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<SEC-DOCUMENT>0000950123-10-113661.txt : 20101215
<SEC-HEADER>0000950123-10-113661.hdr.sgml : 20101215
<ACCEPTANCE-DATETIME>20101215080037
ACCESSION NUMBER:		0000950123-10-113661
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20101214
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101215
DATE AS OF CHANGE:		20101215

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:		101252190

	BUSINESS ADDRESS:	
		STREET 1:		20 FLORENCE AVE
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14020
		BUSINESS PHONE:		5853432216

	MAIL ADDRESS:	
		STREET 1:		20 FLORENCE AVENUE
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14020
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>l41348e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<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, D.C. 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 Pursuant to<BR>
Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>December&nbsp;14, 2010<BR>
(Date of Report)</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>GRAHAM CORPORATION</B>
</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>
<TR></TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-8462</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>16-1194720</B><BR>
(IRS Employer 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>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>20 Florence Avenue, Batavia, New York</B><BR>
(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>14020</B><BR>
(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</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 (see General Instruction A.2. below):
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</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"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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










<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 December&nbsp;14, 2010 Graham Corporation (the &#147;Company&#148;), through its wholly-owned subsidiary
ES Acquisition Corp. (&#147;ES Acquisition&#148;), completed the acquisition of Energy Steel and Supply Corp.
(&#147;Energy Steel&#148;), a code fabrication and specialty machining company dedicated exclusively to the
nuclear power industry and located in Lapeer, Michigan (the &#147;Acquisition&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Stock Purchase Agreement</I></B>. The Acquisition was completed by the Company and ES Acquisition
pursuant to a Stock Purchase Agreement dated December&nbsp;14, 2010 (the &#147;Stock Purchase Agreement&#148;) by
and among the Company, ES Acquisition, Energy Steel and Lisa D. Rice,
as sole Trustee of the Lisa D. Rice Revocable Trust and  as the sole shareholder of
Energy Steel (the &#147;Shareholder&#148;). Pursuant the Stock Purchase Agreement, ES Acquisition acquired
all of the outstanding shares of capital stock of Energy Steel from the Shareholder for
$18,000,000. The Stock Purchase Agreement contains customary representations, warranties, covenants
and indemnification rights. In connection with the Stock Purchase Agreement, the Company, ES
Acquisition and the Shareholder also entered into an Earn Out Agreement, an Escrow Agreement, a
Lease Agreement and the Shareholder and Energy Steel have entered into an Employment Agreement
providing for the Shareholder to continue to serve as the President of Energy Steel through December
31, 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Earn Out Agreement</I></B>. The Earn Out Agreement dated December&nbsp;14, 2010 provides that the
Shareholder may receive up to $2,000,000 in additional consideration in connection with the
Acquisition in the event that Energy Steel meets certain EBITDA (as defined in the Earn Out
Agreement) thresholds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shareholder will be entitled to receive the additional consideration set forth below in
the event that the following EBITDA thresholds are met during calendar year 2011:
</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="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Calendar Year 2011 EBITDA Threshold</B></TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount of Earn Out Payment</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">&#8805; $3,625,000
</TD>
    <TD>&nbsp;</TD>
<TD align="right">$</TD>
    <TD align="right" valign="bottom">250,000</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&#8805; $3,750,000
</TD>
    <TD>&nbsp;</TD>
<TD align="right">$</TD>
    <TD align="right" valign="bottom">500,000</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">&#8805; $3,875,000
</TD>
    <TD>&nbsp;</TD>
<TD align="right">$</TD>
    <TD align="right" valign="bottom">750,000</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&#8805; $4,000,000
</TD>
    <TD>&nbsp;</TD>
<TD align="right">$</TD>
    <TD align="right" valign="bottom">1,000,000</TD>
<TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shareholder will be entitled to receive the additional consideration set forth below
in the event that the following EBITDA thresholds are met during calendar year 2012:
</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="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Calendar Year 2012 EBITDA Threshold</B></TD>
    <TD>&nbsp;</TD>

    <TD nowrap colspan="3" align="center" style="border-bottom: 1px solid #000000"><B>Amount of Earn Out Payment</B></TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">&#8805; $3,625,000
</TD>
    <TD>&nbsp;</TD>
<TD align="right">$</TD>
    <TD align="right" valign="bottom">250,000</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&#8805; $3,750,000
</TD>
    <TD>&nbsp;</TD>
<TD align="right">$</TD>
    <TD align="right" valign="bottom">500,000</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">&#8805; $3,875,000
</TD>
    <TD>&nbsp;</TD>
<TD align="right">$</TD>
    <TD align="right" valign="bottom">750,000</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&#8805; $4,000,000
</TD>
    <TD>&nbsp;</TD>
<TD align="right">$</TD>
    <TD align="right" valign="bottom">1,000,000</TD>
<TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that no payment is made to the Shareholder under the Earn Out Agreement
during calendar year 2011, the Shareholder may earn the amount that would have otherwise been
payable during calendar year 2011 as a &#147;catch up&#148; payment if the sum of Energy Steel&#146;s calendar
year 2011 and calendar year 2012 EBITDA meet the following thresholds:
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<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">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Catch-Up EBITDA Threshold</B></TD>
<TD>&nbsp;</TD>

    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount of Catch-Up Payment</B></TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">&#8805; $7,250,000
</TD>
<TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right" valign="bottom">250,000</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&#8805; $7,500,000
</TD>
<TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right" valign="bottom">500,000</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">&#8805; $7,750,000
</TD>
<TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right" valign="bottom">750,000</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&#8805; $8,000,000
</TD>
<TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right" valign="bottom">1,000,000</TD>
<TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In no event shall the Shareholder be entitled to receive more than $2,000,000 in earn out
consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Escrow Agreement</I></B>. The Escrow Agreement dated December&nbsp;14, 2010 between ES Acquisition and the
Shareholder provides for the deposit by the Shareholder of $1,750,000 of the purchase price
received by her in connection with the Acquisition with PNC Bank National Association, a third
party escrow agent, in order to satisfy indemnification and other claims that the Company or ES
Acquisition might make against the Shareholder under the Stock Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Lease Agreement</I></B>. Also in connection with the Acquisition, the Company and Energy Steel entered
into a five year Lease Agreement dated December&nbsp;14, 2010 (the &#147;Lease Agreement&#148;) with ESSC
Investments, LLC (&#147;ESSC&#148;) for Energy Steel&#146;s manufacturing and office facilities located in Lapeer,
Michigan. Under the terms of the Lease Agreement, Energy Steel&#146;s rent will remain constant at
$300,000 for the term of the Lease Agreement and the Company and Energy Steel have an option to renew the
Lease Agreement for an additional five year term. The Company and Energy Steel also have an option
to purchase the leased facility for $2,500,000 at any time during the first two years of the Lease
Agreement&#146;s term. ESSC is partly owned by the Shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other</I></B>. The above summary of the terms of the Stock Purchase Agreement, the Earn Out Agreement,
the Escrow Agreement and the Lease Agreement are qualified in their entirety by reference to the
actual text of such agreements, which will be filed as exhibits to the Company&#146;s Quarterly Report
on Form 10-Q for the quarter ending December&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2.01. Completion of Acquisition or Disposition of Assets</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disclosure contained in Item&nbsp;1.01 of this Current Report on Form 8-K is incorporated into
this Item&nbsp;2.01 by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01 Other Events</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;14, 2010, the Company issued a press release announcing the Acquisition. A copy of
the press release 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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000"><I>Exhibit</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Description</I></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top" colspan="2">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press Release of Graham Corporation dated December&nbsp;14, 2010.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<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>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Date:  December 14, 2010      &nbsp;</TD>
    <TD colspan="3" align="left"><B>GRAHAM CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Jeffrey Glajch
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Jeffrey Glajch&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Vice President &#151; Finance &#038; Administration and
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>l41348exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><b>Exhibit&nbsp;99.1</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="l41348l4134800.gif" alt="(GRAHAM LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="middle"><B>News Release</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Graham Corporation Acquires Nuclear-Accredited Supplier<BR>
Energy Steel &#038; Supply Co.</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Expands Graham&#146;s presence and enhances its capabilities in the nuclear power
industry</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Represents strong strategic fit:</I></B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left" valign="middle">&#176;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Provides market and product diversification</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left" valign="middle">&#176;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Reduces cyclicality</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left" valign="middle">&#176;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Accretive to first full year earnings</I></B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BATAVIA, NY, December&nbsp;14, 2010 &#151; Graham Corporation (NYSE Amex: GHM), a designer and manufacturer
of critical equipment for the oil refining, petrochemical and power industries, today announced
that it has acquired privately-held Energy Steel &#038; Supply Co. (&#147;Energy Steel&#148;), a leading code
fabrication and specialty machining company dedicated exclusively to the nuclear power industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Graham acquired all of the stock of Energy Steel for approximately $18.0&nbsp;million in cash. An
additional purchase consideration of up to $2.0&nbsp;million may be paid by Graham if Energy Steel
exceeds profitability targets in calendar years 2011 and 2012. In addition, Graham entered into a
long-term lease of Energy Steel&#146;s Lapeer manufacturing facility with an option to purchase. No
debt was acquired in the transaction. Graham had $70.8&nbsp;million in cash and equivalents and no debt
at the end of its second quarter of fiscal 2011, which ended September&nbsp;30, 2010. Graham expects
third quarter transaction costs associated with the acquisition of approximately $0.07 to $0.09,
net of tax, per diluted share. The transaction is expected to be earnings-neutral in the fourth
quarter of fiscal 2011 and accretive to earnings in fiscal 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">James R. Lines, Graham&#146;s President and Chief Executive Officer, commented, &#147;Energy Steel is an
ideal complement to the Graham brand. It is a high-quality, custom fabricator offering specialized
solutions to the nuclear industry and has a strong reputation for providing superior customer
service. Acquiring Energy Steel is a logical step in broadening Graham&#146;s offerings to the energy
markets and strengthening our presence in the nuclear sector in particular, which we consider an
important growth market. I believe that the acquisition is an excellent strategic fit for us as it
achieves our goals of growing through market and product diversification while reducing the
cyclicality inherent in the oil and petrochemical industry. Energy Steel has been successful in
its growth by taking market share within existing nuclear power plants. We expect that there is
excellent future potential in leveraging Energy Steel&#146;s nuclear capability with Graham&#146;s
engineering expertise in the expanding utility nuclear power base.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lisa Rice, Energy Steel&#146;s President, stated, &#147;We believe this combination will benefit our
customers by joining our well-respected quality processes with Graham&#146;s design engineering and
production resources. I also believe that it opens up growth opportunities for Energy Steel. We
have grown nearly 60% in the last four years and believe that with the larger resource base
Graham provides, we have significantly more potential in the existing power plant market, with the
planned new nuclear power facilities in the U.S., and particularly in the international markets
where Graham has a well-established reputation for quality engineering solutions, product
reliability and responsive customer service.&#148;
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- MORE -
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<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">
    <TD width="90%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Graham Corporation Acquires Nuclear-Accredited Supplier Energy Steel &#038; Supply Co.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Page 2</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>December&nbsp;14, 2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ms.&nbsp;Rice will remain as Energy Steel&#146;s President, with responsibility for its operations and
growth plans. During her nearly twenty-year career with Energy Steel, including the last seven as
owner, Ms.&nbsp;Rice has directed Energy Steel&#146;s focus on providing on-time delivery, flawless
workmanship, impeccable quality and unparalleled service to the company&#146;s customers in the nuclear
energy industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Energy Steel, with expected revenue of approximately $17&nbsp;million to $19&nbsp;million in 2010, offers an
array of original equipment and integrated solutions as well as spare parts for nuclear power
installations, both inside the reactor vessel and outside the containment vessel. Energy Steel&#146;s
solutions include pump refurbishment, desuperheaters, heat exchangers, vessels, and various valves,
fittings, filters and piping. Energy Steel also provides services such as code welding, testing,
engineering, and on-site support. Current backlog is approximately
$8&nbsp;million, of which 90% to 100%
is expected to ship within the next nine months. Guidance provided by Graham on October&nbsp;29, 2010,
applies only to the Company&#146;s organic business and is not being updated at this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Energy Steel was founded in 1982 and is located in Lapeer, Michigan. It has 52 employees, all of
whom are expected to remain with the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Lines concluded, &#147;Energy Steel has been dedicated to the highly regulated and scrutinized
nuclear power industry for nearly thirty years. We intend to leverage their industry knowledge and
strong customer relationships in order to expand Graham&#146;s presence in the nuclear market and intend
to pursue Graham&#146;s necessary accreditations to complement Energy Steel&#146;s existing stamps.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Webcast and Conference Call</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Graham will host a conference call and live webcast to discuss the acquisition at 9:00 a.m. Eastern
Time on Wednesday, December&nbsp;15, 2010. The conference call will be accompanied by a slide
presentation which will be available on Graham&#146;s Web site at www.graham-mfg.com. A question and
answer session will follow the formal discussion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Graham&#146;s conference call can be accessed by dialing 1-201-689-8560 and requesting conference ID
number 362560. The webcast can be monitored on Graham&#146;s Web site at
www.graham-mfg.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To listen to the archived call, dial 1-858-384-5517, and enter conference ID number 362560. A
telephonic replay will be available from 12:00&nbsp;p.m. Eastern Time on the day of the call through
December&nbsp;22, 2010. A transcript will also be available on Graham&#146;s Web site, once available.
</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 global designer, manufacturer and supplier of custom-engineered ejectors, pumps,
condensers, vacuum systems and
heat exchangers. For over 70&nbsp;years, Graham has built a reputation for top quality, reliable
products and high-standards of customer service. Sold either as components or complete system
solutions, the principal markets for Graham&#146;s equipment are energy, including oil and gas refining
and electrical power generation, chemical/petrochemical and other process industries. In addition,
Graham&#146;s equipment can be found in diverse applications, such as metal refining, pulp and paper
processing, shipbuilding, water heating, refrigeration, desalination, food processing,
pharmaceutical, heating, ventilating and air conditioning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Graham Corporation&#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. Graham routinely posts
news and other important information on its website, <u>www.graham-mfg.com</u>, where additional
comprehensive information on Graham Corporation can be found.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Safe Harbor Regarding Forward Looking Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This press release contains forward-looking statements 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.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- MORE -
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<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">
    <TD width="90%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Graham Corporation Acquires Nuclear-Accredited Supplier Energy Steel &#038; Supply Co.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Page 3</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>December&nbsp;14, 2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Forward-looking statements are subject to risks, uncertainties and assumptions and are identified
by words such as &#147;expects,&#148; &#147;estimates,&#148; &#147;projects,&#148; &#147;anticipates,&#148; &#147;believes,&#148; &#147;could,&#148; and other
similar words. All statements addressing operating performance, events, or developments that
Graham Corporation expects or anticipates will occur in the future, including but not limited to,
statements relating to Graham&#146;s acquisition of Energy Steel &#038; Supply Co. (including but not limited
to, the integration of the acquisition of Energy Steel, revenue, backlog and expected performance
of Energy Steel, and expected expansion and growth opportunities within the domestic and
international nuclear power generation market), anticipated revenue, the timing of conversion of
backlog to sales, market presence, profit margins, foreign sales operations, its ability to improve
cost competitiveness, customer preferences, changes in market conditions in the industries in which
it operates, changes in general economic conditions and customer behavior, forecasts regarding the
timing and scope of the economic recovery in its markets, and its acquisition strategy are
forward-looking statements. Because they are forward-looking, they should be evaluated in light of
important risk factors and uncertainties. These risk factors and uncertainties are more fully
described in Graham Corporation&#146;s most recent Annual and Quarterly Reports filed with the
Securities and Exchange Commission, including under the heading entitled &#147;Risk Factors.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Should one or more of these risks or uncertainties materialize, or should any of Graham
Corporation&#146;s underlying assumptions prove incorrect, actual results may vary materially from those
currently anticipated. In addition, undue reliance should not be placed on Graham Corporation&#146;s
forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation
to update or publicly announce any revisions to any of the forward-looking statements contained in
this press release.
</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="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>For more information contact:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jeffrey Glajch, Vice President &#151; Finance and CFO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deborah K. Pawlowski, Kei Advisors LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phone: (585)&nbsp;343-2216
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phone: (716)&nbsp;843-3908</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Email: <u>jglajch@graham-mfg.com</u>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email: <u>dpawlowski@keiadvisors.com</u></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- END -
</DIV>


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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
