Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:
5.50%\ue000 Senior\ue000 Notes\ue000 due\ue000 September\ue000 2013
6.55%\ue000 Senior\ue000 Notes\ue000 due\ue000 November\ue000 2036
(Title\ue000 of\ue000 Class)

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act
of\ue000 1934\ue000 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been
subject\ue000 to\ue000 such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 is\ue000 not\ue000 contained\ue000 herein,\ue000 and\ue000 will\ue000 not\ue000 be
contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 the\ue000 registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this
Form\ue000 10-K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this\ue000 Form\ue000 10-K.\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\u00ae

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer,\ue000 or\ue000 a\ue000 smaller\ue000 reporting
company.\ue000 See\ue000 the\ue000 definitions\ue000 of\ue000 \u201clarge\ue000 accelerated\ue000 filer\u201d,\ue000 \u201caccelerated\ue000 filer\u201d,\ue000 \u201cnon-accelerated\ue000 filer,\u201d\ue000 and\ue000 \u201csmaller\ue000 reporting\ue000 company\u201d\ue000 in\ue000 Rule
12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act).\ue000 (Check\ue000 one):

This\ue000 Annual\ue000 Report\ue000 on\ue000 Form\ue000 10-K\ue000 contains\ue000 information\ue000 about\ue000 us, some\ue000 of\ue000 which\ue000 includes\ue000 \u201cforward-looking\ue000 statements\u201d\ue000 within\ue000 the meaning\ue000 of\ue000 the\ue000 Private\ue000 Securities\ue000 Litigation\ue000 Reform\ue000 Act\ue000 of\ue000 1995. Forward-looking\ue000 statements\ue000 are\ue000 statements\ue000 other\ue000 than\ue000 historical information\ue000 or\ue000 statements\ue000 about\ue000 our\ue000 current\ue000 condition.\ue000 You\ue000 can identify\ue000 forward-looking\ue000 statements\ue000 by\ue000 the\ue000 use\ue000 of\ue000 terms\ue000 such\ue000 as \u201cbelieves,\u201d\ue000 \u201ccontemplates,\u201d\ue000 \u201cexpects,\u201d\ue000 \u201cmay,\u201d\ue000 \u201cwill,\u201d\ue000 \u201ccould,\u201d \u201cshould,\u201d\ue000 \u201cwould,\u201d\ue000 or\ue000 \u201canticipates,\u201d\ue000 other\ue000 similar\ue000 phrases,\ue000 or\ue000 the negatives\ue000 of\ue000 these\ue000 terms.

We\ue000 have\ue000 based\ue000 the\ue000 forward-looking\ue000 statements\ue000 relating\ue000 to\ue000 our
operations\ue000 on\ue000 our\ue000 current\ue000 expectations,\ue000 estimates\ue000 and\ue000 projections
about\ue000 us\ue000 and\ue000 the\ue000 markets\ue000 we\ue000 serve.\ue000 We\ue000 caution\ue000 you\ue000 that\ue000 these
statements\ue000 are\ue000 not\ue000 guarantees\ue000 of\ue000 future\ue000 performance\ue000 and\ue000 involve
risks\ue000 and\ue000 uncertainties.\ue000 These\ue000 statements\ue000 should\ue000 be\ue000 considered\ue000 in
conjunction\ue000 with\ue000 the\ue000 discussion\ue000 in\ue000 Part\ue000 I,\ue000 the\ue000 information\ue000 set\ue000 forth
under\ue000 Item\ue000 1A,\ue000 \u201cRisk\ue000 Factors\u201d\ue000 and\ue000 with\ue000 the\ue000 discussion\ue000 of\ue000 the
business\ue000 included\ue000 in\ue000 Item\ue000 7,\ue000 \u201cManagement\u2019s\ue000 Discussion\ue000 and
Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations.\u201d\ue000 We
have\ue000 based\ue000 many\ue000 of\ue000 these\ue000 forward-looking\ue000 statements\ue000 on
assumptions\ue000 about\ue000 future\ue000 events\ue000 that\ue000 may\ue000 prove\ue000 to\ue000 be\ue000 inaccurate.
Accordingly,\ue000 our\ue000 actual\ue000 outcomes\ue000 and\ue000 results\ue000 may\ue000 differ\ue000 materially
from\ue000 what\ue000 we\ue000 have\ue000 expressed\ue000 or\ue000 forecast\ue000 in\ue000 the\ue000 forward-looking
statements.\ue000 Any\ue000 differences\ue000 could\ue000 result\ue000 from\ue000 a\ue000 variety\ue000 of\ue000 factors,

improvement,\ue000 successful\ue000 new\ue000 product\ue000 development\ue000 and
introduction,\ue000 continued\ue000 cost\ue000 reductions,\ue000 and\ue000 any\ue000 inability\ue000 to\ue000 pass
increased\ue000 costs\ue000 of\ue000 raw\ue000 materials\ue000 to\ue000 customers;

Reference\ue000 herein\ue000 to\ue000 \u201cCrane\u201d,\ue000 \u201cwe\u201d,\ue000 \u201cus\u201d,\ue000 and\ue000 \u201cour\u201d\ue000 refer\ue000 to\ue000 Crane
Co.\ue000 and\ue000 its\ue000 subsidiaries\ue000 unless\ue000 the\ue000 context\ue000 specifically\ue000 states\ue000 or
implies\ue000 otherwise.\ue000 Amounts\ue000 in\ue000 the\ue000 following\ue000 discussion\ue000 are
presented\ue000 in\ue000 millions,\ue000 except\ue000 employee,\ue000 share\ue000 and\ue000 per\ue000 share\ue000 data,\ue000 or
unless\ue000 otherwise\ue000 stated.

We\ue000 are\ue000 a\ue000 diversified\ue000 manufacturer\ue000 of\ue000 highly\ue000 engineered\ue000 industrial
products.\ue000 Comprised\ue000 of\ue000 five\ue000 segments\ue000 \u2013\ue000 Aerospace\ue000 &\ue000 Electronics,
Engineered\ue000 Materials,\ue000 Merchandising\ue000 Systems,\ue000 Fluid\ue000 Handling\ue000 and
Controls\ue000 \u2013\ue000 our\ue000 businesses\ue000 give\ue000 us\ue000 a\ue000 substantial\ue000 presence\ue000 in\ue000 focused
niche\ue000 markets,\ue000 producing\ue000 sustainable\ue000 returns\ue000 and\ue000 excess\ue000 cash\ue000 flow.
Our\ue000 products\ue000 have\ue000 primary\ue000 application\ue000 in\ue000 the\ue000 aerospace,\ue000 defense
electronics,\ue000 recreational\ue000 vehicle,\ue000 transportation,\ue000 automated
merchandising,\ue000 petrochemical,\ue000 chemical\ue000 and\ue000 power\ue000 generation

my\ue000 business\ue000 in\ue000 the\ue000 strictest\ue000 honesty\ue000 and\ue000 fairness;\ue000 to\ue000 avoid\ue000 all
deception\ue000 and\ue000 trickery;\ue000 to\ue000 deal\ue000 fairly\ue000 with\ue000 both\ue000 customers\ue000 and
competitors;\ue000 to\ue000 be\ue000 liberal\ue000 and\ue000 just\ue000 toward\ue000 employees,\ue000 and\ue000 to\ue000 put\ue000 my
whole\ue000 mind\ue000 upon\ue000 the\ue000 business,\u201d\ue000 we\ue000 have\ue000 been\ue000 committed\ue000 to\ue000 the

Our\ue000 strategy\ue000 is\ue000 to\ue000 grow\ue000 the\ue000 earnings\ue000 of\ue000 niche\ue000 businesses\ue000 with
leading\ue000 market\ue000 shares,\ue000 acquire\ue000 businesses\ue000 that\ue000 offer\ue000 strategic\ue000 fits
with\ue000 existing\ue000 businesses,\ue000 aggressively\ue000 pursue\ue000 operational\ue000 and
strategic\ue000 linkages\ue000 among\ue000 our\ue000 businesses,\ue000 build\ue000 a\ue000 performance
culture\ue000 that\ue000 stresses\ue000 continuous\ue000 improvement,\ue000 continue\ue000 to\ue000 attract
and\ue000 retain\ue000 a\ue000 committed\ue000 management\ue000 team\ue000 whose\ue000 interests\ue000 are
directly\ue000 aligned\ue000 with\ue000 those\ue000 of\ue000 our\ue000 shareholders\ue000 and\ue000 maintain\ue000 a
focused,\ue000 efficient\ue000 corporate\ue000 structure.

with\ue000 a\ue000 core\ue000 value\ue000 of\ue000 integrity,\ue000 the\ue000 Crane\ue000 Business\ue000 System
incorporates\ue000 \u201cVoice\ue000 of\ue000 the\ue000 Customer\u201d\ue000 teachings\ue000 (specific\ue000 processes
designed\ue000 to\ue000 capture\ue000 our\ue000 customers\u2019\ue000 requirements),\ue000 value\ue000 stream
analysis\ue000 linking\ue000 customers\ue000 and\ue000 suppliers\ue000 with\ue000 our\ue000 production\ue000 cells,
prescriptive\ue000 and\ue000 uniform\ue000 visual\ue000 management\ue000 techniques\ue000 and\ue000 a\ue000 broad
range\ue000 of\ue000 operational\ue000 excellence\ue000 tools\ue000 into\ue000 a\ue000 disciplined\ue000 strategy
deployment\ue000 process\ue000 that\ue000 drives\ue000 strong\ue000 financial\ue000 results\ue000 by\ue000 focusing
on\ue000 continuously\ue000 improving\ue000 safety,\ue000 quality,\ue000 delivery\ue000 and\ue000 cost.

We\ue000 employ\ue000 approximately\ue000 12,000\ue000 people\ue000 in\ue000 North\ue000 and\ue000 South
America,\ue000 Europe,\ue000 the\ue000 Middle\ue000 East,\ue000 Asia\ue000 and\ue000 Australia.\ue000 Revenues
from\ue000 outside\ue000 the\ue000 United\ue000 States\ue000 were\ue000 39.8%\ue000 and\ue000 37.8%\ue000 in\ue000 2008\ue000 and
2007,\ue000 respectively.

For\ue000 additional\ue000 information\ue000 on\ue000 recent\ue000 business\ue000 developments\ue000 and
other\ue000 information\ue000 about\ue000 us\ue000 and\ue000 our\ue000 business,\ue000 you\ue000 should\ue000 refer\ue000 to
the\ue000 information\ue000 set\ue000 forth\ue000 under\ue000 the\ue000 captions,\ue000 \u201cManagement\u2019s
Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of

Operations,\u201d\ue000 in\ue000 Part\ue000 II,\ue000 Item\ue000 7\ue000 of\ue000 this\ue000 report,\ue000 as\ue000 well\ue000 as\ue000 in\ue000 Part\ue000 II,
Item\ue000 8\ue000 under\ue000 Note\ue000 13,\ue000 \u201cSegment\ue000 Information,\u201d\ue000 to\ue000 the\ue000 Consolidated
Financial\ue000 Statements\ue000 for\ue000 sales,\ue000 operating\ue000 profit\ue000 and\ue000 assets\ue000 employed