Crane Co. Declares Third Quarter Dividend and Announces 11% Dividend Increase

Crane Co., a diversified manufacturer of highly engineered industrial products, is pleased to announce its Board of Directors today declared an 11% increase in its regular quarterly dividend, to $0.20 per share from $0.18 per share. The dividend is payable on September 10, 2008 to shareholders of record as of the close of business on August 29, 2008. The indicated annual dividend rate will now be $0.80 per share.

Crane Co. is a diversified manufacturer of highly 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 12,000 employees in North America, South America, Europe, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.