Graham Corporation (GHM:ASE) will add two new members to its Board of Directors.

The new directors, who will take office at the next regular meeting of the Board in March, 2003, are William C. Denninger and James J. Malvaso.

William C. Denninger, 52, is a Senior Vice President and Chief Financial Officer of Barnes Group, Inc. in Bristol, Connecticut. Previously he served as Vice President-Finance and Chief Financial Officer of BTR, Inc. in Stamford, Connecticut, where he had spent 15 years in a series of operational and financial management roles. Before joining BTR, Mr. Denninger spent 13 years in managerial positions in the manufacturing divisions of ITT Corporation. He earned an MBA in finance from New York University and a BS from the Maritime College of the State University of New York.

James J. Malvaso, 52, is President and CEO of The Raymond Corporation in Greene, New York, a leading manufacturer of fork-lift trucks. He served Raymond previously as Chief Operating Officer and Vice President-Operations. During Mr. Malvaso's tenure as President and CEO, Raymond Corporation's revenues have grown by 70% and its profits by 80%, while the Company's market share has more than doubled. Mr. Malvaso played an instrumental role in the sale and merger of Raymond's parent company, BT Industries, to Toyota Automatic Loom Works, creating the world's largest fork lift company. Before joining Raymond, Mr. Malvaso served as Vice President-Operations of Pfaudler Corporation, a manufacturer of process equipment. Mr. Malvaso holds a MBA from the University of Rochester and a BA from LeMoyne College.