GRIFFON CORPORATION ANNOUNCES CONTRACT AWARDS

Jericho, New York, June 20, 2000 — Griffon Corporation (NYSE:GFF) announced today that its electronic information and communication systems subsidiary, Telephonics Corporation, received new contract awards totaling in excess of $7 million.

Telephonics will provide the China Tian Cheng Corporation of Beijing, its RDR-1400C radar units for use on helicopter platforms. Telephonics will deliver 30 units and supply spare parts. The RDR-1400C is a highly sophisticated search and weather radar that includes a display and three search modes. The helicopters will use the radar for search and rescue missions by the Peoples Republic of China.

In addition, Telephonics was awarded a contract by California Microwave Systems, a unit of Northrop Grumman Corporation’s Electronic Sensors and Systems Sector. California Microwave Systems selected Telephonics’ APS-143(v)3 OceanEye Sea Surveillance and Imaging radar to support the HU-25 Falcon aircraft Sensor Upgrade Program for the U.S. Coast Guard. The aircraft is used for civilian and defense purposes.

The HU-25A Falcon aircraft is one of the primary Medium Range Search aircraft in support of safety, protection of natural resources, mobility and maritime security. The addition of this advanced state-of-the-art radar to the aircraft will improve day and night detection and classification of small, low profile objects. Telephonics will initially provide 6 radar units with priced options for up to 15 additional units, plus spares and logistical support for the HU-25A.

Telephonics is a supplier of information and communications systems for government and commercial markets worldwide.

In addition to its electronics operation, Griffon Corporation —

• is a leading manufacturer and marketer of residential, commercial and industrial garage doors sold to professional installing dealers and major home center retail chains;
• installs and services specialty building products and systems, primarily garage doors, openers, fireplaces and cabinets, for new construction markets through a substantial network of operations located throughout the country;
• l is 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.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation statements regarding the company’s financial position, business strategy, Year 2000 readiness and the plans and objectives of the company’s management for future operations, are forward-looking statements. When used in this release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, and similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company’s management, as well as assumptions made by and information currently available to the company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business and economic conditions, competitive factors and pricing pressures, capacity and supply constraints and the impact of any disruption or failure in normal business activities at the company and its customers and suppliers as a consequence of Year 2000 related problems. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company. Readers are cautioned not to place undue reliance on these forward-looking statements. The company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.