GRIFFON CORPORATION ANNOUNCES CONTRACT AWARD TO SUPPLY RADAR FOR CANADIAN AIR FORCE CP-140 AIRCRAFT

Jericho, New York, August 14, 2003 — Griffon Corporation (NYSE: GFF) announced today that Telephonics Corporation, the company’s electronic information and communication systems subsidiary, received a contract award from MacDonald, Dettwiler and Associates LTD (MDA) of Richmond, BC, Canada. The total contract value is expected to exceed $60 million over the life of the program. The company will develop, manufacture and deliver its advanced APS-143B(V)3-MPA OceanEye™ Surveillance Radar for the Canadian Air Force’s CP-140 Aurora Incremental Modernization Program. Telephonics joins Team MDA to provide an Imaging Radar System for the CP-140 Aurora multi-mission reconnaissance and antisubmarine aircraft fleet.

“Telephonics is extremely pleased with this award. The close working relationship with MDA is a major milestone which will continue the evolution of the APS-143B(V)3 software re-configurable radar” stated Mr. Larry Rytter, President of Telephonics’ Command Systems Division. “This radar will meet the Canadian Air Force’s requirements providing surveillance and imaging capability in both the maritime and overland environments. This program strategically positions Telephonics into the domestic and international maritime and overland surveillance radar markets for the next several decades. We look forward to working with Team MDA to deliver and support a radar that will meet the needs of the Canadian Air Force well into the future.”

The Aurora’s new Imaging Radar System will give the Canadian Air Force the capability to detect, classify, and track ships at sea using its Inverse Synthetic Aperture Radar imaging mode, while also providing ground mapping capability and the ability to detect and image targets on land. This unique dual capability will significantly enhance the effectiveness of the Aurora in performing a wide variety of missions such as search and rescue, sovereignty, counter-drug, and fisheries and pollution patrols in blue water as well as littoral situations. The Imaging Radar System will be augmented with a Telephonics Multi-mode Identification Friend or Foe (IFF) interrogator to electronically query unknown targets. IFF responses, correlated with target classification provided by the radar, provide flight crews with real-time operational situation awareness. Telephonics has been a leader in the development and production of airborne IFF systems for more than 30 years.

Work on this program will be performed at Telephonics’ facilities in Farmingdale and Huntington, NY.

About Telephonics Corporation

A subsidiary of Griffon Corporation (NYSE: GFF), Telephonics’ (www.telephonics.com) broad-based, high-tech engineering capabilities provide integrated information and communication systems solutions to both domestic and international markets. The company is organized into two operating divisions: Communications Systems, specializing in aircraft intercommunications, mass transit communications, wireless and audio products; and Command Systems, specializing in air traffic management systems, and maritime surveillance radar and aerospace electronics; and two wholly-owned subsidiaries, TLSI and the newly formed Telephonics Wireless. Operating under the Telephonics umbrella, TLSI (www.tlsi.com) manufactures application-specific integrated circuits (ASIC) for the telecommunications, automotive and industrial security markets. The goal of Telephonics Wireless is to provide innovative wireless data infrastructure products that fundamentally increase the speed, capacity and performance of wireless communication networks.

About Griffon Corporation

In addition to developing and manufacturing information and communication systems for government and commercial markets worldwide, Griffon Corporation is also a leader in the development and production of embossed and laminated specialty plastic films used in the baby diaper, feminine napkin, adult incontinent, surgical and patient care markets. Griffon Corporation is also a leading manufacturer and marketer of residential, commercial and industrial garage doors sold to professional installing dealers and major home center retail chains. Through a substantial network of operations located throughout the country, Griffon’s building products company also installs and services specialty building products, primarily garage doors, openers, fireplaces and cabinets for new construction markets.

Forward Looking Statements

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