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<SEC-DOCUMENT>0000950152-06-005149.txt : 20060616
<SEC-HEADER>0000950152-06-005149.hdr.sgml : 20060616
<ACCEPTANCE-DATETIME>20060616091606
ACCESSION NUMBER:		0000950152-06-005149
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20060614
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060616
DATE AS OF CHANGE:		20060616

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08462
		FILM NUMBER:		06908631

	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>8-K
<SEQUENCE>1
<FILENAME>l20863ae8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date of
Report (Date of earliest event reported): <U><B>June&nbsp;14, 2006</B></U>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Graham Corporation</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-8462</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>16-1194720</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other<BR>
jurisdiction of<BR>
incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>20 Florence Avenue, Batavia, New York</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>14020</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <U><B>(585)&nbsp;343-2216</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>N/A</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Former name or former address, if changed since last report)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the Registrant under any of the following provisions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>
Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>
Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>
Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>
Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;14, 2006, Graham Corporation (the &#147;Company&#148;) entered into a Second Amendment (the
&#147;Amendment&#148;) to that certain Amended and Restated Credit Facility Agreement (the &#147;Credit Facility
Agreement&#148;) with Bank of America, N.A. dated July&nbsp;12, 2005, as amended. The Second Amendment: (i)
increases the maximum principal amount that the Company may borrow
from $13,000,000 to $20,000,000;
(ii)&nbsp;increases the Company&#146;s letter of credit sub-limit from $10,000,000 to $12,000,000 (with
submits of $11,000,000 for the Company and $1,000,000 for the Company&#146;s wholly-owned Chinese
subsidiary). The Second Amendment also consents to the appointment of James R. Lines as the
Company&#146;s President and Chief Operating Officer. The Second Amendment does not effect any other
terms, provisions or conditions of the Credit Facility Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company entered into the Second Amendment to support its anticipated working capital and
letter of credit requirements. A copy of the Amendment, including the form of Amended and Restated
Revolving Line Note, is attached to this Current Report on Form 8-K as Exhibit&nbsp;4.1. A copy of the
Company&#146;s press release announcing the execution of the Second Amendment is attached to this
Current Report on Form 8-K as Exhibit&nbsp;99.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(d)&nbsp;Exhibits</I>. The following is attached as an exhibit to this Form 8-K:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Amendment, dated as of June&nbsp;14, 2006, to 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).</TD>
</TR>

<TR>
<td>&nbsp;</TD>
<td>&nbsp;</TD>
<td>&nbsp;</TD>
<td>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated June&nbsp;16, 2006 announcing the execution of
the Second Amendment, dated as of June&nbsp;14, 2006, to that
certain Credit Facility Agreement between Graham Corporation
and Bank of America, N.A</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Graham Corporation</B><BR><BR></TD>
</TR>
<TR><TD></TD></TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: June&nbsp;16, 2006
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: /s/ J. Ronald Hansen</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J. Ronald Hansen<BR>
Vice President &#151; Finance &#038; Administration and<BR>
Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>l20863aexv4w1.htm
<DESCRIPTION>EX-4.1: SECOND AMENDMENT TO CREDIT FACILITY AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-4.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit 4.1</B>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SECOND AMENDMENT TO CREDIT FACILITY AGREEMENT</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS SECOND AMENDMENT, dated as of the 14th day of June, 2006, to that certain Amended and
Restated Credit Facility Agreement dated as of July&nbsp;12, 2005, as amended by a First Amendment to
Credit Facility Agreement dated as of February&nbsp;24, 2006 (the &#147;Agreement&#148;), between BANK OF AMERICA,
N.A., a national banking association and successor by merger to Fleet National Bank, having an
office at One East Avenue, Rochester, New York 14638 (the &#147;Bank&#148;), and GRAHAM CORPORATION, a
corporation formed under the laws of the State of Delaware with offices at 20 Florence Avenue,
Batavia, New York 14020 (the &#147;Borrower&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereby agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Agreement Ratified.</U> Except as expressly amended hereby, the Agreement is in all
respects ratified and confirmed, and all of the terms, provisions and conditions thereof shall be
and remain in full force and effect, and this Amendment and all of its terms, provisions and
conditions shall be deemed to be a part of the Agreement. All capitalized terms used herein and
not defined shall have the meanings given them in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Section&nbsp;2.1</U>. Section&nbsp;2.1 of the Agreement shall be amended as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;2.1 <U>Revolving Line.</U> Subject to the terms and conditions of this Agreement, the
Bank hereby establishes for the benefit of the Borrower a revolving line of credit in the
maximum principal amount of Twenty Million Dollars ($20,000,000.00) outstanding at any one
time. The proceeds of the Revolving Line shall be used to meet the Borrower&#146;s letter of
credit and working capital requirements. Subject to the terms of this Agreement, the
Borrower may borrow, repay, and reborrow under the Revolving Line so long as the aggregate
principal amount outstanding at any time, plus (a)&nbsp;the undrawn amount of all Letters of
Credit and (b)&nbsp;the outstanding principal amount of all Term Loans, does not exceed
$20,000,000.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Amended and Restated Revolving Line Note</U>. The Borrower shall execute and deliver
to the Bank an Amended and Restated Revolving Line Note in the form attached hereto as Exhibit&nbsp;A,
to evidence the changes described in paragraph 2 above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Article&nbsp;3 of the Agreement shall be amended to read as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 3 &#151; LETTERS OF CREDIT
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;<U>3.1 Letters of Credit.</U> Subject to the terms and conditions of this Agreement,
the Bank will make Letters of Credit available for the account of the Borrower or, subject
to the terms described below, for the account of the Borrower&#146;s Chinese subsidiary, Graham
Vacuum and Heat Transfer Technology (Suzhou) Co., Ltd. (&#147;Graham China&#148;) in an aggregate
stated face amount not exceeding the lesser of (a)&nbsp;Twelve Million Dollars ($12,000,000), and
(b)&nbsp;the availability under the Revolving Line. Letters of Credit will be made promptly
available for the Borrower&#146;s or Graham China&#146;s work in process (to
</DIV>

<P align="right" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">support customer progress payments) or as otherwise requested by Borrower or Graham
China for general business purposes. Letters of Credit issued for the account of Graham
China may be either in US Dollars or in Chinese RMBs, as requested by Graham China at the
time the Letter of Credit is issued. The stated amount outstanding under all Letters of
Credit at all times shall reduce, dollar for dollar, the amount available for advances under
the Revolving Line. The Letters of Credit shall be in form satisfactory to the Bank and
will be for a term of up to three (3)&nbsp;years from the date of issuance, except that Letters
of Credit in the aggregate face amount of $8,000,000.00 may have maturities of up to five
(5)&nbsp;years from the date of issuance and may extend for up to five (5)&nbsp;years beyond the
Revolving Credit Termination Date. The total face amount of all Letters of Credit issued for
both the Borrower and Graham China may never exceed $12,000,000.00, with initial sublimits
of $11,000,000.00 for the Borrower and $1,000,000.00 for Graham China. The Bank agrees that
it will, from time to time revise this allocation on the basis of the Borrower&#146;s and Graham
China&#146;s respective needs, but subject always to the approval of the Bank.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;3.2 <U>Commissions.</U> The Borrower or Graham China, as the case may be, will pay
letter of credit commissions to the Bank on the date of issuance of the Letter of Credit and
on each anniversary date thereafter if the Letter of Credit is renewed or has a maturity in
excess of one year from the date of issuance, equal to one and one-quarter of one percent
(1.25%) of the undrawn amount thereof for standby letters of credit, and one-quarter of one
percent (0.25%) of the undrawn amount thereof for documentary letters of credit.
Commissions on letters of credit having maturities of less than one year shall be charged
ratably. In addition, the Borrower or Graham China, as the case may be, will pay to the
Bank a $150 administrative fee for each Letter of Credit issued pursuant to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;3.3 <U> Reimbursement</U>. The Borrower or Graham China, as the case may be, will
execute a Reimbursement Agreement that is satisfactory to the Bank, documenting its
Obligations with respect to each of the Letters of Credit issued for its account. In
addition, the Borrower agrees that it will co-sign each Reimbursement Agreement relating to
a Letter of Credit issued for the account of Graham China, and will be jointly and severally
liable, with Graham China, for all amounts owing to the Bank with respect to such Letters of
Credit, including without limitation reimbursement amounts, interest thereon, fees, charges
and penalties. Among other items, the Reimbursement Agreement will require immediate
reimbursement to the Bank for all amounts drawn under the Letters of Credit, and outstanding
drawn amounts not so reimbursed may, at the discretion of the Bank, be treated as advances
under the Revolving Line.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;All payments shall be made by Borrower or Graham China to Bank at the address for Bank first
shown above in this Agreement or such other place as Bank may from time to time specify in
writing in lawful currency of the United States of America in immediately available funds,
without counterclaim or setoff and free and clear of, and without deduction or withholding
for, any taxes or other payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Section&nbsp;10.7</U>. Section&nbsp;10.7 of the Agreement shall be amended to read as follows:
</DIV>

<P align="right" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;10.7 <U>Material Changes.</U> Permit any material change to be made in the character
of the business of the Borrower, or in its President, Chief Operating Officer or Chief
Financial Officer, other than for cause unless Borrower shall have provided for a successor
reasonably acceptable to the Bank, or in the nature of its operations as carried on at the
date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Borrower has informed the Bank that on or around June&nbsp;30, 2006, James Lines
will replace William Johnson as its Chief Operating Officer and a member of its Board of Directors.
The Bank agrees that Mr.&nbsp;Lines is an acceptable successor and that this change does not constitute
a violation of Section&nbsp;10.7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Representations and Warranties.</U> The Borrower confirms the accuracy of and remakes
as of the date hereof all of its representations, warranties contained in the Agreement. The
Borrower further represents and warrants to the Bank that all necessary action on the part of the
Borrower relating to authorization of the execution and delivery of this Amendment, and the
performance of the Obligations of the Borrower thereunder has been taken. This Amendment
constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with
its terms. The execution and delivery by the Borrower of the Amendment, and the performance by the
Borrower of the Amendment, will not violate any provision of law or the Borrower&#146;s Certificate of
Incorporation or By-laws or organizational or other documents or agreements. The execution,
delivery and performance of the Amendment, and the consummation of the transactions contemplated
thereby will not violate, be in conflict with, result in a breach of, or constitute a default under
any agreement to which the Borrower is a party or by which any of its properties is bound, or any
order, writ, injunction, or decree of any court or governmental instrumentality, and will not
result in the creation or imposition of any lien, charge or encumbrance upon any of its properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>No Events of Default.</U> The Borrower confirms that as of the date hereof, there
exists no condition or event that constitutes (or that would after expiration of applicable grace
or cure periods constitute) an Event of Default as described in Article&nbsp;14 of the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>No Offsets</U>. As of the date hereof, the Borrower has no defenses, offsets, claims or
counterclaims with respect to its obligations arising under the Agreement or this Amendment and all
related documents and instruments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Governing Law.</U> This Amendment, together with all of the rights and obligations of
the parties hereto, shall be construed and interpreted in accordance with the laws of the State of
New York, excluding the laws applicable to conflicts or choice of law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have executed this Amendment on the date first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40">&nbsp;</TD>
    <TD width="16">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" colspan="3">BANK OF AMERICA, N.A.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3">GRAHAM CORPORATION</TD>
</TR>

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



<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40">&nbsp;</TD>
    <TD width="16">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40">&nbsp;</TD>
</TR>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">Colleen O&#146;Brien</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ron Hansen</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" colspan="2" nowrap>Title:</TD>
<TD>Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="2" nowrap>Title:</TD>
<TD>Vice President</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="right" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit&nbsp;A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDED AND RESTATED REVOLVING LINE NOTE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$20,000,000.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">June 14, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise expressly provided herein, all capitalized terms in this Revolving Line Note
shall have the meanings given to them in the Amended and Restated Credit Facility Agreement dated
as of July&nbsp;12, 2005, as amended on February&nbsp;24, 2006 and on the date hereof, between the
undersigned, Graham Corporation (&#147;Borrower&#148;) and Bank of America Company, N.A. (&#147;Bank&#148;), as the
same may be amended, extended, replaced, or modified from time to time (the &#147;Credit Agreement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>FOR VALUE RECEIVED, </B>GRAHAM CORPORATION hereby promises to pay to the order of BANK OF AMERICA,
N.A. at One East Avenue, Rochester, New York 14604, or at such other places as Bank may specify in
writing to Borrower, the principal sum of Twenty Million Dollars ($20,000,000.00) or, if less, the
aggregate unpaid principal amount of all Revolving Line advances made by Bank to Borrower. The
Bank shall maintain a record of amounts of principal and interest payable by Borrower from time to
time, and the records of Bank maintained in the ordinary course of business shall be prima facie
evidence of the existence and amounts of the Borrower&#146;s obligations recorded therein. In addition,
Bank may mail or deliver periodic statements to Borrower indicating the date and amount of each
advance hereunder (but any failure to do so shall not relieve Borrower of the obligation to repay
any advance). Unless Borrower questions the accuracy of an entry on any periodic statement within
thirty business days after such mailing or delivery by Bank, Borrower shall be deemed to have
accepted and be obligated by the terms of each such periodic statement as accurately representing
the advances hereunder. In the event of transfer of this Revolving Line Note, or if the Bank shall
otherwise deem it appropriate, Borrower hereby authorizes Bank to endorse on this Revolving Line
Note the amount of advances and payments to reflect the principal balance outstanding from time to
time. Bank is hereby authorized to honor borrowing and other requests received from purported
representatives of Borrower orally, by telecopy, in writing, or otherwise. Oral requests shall be
conclusively presumed to have been made by an authorized person and Bank&#146;s crediting of Borrower&#146;s
account with the amount requested shall conclusively establish Borrower&#146;s obligation to repay the
amount advanced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interest. </B>Outstanding amounts under this Revolving Line Note shall bear interest, except as
otherwise specifically provided herein, at a variable rate per annum equal to the Prime Rate in
effect from time to time minus the Applicable Prime Rate Margin. Changes in the interest rate shall
become effective automatically and without notice at the time of changes in the Prime Rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower from time to time, however, may elect to have portions of the principal
outstanding under this Revolving Line Note bear interest at the fixed per annum rate equal to the
one-month, two-month, or three- month LIBOR Rate plus the Applicable LIBOR Margin for the period
applicable to that rate by giving at least two (2)&nbsp;business days&#146; prior notice in writing or by
telecopy to the Bank. The notice shall specify (i)&nbsp;the rate chosen, (ii)&nbsp;the
</DIV>

<P align="right" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">outstanding principal amount to bear interest at the applicable LIBOR Rate (with any
outstanding amounts from time to time under this Revolving Line Note, in excess of such specified
amount, to bear interest at the rate based upon the Prime Rate), and (iii)&nbsp;the commencement date
for such rate. No LIBOR Interest Period may be elected that would extend beyond the maturity date
of this Revolving Line Note. The rate of interest so elected shall be in effect for the respective
applicable LIBOR Interest Period. The Borrower shall be responsible for all Break Costs including
without limitation those applicable if during any period in which a LIBOR based rate or rates is or
are in effect, if the principal amount outstanding under this Revolving Line Note bearing interest
at such respective rate or rates is ever less than the principal amount stated in the respective
election notice or notices for such period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest shall be calculated on the basis of a 360&nbsp;day year and using the actual number of
days elapsed. Interest shall continue to accrue after maturity (including after acceleration and
judgment) at the rate required by this Revolving Line Note until this Revolving Line Note is paid
in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rate of interest on this Revolving Line Note may be increased under the circumstances
provided in the Credit Agreement. The right of Bank to receive such increased rate of interest
shall not constitute a waiver of any other right or remedy of Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Payments. </B>Payments of all accrued interest under this Revolving Line Note shall be due on the
first day of each month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All remaining outstanding principal and accrued interest shall be due and payable in full upon
the earlier of (a)&nbsp;at the option of the Bank, upon written notice to Borrower, an Event of Default,
or (b)&nbsp;the Revolving Line Termination Date, provided that under certain circumstances, some or all
of the principal amounts outstanding under this Revolving Line Note may be converted to a Term Loan
in accordance with the terms of Article&nbsp;4 of the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Borrower becomes aware, or receives notice (oral or written) from the Bank,
that principal amounts outstanding under this Revolving Line Note exceed the maximum available
amount described herein at any time, Borrower promptly shall make a principal payment to the Bank
sufficient to reduce outstanding principal amounts to the maximum amount available hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All payments shall be made by Borrower to Bank at the address for Bank first shown above in
this Revolving Line Note or such other place as Bank may from time to time specify in writing in
lawful currency of the United States of America in immediately available funds, without
counterclaim or setoff and free and clear of, and without deduction or withholding for, any taxes
or other payments. All payments shall be applied first to the payment of all fees, expenses and
other amounts due to the Bank (excluding principal and interest), then to accrued interest, and the
balance on account of outstanding principal; provided, however, that after an Event of Default or
demand for payment in full, payments will be applied to the obligations of Borrower to the Bank as
Bank determines in its sole discretion.
</DIV>

<P align="right" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Late Charge. </B>If the entire required amount of principal and/or interest is not paid in full
within ten (10)&nbsp;days after the same is due, Borrower shall pay to Bank a late fee equal to five
percent (5%) of the overdue amount. Such late charge shall be in addition to interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Prepayment. </B>This Revolving Line Note is prepayable to the extent allowed by, and on the terms
provided by the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Maximum Rate. </B>All agreements between Borrower and Bank are hereby expressly limited so that
in no contingency or event whatsoever, whether by reason of acceleration or maturity of the
indebtedness evidenced hereby or otherwise, shall the amount paid or agreed to be paid to Bank for
the use or the forbearance of the indebtedness evidenced hereby exceed the maximum permissible
under applicable law. As used herein, the term &#147;applicable law&#148; shall mean the law in effect as of
the date hereof, provided, however that in the event there is a change in the law which results in
a higher permissible rate of interest, then this Revolving Line Note shall be governed by such new
law as of its effective date. In this regard, it is expressly agreed that it is the intent of
Borrower and Bank in the execution, delivery and acceptance of this Revolving Line Note to contract
in strict compliance with the laws of the State of New York from time to time in effect. If, under
or from any circumstances whatsoever, fulfillment of any provision hereof or of any of the
documents and agreements related hereto at the time performance of such provision shall be due,
shall involve transcending the limit of such validity prescribed by applicable law, then the
obligation to be fulfilled shall automatically be reduced to the limits of such validity, and if
under or from any circumstances whatsoever Bank should ever receive as interest an amount which
would exceed the highest lawful rate, such amount which would be excessive interest shall be
applied to the reduction of the principal balance evidenced hereby and not to the payment of
interest. This provision shall control every other provision of all agreements between Borrower and
Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Business Days. </B>If this Revolving Line Note or any payment hereunder becomes due on a day
other than a Business Day, payment shall be extended to the next succeeding Business Day, but any
interest or fees shall be calculated based upon the actual time of payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Events of Default. </B>This Revolving Line Note shall become immediately due and payable in full,
without further presentment, protest, notice or demand, upon the happening of any Event of Default
as provided in the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Default Rate. </B>Upon Default or after maturity or after judgment has been rendered with respect
to the Obligations, or upon an Event of Default, the unpaid principal of all Obligations shall, at
the option of the Bank, bear interest at a rate which is four (4)&nbsp;percentage points per annum
greater than that which would otherwise be applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Set Off</B>. The Borrower hereby grants to Bank a continuing lien, security interest, and right
of set off as security for the Obligations, whether now existing or hereafter arising, upon and
against all deposits, credits, collateral and property, now or hereafter in the possession,
custody, safekeeping or control of Bank or any entity under the control of Bank of America
Corporation and its successors and assigns or in transit to any of them. At any time during the
existence of a Default or Event of Default, without demand or notice (any such notice being
</DIV>

<P align="right" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">expressly waived by Borrower), Bank may set off the same or any part thereof and apply the
same to any Obligation of Borrower even though unmatured and regardless of the adequacy of any
other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS
RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO
EXERCISING ITS RIGHT OF SET OFF WITH RESPECT TO SUCH DEPOSITS, CREDITS, OR OTHER PROPERTY OF
BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY, AND IRREVOCABLY WAIVED.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Modification of Terms. </B>The terms of this Revolving Line Note cannot be changed, nor may this
Revolving Line Note be discharged in whole or in part, except by a writing executed by Bank. In
the event that Bank demands or accepts partial payments of this Revolving Line Note, such demand or
acceptance shall not be deemed to constitute a waiver of the right to demand the entire unpaid
balance of this Revolving Line Note at any time in accordance with the terms hereof. Any delay or
omission by Bank in exercising any rights hereunder shall not operate as a waiver of such rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Costs and Expenses. </B>Borrower shall pay on demand all reasonable expenses of Bank in
connection with the preparation, administration, default, collection, waiver or amendment of loan
terms, or in connection with Bank&#146;s exercise, preservation, or enforcement of any of its rights,
remedies, or options hereunder, including without limitation, fees of outside legal counsel or the
allocated costs of in-house legal counsel, accounting, consulting, brokerage or similar
professional fees or expenses, and any fees or expenses associated with travel or other costs
relating to any appraisals or examinations conducted in connection with any loan or any collateral
therefor, and the amount of all such expenses shall, until paid, bear interest at the rate
applicable to principal hereunder (including any default rate) and be an obligation secured by any
collateral.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Assignment/Participation</B>. All the terms and provisions of this Revolving Line Note shall
inure to the benefit of and be binding upon and be enforceable by the parties and their respective
successors and permitted assigns and shall inure to the benefit of and be enforceable by any holder
hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank may at any time pledge or assign all or any portion of its rights under this
Revolving Line Note to any of the twelve (12)&nbsp;Federal Reserve Banks organized under Section&nbsp;4 of
the Federal Reserve Act, 12 U.S.C. Section&nbsp;341. No such pledge or assignment or enforcement
thereof shall release Bank from its obligations under any of this Revolving Line Note or any other
loan documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank shall have the unrestricted right at any time or from time to time, and without
Borrower&#146;s consent, to assign all or any portion of its rights and obligations hereunder to one or
more banks or other financial institutions (each an &#147;Assignee&#148;), and Borrower agrees that it shall
execute, or cause to be executed, such documents, including without limitation, amendments to this
Revolving Line Note and to any other loan documents, as the Bank shall deem necessary to effect the
foregoing. In addition, at the request of the Bank and any such Assignee, Borrower shall issue one
or more new promissory notes, as applicable, to any such Assignee and, if Bank
</DIV>

<P align="right" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">has retained any of its rights and obligations hereunder following such assignment, to Bank,
which new promissory notes shall be issued in replacement of, but not in discharge of, the
liability evidenced by the promissory note held by Bank prior to such assignment and shall reflect
the amount of the respective commitments and loans held by such Assignee and Bank after giving
effect to such assignment. Upon the execution and delivery of appropriate assignment
documentation, amendments, and any other documentation required by Bank in connection with such
assignment, and the payment by Assignee of the purchase price agreed to by Bank and such Assignee,
such Assignee shall be a party to this agreement and shall have all of the rights and obligations
of the Bank hereunder (and under any and all other loan documents) to the extent that such rights
and obligations have been assigned by the Bank pursuant to the assignment documentation between the
Bank and such Assignee, and Bank shall be released from its obligations hereunder and thereunder to
a corresponding extent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank shall have the unrestricted right at any time and from time to time, and without the
consent of or notice to Borrower, to grant to one or more banks or other financial institutions
(each a &#147;Participant&#148;) participating interests in Bank&#146;s obligation to lend hereunder and/or any or
all of the loans held by Bank hereunder. In the event of any such grant by Bank of a participating
interest to Participant, whether or not upon notice to Borrower, Bank shall remain responsible for
the performance of its obligations hereunder and Borrower shall continue to deal solely and
directly with Bank in connection with Bank&#146;s rights and obligations hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank may furnish any information concerning Borrower in its possession from time to time
to prospective Assignees and Participants, provided that the Bank shall require any such
prospective Assignee or Participant to agree in writing to maintain the confidentiality of such
information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Loss or Mutilation</B>. Upon receipt of an affidavit of an officer of Bank as to the loss, theft,
destruction, or mutilation of this Revolving Line Note, and, in the case of any such loss, theft,
destruction or mutilation, upon cancellation of this Revolving Line Note, Borrower will issue, in
lieu thereof, a replacement note or other loan document in the same principal amount thereof and
otherwise of like tenor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Regulation&nbsp;U. </B>No portion of the proceeds of this Revolving Line Note shall be used, in whole
or in part, for the purpose of purchasing or carrying any &#147;margin stock&#148; as such term is defined in
Regulation&nbsp;U of the Board of Governors of the Federal Reserve System.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Miscellaneous. </B>To the fullest extent permissible by law, Borrower waives presentment, demand
for payment, protest, notice of nonpayment, and, except as otherwise provided in the Credit
Agreement, all other demands or notices otherwise required by law in connection with the delivery,
acceptance, performance, default, or enforcement of this Revolving Line Note. Borrower consents to
extensions, postponements, indulgences, substitutions or releases of collateral, and substitutions
or releases of other parties primarily or secondarily liable herefor, and agrees that none of the
same shall affect Borrower&#146;s obligations under this Revolving Line Note which shall be
unconditional.
</DIV>

<P align="right" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Choice of Law. </B>This Revolving Line Note and the rights and obligations of the parties
hereunder, shall be construed, interpreted, governed and enforced in accordance with the laws of
the State of New York (excluding the laws applicable to conflicts or choice of law).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Enforcement/Waiver of Jury Trial. </B>BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS
REVOLVING LINE NOTE OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE STATE OF
NEW YORK LOCATED IN MONROE COUNTY OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE
NONEXCLUSIVE JURISDICTION OF SUCH COURT. BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN
INCONVENIENT FORUM.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BORROWER AND BANK (BY ACCEPTANCE OF THIS REVOLVING LINE NOTE) MUTUALLY HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED
HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS REVOLVING LINE NOTE OR ANY OTHER LOAN
DOCUMENTS OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF ANY PARTY, INCLUDING WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS,
STATEMENTS OR ACTIONS OF BANK RELATING TO THE ADMINISTRATION OF THE LOAN OR ENFORCEMENT OF THIS
REVOLVING LINE NOTE OR THE LOAN DOCUMENTS, AND AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE
ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED.
EXCEPT AS PROHIBITED BY LAW, BORROWER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN
ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER
THAN, OR IN ADDITION TO, ACTUAL DAMAGES. BORROWER CERTIFIES THAT NO REPRESENTATIVE, AGENT, OR
ATTORNEY OF BANK HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT BANK WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT
FOR BANK TO ACCEPT THIS REVOLVING LINE NOTE AND MAKE THE LOANS CONTEMPLATED HEREUNDER.
</DIV>

<P><DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">GRAHAM CORPORATION

</DIV>

<P><DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">By: &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;

</DIV>

<P><DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Title: &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;

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<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>l20863aexv99w1.htm
<DESCRIPTION>EX-99.1: PRESS RELEASE
<TEXT>
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<TITLE>EX-99.1</TITLE>
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    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size:24pt">News
Release</FONT></TD>
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<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Graham Corporation </B>20 Florence Avenue Batavia, NY 14020

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IMMEDIATE RELEASE

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Graham Corporation Expands Banking Credit Facility Agreement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BATAVIA, NY, June&nbsp;16, 2006 &#151; Graham Corporation (AMEX: GHM) announced today that it has
expanded its three-year credit facility agreement with Bank of America, N.A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The second amendment to the credit facility agreement increases the Company&#146;s banking facility to
$20&nbsp;million from $13&nbsp;million, and includes a letter of credit sub-limit of up to $12&nbsp;million from
$10&nbsp;million. The Company entered into the initial credit facility agreement on July&nbsp;12, 2005. The
interest rate charged for borrowings under the terms of the facility provide for a variable rate
equal to prime minus 25 basis points to prime minus 100 basis points or LIBOR plus 200 basis points
to LIBOR plus 100 basis points.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The proceeds of the revolving line will be used to meet the Company&#146;s letter of credit and working
capital requirements of its USA corporation and newly formed company in China. As of March&nbsp;31,
2006, the Company had standby letters of credit outstanding of $4,688 and no borrowings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">James R. Lines, President and COO of Graham, commented, &#147;Our business continues to show strength
across all of our global markets. With increased bookings in emerging markets and the
establishment of our Graham China subsidiary, our expanded credit facility agreement provides us
with increased financial flexibility to address the many opportunities we are realizing from our
markets.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ABOUT GRAHAM CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With world-renowned engineering expertise in vacuum and heat transfer technology, Graham
Corporation is a designer, manufacturer and global supplier of ejectors, pumps, condensers, vacuum
systems and heat exchangers. Over the past 70&nbsp;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 Graham&#146;s equipment are the petrochemical,
oil refining and electric power generation industries, including cogeneration and geothermal
plants. Graham equipment can be found in diverse applications, such as metal refining, pulp and
paper processing, ship-building, water heating, refrigeration, desalination, food processing,
drugs, heating, ventilating and air conditioning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Graham&#146;s reach spans the globe. Its equipment is installed in facilities from North and South
America to Europe, Asia, Africa and the Middle East. More information regarding Graham can be
found at its website: <U>www.graham-mfg.com</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Safe Harbor Statement</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This press release contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. All forward-looking statements are subject to certain risks,
uncertainties and assumptions. These risks and uncertainties, which are more fully described in
Graham&#146;s Annual and Quarterly Reports filed with the Securities and Exchange Commission,
include Graham&#146;s ability to successfully execute the contract, that the estimated value of the
production contract will be realized, customer preferences and changes in market conditions in the
industries in which Graham operates. Should one or more of these risks or uncertainties
materialize, or should the assumptions prove incorrect, actual results may vary in material aspects
from those currently anticipated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>For more information contact:</B><BR>
J. Ronald Hansen, Vice President Finance and CFO<BR>
Phone: (585)&nbsp;343-2216 Email: rhansen@graham-mfg.com<BR>
- -OR-<BR>
Deborah K. Pawlowski, Kei Advisors LLC<BR>
Phone: (716)&nbsp;843-3908 Email: <U>dpawlowski@keiadvisors.com</U>

</DIV>

<P align="center" style="font-size: 10pt">#&nbsp;&nbsp;&nbsp;#&nbsp;&nbsp;&nbsp;#

<P align="center" style="font-size: 10pt">&nbsp;
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
