDEPENDENT AUDITORS
Deloitte & Touche LLP
2200 Chase Square
Rochester, NY 14604

Stock Exchange Listing


                                       11

<PAGE>

AMEX: GHM

FORWARD LOOKING STATEMENT

Certain statements contained in this report, including, without limitation,
statements containing the words "believes," "anticipates," "intends," "expects"
and words of similar import, constitute "forward looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements may include projections of revenues, income or loss, capital
expenditures, capital structure, or other financial items, statements regarding
our plans and objectives for future operations, statements of future economic
performance, statements of the assumptions underlying or relating to any of the
foregoing statements, and other statements which are other than statements of
historical fact.

Statements made through this report are based on current estimates of future
events, and we have no obligation to update or correct these estimates. Readers
are cautioned that any such forward looking statements are not guarantees of
future performance and involve risks and uncertainties, and that actual results
may differ materially as a result of these various factors.

Graham Corporation
20 Florence Avenue
Batavia, NY 14020
(585) 343-2216
www.graham-mfg.com


                                       12
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>l16028aexv23w1.txt
<DESCRIPTION>EX-23.1 CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
<PAGE>
                                                                    Exhibit 23.1

            CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in this Registration Statement on
Form S-2 of our reports dated June 15, 2005, relating to the consolidated
financial statements and financial statement schedule of Graham Corporation
(which reports express an unqualified opinion and include an explanatory
paragraph relating to the change in accounting method for construction-type
contracts in 2005), appearing in the Annual Report on Form 10-K of Graham
Corporation for the year ended March 31, 2005, and to the reference to us under
the heading "Experts" in the Prospectus, which is part of this Registration
Statement.


/s/ Deloitte & Touche LLP


September 27, 2005



</TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
