Graham Corporation

Graham Corporation is listed on AMEX (GHM). Graham Corporation (the Company, Graham, the Corporation or the Registrant) is a Delaware company incorporated in 1983. It is the successor to Graham Manufacturing Co., Inc., which was incorporated in 1936. The Companys business consists of one engineering and manufacturing operating segment, which is located in Batavia, New York. Formerly, the Company had an operating segment located in the United Kingdom that manufactured vacuum equipment. In March 2005, Graham Corporations Board of Directors approved a plan to dispose of the U.K. operating segment, which resulted in the liquidation of the operation in May 2005. As a result of the disposition, this segment is presented as a discontinued operation in the Consolidated Financial Statements.

Gramercy Capital Corp

Gramercy Capital Corp is listed on NYSE (GKK). Gramercy Capital Corp., (Gramercy) was formed in April 2004 and we completed our initial public offering in August 2004. We are a commercial real estate specialty finance company focused on originating and acquiring, for our own account, whole loans, bridge loans, subordinate interests in whole loans, permanent loans, distressed debt, mortgage backed securities, mezzanine loans and preferred equity interests in entities that own commercial real estate. Our objective is to grow our portfolio through investments that compensate us appropriately for the risk of loss associated with them, rather than targeting a specific gross interest rate or yield hurdle. We assess this risk-adjusted return when evaluating transactions and target transactions with yields that ensure an equitable balance between risks and return. We invest in assets with the potential for appreciation, in addition to providing current income.

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