27 March 2009 The Company Announcements Platform Australian Securities Exchange GUIDANCE UPDATE & CAPITAL RAISING Crane Group Limited (“Crane Group”) today announced a capital raising comprising an institutional placement of ordinary shares to raise $40 million (“Placement”) in conjunction with a share purchase plan (“SPP”). Proceeds from the capital raising will be used to maintain financial flexibility and enhance Crane Group’s capacity to pursue opportunities that deliver shareholder value. Post the capital raising, Crane Group’s net debt will be reduced such that the Company’s gearing will be at the lower end of its target range of 30-40% (net debt to net debt plus equity). This will position it more strongly to capitalise on opportunities that Crane Group expects may become available. The Placement, to raise up to $40 million, will be undertaken by way of a book build which is being conducted today. The subscription price and amount raised under the Placement will be determined following completion of the book build. Merrill Lynch is acting as Sole Lead Manager for the Placement. Following completion of the Placement, eligible shareholders will be offered the opportunity to participate in the SPP. The SPP will offer shareholders the opportunity to subscribe for up to $10,000 worth of Crane Group shares (subject to obtaining expected relief from the Australian Securities and Investments Commission (ASIC) and Australian Securities Exchange (ASX) waiver) at the Placement price. If total applications under the SPP exceed $10 million, Crane Group will reserve the right to scale back partly or entirely the amount raised. Further details of the SPP will be made available to shareholders in due course. Guidance Update Guidance remains consistent with that provided with the half year results announcement: • Further cost reduction initiatives are underway which will deliver operating cost savings to offset the expected deterioration in market conditions during the second half. As a result of these new initiatives, a further significant item of approximately $4.8m after tax is expected to be recorded in the second half FY09 • Debt will be reduced through lower capital expenditure and working capital reductions • Full year NPAT before significant items is expected to be down approximately 10% on the prior year. Debt Maturity The debt maturity profile of Crane Group remains unchanged to what has been most recently disclosed to the market with the half year results announcement. In summary: • Funding is in place to replace the $32 million of facilities maturing in FY 2009 • $140m of facilities that were due to mature in FY 2010 were refinanced in February 2009 • The next major refinancing for Crane Group is not due until April 2011 • All banking facilities are with Australian domestic banks. At this stage it is anticipated that the trading halt currently in place will be lifted prior to the commencement of trading on 30 March 2009, pending successful completion of the Placement. Enquiries Contact Crane Group: Greg Sedgwick Mark Fitzgerald Managing Director Finance Director Ph 02 8923 3000 Ph 02 8923 3000 Media: Matthew Horan Cato Counsel Ph 02 9212 4666 Disclaimer: NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE U.S. OR TO U.S. PERSONS This release does not constitute an offer of any securities for sale in the United States or in any other jurisdiction. The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States or to, or for the account or benefit of, any “U.S. person” (as defined in Regulation S under the Securities Act) absent registration or an applicable exemption from the registration requirements under the Securities Act and any other applicable securities laws. Some statements in this release are forward-looking statements regarding future events and the future financial performance of Crane Group. These statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "anticipate", "estimate", "continue", "plan", "intend", "believe" or other similar words. Any forward-looking statements involve subjective judgment and analysis and are subject to significant regulatory, business, competitive and economic uncertainties, risks and contingencies — many of which are outside the control of, and are unknown to, Crane Group— and may impact the success of Crane Group's business strategies. No representation, warranty or assurance (express or implied) is given or made in relation to any forward looking statement by any person (including Crane Group). In particular, no representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this release will actually occur. Actual results, performance or achievement may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Given these uncertainties, readers are cautioned to not place undue reliance on such forward-looking statements. The forward- looking statements in this document speak only as of the date of this release.