Western New York Investors Conference

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1 NYSE:GHM September 26, 2014 Western New York Investors Conference James R. Lines President & Chief Executive Officer Jeffery F. Glajch Vice President & Chief Financial Officer

2 Safe Harbor Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as expects, estimates, projects, anticipates, believes, goal, outlook, priorities, could, and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, statements relating to revenue, backlog and expected performance of Energy Steel & Supply Co., and expected expansion and growth opportunities within the domestic and international nuclear power generation markets, anticipated revenue, the timing of conversion of backlog to sales, profit margins, foreign sales operations, Graham Corporation s strategy to build its global sales representative channel, the effectiveness of automation in expanding engineering capacity, the ability to improve cost competitiveness, customer preferences, changes in market conditions in the industries in which Graham Corporation operates, changes in general economic conditions and customer behavior and Graham Corporation s acquisition and organic growth strategies are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation's most recent Annual Report filed with the Securities and Exchange Commission, included under the heading entitled Risk Factors. Should one or more of these risks or uncertainties materialize, or should any of Graham Corporation's underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation's forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this presentation Graham Corp

3 Business & Strategic Overview Jim Lines President & CEO 2014 Graham Corp

4 Graham Corporation - Market Data Founded: 1936 IPO: 1968 Market capitalization NYSE: GHM $316.8 million Q1 FY 2015 TTM Sales $102.5 million Recent price $ week range $41.94 $26.20 Avg. daily trading volume (3 mos.) 37.6 thousand Common shares outstanding: 10.1 million Middle East 4% Asia 7% Other 20% Annualized dividend/dividend yield $0.16 / 0.5% Ownership: Institutional 83.7% United States 69% Insider 4.1% Fiscal year end March 31 Note: Market data as of September 19, 2014 [Source: Bloomberg]; ownership as of last filing date 2014 Graham Corp

5 Investor Considerations Strong revenue growth projected for FY2015 Multi-year revenue growth planned beyond FY2015 Expect excellent cash flow and earnings with growth Predictable base business strengthening Refining and petrochemical markets improving Naval strategy on track Power market strategy being re-energized Near-term objective: Double business Longer-term objective: Leverage competencies and financial strength to diversify and provide further growth 2014 Graham Corp

6 Who We Are Custom engineered and manufactured solutions Condensers Ejectors Pumps & Heat Exchangers Refining Nuclear Chemical & Petrochemical Defense 2014 Graham Corp

7 A Successful Track Record Top-tier operating performance 8% revenue CAGR (FY2006 to FY2014) 14% net income CAGR (FY2006 FY2014) EBITDA margins of mid 20% at last peak Strong cash flow >90% of net income converted to cash (FY2006 to present) Debt free balance sheet Capital allocation focused on growth Organic growth Acquisitions Dividends, Share repurchases 2014 Graham Corp

8 More Markets, More Customers Stronger earnings, less volatility Prior Cycle Mix Current Mix Projected Near-Term Mix Power 5% Other 22% Chemical/ Petrochemical 27% Refining 46% Power 20% Navy/ Other 19% Chemical/ Petrochemical 31% Refining 30% Power 15%-25% Other 10%-15% Refining 20%-30% Navy 10%-15% Chemical/ Petrochemical 20%-30% ~ $100 million ~ $100 million ~ $200 million Acquisitions present incremental growth potential 2014 Graham Corp

9 Addressing Key Markets Key Markets Graham Share* Outlook Actions Share* Goals Global Refining Pricing environment improving Assertive pricing strategy >40% >$150 million annually ~ 25% Opportunities more plentiful Sound long-term growth drivers Take market share Further expand execution capacity Global Chemical/ Petrochemical >$150 million annually ~15% Strong domestic market Pricing environment improving Sound long-term growth drivers Dominate U.S. market Take market share; retain price discipline Win in Asia Further expand execution capacity >30% U.S. Navy ~$50 million annually ~10% Submarine programs advancing Next carrier bid late CY 2015 Secure position in both submarine programs Win CVN80 40 to 50% Power >$250 million annually <10% Nuclear MRO market rebounding Renewable power steady Four U.S. reactors under construction on-line Strengthening management team Align sales, engineering and operations for growth Double share Pricing is steady * Market share data are management estimates Secondary markets are not noted 2014 Graham Corp

10 Increasing Predictable Base Business Reducing earnings volatility Nuclear market MRO Executing Naval strategy Predictable Base Business (Base revenue: $ in millions) >60 Aftermarket strategy Short-cycle products strategies Average annual base business up from $20 million to >$40 million; expected to exceed $60 million in near-term plan Graham Corp

11 Bidding Pipeline Composition $800 Million to $1 Billion Power 25%-30% By Industry Other 10%-15% Navy 5%-10% Refining 30%-35% Chemical/ Petrochemical 20%-25% $800 million to $1 billion TTM bidding pipeline Pipeline includes bids to multiple EPCs or OEMs for one opportunity Pipeline is double compared with 2004, indicative of higher level of activity in early stages of cycle As of June 30, Graham Corp

12 Created Capability to Drive Higher Sales Operations Process Sales Process Facilities enlarged Execution capacity expanded Subcontracting certain production Built stronger opportunity pipeline Management process sharpened Improving Market Fundamentals Strong, Sustained Growth Take market share Capture new customers Grow and diversify revenue Expand profit People Process Attracting and hiring talent Performance management Employee engagement 2014 Graham Corp

13 Culture Transformation: Power of Engagement Human capital is our most critical asset Professional Development & Improved Training Empowerment Performance Management & Increased Accountability PEOPLE Redefined Traditional Roles & Addressed Organizational Constraint Direct labor as value creator vs. cost Unlocked potential of human capital Added New Skills to our Bench Increased Decision Rights 2014 Graham Corp

14 Value Enhancing Sales Cycle Year 1 Year 2 Year 3 Year 4 Year 5 Concept FEED* EPC Bid Purchase Construction * Front End Engineering Design Cradle to grave support Graham Competitive Advantage: Early Involvement Year 1 Year 2 Graham establishes competitive advantage during first 24 months Understanding pipeline, developing design options, identifying decision makers, understanding timing, creating strong relationships to Gain advantage, optimize margin and win business 2014 Graham Corp

15 Financial Overview Jeff Glajch Vice President and CFO 2014 Graham Corp

16 Strong Balance Sheet ($ in millions) Cash & Cash Equivalents $61.1 $61.4 $51.7 $41.7 Operating Cash Flow $12.4 $15.2 $16.4 $2.6 3/31/12 3/31/13 3/31/14 6/30/14 FY12 FY13 FY14 Q1 FY15 TTM Capital Expenditures $5.8 (1) $5.3 $3.2 $1.7 Working Capital Utilization (2) 10.7% 11.7% 10.0% 9.4% FY12 FY13 FY14 FY15E Batavia Expansion (~60% in FY14 and FY15) FY12 FY13 FY14 Q1 FY15 TTM (1) Guidance confirmed on September 25, 2014 (FY15E mid-point between $5.5 million - $6.0 million) (2) Defined as current assets (excluding cash and cash equivalents and investments) less current liabilities divided by annual revenue 2014 Graham Corp

17 Strong Financial Results (Revenue in millions) Annual Trends $86.4 $74.2 $65.8 $62.2 $55.2 $125.0 $101.1 $103.2 $105.0 $ % 41% % 32% 29% 29% 30% 31% 31% 26% 25% 27% % 19% 15% 17% 17% 17% 11% 11% 0.0 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15E Revenue Gross Margin EBITDA Margin (1) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% EPS $0.38 $0.45 (2) $1.49 $1.71 $0.69 (2) $0.64 (2) $1.10 (2) $1.01 (2) $1.00 (1) Guidance confirmed as of September 25, 2014 (FY15E mid-point). (2) FY2007, FY2010, FY2011, FY2012, and FY2013 EPS have been adjusted to exclude unusual items. Please see supplemental slides for a reconciliation of adjusted EPS to GAAP EPS Graham Corp

18 Solid Cash Generation ($ in millions) March 2004 Cash and Investments, net $ 3.8 FY 2005 thru Q1 FY 2015 cumulative cash flow items: Net income $ 88.6 Depreciation and amortization 14.0 Working capital change (3.8) 98.8 Capital investments (21.1) Dividends (7.3) Financing/Other 5.7 Subtotal 79.9 Energy Steel acquisition (18.5) June 2014 Cash and Investments, net $ Graham Corp

19 Record Backlog Level Backlog by Industry June 30, 2014 Backlog ($ in millions) Other 5% $112.1 $114.8 Power 13% Refining 32% Navy 23% Chemical/ Petrochemical 27% $54.2 $75.7 $48.3 $94.3 $91.1 $94.9 $85.8 Projected Backlog Conversion June 30, 2014 Within 12 months 70-75% Months % Months 20-25% Beyond 24 Months 5-10% $33.1 3/31/06 3/31/07 3/31/08 3/31/09 3/31/10 3/31/11 3/31/12 3/31/13 3/31/14 6/30/14 Approximately 1/3 of backlog is from Nuclear and U.S. Navy strategies 2014 Graham Corp

20 Acquisition Strategy Diversify products, markets, and/or geographic presence Engineered-to-order products for energy industry Strong management team with customer and quality focus $20 million $60 million in annual revenue Cash return exceeds equity cost of capital Will pay fair price, but will not overpay 2014 Graham Corp

21 Returning Value to Shareholders Ten-year stock price CAGR of 30.6% versus 6.1% for S&P 500 Five-year CAGR of 16.8% versus 13.8% for S&P 500 Institutional ownership 6/30/14: 84% 6/30/09: 52% 6/30/06: 37% Recent dividend increases 33% increase on February 25, % increase on February 11, Graham Corp

22 Near-Term Expansion Targets Revenue $102 million >$200 million (1) as a percent of revenue Gross Margin (1) EBITDA Margin (1) 31% 17% Mid to Upper 30% Range Low to Mid 20% Range (1) as a percent of revenue Operating leverage and pricing drive EBITDA margin expansion 2014 Graham Corp

23 Planning Strong Top Line Growth in FY2015 On path for growing beyond $200 million in sales Fiscal 2015 Guidance: (1) Revenue $120 million - $130 million Gross margin 30% - 32% SG&A 15% - 16% of sales Effective tax rate 33% - 34% Target: Exceed $200 million in organic revenue (1) FY2015 Guidance confirmed as of September 25, Graham Corp

24 Investment Highlights Expected long-term energy demand growth driving opportunities Leading market position and worldwide brand recognition Sales model based on early engineering involvement Expanding addressable market opportunities Strong and flexible balance sheet Acquisition opportunities Results-oriented management team Top quartile financial performance Solid operating leverage and powerful cash generation 2014 Graham Corp

25 Supplemental Information 2014 Graham Corp

26 Executive Compensation Shareholder Alignment Base Salary Reviewed annually by our compensation committee and determined based on company performance, individual performance, job responsibilities, and internal pay equity Provides compensation that is not at-risk to compensate executive officers Annual Incentive Cash Compensation Based on achievement of threshold, target and maximum levels of net income and order level targets as well as personal goals Long Term Equity Incentive Compensation Performance-Vested Restricted Stock Revenue level 3 years out Relative profitability measure [EBITDA vs. BICC (Baird Industrial Index)] Time-Vested Restricted Stock Designed to retain executives and align their interests with those of our shareholders 2014 Graham Corp

27 Investments in Capacity for Organic Growth Expanded/Upgraded Facilities Invested $15 million in facilities and equipment in last 5 years Added 40,000 ft 2 of additional manufacturing space New machines and technology Supports Diversification Strategy Established dedicated facility for U.S. Navy Flexibility to address other demand People Investments Increased workforce by 40% 31 welders, 7 machinists, 20 engineers IT processes Human resource processes Brand: Employer of Choice 2014 Graham Corp

28 Global Oil Refining Industry Leading Supplier of Vacuum Systems and Surface Condensers Refining 30% Chemical/ Petrochem 31% Navy/ Other 19% Power 20% Percents based on Q1 FY2015 TTM sales of $102.5 million Total expected market demand ~$150 million to ~$200 million annually Market share: high 20s to low 30s Tactics for growth Going after more projects Build the capacity to execute the opportunities Market demand drivers New capacity Revamp/upgrades, debottlenecking, feedstock changes Statutory regulations; ULSD, clean gasoline, etc. Replacement equipment Key Metric: 1mmbbl/day of new capacity $45mm to $60mm of opportunity 2014 Graham Corp

29 Chemical/Petrochemical Industry Expansion Natural Gas Growth Trend Refining 30% Chemical/ Petrochem 31% Navy/ Other 19% Power 20% Percents based on Q1 FY2015 TTM sales of $102.5 million Total expected market demand ~$150 million annually Market share: low to mid teens Tactics for growth Capitalize on customer relationships and strong brand Early engagement on projects Expand foothold in Asia Market demand drivers New capacity Revamp and debottleneck Replacement equipment Monetization of domestic natural gas resources Key Metric: 1mmTPY of new capacity $5mm to $8mm of opportunity 2014 Graham Corp

30 Power Industry Expansion Deepen Reach into Nuclear Power Industry with Value-Add Equipment and Materials Refining 30% Chemical/ Petrochem 31% Navy/ Other 19% Percents based on Q1 FY2015 TTM sales of $102.5 million Power 20% Tactics for growth Strong pipeline for replacing and upgrading equipment at existing power facilities Expanding addressable opportunities for replacement via Energy Steel & Graham synergies Capture opportunities at new build/restarts Access China and India markets Market demand drivers MRO New capacity Nuclear Renewable Cogeneration Rerate, power augmentations Key Metric: 1,000mw new nuclear capacity $30mm to $40mm opportunity 2014 Graham Corp

31 Naval Nuclear Propulsion Program Become Lead Supplier of Surface Condensers and Ejectors for U.S. Navy Refining 30% 2014 Graham Corp. Chemical/ Petrochem 31% Power 20% Navy/ Other 19% Percents based on Q1 FY2015 TTM sales of $102.5 million Aircraft carrier program ~$35 million to ~$40 million per carrier; bid CVN 80 in 2016 Submarine program ~$15 million to ~$20 million per Virginia Class; 45 subs, building one to two subs per year ~$20 million to ~$25 million per Ohio Replacement Class; 11 to 13 subs planned with construction scheduled to begin in 2021 Tactics for growth Certifications Capital investments Foot in the door Market demand drivers Build out of Virginia Class sub program Ohio Replacement Class sub program Carrier fleet Replacement equipment

32 EBITDA Reconciliation -- Annual ($ in thousands) Fiscal Years Ended March GAAP operating profit $ 14,617 $ 15,262 $ 17,095 $ 8,775 $ 10,042 $ 26,328 $ 21,088 Acquisition costs $ - $ - $ - $ 676 $ - $ - $ - Depreciation & amortization $ 2,199 $ 2,079 $ 2,024 $ 1,648 $ 1,119 $ 1,005 $ 885 Adjusted EBITDA $ 16,816 $ 17,341 $ 19,119 $ 11,099 $ 11,161 $ 27,333 $ 21, * 2004* 2003* 2002* 2001* GAAP operating profit $ 6,013 $ 5,454 $ (206) $ (1,969) $ (1,028) $ (1,296) $ (124) Acquisition costs $ - $ - $ - $ - $ - $ - $ - Depreciation & amortization $ 887 $ 793 $ 780 $ 745 $ 704 $ 774 $ 776 Adjusted EBITDA $ 6,900 $ 6,247 $ 574 $ (1,224) $ (324) $ (522) $ * 1999* 1998* 1996* 1995* 1994* 1993* GAAP operating profit $ 332 $ 2,591 $ 4,932 $ 3,995 $ 2,818 $ 1,075 $ 662 Acquisition costs $ - $ - $ - $ - $ - $ - $ - Depreciation & amortization $ 827 $ 820 $ 804 $ 706 $ 732 $ 771 $ 807 Adjusted EBITDA $ 1,159 $ 3,411 $ 5,736 $ 4,701 $ 3,550 $ 1,846 $ 1,469 Adjusted EBITDA is defined as consolidated net income before acquisition costs, interest, taxes, depreciation and amortization Graham believes that when used in conjunction with GAAP measures, adjusted EBITDA, which is a non-gaap measure, assists in the understanding of Graham s operating performance * Data from FY1993 though FY2005 excludes discontinued operations and is unaudited; 1997 was a three-month transition year and is excluded from this comparison; 1996 reflects a 12-month period 2014 Graham Corp

33 EBITDA Quarterly Reconciliation (in millions) Quarter Ended: Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Net Income $3.81 $2.59 $1.43 $2.32 $2.39 Interest Expense $0.01 $0.00 $(0.01) $0.00 $0.00 Interest Income $(0.01) $(0.01) $(0.01) $(0.06) $(0.04) Income Tax Provision $1.81 $1.26 $0.58 $0.92 $1.24 Depreciation & Amortization $0.55 $0.55 $0.55 $0.55 $0.57 EBITDA $6.16 $4.39 $2.54 $3.73 $4.16 EBITDA is defined as consolidated net income before interest, taxes, depreciation and amortization Graham believes that when used in conjunction with GAAP measures, EBITDA, which is a non-gaap measure, assists in the understanding of Graham s operating performance 2014 Graham Corp

34 Adjusted EPS Reconciliation (in millions, except per share data) FY 2007 FY 2010 FY 2011 FY 2012 FY 2013 GAAP diluted earnings per share $ 0.58 $ 0.64 $ 0.59 $ 1.06 $ 1.11 Acquisition costs after tax, per diluted share - - $ Adjustment of historical R&D tax credits after tax, per diluted share $ (0.13) $ $ Reversal of Energy Steel earn-out after tax, per diluted share $ (0.10) Adjusted diluted earnings per share $ 0.45 $ 0.69 $ 0.64 $ 1.10 $ Graham Corp

35 North American Competition Market Refining vacuum distillation Chemicals/Petrochemicals Turbomachinery OEM refining, petrochemical Turbomachinery OEM power and power producer HVAC Naval Nuclear Propulsion Program Nuclear Defense Gardner Denver Competitors Croll Reynolds; Schutte Koerting; Gardner Denver Ambassador; SPX (Yuba); KEMCO; Donghwa-Entec; Oeltechnik Holtec; Babcock Thermal Engineering; SPX (Yuba); KEMCO; Maarky Thermal Systems Alfa Laval; APV; Xylem; Ambassador Joseph Oats; DCFAB Dubose; Consolidated; Tioga; Nova; Joseph Oats; Energy & Process DC Fabricators, Triumph Aerospace, Xylem, PCC 2014 Graham Corp

36 International Competition Market Refining vacuum distillation Chemicals/Petrochemicals Turbomachinery OEM refining, petrochemical Turbomachinery OEM power and power producer Competitors GEA Wiegard; Korting Hannover; Edwards, Gardner Denver Croll Reynolds; Schutte Koerting; GEA Weigard; Korting Hannover; Edwards, Gardner Denver Donghwa-Entec; Bumwoo; Oeltechnik; Mazda (India); Hangzhou Turbine Equipment; Chem Process Systems; KEMCO Holtec; Babcock Thermal Engineering; SPX (Yuba); Mazda (India); KEMCO; Chem Process Systems 2014 Graham Corp

37 Products: Surface Condenser Supports a steam turbine and enables the conversion of maximum energy in high pressure steam into power Graham Corp

38 Vital Processing Components A condenser supports a steam turbine and enables the conversion of maximum energy in high pressure steam into power. An ejector system lowers the pressure in the distillation column to allow crude oil to boil at a lower temperature. This allows for more efficient and cost-effective separation of crude oil into valuable products, such as diesel, gas oils, kerosene, and other fuels. REFINERY EJECTOR SYSTEM CNOOC HUIZHOU REFINERY CHINA 240,000 BBL/DAY REFINERY

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