Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE:GFF) announced today that it has received a contract award from the Boeing Company (Seattle, Washington) for the AN/UPX-40(V) Mark XIIA Identification Friend or Foe (IFF) interrogator subsystem for the U.S. Navy’s newest Multi-Mission Maritime Aircraft (MMA). This initial $4.4M contract is for the engineering development and the initial delivery of equipment out for a potential 108 aircraft fleet. The total contract value could exceed $20 million with the international market adding between 100-150 additional systems. First equipment delivery will occur in July 2006.

The Boeing P-8A Multi-Mission Maritime Aircraft (MMA) is a 737 aircraft, which combines superior performance and reliability with an advanced mission system that ensures maximum interoperability in the 21st century battle space. MMA is a long-range anti-submarine/anti-surface warfare, intelligence, surveillance and reconnaissance aircraft capable of broad-area, maritime and littoral operations.

Telephonics will supply its advanced AN/UPX-40(V) All Mode interrogator specifically designed for demanding applications. “We are proud to have been selected to supply this critical sensor for the Boeing MMA. It is a strategic win for our combat proven IFF designs and will help keep our troops out of harms way for Homeland Defense and International Missions,” emphasized Mr. Joseph J. Battaglia, President of Telephonics Corporation. “The strong technical capability of Boeing combined with the high end performance and reliability of our IFF products ensures that the U.S. Navy will receive an operationally superior and cost effective solution for their P-8A mission needs.“

The program will be managed and manufactured from Telephonics’ facilities on Long Island, NY.

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About Telephonics
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, wireless and audio products; and Command Systems, specializing in traffic management systems, maritime surveillance radar and aerospace electronics; and one wholly-owned subsidiary, TLSI. Operating under the Telephonics umbrella, TLSI (www.tlsi.com) manufactures application-specific integrated circuits (ASIC) for the telecommunications, automotive and industrial security markets.

About Griffon Corporation
In addition to developing and manufacturing information and communication systems for government and commercial markets worldwide, Griffon Corporation is also an international 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.

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Forward Looking Statements
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