2022 Annual Report

SEPARATION WILL POSITION BOTH COMPANIES FOR SUSTAINABLE SHAREHOLDER VALUE CREATION

We believe that our plan to separate will result in two simplified businesses, each well-positioned to optimize investment and capital allocation, and to accelerate growth. Both businesses have a strong foundation with differentiated technology, industry leading positions, robust growth strategies, and significant opportunities for long-term, sustainable value creation.

Crane NXT, Co. will be a premier industrial technology business, with substantial global scale, a best-in-class margin profile, and strong free cash flow generation. In 2023, the Payment and Merchandising Technologies ("PMT") business that will become Crane NXT is expected to achieve approximately $1.4 billion in sales with a pre-corporate Adjusted EBITDA margin of approximately 30%*.

Crane NXT has market-leading brands, and it provides proprietary and trusted technology solutions to secure, detect and authenticate what matters most to its customers, with an opportunity to extend its core technology into several attractive adjacent markets.

After the separation, with a strong balance sheet and strong free cash flow, Crane NXT will be solidly positioned to drive earnings growth through continued investment in the business and value-enhancing acquisitions, while supporting a dividend in line with peers. Crane NXT's shares are expected to continue to be listed on the NYSE under the ticker symbol "CXT." Crane NXT will be led by Aaron Saak, with the executives currently leading Crane's PMT business continuing to serve in senior positions.

I am extremely pleased that Aaron has agreed to lead NXT. He has a long and successful record of managing large and complex enterprises, he is adept at scaling businesses and integrating technology into product offerings, and he has a track record of identifying and integrating acquisitions focused on new technologies and diversification into adjacent high-growth markets. I am highly confident that his background and experience will help Crane NXT continue to execute on its strong and profitable core business, while concurrently pursuing new avenues of growth.

Crane Company will be a leading global provider of mission-critical, highly engineered products and solutions, with differentiated technology, respected brands, and leadership positions in its markets. After the separation, Crane Company will include the Aerospace & Electronics and Process Flow Technologies global strategic growth platforms, as well as the Engineered Materials segment.

In 2023, these businesses are expected to generate approximately $2 billion in annual sales with a pre-corporate Adjusted EBITDA margin of approximately 19.5%*. The company will be well-positioned to accelerate organic growth in its large and attractive end markets, benefit from favorable secular trends, and apply its proven processes to drive new product development and commercial excellence. Crane Company is expected to have a strong, well-capitalized balance sheet underpinning a capital deployment strategy focused on supporting the company's organic and inorganic strategic growth objectives, while providing a dividend in line with peers.

I will lead Crane Company, with Rich Maue continuing to serve as Chief Financial Officer. We expect Crane Company to

be listed on the NYSE under the ticker symbol, "CR".

"BEING CRANE"

While each post-separation company will go in their own direction, both companies retain the key aspects of Crane's strong culture and management approach, providing a strong foundation for both companies. This includes our distinctive high-performance culture, our commitment to philanthropy, sustainability and equality, and the cadence and discipline of the Crane Business System.

*Please see non-GAAP Financial Measures tables for details.

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That culture starts with the R.T. Crane resolution:

"I am resolved to conduct my business in the strictest honesty and fairness; to avoid all deception and trickery; to deal fairly with both customers and competitors; to be liberal and just toward employees; and to put my whole mind upon the business."

Our founder R.T. Crane penned this resolution in 1855, and these words continue to guide us today. Ethics, Integrity, Honesty, Fairness for all stakeholders. While having a passion for our businesses. This has been, and remains, at the heart of our leadership principles and behavior at Crane, and we strive to live up to these ideals every day. While there are many facets to "Being Crane," I am particularly proud of our efforts related to philanthropy, sustainability, and equality (PSE):

PHILANTHROPY: Crane's history of philanthropy started with our founder more than a century ago, and our teams around the world are engaged and excited by our efforts in this area. Today, these efforts have a substantial impact through charitable donations, support, and volunteerism in our communities across Crane and around the world.

SUSTAINABILITY: We have a rigorous process to track, and targets to reduce, our greenhouse gas emissions, water and electricity usage, and waste generation. This focus is at the heart of our Crane Business System (CBS), whose core principle is the identification of waste, variation, and overburden on our associates and implementation of processes with the goal of driving improvement and efficiency. At Crane, this CBS philosophy drives appreciation and respect for our natural environment, a recognition that resources are limited, and our obligation to responsibly manage our environmental impact as part of the global community.

EQUALITY: Crane remains firmly committed to our fundamental belief in the equality of all persons. We will continue to drive outstanding progress at addressing barriers and behaviors that are counter to "Being Crane," while continuing to improve the diversity of our global workforce. We strongly believe that diversity in all its forms, and the inclusiveness of all associates, will continue to help Crane drive our customer focus and growth for generations to come.

I would like to give my personal thanks to our customers whose trust we continue to eaevery day and never take for granted their decision to allow us to serve them, to our associates for the passion and excellence brought to the workplace every day, to our suppliers who have been through unprecedented times of uncertainty and disruption in supporting our partnership, to our shareholders for their confidence in us and their support, and finally our outstanding Board of Directors for their continued support, guidance, and wisdom through these unprecedented times and strategic decisions.

Crane. 168 years of incredible legacy, pride, commitment, passion, leadership, and results. As I complete my nineteenth year with Crane and ninth as CEO, I remain honored and humbled as a steward of this incredible organization. Even more exciting than our past is the opportunity we see in our new future ahead and that we will be delivering on as two teams energized by the inflection point at this juncture.

Sincerely,

Max H. Mitchell

President and Chief Executive Officer

2 CRANE CO.

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