Mr. Eric Fast, president and chief executive officer of Crane Co., said, "Both Resistoflex Aerospace and Westad are peripheral business units which we concluded did not have sufficient strategic links with our other product offerings. We are continuing to focus our efforts on deploying our capital in businesses where we are better able to leverage our presence with customers."

Crane Co. noted that it intends to retain its Resistoflex Industrial business, headquartered in Marion, NC. The Company said that it expects to record a net gain in the second quarter of 2006 of approximately $3 million pretax resulting from the sales of Resistoflex Aerospace and Westad, the expected sale of unused property resulting from prior plant consolidations, and certain legal costs associated with previous divestitures.

Crane Co. is a diversified manufacturer of engineered industrial products. Founded in 1855, Crane provides products and solutions to customers in the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising, transportation and other markets. The Company has five business segments: Aerospace & Electronics, Fluid Handling, Engineered Materials, Merchandising Systems, and Controls. Crane has approximately 10,500 employees in North America, Europe, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com

“We could not be more excited than we are working with a company as well respected as the Crane Valve Company,” said Ray Hardee, Chief Engineer at Engineered Software, Inc. “Our Flow of Fluids Premium software is the perfect companion to Technical Paper 410. Any Engineer completing the calculations outlined in Technical Paper 410 to conduct hydraulic analysis and equipment selection would benefit from the Flow of Fluids Premium software.”

Engineered Software has been providing Crane with its Flow of Fluids software for the past four years. Under the new agreement, Engineered Software will not only be providing the software, but also selling, supporting and upgrading the software package as well as producing, marketing and distributing Technical Paper 410. Both companies believe that the synergies created from having one entity handling all aspects of the product line will be extremely beneficial.

“With nearly 25 years experience selling software to engineers, Engineered Software is the ideal company to align our Technical Paper 410 with,” said Doug Clendenin, Marketing Communications Manager for Crane Valve North America. “Engineered Software’s experience in this market will ensure that we provide valuable, high quality products to our Technical Paper 410 and Flow of Fluids Premium customers.”

The latest version of the Flow of Fluids Premium software package is now available. More information about both Technical Paper 410 and Flow of Fluids Premium software can be found at www.flowoffluids.com.

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About Engineered Software, Inc. – Founded in 1982, Engineered Software, Inc. has created products that are known worldwide for high end-user satisfaction rates. The company has two award-winning product lines – PIPE-FLO and PUMP-FLO Solutions. Recognized as the best in the industry, the programs’ interface was developed and refined based on over 20 years of customer feedback. Engineered Software, Inc. has more than 5,500 clients worldwide across a variety of industries including aerospace and defense, chemical processing, engineering design and consulting, food and beverage, oil and petrochemical, mining and metals, pharmaceutical, power generation, pulp and paper, wastewater collection and treatment and education.

For more information contact: Michael Blondin (360) 412-0702 x105 michael.blondin@eng-software.com

About Crane – Crane Co., headquartered in Stamford, Connecticut, is a diversified manufacturer of engineered industrial products. Founded in 1855, Crane employs over 9,000 people in North America, Europe, Asia and Australia. With annual sales approaching $2 billion, Crane Co. is comprised of nearly 30 different companies spanning the globe. As one of the Crane Co. companies, Crane Valve North America manufacturers and sells the following products and services: Crane Valves, Jenkins, Aloyco, Stockham, Center Line Valves, Flowseal, Duo-Chek Valves, and NH Valves in Canada.

For more information contact: Doug Clendenin (281) 465-3051 doug_clendenin@cranevalve.com

We would like to provide you with the following update regarding a change taking place within the Crane Valves North America (CVNA) Division of Crane Corporation. This change is a result of our continuous effort to review our business and make the changes necessary to lower our cost, strengthen our position, and deliver improved customer service and support to you, our customers.

On November 1, 2002, CVNA will initiate a project to relocate and consolidate our Long Beach, CA, business operations into other Crane facilities. The Long Beach location includes our Flowseal HP, Flowseal MS, and Center Line Butterfly Valve customer service, manufacturing, and product support teams and serves as headquarters for the CVNA management team. The project will be managed in a phased manner with the physical relocation of the business beginning in earnest in early 2003 and projected to be completed during the third quarter of next year.

We will be relocating Flowseal HP, Flowseal MS, and Center Line customer service and application engineering, Center Line manufacturing, CVNA marketing, and CVNA product management into our operations in Conroe, TX, a suburb just north of Houston. We will be relocating production of Flowseal HP products to an existing Crane Co. valve manufacturing facility in Chihuahua, Mexico.

At a pre-determined time during the transition from Long Beach, our St. Louis, MO, distribution and automation center will become our primary inventory and order fulfillment point for the Flowseal HP, Flowseal MS, and Center Line products until our new office is operational in Conroe. When we have finalized our transition to Conroe, the customer support staff will assume the tasks currently handled today in our Long Beach, CA, office; and our St. Louis distribution and automation center will continue to service the distributors and customers in their primary territories of responsibility in the US. We will provide additional information later this year with information on the 2003 date when primary order fulfillment responsibility will shift from Long Beach to St. Louis on a temporary basis.

We believe these changes will ultimately result in shortened lead times, more consistent on-time delivery performance, more efficient quotation support, and improvements in our quick response order fulfillment capability of both automated and manual valve systems.

As previously mentioned, Flowseal HP manufacturing will be combined into our existing Crane Co. facility in Chihuahua, Mexico, which currently manufactures high performance butterfly valves for other units in the Crane Fluid Handling Group. We expect a smooth transition of Flowseal HP manufacturing support due to the significant experience base which exists at this site for butterfly valve products.

The implementation of these changes has been carefully planned and detailed to minimize the overall time and impact on both you and your Crane Valve North America distributor(s). Our supply chain inventory levels have been increased to mitigate any unexpected short term disruptions. We expect the relocation to be completed by September 30, 2003.

CVNA plans to update you periodically on our progress by communicating with your local representative or distributor and updating our website (www.cranevalve.com). We also welcome your comments by writing to me personally or sending your comments by utilizing the available links on our website.

We appreciate your understanding and reiterate our commitment to provide you the service and support you expect during this transition period.

Sincerely,

Leonard Fruci President Crane Valves North America Telephone: (562) 426 2531 E-mail: len_fruci@cranevalve.com