SOURCE: Cray Inc.

December 19, 2006 10:50 ET

Cray Inc. Completes Public Offering of 8,625,000 Shares

Sale Includes 1,125,000 Shares Pursuant to Over-Allotment Option

SEATTLE, WA -- (MARKET WIRE) -- December 19, 2006 -- Cray Inc. (NASDAQ: CRAY) announced today that it has completed a public offering of 8,625,000 shares of common stock at a price of $10.00 per share, including 1,125,000 shares pursuant to the exercise in full of the underwriters' over-allotment option.

Cray received from the offering, after selling costs and estimated expenses, net proceeds of approximately $81.3 million. Cray intends to use the net proceeds for working capital and other general corporate purposes, including funding product development and capital expenditures.

Thomas Weisel Partners LLC served as sole book-running manager and Needham & Company, LLC served as co-lead manager for the offering. C.E. Unterberg, Towbin LLC and Miller Johnson Steichen Kinnard, Inc. acted as co-managers.

About Cray Inc.

Cray designs, develops, manufactures, markets and services high performance computing systems, commonly known as supercomputers. Cray's supercomputer systems provide capability, capacity and sustained performance far beyond typical server-based computer systems and address challenging scientific and engineering computing problems.

Cray is a registered trademark of Cray Inc.

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