Press Release

JERICHO, NEW YORK, JUNE 24, 2008 - Griffon Corporation (NYSE: GFF) announced today that its subsidiaries, Clopay Building Products Company, Inc. and Clopay Plastic Products Company, Inc., entered into a five-year $100 million senior secured revolving credit facility for their domestic operations with JPMorgan Securities, Inc. as sole lead arranger and sole bookrunner.  The participating lenders are JPMorgan Chase Bank, Wachovia Bank, HSBC Bank USA, US Bank, Deutsche Bank, M&T Bank, PNC Bank and Fifth Third Bank.  Availability under the credit facility is based upon certain eligible accounts receivable, inventory, cash and cash equivalents and property, plant and equipment.  Loan proceeds of approximately $33 million were used to refinance an existing lease obligation for certain property, plant and equipment.

This credit facility is in addition to the previously announced $100 million revolving credit facility for Griffon’s Telephonics subsidiary entered into in March 2008.

About Griffon Corporation

Griffon Corporation, headquartered in Jericho, New York, is a diversified holding company consisting of four distinct business segments: Electronic Information and Communication Systems, through Telephonics Corporation; Garage Doors, through Clopay Building Products Company; Specialty Plastic Films, through Clopay Plastic Products Company; and Installation Services, through Clopay Service Company.  Telephonics Corporation develops and manufactures information and communication systems for government and commercial markets worldwide.  Clopay Building Products Company is a leading manufacturer and marketer of residential garage doors to professional installing dealers and major home center retail chains.  Clopay Plastic Products is an international leader in the development and production of embossed, laminated and printed specialty plastic films used in a variety of hygienic, health-care and industrial markets.  Clopay Service Company installs and services specialty building products and systems through a substantial network of operations located throughout the country.  For more information on the company and its operating subsidiaries, please see the company’s website at www.griffoncorp.com.

Forward-looking Statements

“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 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, financial market and economic conditions, including, but not limited to, the credit market, the housing market, results of integrating acquired businesses into existing operations, the results of the company’s restructuring and disposal efforts, competitive factors and pricing pressures for resin and steel and capacity and supply constraints.  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 as previously disclosed in the company’s Annual Report on Form 10-K for the year ended September 30, 2007 in response to Item 1A to Part I of Form 10-K.  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.