GRAHAM CORP — Director's Dealing 2005

Aug 3, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2005-08-01

Reporting Person: HANSEN J RONALD (VP-Finance; CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-08-01	Common Stock	M	1200	$21.4375	Acquired	9200	Direct
2005-08-01	Common Stock	M	3000	$12.50	Acquired	12200	Direct
2005-08-01	Common Stock	S	1000	$35.25	Disposed	11200	Direct
2005-08-01	Common Stock	S	3000	$35.40	Disposed	8200	Direct
2005-08-01	Common Stock	S	200	$35.41	Disposed	8000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-08-01	Common Stock	$21.4375	M	1200	Disposed	2007-10-23	Common Stock (1200)	Direct
2005-08-01	Common Stock	$12.50	M	3000	Disposed	2014-10-28	Common Stock (3000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	720	Indirect

Footnotes

F1: Shares held by the trustee of the Graham Corporation Employee Stock Ownership Plan and allocated to Mr. Hansen's account, as to which Mr. Hansen has sole voting power but no dispositive power, except in limited circumstances.

F2: This option was previously reported by Mr. Hansen.