Press Release

FARMINGDALE, NEW YORK, January 12, 2015 – Telephonics Corporation, a wholly owned subsidiary of Griffon Corporation (NYSE:GFF), announced today that its Aircraft Integration Services business has been awarded a contract to upgrade two C-26A Metroliners for the Regional Security System (RSS) Air Wing, headquartered in Barbados. During the upgrade, Telephonics’ staff, in conjunction with industry partners, AIRtec and Smart Avionics Inc., will install the Telephonics APS-143C(V)3 OceanEye™ multi-mode surveillance radar, enhancing the effectiveness of RSS maritime counter drug operations in the eastern Caribbean.

Telephonics will complete the radar installation as well as field and engineering services for the RSS Air Wing in its 22,000 square foot facility located in Elizabeth City, North Carolina. All system integration and testing efforts will be performed in a controlled laboratory environment prior to installation, thus minimizing aircraft downtime, reducing risk and enabling the Air Wing to continue counter drug operations.

"Our Elizabeth City Aircraft Integration Services facility significantly enhances Telephonics’ ability to provide integrated aircraft solutions with state-of-the-art technology, while providing timely and efficient support services to our customers around the world," said Joseph J. Battaglia, President and Chief Executive Officer of Telephonics. "With complete integration services in one building, this facility effectively and easily addresses the specific needs of our customers, enabling them to quickly continue their missions of intercepting illicit trafficking of narcotics, humans, weapons or other contraband."

About Telephonics

Telephonics' high-technology engineering and manufacturing capabilities provide integrated information, communication and sensor system solutions to military and commercial markets worldwide. Telephonics specializes in aircraft intercommunication systems, wireless communication systems, radars, identification friend or foe products, integrated security systems, air traffic management systems, aerospace electronics, and the performance of threat and radar system analyses.

About Griffon Corporation

Griffon Corporation, headquartered in New York, N.Y., is a diversified management and holding company that conducts business through wholly-owned subsidiaries. The Company oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. The Company provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital to further diversify itself.

Forward-Looking Statements

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements other than statements of historical fact included in this release are 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. Information concerning risks and uncertainties that may impact the company’s results and forward-looking statements are set forth in Griffon Corporation’s filings with the SEC. 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.