GRIFFON CORPORATION ANNOUNCES $38 MILLION IN CONTRACT AWARDS FROM BOEING FOR INTEGRATED RADIO MANAGEMENT SYSTEM FOR THE USAF C-17A

Jericho, New York, August 18, 2003 — Griffon Corporation (NYSE: GFF) announced today that Telephonics Corporation, its electronic information and communication systems subsidiary, received contract awards from Boeing Integrated Defense Systems totaling approximately $38 million.

The awards are for multi-year production of the new Communications Open System Architecture (COSA) Integrated Radio Management System (IRMS) for the U.S. Air Force’s C-17A Globemaster III transport aircraft. This communication management avionics system provides C-17 aircrews with totally secure, fully digital audio with integrated displays and controls for management of all communications and navigation assets on that platform.

The awards represent a multi-year buy of 45 ship sets of equipment, plus spares, over a three year period. “The COSA IRMS is a proven system which provides greatly enhanced mission capability for the C-17. This award not only recognizes the demonstrated performance of the Telephonics team including the breadth and depth of its technology, it also shows Boeing’s reliance on Telephonics to provide continuous logistical support for the C-17A and their excellent relationship with Telephonics as a key supplier of advanced communication systems”, states Mr. Phil Nicholas, President of Telephonics’ Communication Systems Division.

Work on the project will be accomplished at Telephonics facilities in Farmingdale, NY and Huntington NY with engineering support from Telephonics’, Gardena, CA Facility.

Telephonics is a leader in the design and production of secure digital communications management and intercommunication systems for military aircraft for the U.S. Department of Defense and International customers.

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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