GRAHAM CORP — Director's Dealing 2006

Nov 3, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2006-10-26

Reporting Person: VAN REES CORNELIUS S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-26	Common Stock	M	4500	$5.50	Acquired	22600	Direct
2006-10-27	Common Stock	S	100	$13.15	Disposed	22500	Direct
2006-10-27	Common Stock	S	1200	$13.11	Disposed	21300	Direct
2006-10-27	Common Stock	S	1200	$13.10	Disposed	20100	Direct
2006-10-27	Common Stock	S	500	$13.05	Disposed	19600	Direct
2006-10-27	Common Stock	S	400	$13.02	Disposed	19200	Direct
2006-10-27	Common Stock	S	1100	$13.01	Disposed	18100	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-26	Stock Option (Right to Buy)	$5.50	M	4500	Disposed	2006-10-26	Common Stock (4500)	Direct

Footnotes

F1: This option was previously reported by Mr. Van Rees.