GRAHAM CORP — Director's Dealing 2005

Aug 9, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2005-08-05

Reporting Person: Johnson William (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-08-05	Common Stock	M	7600	$13.00	Acquired	7600	Direct
2005-08-05	Common Stock	S	1000	$34.17	Disposed	6600	Direct
2005-08-05	Common Stock	S	200	$34.15	Disposed	6400	Direct
2005-08-05	Common Stock	S	4600	$34.10	Disposed	1800	Direct
2005-08-05	Common Stock	S	100	$34.06	Disposed	1700	Direct
2005-08-05	Common Stock	S	1600	$34.00	Disposed	100	Direct
2005-08-05	Common Stock	S	100	$33.57	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-08-05	Stock Option (Right to Buy)	$13.00	M	7600	Disposed	2015-12-02	Common Stock (18000)	Direct

Footnotes

F1: This option was previously reported by Mr. Johnson.