Cray receives $62 million in orders for X1 systems from U.S. government and prices public offering at $6.20 per share

Seattle 12 February 2003 Cray has received orders valued at approximately $62 million for Cray X1 equipment and related services from the U.S. Government. Shipments are scheduled to commence later this month and continue through October 2003. No other contract details were disclosed. Cray also has priced its public offering of 7,355,000 shares of common stock from the company and 145,000 shares of common stock from certain selling shareholders at a public offering price of $6.20 per share. Cray intends to use the net proceeds from its sale of shares for general corporate purposes.

Needham & Company Inc., SG Cowen Securities Corporation and C.E. Unterberg, Towbin acted as managing underwriters for the offering. The closing of the public offering is expected to occur on February 19, 2003, subject to the satisfaction of customary closing conditions. Cray has granted the underwriters a 30-day option to purchase up to 1,125,000 shares of common stock solely to cover over-allotments, if any.

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