**Carpenter Technology Joins Ranks of Aerospace & Defense Companies**

PHILADELPHIA, PA – Carpenter Technology Corporation (NYSE: CRS), a leading producer of high-performance specialty alloy-based materials and process solutions, has officially been reclassified within the Global Industry Classification Standard (GICS) system. The company announced this week that its new designation is 20101010 – Aerospace & Defense, effective this September.

This reclassification marks a significant shift for Carpenter Technology, placing it alongside other major players in the aerospace and defense sectors within the widely recognized GICS framework. The GICS system, developed by MSCI and Standard & Poor's, is used by investors and analysts worldwide to categorize companies by industry, providing a standardized way to compare and analyze firms across different sectors.

The move reflects Carpenter Technology's increasing focus and significant contributions to the aerospace and defense industries. The company's specialty alloys and engineered products are crucial components in aircraft engines, airframes, defense systems, and other high-performance applications. Their materials are known for their strength, durability, and resistance to extreme temperatures and corrosion, making them essential for demanding aerospace and defense environments.

While the announcement doesn't represent a fundamental change in Carpenter Technology's operations, the new GICS classification has important implications for investors and market watchers. It will likely lead to the company being included in more aerospace and defense-focused investment funds and indices, potentially increasing its visibility and attracting new investors who specifically target companies in this sector.

Analysts suggest that the reclassification acknowledges the growing importance of Carpenter Technology's aerospace and defense business and its alignment with the strategic priorities of the company. It also provides a clearer picture of Carpenter Technology's competitive landscape, allowing for more accurate comparisons with other companies operating primarily in the aerospace and defense space. The change is expected to streamline industry analysis and enhance the understanding of Carpenter Technology's role within the global economy. This reclassification is a testament to the company's dedication to providing cutting-edge materials and solutions to the aerospace and defense sectors, solidifying its position as a key supplier in these critical industries.