GRAHAM CORP — Director's Dealing 2005

Feb 4, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2005-02-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-02	Common Stock	M	1500	$8.80	Acquired	9500	Direct
2005-02-02	Common Stock	S	200	$16.01	Disposed	9300	Direct
2005-02-02	Common Stock	S	1200	$16.10	Disposed	8100	Direct
2005-02-02	Common Stock	S	100	$16.11	Disposed	8000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-02-02	Common Stock	$8.80	M	1500	Disposed	2013-10-24	Common Stock (1500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	720	Indirect

Footnotes

F1: Stock held by trustee for the Employee Stock Ownership Plan of Graham Corporation

F2: Granted Pursuant to Graham Corporation 2000 Plan to Increase Shareholder Value; consideration was continuation in service as Officer