<SEC-DOCUMENT>0000930413-18-001736.txt : 20180507
<SEC-HEADER>0000930413-18-001736.hdr.sgml : 20180507
<ACCEPTANCE-DATETIME>20180507171815
ACCESSION NUMBER:		0000930413-18-001736
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20180507
DATE AS OF CHANGE:		20180507
EFFECTIVENESS DATE:		20180507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRIFFON CORP
		CENTRAL INDEX KEY:			0000050725
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL DOORS, SASH, FRAMES, MOLDING & TRIM [3442]
		IRS NUMBER:				111893410
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-224727
		FILM NUMBER:		18812206

	BUSINESS ADDRESS:	
		STREET 1:		712 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2129575000

	MAIL ADDRESS:	
		STREET 1:		712 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INSTRUMENT SYSTEMS CORP /DE/
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ATT Southern, Inc.
		CENTRAL INDEX KEY:			0001549280
		IRS NUMBER:				453367997
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-224727-05
		FILM NUMBER:		18812211

	BUSINESS ADDRESS:	
		STREET 1:		4400 COMMERCE CIRCLE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30336
		BUSINESS PHONE:		(212) 957-5000

	MAIL ADDRESS:	
		STREET 1:		C/O GRIFFON CORPORATION
		STREET 2:		712 FIFTH AVENUE, 18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ClosetMaid LLC
		CENTRAL INDEX KEY:			0001724150
		IRS NUMBER:				591148072
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-224727-01
		FILM NUMBER:		18812207

	BUSINESS ADDRESS:	
		STREET 1:		C/O GRIFFON CORPORATION
		STREET 2:		712 FIFTH AVENUE, 18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2129575000

	MAIL ADDRESS:	
		STREET 1:		C/O GRIFFON CORPORATION
		STREET 2:		712 FIFTH AVENUE, 18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clopay Ames True Temper Holding Corp.
		CENTRAL INDEX KEY:			0001605250
		IRS NUMBER:				743261127
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-224727-04
		FILM NUMBER:		18812210

	BUSINESS ADDRESS:	
		STREET 1:		712 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2129575000

	MAIL ADDRESS:	
		STREET 1:		712 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ames Companies, Inc.
		CENTRAL INDEX KEY:			0001297756
		STANDARD INDUSTRIAL CLASSIFICATION:	LAWN & GARDEN TRACTORS & HOME LAWN & GARDEN EQUIPMENT [3524]
		IRS NUMBER:				222335400
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-224727-06
		FILM NUMBER:		18812212

	BUSINESS ADDRESS:	
		STREET 1:		465 RAILROAD AVENUE
		CITY:			CAMP HILL
		STATE:			PA
		ZIP:			17011
		BUSINESS PHONE:		717-737-1500

	MAIL ADDRESS:	
		STREET 1:		465 RAILROAD AVENUE
		CITY:			CAMP HILL
		STATE:			PA
		ZIP:			17011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ames True Temper, Inc.
		DATE OF NAME CHANGE:	20040720

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clopay Building Products Company, Inc.
		CENTRAL INDEX KEY:			0001459129
		IRS NUMBER:				112808682
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-224727-03
		FILM NUMBER:		18812209

	BUSINESS ADDRESS:	
		STREET 1:		C/O GRIFFON CORPORATION
		STREET 2:		100 JERICHO QUADRANGLE
		CITY:			JERICHO
		STATE:			NY
		ZIP:			11753
		BUSINESS PHONE:		516-938-5544

	MAIL ADDRESS:	
		STREET 1:		C/O GRIFFON CORPORATION
		STREET 2:		100 JERICHO QUADRANGLE
		CITY:			JERICHO
		STATE:			NY
		ZIP:			11753

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Telephonics Corp
		CENTRAL INDEX KEY:			0001459130
		IRS NUMBER:				520897556
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-224727-02
		FILM NUMBER:		18812208

	BUSINESS ADDRESS:	
		STREET 1:		C/O GRIFFON CORPORATION
		STREET 2:		100 JERICHO QUADRANGLE
		CITY:			JERICHO
		STATE:			NY
		ZIP:			11753
		BUSINESS PHONE:		516-938-5544

	MAIL ADDRESS:	
		STREET 1:		C/O GRIFFON CORPORATION
		STREET 2:		100 JERICHO QUADRANGLE
		CITY:			JERICHO
		STATE:			NY
		ZIP:			11753
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>c91168_s3asr.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on May 7, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 18pt 0 0; text-align: right"><B>Registration No. 333-</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT</B><BR>
<B>UNDER</B><BR>
<B>THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GRIFFON CORPORATION*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of Registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center"><B>11-1893410</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer Identification Number)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">of incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>712 Fifth Avenue,
18</B></FONT><B><FONT STYLE="font-size: 12.5pt"><SUP>th</SUP></FONT> <FONT STYLE="font-size: 10pt">Floor</FONT></B><BR>
<FONT STYLE="font-size: 10pt"><B>New York, New York 10019</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>(212) 957-5000</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of Registrant&rsquo;s principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Seth L. Kaplan</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Senior Vice President, General Counsel and Secretary</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Griffon Corporation</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>712 Fifth Avenue, 18</B></FONT><B><FONT STYLE="font-size: 12.5pt"><SUP>th</SUP></FONT> <FONT STYLE="font-size: 10pt">Floor</FONT></B><BR>
<FONT STYLE="font-size: 10pt"><B>New York, New York 10019</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>(212) 957-5000</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Copies to:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Martin Nussbaum<BR>
Richard Goldberg<BR>
Dechert LLP<BR>
1095 Avenue of the Americas<BR>
New York, New York 10036<BR>
(212) 698-3500<BR>
(212) 698-3599&mdash;Facsimile</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><B>Approximate date of commencement of proposed
sale to the public:</B> From time to time after the effective date of this Registration Statement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">If the only securities being registered on this
Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">If any of the securities being registered on
this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans, check the following box. <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">If this Form is a registration statement pursuant
to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant
to Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">If this Form is a post-effective amendment to
a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Indicate by check mark whether the Registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; text-align: center">Large accelerated filer <FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 23%; text-align: center">Accelerated filer <FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 23%; text-align: center">Non-accelerated filer <FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 2%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: right">Smaller reporting company <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt; padding-bottom: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 8pt; padding-bottom: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 8pt; padding-bottom: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 8pt; padding-bottom: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 8pt; padding-bottom: 8pt"><FONT STYLE="font-size: 10pt">(Do not check if a smaller<BR>
    reporting company)</FONT></TD>
    <TD STYLE="padding-top: 8pt; padding-bottom: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 8pt; padding-bottom: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">Emerging growth company <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&nbsp;7(a)(2)(b) of the Securities Act.&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-family: inherit,serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font-family: inherit,serif; font-size: 10pt">Includes certain subsidiaries of Griffon Corporation identified on the following pages.</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: center"><B>Title of Each Class of Securities</B><BR>
    <B>to be Registered </B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; text-align: center"><B>Amount to be<BR>
Registered <SUP>(1)</SUP></B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; text-align: center"><B>Proposed Maximum<BR>
Aggregate Offering<BR>
Price Per Unit <SUP>(1)</SUP></B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; text-align: center"><B>Proposed Maximum<BR>
Aggregate Offering<BR>
Price <SUP>(1)</SUP></B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; text-align: center"><B>Amount of<BR>
Registration<BR>
Fee <SUP>(2)</SUP></B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(229,255,255)">
    <TD>Common Stock, par value $0.25 per share</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Preferred Stock, par value $0.25 per share</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: top">Depositary shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Warrants </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: top">Rights </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Debt securities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: top">Units</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Guarantees of debt securities<SUP>(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; font-size: 10pt; text-indent: 0pt">(1)</TD>
    <TD STYLE="font-size: 10pt; text-indent: 0pt; text-align: justify">This registration statement registers an&nbsp;indeterminate number of securities&nbsp;of each class that may be offered from time to time by Griffon Corporation in amounts and at offering prices to be determined. It also includes securities that may be issued on exercise, conversion or exchange of other securities with regard to which additional consideration may or may not be required. Any securities registered hereunder may be sold separately or as units with other securities registered hereunder. Pursuant to Rule&nbsp;416(a) promulgated under the Securities Act of 1933, as amended, or the Securities Act, this registration statement also covers an&nbsp;indeterminate number of securities&nbsp;that may become issuable as a result of stock splits, stock dividends or similar transactions relating to the securities registered hereunder.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-indent: 0pt">(2)</TD>
    <TD STYLE="font-size: 10pt; text-indent: 0pt; text-align: justify">Pursuant to Rule 415(a)(6) under the Securities Act, the Registrant
is carrying forward to this registration statement $58,100 in registration fees, which the Registrant previously paid in connection
with the filing of its Registration Statement on Form S-3 (File No. 333-203776), filed with the SEC on May 1, 2015, to register
securities at a proposed maximum offering price of $500,000,000, none of which were sold thereunder.&nbsp; In addition, an indeterminate
amount of securities to be offered at indeterminate prices is being registered pursuant to this registration statement. In accordance
with Rules 456(b) and 457(r) under the Securities Act of 1933, as amended, the Registrant is deferring payment of any remaining
registration fee, which will be paid from time to time in connection with one or more offerings to be made hereunder.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-indent: 0pt">(3)</TD>
    <TD STYLE="font-size: 10pt; text-indent: 0pt; text-align: justify">No separate consideration will be received for the guarantees, and no separate fee is payable pursuant to Rule&nbsp;457(a) under the Securities Act.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Registrant is filing this registration
statement to replace its registration statement on Form S-3 (File No.&nbsp;333-203776), filed with the SEC on May 1, 2015. In accordance
with Rule 415(a)(6), effectiveness of this registration statement will be deemed to terminate such registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ADDITIONAL SUBSIDIARY GUARANTOR REGISTRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 44%; text-align: center"><B>EXACT NAME OF</B><BR>
    <B>ADDITIONAL REGISTRANT</B><BR>
    <B>AS SPECIFIED IN ITS CHARTER</B></TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; text-align: center"><B>STATE OR OTHER</B><BR>
    <B>JURISDICTION OF</B><BR>
    <B>INCORPORATION</B></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; text-align: center"><B>IRS EMPLOYEE</B><BR>
    <B>IDENTIFICATION</B><BR>
    <B>NUMBER</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">The Ames Companies, Inc.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Delaware</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">22-2335400</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">ATT Southern, Inc.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Delaware</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">45-3367997</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Clopay Ames True Temper Holding Corp.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Delaware</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">74-3261127</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Clopay Building Products Company, Inc.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Delaware</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">11-2808682</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Telephonics Corporation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Delaware</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">52-0897556</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">ClosetMaid LLC</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Delaware</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">59-1148072</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The address for service of each of the additional registrants is
c/o Griffon Corporation, 712 Fifth Avenue, 18th Floor, New York, New York 10019, telephone (212) 957-5000.</P>


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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GRIFFON CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Stock<BR>
Preferred Stock<BR>
Depositary Shares<BR>
Warrants<BR>
Rights<BR>
Debt Securities<BR>
Units<BR>
<BR>
Guarantees of Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">We may from time to time
offer to sell any combination of common stock; preferred stock; depositary shares; warrants to purchase common stock, preferred
stock, depositary shares, debt securities or units; rights to purchase common stock, preferred stock, depositary shares, debt securities
or units; debt securities; and units consisting of any of the foregoing, each as described in this prospectus, in one or more offerings.
We or one or more of our 100% owned subsidiaries may unconditionally guarantee any series of debt securities offered by this prospectus,
if and to the extent identified in the related prospectus supplement, in amounts, at prices and on terms determined at the time
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">This prospectus provides
a general description of the securities we may offer. Each time we sell securities, we will, to the extent required, provide specific
terms of the securities offered in a supplement to this prospectus. The prospectus supplement may also add, update or change information
contained in this prospectus. You should read this prospectus and the applicable prospectus supplement, including all documents
incorporated herein or therein by reference, together with additional information described under &ldquo;Where You Can Find More
Information&rdquo; carefully before you invest in any securities. This prospectus may not be used to consummate a sale of securities
unless accompanied by the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">We may sell these securities
to or through underwriters or dealers, directly to a limited number of purchasers or a single purchaser, through agents or through
a combination of any of these methods of sale, as designated from time to time. If any agents or underwriters are involved in the
sale of any of these securities, the applicable prospectus supplement will provide the names of the agents or underwriters and
any applicable fees, commissions or discounts. For general information about the distribution of securities offered, please see
&ldquo;Plan of Distribution&rdquo; on page 26 in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Our common stock is traded on the New York Stock
Exchange, or NYSE, under the symbol &ldquo;GFF.&rdquo; On May 4, 2018, the closing price of our common stock was $21.55.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Our principal executive offices are located at
712 Fifth Avenue, 18<SUP>th</SUP> Floor, New York, New York 10019, and our telephone number is (212) 957-5000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><B>Investing in our securities
involves risk. See &ldquo;Risk Factors&rdquo; on page&nbsp;3 of this prospectus and in any applicable prospectus supplement before
deciding to invest in any of our securities. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Neither the Securities and Exchange Commission,
or the SEC, nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The date of this prospectus is May 7, 2018.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 92%"><A HREF="#x1_c91168a001"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">i</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a002"><FONT STYLE="font-size: 10pt">SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a003"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a004"><FONT STYLE="font-size: 10pt">GRIFFON CORPORATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a005"><FONT STYLE="font-size: 10pt">RATIO OF EARNINGS TO FIXED CHARGES</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a006"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a006a"><FONT STYLE="font-size: 10pt">DESCRIPTION OF COMMON STOCK</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a006b"><FONT STYLE="font-size: 10pt">DESCRIPTION OF PREFERRED STOCK</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a008"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEPOSITARY SHARES</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a009"><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a010"><FONT STYLE="font-size: 10pt">DESCRIPTION OF RIGHTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a011"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a012"><FONT STYLE="font-size: 10pt">DESCRIPTION OF UNITS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a013"><FONT STYLE="font-size: 10pt">BOOK-ENTRY ISSUANCE</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a014"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a015"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a016"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a017"><FONT STYLE="font-size: 10pt">INCORPORATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#x1_c91168a018"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="x1_c91168a001"></A>ABOUT THIS
PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">This prospectus is part
of a registration statement that we filed with the SEC as a &ldquo;well-known seasoned issuer&rdquo; as defined in Rule 405 under
the Securities Act utilizing a &ldquo;shelf&rdquo; registration process. Under this shelf registration process, we may offer, from
time to time, to sell any combination of the securities described in this prospectus in one or more offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">This prospectus provides
you with a general description of the securities we may offer. Each time we sell securities under this shelf registration, we will
provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement
may also add, update or change information contained in this prospectus. You should read both this prospectus and any prospectus
supplement, including all documents incorporated herein or therein by reference, together with additional information described
under &ldquo;Where You Can Find More Information.&rdquo; <B>You should rely only on the information contained in or incorporated
by reference in this prospectus, any prospectus supplement or any free writing prospectus we may authorize to be delivered to you.
We have not provided, and have not authorized anyone else to provide, you with different or additional information. We are not
making an offer of securities in any state or other jurisdiction where the offer is not permitted. You should not assume that the
information contained in this prospectus or in the documents incorporated by reference herein is accurate as of any date other
than the date on the front of this prospectus or the filing date of any document incorporated by reference, regardless of its time
of delivery, and you should not consider any information in this prospectus or in the documents incorporated by reference herein
to be investment, legal or tax advice. We encourage you to consult your own counsel, accountant and other advisors for legal, tax,
business, financial and related advice regarding an investment in our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As used in this prospectus,
&ldquo;Griffon,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; refer to Griffon Corporation and its subsidiaries,
unless stated otherwise or the context requires otherwise.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="x1_c91168a002"></A>SPECIAL
NOTE REGARDING FORWARD LOOKING STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">This prospectus contains,
and any prospectus supplement may contain, certain &ldquo;forward-looking statements&rdquo; within the meaning of the Securities
Act of 1933, as amended, or the Securities Act, the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the Private
Securities Litigation Reform Act of 1995. Such statements relate to, among other things, income (loss), earnings, cash flows, revenue,
changes in operations, operating improvements, industries in which Griffon operates and the United States and global economies.
Statements in this prospectus and any prospectus supplement that are not historical are hereby identified as &ldquo;forward-looking
statements&rdquo; and may be indicated by words or phrases such as &ldquo;anticipates,&rdquo; &ldquo;supports,&rdquo; &ldquo;plans,&rdquo;
&ldquo;projects,&rdquo; &ldquo;expects,&rdquo; &ldquo;believes,&rdquo; &ldquo;should,&rdquo; &ldquo;would,&rdquo; &ldquo;could,&rdquo;
&ldquo;hope,&rdquo; &ldquo;forecast,&rdquo; &ldquo;management is of the opinion,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo;
&ldquo;estimates,&rdquo; &ldquo;intends,&rdquo; &ldquo;explores,&rdquo; &ldquo;opportunities,&rdquo; the negative of these expressions,
use of the future tense and similar words or phrases. Such forward-looking statements are subject to inherent risks and uncertainties
that could cause actual results to differ materially from those expressed in any forward-looking statements. These risks and uncertainties
include, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">current
                                         economic conditions and uncertainties in the housing, credit and capital markets;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Griffon&rsquo;s ability to achieve expected savings from cost control,
restructuring, integration and disposal initiatives; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the ability to identify and successfully consummate and integrate
value-adding acquisition opportunities; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">increasing competition and pricing pressures in the markets served
by Griffon&rsquo;s operating companies; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the ability of Griffon&rsquo;s operating companies to expand into
new geographic and product markets and to anticipate and meet customer demands for new products and product enhancements and innovations;
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reduced military spending by the government on projects for which
Griffon&rsquo;s Telephonics Corporation supplies products, including as a result of defense budget cuts or other government actions;
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the ability of the federal government to fund and conduct its operations;
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">increases in the cost of raw materials such as resin, wood and steel;
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in customer demand or loss of a material customer at one
of Griffon&rsquo;s operating companies; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the potential impact of seasonal variations and uncertain weather
patterns on certain of Griffon&rsquo;s businesses; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">political events that could impact the worldwide economy; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a downgrade in Griffon&rsquo;s credit ratings; changes in international
economic conditions including interest rate and currency exchange fluctuations; the reliance by certain of Griffon&rsquo;s businesses
on particular third party suppliers and manufacturers to meet customer demands; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the relative mix of products and services offered by Griffon&rsquo;s
businesses, which impacts margins and operating efficiencies; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">short-term capacity constraints or prolonged excess capacity; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">unforeseen developments in contingencies, such as litigation, regulatory
and environmental matters; unfavorable results of government agency contract audits of Griffon&rsquo;s Telephonics Corporation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Griffon&rsquo;s ability to adequately protect and maintain the validity
of patent and other intellectual property rights; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the cyclical nature of the businesses of certain of Griffon&rsquo;s
operating companies; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">possible terrorist threats and actions and their impact on the global
economy.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Additional important
factors that could cause the statements made in this prospectus and any applicable prospectus supplement or actual results of operations
or financial condition of Griffon to differ are discussed under the caption &ldquo;Item 1A. Risk Factors&rdquo; and &ldquo;Special
Notes Regarding Forward Looking Statements&rdquo; in our Annual Report on Form 10-K for the year ended September 30,&nbsp;2017
or in our subsequent filings with the SEC incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Readers are cautioned
not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date made.
Griffon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.<BR CLEAR="ALL">
</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="x1_c91168a003"></A>RISK FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Investing in our securities
involves a high degree of risk. You should review carefully the risks and uncertainties described under the heading &ldquo;Risk
Factors&rdquo; contained in the applicable prospectus supplement and any related free writing prospectus we may authorize to be
delivered to you and under similar headings in the documents incorporated by reference into this prospectus, any applicable prospectus
supplement and any related free writing prospectus we may authorize to be delivered to you. Additional risks not presently known
to us or that we currently believe are immaterial may also significantly impair our business operations.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="x1_c91168a004"></A>GRIFFON
CORPORATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Griffon Corporation
is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the
operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction
and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures.
In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that
offer potentially attractive returns on capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Headquartered in New
York, N.Y., the Company was founded in 1959 and is incorporated in Delaware. Griffon is listed on the NYSE and trades under the
symbol &ldquo;GFF.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 3, 2018, Clopay
Building Products Company, Inc., or CBP, entered into a definitive agreement to acquire&nbsp;CornellCookson, Inc., or CornellCookson,
a leading US manufacturer and marketer of rolling steel door and grille products designed for commercial, industrial, institutional
and retail use, for $180&nbsp;million. After taking into account tax benefits resulting from the transaction, the effective purchase
price is approximately $170&nbsp;million. CornellCookson is expected to generate approximately&nbsp;$200 million&nbsp;in revenue
and&nbsp;$0.15&nbsp;in earnings per share in the first twelve months after the acquisition. The transaction is subject to regulatory
approval and customary closing conditions and is expected to close in&nbsp;June 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 16, 2017,
Griffon announced it entered into a definitive agreement to sell Clopay Plastic Products Company, Inc., or PPC, and on February
6, 2018, completed the sale to Berry Global Group, Inc. (NYSE:BERY), or Berry, for $475 million in cash, subject to certain post-closing
adjustments. As a result, Griffon classified the results of operations of the PPC business as discontinued operations in the Consolidated
Statements of Operations for all periods presented and classified the related assets and liabilities associated with the discontinued
operations as held for sale in the consolidated balance sheets incorporated herein by reference. All such results and information
presented exclude PPC unless otherwise noted. PPC is a global leader in the development and production of embossed, laminated and
printed specialty plastic films for hygienic, health-care and industrial products and sells to some of the world&rsquo;s largest consumer
products companies. Griffon acquired PPC in 1986 as part of the acquisition of Clopay Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 2, 2017,
Griffon acquired ClosetMaid LLC, or ClosetMaid. ClosetMaid, founded in 1965, is a leading North American manufacturer and marketer
of closet organization, home storage, and garage storage products, and sells to some of the largest home center retail chains,
mass merchandisers, and direct-to-builder professional installers in North America. ClosetMaid&rsquo;s accounts, affected for preliminary
adjustments to reflect fair market values assigned to assets purchased and liabilities assumed, and results of operations are included
in the Company&rsquo;s consolidated financial statements which are incorporated herein by reference from the date of acquisition
of October 2, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Griffon currently conducts
its operations through two reportable segments, Home&nbsp;&amp; Building Products, or HBP, and Telephonics Corporation, or Telephonics:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">HBP consists of three companies, The AMES Companies, Inc., or AMES, CBP, and ClosetMaid:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">AMES, founded in 1774, is the leading United States, or U.S., manufacturer and a global provider
of long-handled tools and landscaping products for homeowners and professionals.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">CBP, since 1964, is a leading manufacturer and marketer of residential and commercial garage doors
and sells to professional dealers and some of the largest home center retail chains in North America.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: inherit,serif">ClosetMaid, founded in 1965, is a leading North American
manufacturer and marketer of closet organization, home storage, and garage storage products, and sells to some of the largest home
center retail chains, mass merchandisers, and direct-to-builder professional installers.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Telephonics, founded in 1933, is recognized globally as a leading provider of highly sophisticated
intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We are focused on acquiring,
owning and operating businesses in a variety of industries. We are long-term investors that have substantial experience in a variety
of industries. Our intent is to continue the growth of our existing segments and diversify further through investments and acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Home&nbsp;&amp; Building Products</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>The AMES Companies, Inc.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">AMES, founded in 1774,
is the leading U.S. manufacturer and a global provider of long-handled tools and landscaping products that make work easier for
homeowners and professionals. AMES manufactures and markets a broad portfolio of long-handled tools and landscaping products. This
portfolio is anchored by four core product categories: long handle tools, wheelbarrows, snow tools, and decorative plastic and
ceramic pots and planters. As a result of brand portfolio recognition, high product quality, industry leading service and strong
customer relationships, AMES has earned market-leading positions in its four core product categories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">AMES sells products
throughout North America, Australia, New Zealand and Europe through (1) retail centers, including home centers and mass merchandisers,
such as The Home Depot, Inc., or Home Depot, Lowe&rsquo;s Companies Inc., or Lowe&rsquo;s, Wal-Mart Stores Inc., or Walmart, Canadian
Tire Corporation, Limited, Costco Wholesale Corporation, Rona Inc., Bunnings Warehouse and Woodies; (2) wholesale chains, including
hardware stores and garden centers, such as Ace, Do-It-Best and True Value Company; and (3) industrial distributors, such as W.W.
Grainger, Inc. and ORS Nasco.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Clopay Building Products</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Since 1964, CBP has
grown, organically and through tuck-in acquisitions, to become the leading manufacturer and marketer of residential and commercial
garage doors, and among the largest manufacturers of commercial sectional doors, in the U.S. In addition, CBP manufactures a complete
line of entry door systems uniquely designed to complement its popular residential garage door styles. The majority of CBP&rsquo;s
sales come from home remodeling and renovation projects, with the balance from new residential housing construction and commercial
building markets. Sales into the home remodeling market are driven by the aging of the housing stock, existing home sales activity,
and the trends of improving both home appearance and energy efficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">CBP&rsquo;s market-leading
brands include Clopay&reg;, America&rsquo;s Favorite Garage Doors&reg;, Holmes Garage Door Company&reg; and IDEAL Door&reg;. In
past years, Clopay has been the only residential garage door brand to hold the Good Housekeeping Seal of Approval. CBP distributes
its products through a wide range of distribution channels, including a national network of 51 distribution centers. Additionally,
products are sold to approximately 2,000 independent professional installing dealers and to major home center retail chains. CBP
maintains strong relationships with its installing dealers and believes it is the largest supplier of residential garage doors
to the retail and professional installing channels in North America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>ClosetMaid LLC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">ClosetMaid, founded
in 1865 and acquired by Griffon on October 2, 2017, is a leading North American manufacturer and marketer of closet organization,
home storage, and garage storage products, and sells to some of the largest home center retail chains, mass merchandisers, and
direct-to-builder professional installers in North America. ClosetMaid designs, manufactures and sells a comprehensive portfolio
of wire and laminate shelving, containers, storage cabinets and other closet and home organization accessories under the highly
recognized ClosetMaid brand name and other private label brands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">ClosetMaid offers a
diversified and well-balanced mix of wood and wire storage and organizational solutions. ClosetMaid&rsquo;s wood solutions include
closet systems, cube storage, storage furniture and cabinets targeted at customers looking for functional storage with a strong
aesthetic appeal and the look of quality furniture. Selected wood product brands include MasterSuite, Suite Symphony, Impressions,
ExpressShelf, and SpaceCreations. ClosetMaid&rsquo;s wire solutions include wire shelving and hardware, wire accessories and kitchen
storage products that provide affordable, customizable, versatile and durable solutions for single and multi-family homes. Selected
wire product brands include Maximum Load, SuperSlide and ShelfTrack.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">ClosetMaid&rsquo;s large
customer base is diversified among various industries. Key retail customers of ClosetMaid include Home Depot, Target, Lowes and
Walmart and building customers include D.R. Horton, KB Home, Lennar and NVR. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Telephonics Corporation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Telephonics, founded
in 1933, is recognized globally as a leading provider of highly sophisticated intelligence, surveillance and communications solutions
that are deployed across a wide range of land, sea and air applications. Telephonics designs, develops, manufactures and provides
logistical support and lifecycle sustainment services to defense, aerospace and commercial customers worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Telephonics is organized
into four primary business lines: Radar Systems, Communications and Surveillance, Systems Engineering and Commercial Products.
Radar Systems specializes in maritime surveillance, search and rescue, and weather surveillance solutions. Communications and Surveillance
Systems provides intercommunication systems with wireless extensions that distribute voice and data on a variety of platforms,
Identification Friend or Foe (IFF) interrogators, border surveillance systems and Air Traffic Management (ATM) products. Telephonics&rsquo;
Systems Engineering Group (SEG) provides highly technical threat and radar systems engineering as well as analytic support to a
wide range of customers, including the United States Missile Defense Agency and Ballistic Missile Defense Program. Commercial Products
specializes in wireless intercommunications systems, ATM automation products and commercial audio products. Telephonics Large Scale
Integration, a part of Commercial Products, is a full-service designer and provider of high-voltage, high-temperature, low-power,
mixed-signal System-on-Chip (SoC) and custom Application Specific Integrated Circuits (ASICs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Based on long-established
relationships supported by existing contractual arrangements, Telephonics is a first-tier supplier to prime contractors in the
defense industry such as Lockheed Martin Corporation, The Boeing Company, Northrop Grumman Corporation, MacDonald Dettwiler and
Associates Ltd., Airbus Military, Airbus Helicopters, Leonardo (Agusta Westland) Helicopters, and SAAB, and is at times a prime
contractor to the U.S. Department of Defense.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="x1_c91168a005"></A>RATIO OF
EARNINGS TO FIXED CHARGES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The following table
sets forth our ratio of earnings to fixed charges for the last five fiscal years and the six months ended March 31, 2018. We have
not included a ratio of earnings to combined fixed charges and preferred stock dividends because we have had no preferred stock
outstanding during these time periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1px solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year ended September 30,</B></FONT><FONT STYLE="font-size: 7.5pt"> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Six months</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>ended</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>March 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 42%; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Ratio of earnings to fixed charges</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt">1.2x</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt">0.6x</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt">1.3x</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt">1.5x</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt">1.3x</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt">1x</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Amount by which earnings are inadequate to cover fixed charges</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;21,900</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Ratio of earnings to
fixed charges is calculated by dividing earnings by fixed charges from operations for the periods indicated. For purposes of calculating
the ratio of earnings to fixed charges, (a) earnings represents pre-tax income from continuing operations plus fixed charges plus
capitalized interest amortization less capitalized interest, and (b) fixed charges represents interest expense plus capitalized
interest plus the portion of rent expense deemed to be the equivalent of interest.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On February 6,
2018, we completed the sale of PPC to Berry. For the purpose of calculating the ratio of earnings to fixed charges, all
previous periods have been recast to reflect PPC as a discontinued operation.</P>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="x1_c91168a006"></A>USE OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Unless otherwise provided
in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities under this prospectus
for general corporate purposes and to fund our growth. Pending the application of the net proceeds, we intend to invest the net
proceeds in short-term, investment-grade, interest-bearing securities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt"><B><A NAME="x1_c91168a006a"></A>DESCRIPTION OF COMMON
STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We have authority to
issue 85,000,000 shares of common stock, par value $0.25 per share. As of April 30, 2018, we had approximately 45,756,488 shares
of common stock issued and outstanding and 4,346,686 shares of common stock reserved for issuance in connection with stock compensation
plans. The transfer agent and registrar for our common stock is American Stock Transfer&nbsp;&amp; Trust Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Holders of shares of
our common stock are entitled to one vote for each share held of record on all matters on which stockholders are generally entitled
to vote. The vote of the holders of a majority of the stock represented at a meeting at which a quorum is present is generally
required to take stockholder action, unless a greater vote is required by law. Directors are elected by a plurality of the votes
cast at any election and there is no cumulative voting of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Holders of shares of
our common stock have no preemptive rights. Although we currently have no preferred stock outstanding, our certificate of incorporation
permits us to issue preferred stock with the approval of our board of directors, with such rights, terms and preferences as may
be approved by our board. See &ldquo;Description of Preferred Stock&rdquo; below. Subject to the applicable laws and the rights
of the holders of shares of preferred stock that may be outstanding at any time, holders of shares of common stock are entitled
to such dividends as may be declared by our board of directors. The common stock is not entitled to any sinking fund, redemption
or conversion provisions. Upon our dissolution, liquidation or winding up, the holders of shares of our common stock are entitled
to share ratably in our net assets remaining after the payment of all creditors and liquidation preferences of any preferred stock
that may be outstanding. The outstanding shares of common stock are duly authorized, validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Anti-Takeover Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Our restated certificate
of incorporation and amended and restated by-laws contain a number of provisions that may have the effect of making it more difficult
for a third party to acquire us, or that may discourage a third party from acquiring us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Classified Board of Directors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Our restated certificate
of incorporation and amended and restated by-laws provide that our board of directors shall consist of between twelve and fourteen
directors, divided into three classes as nearly equal in size as possible, with staggered three year terms, and provide that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>directors may be removed only for cause by the affirmative vote of the holders of a majority of the outstanding shares of capital
stock entitled to vote; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any vacancy on our board of directors may only be filled by vote of a majority of the directors then in office.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stockholder Action, Special Meeting of Stockholders</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Our restated certificate
of incorporation eliminates the ability of our stockholders to act by written consent. Our restated certificate of incorporation
and amended and restated by-laws further provide that special meetings of our stockholders may be called only at the written request
of stockholders owning at least 66 2/3% of the entire voting power of our capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Advance Notice Requirements for Stockholder Proposals
and Director Nominations</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Our amended and restated
by-laws provide that stockholders seeking to bring business before an annual meeting of stockholders, or to nominate candidates
for election as directors at an annual meeting of stockholders, must provide timely notice in writing. To be timely, a stockholder&rsquo;s
notice must be delivered to or mailed and received at</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">our principal executive
offices not less than 90 days nor more than 120 days prior to the anniversary date of the immediately preceding annual meeting.
However, in the event that the annual meeting is called for a date that is not within 25 days before or after such anniversary
date, notice by the stockholder in order to be timely must be received not later than the close of business on the tenth day following
the date on which notice of the date of the annual meeting was mailed to stockholders or made public, whichever first occurs. Our
amended and restated by-laws also specify requirements as to the form and content of a stockholder&rsquo;s notice. These provisions
may preclude stockholders from bringing matters before an annual meeting of stockholders or from making nominations for directors
at an annual meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Business Combinations and Limitations in our Certificate
of Incorporation</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Our restated certificate
of incorporation provides that in the event that it is proposed that we enter into a merger or consolidation with any other corporation
and such other corporation or its affiliates singly or in the aggregate own or control, directly or indirectly, 5% or more of the
outstanding voting power of our capital stock, or that we sell substantially all of our assets or business to such other corporation,
the affirmative vote of the holders of 50% or more of the total voting power of all outstanding shares of our capital stock shall
be required for the approval of any such proposal. However, such requirements shall not apply to any such merger, consolidation
or sale of assets or business that was approved by resolutions of our board of directors prior to the acquisition of the ownership
or control of 5% of our outstanding shares of capital stock by such other corporation or its affiliates, nor shall it apply to
any such merger, consolidation or sale of assets or business between us and another corporation, 50% or more of the total voting
power of which is owned by us. An &ldquo;affiliate&rdquo; is any person (including a corporation, partnership, trust, estate or
individual) who directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with, the person specified; &ldquo;control&rdquo; means the possession, directly or indirectly, of the power to direct or cause
the direction of management and policies of a person, whether through the ownership of voting securities, by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amendments; Supermajority Vote Requirements</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Our restated certificate
of incorporation requires the affirmative vote of 66 2/3% of our voting stock to amend certain provisions of our certificate of
incorporation, including those provisions relating to the amendment of the business combination provisions, classified board of
directors, action by written consent and the ability of stockholders to call special meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware Anti-Takeover Law</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Section 203 of the Delaware
General Corporation Law prohibits certain &ldquo;business combination&rdquo; transactions between a Delaware corporation and any
&ldquo;interested stockholder&rdquo; owning 15% or more of the corporation&rsquo;s outstanding voting stock for a period of three
years after the date on which the stockholder became an interested stockholder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board of directors approves, prior to the date, either the proposed business combination or the proposed acquisition of
stock that resulted in the stockholder becoming an interested stockholder;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>upon consummation of the transaction in which the stockholder becomes an interested stockholder, the interested stockholder
owned at least 85% of those shares of the voting stock of the corporation that are not held by the directors, officers or certain
employee stock plans; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>on or subsequent to the date on which the stockholder became an interested stockholder, the business combination with the interested
stockholder is approved by the board of directors and also approved at a stockholder&rsquo;s meeting by the affirmative vote of
the holders of at least 66 2/3% of the outstanding shares of the corporation&rsquo;s voting stock other than shares held by the
interested stockholder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Under Delaware law, a &ldquo;business combination&rdquo;
includes a merger, asset sale or other transaction resulting in a financial benefit to the interested stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Although a corporation may elect not to be
governed by Section 203, we have made no such election.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="x1_c91168a006b"></A>DESCRIPTION
OF PREFERRED STOCK</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We have authority to
issue 3,000,000 shares of preferred stock, par value $0.25 per share. As of May 4, 2018, we had no shares of preferred stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Under our restated certificate
of incorporation, our board of directors is authorized generally without stockholder approval to issue shares of preferred stock
from time to time, in one or more classes or series. Prior to issuance of shares of each class or series, our board of directors
is required by Delaware law to adopt resolutions and file a certificate of designation with the Secretary of State of the State
of Delaware. The certificate of designation fixes for each class or series the terms, preferences, conversion or other rights,
voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption
for each class or series. Any shares of preferred stock will, when issued, be fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">For any series of preferred stock that we
may issue, our Board of Directors will determine and the prospectus supplement relating to such series will describe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 18pt; text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the purchase price, designation and number of shares of such series;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the rate and time at which, and the preferences and conditions under which, any dividends will
    be paid on shares of such series, as well as whether such dividends are cumulative or non-cumulative and participating or
    non-participating;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">any listing of the preferred stock on any securities exchange;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">any provisions relating to convertibility or exchangeability of shares of such series and the
    computation of the conversion or exchange price;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the rights and preferences, if any, of holders of shares of such series upon our liquidation,
    dissolution or winding up of our affairs;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the voting powers, if any, of holders of shares of such series;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">preemptive rights, if any, of holders of shares of such series;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">any provisions relating to the repurchase or redemption of shares of such series, if applicable,
    and any restrictions on our ability to exercise these redemption or repurchase rights;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">any limitations on our ability to pay dividends or make distributions on, or acquire or redeem,
    other securities while shares of such series are outstanding;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the procedures for any auction and remarketing, if any, for shares of such series;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the provisions for a sinking fund, if any, for shares of such series;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">whether shares of such series will be represented by depositary shares;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">any conditions or restrictions on our ability to issue additional shares of such series or other
    securities while shares of such series are outstanding;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">if applicable, a discussion of certain U.S. Federal income tax considerations; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">any other relative power, preferences and participating, optional or special rights of shares
    of such series, and the qualifications, limitations or restrictions thereof.</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Delaware law provides
that the holders of preferred stock will have the right to vote separately as a class (or, in some cases, as a series) on an amendment
to our restated certificate of incorporation if the amendment would change the par value, or, unless the restated certificate of
incorporation then in effect provides otherwise, the number of authorized shares of such class or change the powers, preferences
or special rights of such class or series so as to adversely affect the class or series, as the case may be. This right is in addition
to any voting rights that may be provided for in the applicable certificate of designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Our board of directors
may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or
other rights of the holders of our common stock. In addition, our board of directors may authorize the issuance of shares of preferred
stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control
that might involve a premium price for holders of our common stock or which holders might believe to be in their best interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ranking</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Unless we specify otherwise in the applicable
prospectus supplement, the preferred stock will rank, with respect to dividends and upon our liquidation, dissolution or winding
up:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 18pt; text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">senior to all classes or series of our common stock and to all of our equity securities ranking
    junior to the preferred stock;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">on a parity with all of our equity securities the terms of which specifically provide that the
    equity securities rank on a parity with the preferred stock; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">junior to all of our equity securities the terms of which specifically provide that the equity
    securities rank senior to the preferred stock.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The term &ldquo;equity securities&rdquo;
does not include convertible debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transfer Agent and Registrar</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The transfer agent and registrar for any
series or class of preferred stock will be set forth in the applicable prospectus supplement.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="x1_c91168a008"></A>DESCRIPTION
OF DEPOSITARY SHARES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The following is a general
description of the terms of the depositary shares we may issue from time to time unless we provide otherwise in the prospectus
supplement. Particular terms of any depositary shares we offer will be described in the prospectus supplement relating to such
depositary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We may, at our option,
elect to offer fractional shares of common stock or preferred stock, rather than single shares of common stock or preferred stock
(to be set forth in the prospectus supplement relating to an offering of common stock or a particular series of preferred stock).
In the event we elect to do so, depositary receipts evidencing depositary shares may be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The shares of any common
stock or class or series of preferred stock represented by depositary shares will be deposited under a deposit agreement among
us, a depositary selected by us and the holders of the depositary receipts. The depositary will be a bank or trust company having
such criteria as we deem necessary or appropriate. Subject to the terms of the deposit agreement, each owner of a depositary share
will be entitled, in proportion to the applicable fraction of a share of common stock or preferred stock represented by such depositary
share, to all the rights and preferences of the shares of common stock or preferred stock, as applicable, represented by the depositary
share, including dividend, voting, redemption and liquidation rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The depositary shares
will be evidenced by depositary receipts issued pursuant to the deposit agreement. Depositary receipts will be distributed to those
persons purchasing the fractional shares of the related common stock or class or series of preferred shares in accordance with
the terms of the offering described in the related prospectus supplement.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="x1_c91168a009"></A>DESCRIPTION
OF WARRANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The following is a general
description of the terms of the warrants we may issue from time to time unless we provide otherwise in the prospectus supplement.
Particular terms of any warrants we offer will be described in the prospectus supplement relating to such warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">General Terms</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">We may issue warrants
to purchase common stock, preferred stock, depositary shares, debt securities or units. Warrants may be issued independently or
together with other securities and may be attached or separate from such securities. We will issue each series of warrants under
a separate warrant agreement to be entered into between us and a warrant agent. The warrant agent will act solely as our agent
and will not assume any obligation or relationship of agency for or with holders or beneficial owners of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">A prospectus supplement will describe the
particular terms of any series of warrants we may issue, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 18pt; text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the title and aggregate number of the warrants;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the price or prices at which the warrants will be issued and the currency or currencies in which
    the price of the warrants may be payable;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">if applicable, the designation and terms of the securities with which the warrants are issued
    and the number of warrants issued with each such security or each principal amount of such security;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">in the case of warrants to purchase debt securities, the principal amount of debt securities
    purchasable upon exercise of one warrant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">in the case of warrants to purchase common stock, preferred stock, depositary shares or units,
    the number of shares of common stock, preferred stock, depositary shares or units, as the case may be, purchasable upon exercise
    of one warrant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the date on which the right to exercise the warrants shall commence and the date on which such
    right will expire (subject to any extension);</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">whether the warrants will be issued in registered form or bearer form;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">if applicable, the minimum or maximum amount of the warrants which may be exercised at any one
    time;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">if applicable, the date on and after which the warrants and the related securities will be separately
    transferable;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">if applicable, the procedures for adjusting the exercise price and number of shares of common
    stock, preferred stock or depositary shares purchasable upon the exercise of each warrant upon the occurrence of certain events,
    including stock splits, reverse stock splits, combinations, subdivisions or reclassifications of common stock, preferred stock
    or depositary shares;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the effect of any merger, consolidation, sale or other disposition of our business on the warrant
    agreement and the warrants;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the terms of any rights to redeem or call the warrants;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">information with respect to book-entry procedures, if any;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the terms of the securities issuable upon exercise of the warrants;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 18pt; text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">if applicable, a discussion of certain U.S. Federal income tax considerations; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">any other terms of the warrants, including terms, procedures and limitations relating to the
    exchange and exercise of the warrants.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We and the warrant agent
may amend or supplement the warrant agreement for a series of warrants without the consent of the holders of the warrants issued
thereunder to effect changes that are not inconsistent with the provisions of the warrants and that do not materially and adversely
affect the interests of the holders of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exercise of Warrants</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Each warrant will entitle
the holder to purchase such common stock, preferred stock, depositary shares, debt securities or units at the exercise price or
such principal amount of debt securities as shall in each case be set forth in, or be determinable as set forth in, the prospectus
supplement relating to the warrants offered thereby. Warrants may be exercised as set forth in the prospectus supplement beginning
on the date specified therein and continuing until the close of business on the expiration date set forth in the prospectus supplement.
After the close of business on the expiration date, unexercised warrants will become void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Upon receipt of payment
and a warrant certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other
office indicated in the prospectus supplement, we will, as soon as practicable, forward the securities purchasable upon such exercise.
If less than all of the warrants represented by such warrant certificate are exercised, a new warrant certificate will be issued
for the remaining warrants. If we so indicate in the applicable prospectus supplement, holders of the warrants may surrender securities
as all or part of the exercise price for warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Prior to exercising their warrants, holders
of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including, in the case
of warrants to purchase debt securities, the right to receive principal, premium, if any, or interest payments on the debt securities
purchasable upon exercise or to enforce covenants in the applicable indenture or, in the case of warrants to purchase common stock,
preferred stock or depositary shares, the right to receive dividends, if any, or payments upon our liquidation, dissolution or
winding up or to exercise any voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Governing Law</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The warrants and warrant agreements will
be governed by, and construed in accordance with, the laws of the State of New York.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="x1_c91168a010"></A>DESCRIPTION
OF RIGHTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The following is a general
description of the terms of the rights we may issue from time to time unless we provide otherwise in the prospectus supplement.
Particular terms of any rights we offer will be described in the prospectus supplement relating to such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We may issue rights
to purchase common stock, preferred stock, depositary shares, debt securities or units. Rights may be issued independently or together
with other securities and may or may not be transferable by the person purchasing or receiving the rights. In connection with any
rights offering to our stockholders, we may enter into a standby underwriting, backstop or other arrangement with one or more underwriters
or other persons pursuant to which such underwriters or other persons would purchase any offered securities remaining unsubscribed
for after such rights offering. In connection with a rights offering to our stockholders, we would distribute certificates evidencing
the rights and a prospectus supplement to our stockholders on or about the record date that we set for receiving rights in such
rights offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The applicable prospectus supplement will
describe the following terms of any rights we may issue, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 18pt; text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">the title and aggregate number of the rights;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">the subscription price or a formula for the determination of the subscription price for the rights
    and the currency or currencies in which the subscription price may be payable;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">if applicable, the designation and terms of the securities with which the rights are issued and
    the number of rights issued with each such security or each principal amount of such security;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">the number or a formula for the determination of the number of the rights issued to each stockholder;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">the extent to which the rights are transferable;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">in the case of rights to purchase debt securities, the principal amount of debt securities purchasable
    upon exercise of one right;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">in the case of rights to purchase common stock, preferred stock, depositary shares or units,
    the number of shares of common stock, preferred stock, depositary shares or units, as the case may be, purchasable upon exercise
    of one right;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">the date on which the right to exercise the rights would commence and the date on which the rights
    shall expire (subject to any extension);</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">if applicable, the minimum or maximum amount of the rights which may be exercised at any one
    time;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">the extent to which such rights include an over-subscription privilege with respect to unsubscribed
    securities;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">if applicable, the procedures for adjusting the exercise price and number of shares of common
    stock, preferred stock or depositary shares purchasable upon the exercise of each right upon the occurrence of certain events,
    including stock splits, reverse stock splits, combinations, subdivisions or reclassifications of common stock, preferred stock
    or depositary shares;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">the effect of any merger, consolidation, sale or other disposition of our business on the rights;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">the terms of any rights to redeem or call the rights;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">information with respect to book-entry procedures, if any;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; width: 18pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">the terms of the securities issuable upon exercise of the rights;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">if applicable, the material terms of any standby underwriting, backstop or other purchase arrangement
    that we may enter into in connection with the rights offering;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">if applicable, a discussion of certain U.S. Federal income tax considerations; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">any other terms of the rights, including terms, procedures and limitations relating to the exchange
    and exercise of the rights.</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exercise of Rights</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Each right will entitle
the holder to purchase such principal amount of securities or shares of stock at the subscription price as shall in each case be
set forth in, or be determinable as set forth in, the prospectus supplement relating to the rights offered thereby. Rights may
be exercised as set forth in the prospectus supplement beginning on the date specified therein and continuing until the close of
business on the expiration date set forth in the prospectus supplement relating to the rights offered thereby. After the close
of business on the expiration date, unexercised rights will become void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Upon receipt of payment
and a subscription certificate properly completed and duly executed at the corporate trust office of the subscription agent or
any other office indicated in the prospectus supplement, we will, as soon as practicable, forward the securities purchasable upon
such exercise. If less than all of the rights represented by such subscription certificate are exercised, a new subscription certificate
will be issued for the remaining rights. If we so indicate in the applicable prospectus supplement, holders of the rights may surrender
securities as all or part of the exercise price for rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We may determine to
offer any unsubscribed offered securities directly to stockholders or persons other than stockholders, to or through agents, underwriters
or dealers or through a combination of such methods, including pursuant to standby underwriting, backstop or other arrangements,
as set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Prior to exercising
their rights, holders of rights will not have any of the rights of holders of the securities purchasable upon subscription, including,
in the case of rights to purchase debt securities, the right to receive principal, premium, if any, or interest payments on the
debt securities purchasable upon exercise or to enforce covenants in the applicable indenture or, in the case of rights to purchase
common stock, preferred stock or depositary shares, the right to receive dividends, if any, or payments upon our liquidation, dissolution
or winding up or to exercise any voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Governing Law</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The rights and subscription
certificates will be governed by, and construed in accordance with, the laws of the State of Delaware.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="x1_c91168a011"></A>DESCRIPTION
OF DEBT SECURITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The following is a general
description of the terms of debt securities we may issue from time to time unless we provide otherwise in the prospectus supplement.
Particular terms of any debt securities we offer will be described in the prospectus supplement relating to such debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As required by Federal
law for all bonds and notes of companies that are publicly offered, any debt securities we issue will be governed by a document
called an &ldquo;indenture.&rdquo; An indenture is a contract between us and a financial institution acting as trustee on behalf
of the holders of the debt securities, and is subject to and governed by the Trust Indenture Act of 1939, as amended. The trustee
has two main roles. First, the trustee can enforce holders&rsquo; rights against us if we default. Second, the trustee performs
certain administrative duties, such as sending interest and principal payments to holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Because this section
is a summary, it does not describe every aspect of any debt securities we may issue or the indenture governing any such debt securities.
Particular terms of any debt securities we offer will be described in the prospectus supplement relating to such debt securities,
and we urge you to read the applicable indenture, which will be filed with the SEC at the time of any offering of debt securities,
because it, and not this description, will define the rights of holders of such debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt; text-align: left">A prospectus supplement will describe the
particular terms of any series of debt securities we may issue, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 18pt; text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the designation or title of the series of debt securities;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the total principal amount of the series of debt securities, the denominations in which the offered
    debt securities will be issued and whether the offering may be reopened for additional securities of that series and on what
    terms;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the percentage of the principal amount at which the series of debt securities will be offered;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the price at which the debt securities will be issued;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the date or dates on which principal will be payable;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the rate or rates (which may be either fixed or variable) and/or the method of determining such
    rate or rates of interest, if any;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the date or dates from which any interest will accrue, or the method of determining such date
    or dates, and the date or dates on which any interest will be payable;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the terms for redemption, extension or early repayment, if any;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the currencies in which the series of debt securities are issued and payable;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">whether the amount of payments of principal, interest or premium, if any, on a series of debt
    securities will be determined with reference to an index, formula or other method and how these amounts will be determined;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the place or places of payment, transfer, conversion and/or exchange of the debt securities;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the provision for any sinking fund;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">any restrictive covenants;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 18pt; text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">events of default;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">whether the series of debt securities are issuable in certificated form;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">any provisions for legal defeasance or covenant defeasance;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">whether and under what circumstances we will pay additional amounts in respect of any tax, assessment
    or governmental charge and, if so, whether we will have the option to redeem the debt securities rather than pay the additional
    amounts (and the terms of this option);</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">any provisions for convertibility or exchangeability of the debt securities into or for any other
    securities;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">any provisions for remarketing the debt securities;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">whether the debt securities are subject to subordination and the terms of such subordination;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">the listing, if any, on a securities exchange;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt; text-align: justify">if applicable, a discussion of certain U.S. Federal income tax considerations, including those
    related to original issue discount, if applicable; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&bull;</TD>
    <TD STYLE="text-indent: 0pt">any other terms.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The debt securities
may be secured or unsecured obligations. Unless the prospectus supplement states otherwise, principal, interest and premium, if
any, will be paid by us in immediately available funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment and Paying Agents</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">We will pay interest to the person listed
in the applicable trustee&rsquo;s records as the owner of the debt security at the close of business on a particular day in advance
of each due date for interest, even if that person no longer owns the debt security on the interest due date. That day, often approximately
two weeks in advance of the interest due date, is called the &ldquo;record date.&rdquo; Because we will pay all the interest for
an interest period to the holders on the record date, holders buying and selling debt securities must work out between themselves
the appropriate purchase price. The most common manner is to adjust the sales price of the debt securities to prorate interest
fairly between buyer and seller based on their respective ownership periods within the particular interest period. This prorated
interest amount is called &ldquo;accrued interest.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Guarantees</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The payment obligations
of Griffon under any series of debt securities may be jointly and severally, fully and unconditionally guaranteed by certain of
our existing and future subsidiaries that are listed as guarantors in the applicable supplement to this prospectus, subject to
restrictions in credit agreements and other agreements to which they may be a party at the time of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The obligations of any
guarantor under its guarantee of the debt securities will be limited to the maximum amount that will not result in the obligations
of the guarantor under its guarantee constituting a fraudulent conveyance or fraudulent transfer under Federal or state law, after
giving effect to all other contingent and fixed liabilities of the guarantor, and any collections from or payments made by or on
behalf of any other guarantor in respect of the obligations of the guarantor under its guarantee. We will more fully describe the
existence and terms of any guarantee of any debt securities in the prospectus supplement relating to those debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We intend to name the
indenture trustee for each series of indenture securities in the related prospectus supplement. Each trustee may resign or be removed
with respect to one or more series of indenture securities provided</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">that a successor trustee
is appointed to act with respect to such series. In the event that two or more persons are acting as trustee with respect to different
series of indenture securities under the indenture, each of the trustees will be a trustee of a trust separate and apart from the
trust administered by any other trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Governing Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The indenture, the debt securities and any
guarantees will be governed by and construed in accordance with the laws of the State of New York.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="x1_c91168a012"></A>DESCRIPTION
OF UNITS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The following is a general
description of the terms of the units we may issue from time to time unless we provide otherwise in the prospectus supplement.
Particular terms of any units we offer will be described in the prospectus supplement relating to such units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We may issue units consisting
of common stock, preferred stock, depositary shares, warrants, rights and/or debt securities in any combination. Each unit will
be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will
have the rights and obligations of a holder of each included security. The unit agreement under which a unit may be issued may
provide that the securities included in the unit may not be held or transferred separately, at any time, or at any time before
a specified date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We will describe in
the applicable prospectus supplement the terms of the series of units, including the designation and terms of the units and of
the securities comprising the units, including whether and under what circumstances those securities may be held or transferred
separately, the relevant provisions of any agreement governing the units and any provisions for the issuance, payment, settlement,
transfer or exchange of the units or of the securities comprising the units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The provisions described
in this section, as well as those described under &ldquo;Description of Common Stock,&rdquo; &ldquo;Description of Preferred Stock,&rdquo;
&ldquo;Description of Depositary Shares,&rdquo; &ldquo;Description of Warrants,&rdquo; &ldquo;Description of Rights&rdquo; and
&ldquo;Description of Debt Securities&rdquo; will apply to each unit and to any common stock, preferred stock, depositary shares,
warrants, rights and debt securities included in each unit, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Governing Law</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The units and any unit
agreement will be governed by, and construed in accordance with, the laws of the State of New York.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="x1_c91168a013"></A>BOOK-ENTRY
ISSUANCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Our common stock is
cleared and settled though the Depositary Trust Company, or DTC, a securities depositary. Most series of debt securities and preferred
stock will also be book-entry securities.<FONT STYLE="font-size: 11pt"> </FONT>Unless otherwise indicated in the applicable prospectus
supplement, debt securities offered under this prospectus will be issued in the form of one or more global certificates, or &ldquo;global
securities,&rdquo; registered in the name of a depositary or its nominee. Unless otherwise indicated in the applicable prospectus
supplement, the depositary will be DTC. DTC has informed us that its nominee will be Cede&nbsp;&amp; Co. Accordingly, we expect Cede&nbsp;&amp; Co. to be the initial registered holder of all securities that are issued in global form. No person that acquires a beneficial
interest in those securities will be entitled to receive a certificate representing that person&rsquo;s interest in the securities
except as described herein or in the applicable prospectus supplement. Unless and until definitive securities are issued under
the limited circumstances described below, all references to actions by holders of securities issued in global form will refer
to actions taken by DTC upon instructions from its participants, and all references to payments and notices to holders will refer
to payments and notices to DTC or Cede&nbsp;&amp; Co., as the registered holder of these securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">DTC has informed us
that it is a limited-purpose trust company organized under the New York Banking Law, a &ldquo;banking organization&rdquo; within
the meaning of the New York Banking Law, a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the
meaning of the New York Uniform Commercial Code, and a &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section
17A of the Exchange Act. DTC holds and provides asset servicing for issues of U.S. and non-U.S. equity issues, corporate and municipal
debt issues, and money market instruments that DTC&rsquo;s participants, or Direct Participants, deposit with DTC. DTC also facilitates
the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through
electronic computerized book-entry transfers and pledges between Direct Participants&rsquo; accounts. This eliminates the need
for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers,
banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository
Trust&nbsp;&amp; Clearing Corporation, or DTCC. DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed
Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries.
Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust
companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either
directly or indirectly, or Indirect Participants. The DTC Rules applicable to its Participants are on file with the SEC. More information
about DTC can be found at www.dtcc.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Purchases of securities
under the DTC system must be made by or through Direct Participants, which will receive a credit for the securities on DTC&rsquo;s
records. The ownership interest of each actual purchaser of each security, or the Beneficial Owner, is in turn to be recorded on
the Direct and Indirect Participants&rsquo; records. Beneficial Owners will not receive written confirmation from DTC of their
purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well
as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into
the transaction. Transfers of ownership interests in the securities are to be accomplished by entries made on the books of Direct
and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their
ownership interests in the securities, except in the event that use of the book-entry system for the securities is discontinued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">To facilitate subsequent
transfers, all securities deposited by Direct Participants with DTC are registered in the name of DTC&rsquo;s partnership nominee,
Cede&nbsp;&amp; Co., or such other name as may be requested by an authorized representative of DTC. The deposit of securities with DTC
and their registration in the name of Cede&nbsp;&amp; Co. or such other DTC nominee do not effect any change in beneficial ownership.
DTC has no knowledge of the actual Beneficial Owners of the securities; DTC&rsquo;s records reflect only the identity of the Direct
Participants to whose accounts such securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect
Participants will remain responsible for keeping account of their holdings on behalf of their customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Conveyance of notices
and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants
and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory
requirements as may be in effect from time to time</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Redemption notices will
be sent to DTC. If less than all of the securities within an issue are being redeemed, DTC&rsquo;s practice is to determine by
lot the amount of the interest of each Direct Participant in such issue to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Neither DTC nor Cede&nbsp;&amp; Co. (nor any other DTC nominee) will consent or vote with respect to securities unless authorized by a Direct Participant
in accordance with DTC&rsquo;s Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to us as soon as possible after
the record date. The Omnibus Proxy assigns Cede&nbsp;&amp; Co.&rsquo;s consenting or voting rights to those Direct Participants to whose
accounts securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Redemption proceeds,
distributions, and dividend payments on the securities will be made to Cede&nbsp;&amp; Co., or such other nominee as may be requested
by an authorized representative of DTC. DTC&rsquo;s practice is to credit Direct Participants&rsquo; accounts upon DTC&rsquo;s
receipt of funds and corresponding detail information from us or the applicable trustee, warrant agent, depositary or unit agent,
on the payable date in accordance with their respective holdings shown on DTC&rsquo;s records. Payments by Participants to Beneficial
Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts
of customers in bearer form or registered in &ldquo;street name,&rdquo; and will be the responsibility of such Participant and
not of DTC, the applicable trustee, warrant agent, depositary or unit agent or us, subject to any statutory or regulatory requirements
as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede&nbsp;&amp; Co. (or
such other nominee as may be requested by an authorized representative of DTC) is the responsibility of us or the applicable trustee,
warrant agent, depositary or unit agent. Disbursement of such payments to Direct Participants will be the responsibility of DTC,
and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">DTC may discontinue
providing its services as depository with respect to the securities at any time by giving reasonable notice to us or to the applicable
trustee, warrant agent, depositary or unit agent. Under such circumstances, in the event that a successor depository is not obtained,
certificates are required to be printed and delivered. We may decide to discontinue use of the system of book-entry-only transfers
through DTC (or a successor securities depository). In that event, certificates will be printed and delivered to DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The information in this
section concerning DTC and DTC&rsquo;s book-entry system has been obtained from sources that we believe to be accurate, but we
assume no responsibility for the accuracy thereof. None of Griffon, any registrar and transfer agent, trustee, any warrant agent,
depositary or unit agent, or any agent of any of them, will have any responsibility or liability for any aspect of DTC&rsquo;s
or any participant&rsquo;s records relating to, or for payments made on account of, beneficial interests in a global security,
or for maintaining, supervising or reviewing any records relating to such beneficial interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Secondary trading in
notes and debentures of corporate issuers is generally settled in clearing-house or next-day funds. In contrast, beneficial interests
in a global security, in some cases, may trade in the DTC&rsquo;s same-day funds settlement system, in which case secondary market
trading activity in those beneficial interests would be required by DTC to settle in immediately available funds. There is no assurance
as to the effect, if any, that settlement in immediately available funds would have on trading activity in such beneficial interests.
Also, settlement for purchases of beneficial interests in a global security upon the original issuance of this security may be
required to be made in immediately available funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Considerations Relating to Euroclear
and Clearstream</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Euroclear and Clearstream
are securities clearing systems in Europe. Both systems clear and settle securities transactions between their participants through
electronic, book-entry delivery of securities against payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Euroclear and Clearstream
may be depositaries for a global security. In addition, if DTC is the depositary for a global security, Euroclear and Clearstream
may hold interests in the global security as participants in DTC. As long as any global security is held by Euroclear or Clearstream,
as depositary, you may hold an interest in the global security only through an organization that participates, directly or indirectly,
in Euroclear or Clearstream. If Euroclear or Clearstream is the depositary for a global security and there is no depositary in
the United States, you will not be able to hold interests in that global security through any securities clearance system in the
United States. Payments, deliveries, transfers, exchanges, notices and other matters relating to the securities made through Euroclear
or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">Clearstream must comply
with the rules and procedures of those systems. Those clearing systems could change their rules and procedures at any time. Griffon
does not have control over those systems or their participants and assumes no responsibility for their activities. Transactions
between participants in Euroclear or Clearstream, on one hand, and participants in DTC, on the other hand, when DTC is the depositary,
would also be subject to DTC&rsquo;s rules and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special Timing Considerations for
Transactions in Euroclear and Clearstream</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Investors will be able
to make and receive through Euroclear and Clearstream payments, deliveries, transfers, exchanges, notices and other transactions
involving any securities held through those clearing systems only on days when those systems are open for business. These clearing
systems may not be open for business on days when banks, brokers and other institutions are open for business in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In addition, because
of time-zone differences, U.S. investors who hold their interests in the securities through these clearing systems and wish to
transfer their interests, or to receive or make a payment or delivery or exercise any other right with respect to their interests,
on a particular day may find that the transaction will not be effected until the next business day in Luxembourg or Brussels, as
applicable. Thus, investors who wish to exercise rights that expire on a particular day may need to act before the expiration date.
In addition, investors who hold their interests through both DTC and Euroclear or Clearstream may need to make special arrangements
to finance any purchases or sales of their interests between the U.S. and European clearing systems, and those transactions may
settle later than would be the case for transactions within one clearing system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The information in this
section of this prospectus concerning DTC, Clearstream, Euroclear and their respective book-entry systems has been obtained from
sources that we believe to be reliable, but we do not take responsibility for this information. This information has been provided
solely as a matter of convenience. The rules and procedures of DTC, Clearstream and Euroclear are solely within the control of
those organizations and could change at any time. Neither we nor any agent of ours has any control over those entities and none
of us takes any responsibility for their activities. You are urged to contact DTC, Clearstream and Euroclear or their respective
participants directly to discuss those matters. In addition, although we expect that DTC, Clearstream and Euroclear will perform
the foregoing procedures, none of them is under any obligation to perform or continue to perform such procedures and such procedures
may be discontinued at any time. Neither we nor any agent of ours will have any responsibility for the performance or nonperformance
by DTC, Clearstream and Euroclear or their respective participants of these or any other rules or procedures governing their respective
operations.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="x1_c91168a014"></A>PLAN OF
DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We may sell the securities
in any of three ways (or in any combination): (a) to or through underwriters or dealers; (b)&nbsp;directly to a limited number
of purchasers or to a single purchaser; or (c) through agents. The securities may be sold &ldquo;at-the-market&rdquo; to or through
a market maker or into an existing trading market for the securities, on an exchange or otherwise. The applicable prospectus supplement
will set forth the terms of the offering of such securities, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">the name or names of any underwriters, dealers or agents and the amounts of securities underwritten
or purchased by each of them;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">the offering price of the securities and the proceeds to us and any discounts, commissions or concessions
allowed or reallowed or paid to dealers;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">any underwriting discounts and commissions or agency fees and other items constituting underwriters&rsquo;
or agents&rsquo; compensation; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">any securities exchanges on which the securities may be listed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Any offering price and
any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">If underwriters are
used in the sale of any securities, the securities will be acquired by the underwriters for their own accounts and may be resold
from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying
prices determined at the time of sale. The securities may be either offered to the public through underwriting syndicates represented
by managing underwriters, or directly by underwriters without a syndicate. Generally, the underwriters&rsquo; obligations to purchase
the securities will be subject to certain conditions precedent. The underwriters will be obligated to purchase all of the securities
if they purchase any of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We may sell the securities
through agents from time to time. The prospectus supplement will name any agent involved in the offer or sale of the securities
and any commissions we pay to them. Generally, any agent will be acting on a best efforts basis for the period of its appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We may authorize underwriters,
dealers or agents to solicit offers by certain purchasers to purchase the securities from us at the public offering price set forth
in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the
future. The contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement
will set forth any commissions we pay for soliciting these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Agents, underwriters
or dealers may be entitled to indemnification by us against certain civil liabilities, including liabilities under the Securities
Act, or to contribution with respect to payments which the agents, underwriters or dealers may be required to make in respect thereof.
Agents, underwriters or dealers may be customers of, engage in transactions with, or perform services for us in the ordinary course
of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We may enter into derivative
transactions with third parties or sell securities not covered by this prospectus to third parties in privately negotiated transactions.
If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities
covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party
may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings
of stock and may use securities received from us in settlement of those derivatives to close out any related open borrowings of
stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified
in the applicable prospectus supplement (or a post-effective amendment). We or one of our affiliates may loan or pledge securities
to a financial institution or other third party that in turn may sell the securities using this prospectus. Such financial institution
or third party may transfer its short position to investors in our securities or in connection with a simultaneous offering of
other securities offered by this prospectus or otherwise.</P>




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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="x1_c91168a015"></A>LEGAL MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The validity of the
securities offered by this prospectus will be passed upon for us by Dechert LLP, New York, New York. Martin Nussbaum, a partner
of Dechert LLP, owns 30,000 shares of our common stock and $225,000 principal amount of our 5.25% Senior Notes due 2022.<SUP> </SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="x1_c91168a016"></A>EXPERTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The audited consolidated
financial statements, financial statement schedule and management&rsquo;s assessment of the effectiveness of internal control over
financial reporting incorporated by reference in this prospectus and elsewhere in the registration statement have been so incorporated
by reference in reliance upon the report of Grant Thornton LLP, independent registered public accountants, upon the authority of
said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The combined financial
statements of ClosetMaid Corporation as of September 30, 2016 and 2017, and for each of the years in the three-year period ended
September&nbsp;30, 2017, included in Exhibit&nbsp;99.1 of Griffon&rsquo;s current report on Form 8-K/A filed on December 15, 2017,
have been incorporated by reference herein in reliance upon the report of KPMG LLP, independent auditors, incorporated by reference
herein, and upon the authority of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="x1_c91168a017"></A>INCORPORATION
BY REFERENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The SEC allows us to
incorporate by reference into this prospectus the information in other documents that we file with the SEC, which means that we
can disclose important information to you by referring you to those documents. The information incorporated by reference is considered
to be a part of this prospectus, and information in documents that we file later with the SEC will automatically update and supersede
information contained in documents filed earlier with the SEC or contained in this prospectus or a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">This prospectus incorporates by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>our Annual Report on Form 10-K for the fiscal year ended September 30, 2017 filed with the SEC on November&nbsp;20, 2017;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>our Quarterly Reports on <FONT STYLE="color: black">Form 10-Q for the quarters ended December 31, 2017 and March 31, 2018 filed
with the SEC on February 1, 2018 and May 4, 2018, respectively;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>our Current Reports on Form&nbsp;8-K and Form 8-K/A filed with the SEC on October&nbsp;2, 2017; November&nbsp;21, 2017; December
15, 2017; January 24, 2018; February 12, 2018; and May 3, 2018; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: black; background-color: white">The information in the Definitive Proxy Statement for our Annual Meeting
of Stockholders filed with the SEC on December 18, 2017 that is incorporated by reference into our Annual Report on Form&nbsp;10-K
for the fiscal year ended September 30, 2017.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We also incorporate
by reference any future filings made by us with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the
date of this prospectus and before the offering is terminated <FONT STYLE="color: black; background-color: white">under this prospectus
and any prospectus supplement</FONT>; provided, however, that notwithstanding the foregoing, unless specifically stated to the
contrary, none of the information that is not deemed &ldquo;filed&rdquo; with the SEC, including information furnished under Items
2.02 or 7.01 of any Current Report on Form 8-K, will be incorporated by reference into, or otherwise included in, this prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">You may obtain documents incorporated by
reference into this prospectus at no cost by writing or telephoning us at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Griffon Corporation<BR>
Attention: Corporate Secretary</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">712 Fifth Avenue<BR>
New York, New York 10019<BR>
(212) 957-5000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Any statements contained
in a document incorporated by reference in this prospectus shall be deemed to be modified or superseded for purposes of this prospectus
to the extent that a statement contained in this prospectus (or in any other subsequently filed document which also is incorporated
by reference in this prospectus) modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed
to constitute a part of this prospectus except as so modified or superseded.</P>




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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="x1_c91168a018"></A>WHERE YOU
CAN FIND MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Griffon is subject to
the information requirements of the Exchange Act, and it files unaudited quarterly and audited annual reports, proxy and information
statements and other information with the SEC. You may read and copy all or any portion of the reports, proxy and information statements
or other information Griffon files at the SEC&rsquo;s principal office in Washington, D.C., and copies of all or any part thereof
may be obtained from the Public Reference Section of the SEC, 100 F Street, N.E., Washington, D.C. 20549, after payment of fees
prescribed by the SEC. Please call the SEC at 1-800-SEC-0330 for further information on operation of the public reference rooms.
The SEC also maintains an Internet site which provides online access to reports, proxy and information statements and other information
regarding registrants that file electronically with the SEC at the address <I>http://www.sec.gov</I>. In addition, Griffon posts
its filed documents on its website at <I>http://www.griffon.com</I>. Except for the documents incorporated by reference into this
prospectus, the information on Griffon&rsquo;s website is not part of this prospectus. You can also inspect reports, proxy statements
and other information about Griffon at the offices of The New York Stock Exchange, Inc., located at 20 Broad Street, New York,
New York 10005.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II. INFORMATION NOT REQUIRED IN
PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 14. Other Expenses of Issuance
and Distribution.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">Amount to be Paid</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 70%; text-align: justify">Securities and Exchange Commission registration fee</TD><TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">$</TD>
    <TD STYLE="width: 15%; text-align: right">(1</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Listing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Blue sky qualification fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Printing and engraving expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Transfer agent and registrar fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Trust fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Rating agency fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Miscellaneous</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD>
    <TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">Deferred in accordance with Rules 456(b) and 457(r) of the Securities Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">These fees will be dependent on the type of securities offered and number of offerings and, therefore,
cannot be estimated at this time. In accordance with Rule 430B, additional information regarding estimated fees and expenses will
be provided at the time information as to an offering is included in a prospectus supplement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">ITEM 15. Indemnification of Directors and Officers.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Our amended and restated bylaws provide that
our directors, officers, employees and agents shall be entitled to be indemnified by us to the fullest extent permitted by the
Delaware General Corporation Law. Under Section 145 of the Delaware General Corporation Law, we are permitted to offer indemnification
to our directors, officers, employees and agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Section 145 of the Delaware General Corporation
Law concerning indemnification of officers, directors, employees and agents is set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;Section 145.
Indemnification of officers, directors, employees and agents; insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(a) A corporation shall
have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of
the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or
is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted
in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation,
and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person&rsquo;s conduct was unlawful.
The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere
or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which the
person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal
action or proceeding, had reasonable cause to believe that the person&rsquo;s conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(b) A corporation shall
have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed
action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is
or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including
attorneys&rsquo; fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action
or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests
of the corporation</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person
shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court
in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view
of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court
of Chancery or such other court shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(c) To the extent that
a present or former director or officer of a corporation has been successful on the merits or otherwise in defense of any action,
suit or proceeding referred to in subsections (a) and (b) of this section, or in defense of any claim, issue or matter therein,
such person shall be indemnified against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by such person
in connection therewith.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(d) Any indemnification
under subsections (a) and (b) of this section (unless ordered by a court) shall be made by the corporation only as authorized in
the specific case upon a determination that indemnification of the present or former director, officer, employee or agent is proper
in the circumstances because the person has met the applicable standard of conduct set forth in subsections (a) and (b) of this
section. Such determination shall be made, with respect to a person who is a director or officer of the corporation at the time
of such determination: (1) By a majority vote of the directors who are not parties to such action, suit or proceeding, even though
less than a quorum, or (2) By a committee of such directors designated by majority vote of such directors, even though less than
a quorum, or (3) If there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion,
or (4) By the stockholders.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(e) Expenses (including
attorneys&rsquo; fees) incurred by an officer or director of the corporation in defending any civil, criminal, administrative or
investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action, suit
or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately
be determined that such person is not entitled to be indemnified by the corporation as authorized in this section. Such expenses
(including attorneys&rsquo; fees) incurred by former directors and officers or other employees and agents of the corporation or
by persons serving at the request of the corporation as directors, officers, employees or agents of another corporation, partnership,
joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any, as the corporation deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(f) The indemnification
and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed exclusive
of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement,
vote of stockholders or disinterested directors or otherwise, both as to action in such person&rsquo;s official capacity and as
to action in another capacity while holding such office. A right to indemnification or to advancement of expenses arising under
a provision of the certificate of incorporation or a bylaw shall not be eliminated or impaired by an amendment to the certificate
of incorporation or the bylaws after the occurrence of the act or omission that is the subject of the civil, criminal, administrative
or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision
in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such action or omission
has occurred.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(g) A corporation shall
have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person
in any such capacity, or arising out of such person&rsquo;s status as such, whether or not the corporation would have the power
to indemnify such person against such liability under this section.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(h) For purposes of
this section, references to &ldquo;the corporation&rdquo; shall include, in addition to the resulting corporation, any constituent
corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence
had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that any person
who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such
constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, shall stand in the same position under this section with respect to the resulting or surviving corporation as
such person would have with respect to such constituent corporation if its separate existence had continued.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(i) For purposes of
this section, references to &ldquo;other enterprises&rdquo; shall include employee benefit plans; references to &ldquo;fines&rdquo;
shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to &ldquo;serving
at the request of the corporation&rdquo; shall include any service as a director, officer, employee or agent of the corporation
which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit
plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to
be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner
&ldquo;not opposed to the best interests of the corporation&rdquo; as referred to in this section.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(j) The indemnification
and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided when authorized
or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit
of the heirs, executors and administrators of such a person.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(k)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: red">
</FONT>The Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions for advancement of
expenses or indemnification brought under this section or under any bylaw, agreement, vote of stockholders or disinterested directors,
or otherwise. The Court of Chancery may summarily determine a corporation&rsquo;s obligation to advance expenses (including attorneys&rsquo;
fees).&rdquo;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to
the foregoing provisions, or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment of expenses incurred or paid by a director, officer or controlling person in a successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, we will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to
the court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication of such issue.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Article V, Section 4 of our amended and restated
by-laws provides:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;The corporation
shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, by reason of the fact that he is or was a director, officer, employee or an agent of the corporation or is
or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, against all expenses (including attorney&rsquo;s fees), judgments, fines and amounts
paid in settlement actually and reasonably incurred by him in connection with the defense or settlement of such action, suit or
proceeding, to the fullest extent and in the manner set forth in and permitted by the General Corporation Law of the State of Delaware,
as from time to time in effect, and any other applicable law, as from time to time in effect. Such right of indemnification shall
not be deemed exclusive of any other rights to which such director, officer, employee or agent and shall inure to the benefit of
the heirs, executors and administrators of each such person.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The foregoing provisions
of this By-law shall be deemed to be a contract between the corporation and each director, officer, employee or agent who serves
in such capacity at any time while this By-law, and the relevant provisions of the General Corporation Law of the State of Delaware
and other applicable law, if any, are in effect, and any repeal or modification thereof shall not affect any rights or obligations
then existing with respect to any state of facts then or theretofore existing or any action, suit or proceeding theretofore or
thereafter brought or threatened based in whole or in part upon any such state of facts.&rdquo;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We have also entered
into indemnification agreements with each of our directors and corporate officers. Each indemnification agreement provides that
we will indemnify the director or officer who is a party to the agreement, including the advancement of expenses, if, by reason
of his or her corporate status, such director or corporate officer is, or is threatened to be, made a party to or a witness in
any threatened, pending, or completed proceeding, other than a proceeding by or in the right of us, to the fullest extent permitted
under applicable law.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 16. Exhibits.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following exhibits are filed herewith
or incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif"><B>Exhibit Number</B></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 86%; font: 10pt Times New Roman, Times, Serif"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">1.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Form of Underwriting Agreement*</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000110465908032394/a08-14133_1ex3d1.htm" STYLE="-sec-extract: exhibit">Restated Certificate of Incorporation of Griffon Corporation (Exhibit
    3.1 of Annual Report on Form 10-K for the year ended September 30, 1995 (Commission File No. 1-06620) and Exhibit 3.1 of Quarterly
    Report on Form 10-Q for the quarter ended March 31, 2008 (Commission File No. 1-06620))</A>.</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.2</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000093041313002814/c73639_ex3-1.htm" STYLE="-sec-extract: exhibit">Amended and Restated By-laws of Griffon Corporation (Incorporated by
    reference to Exhibit 3.1 of Quarterly Report on Form 10-Q of Griffon Corporation for the quarter ended March 31, 2013 (Commission
    File No. 1-06620)).</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.3</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000093041312003612/c69642_ex3-3.htm" STYLE="-sec-extract: exhibit">Certificate of Incorporation of Clopay Building Products Company, Inc.
    (Incorporated by reference to Exhibit 3.3 of Amendment No. 1 to Registration Statement on Form S-4 of Griffon Corporation
    (File No. 333-181279), filed June 15, 2012).</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.4</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000093041314002285/c77384_ex3-4.htm" STYLE="-sec-extract: exhibit">By-Laws of Clopay Building Products Company, Inc., as amended (Incorporated
    by reference to Exhibit 3.4 to Registration Statement on Form S-4 of Griffon Corporation (File No. 333-195647), filed May
    2, 2014).</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.5</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000093041312003612/c69642_ex3-7.htm" STYLE="-sec-extract: exhibit">Restated Certificate of Incorporation of Telephonics Corporation (Incorporated
    by reference to Exhibit 3.7 of Amendment No. 1 to Registration Statement on Form S-4 of Griffon Corporation (File No. 333-181279),
    filed June 15, 2012).</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.6</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000093041312003612/c69642_ex3-8.htm" STYLE="-sec-extract: exhibit">By-Laws of Telephonics Corporation (Incorporated by reference to Exhibit
    3.8 of Amendment No. 1 to Registration Statement on Form S-4 of Griffon Corporation (File No. 333-181279), filed June 15,
    2012).</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.7</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000093041314002285/c77384_ex3-9.htm" STYLE="-sec-extract: exhibit">Certificate of Incorporation of The Ames Companies, Inc., as amended
    (Incorporated by reference to Exhibit 3.9 to Registration Statement on Form S-4 of Griffon Corporation (File No. 333-195647),
    filed May 2, 2014).</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.8</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000093041312003612/c69642_ex3-10.htm" STYLE="-sec-extract: exhibit">Amended and Restated By-Laws of The Ames Companies, Inc. (Incorporated
    by reference to Exhibit 3.10 of Amendment No. 1 to Registration Statement on Form S-4 of Griffon Corporation (File No. 333-181279),
    filed June 15, 2012).</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.9</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000093041312003612/c69642_ex3-11.htm" STYLE="-sec-extract: exhibit">Certificate of Incorporation of ATT Southern, Inc. (Incorporated by reference
    to Exhibit 3.11 of Amendment No. 1 to Registration Statement on Form S-4 of Griffon Corporation (File No. 333-181279), filed
    June 15, 2012).</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.10</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000093041312003612/c69642_ex3-12.htm" STYLE="-sec-extract: exhibit">By-Laws of ATT Southern, Inc. (Incorporated by reference to Exhibit 3.12
    of Amendment No. 1 to Registration Statement on Form S-4 of Griffon Corporation (File No. 333-181279), filed June 15, 2012.</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.11</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000093041314002285/c77384_ex3-13.htm" STYLE="-sec-extract: exhibit">Certificate of Incorporation of Clopay Ames True Temper Holding Corp.,
    as amended (Incorporated by reference to Exhibit 3.13 to Registration Statement on Form S-4 of Griffon Corporation (File No.
    333-195647), filed May 2, 2014).</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.12</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000093041314002285/c77384_ex3-14.htm" STYLE="-sec-extract: exhibit">Bylaws of Clopay Ames True Temper Holding Corp., as amended (Incorporated
    by reference to Exhibit 3.14 to Registration Statement on Form S-4 of Griffon Corporation (File No. 333-195647), filed May
    2, 2014).</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.13</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000093041317004064/c89902_ex3-15.htm" STYLE="-sec-extract: exhibit">Certificate of Formation of ClosetMaid LLC, as amended (Incorporated
    by reference to Exhibit 3.15 to Registration Statement on Form S-4 of Griffon Corporation (File No. 333-222156), filed December
    19, 2017).</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.14</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000093041317004064/c89902_ex3-15.htm" STYLE="-sec-extract: exhibit">Operating Agreement of ClosetMaid LLC, dated September 12, 2017, as amended
    (Incorporated by reference to Exhibit 3.15 to Registration Statement on Form S-4 of Griffon Corporation (File No. 333-222156),
    filed December 19, 2017).</A></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif">4.1</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 86%; font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000104746903031868/a2119265zex-4_3.htm" STYLE="-sec-extract: exhibit">Specimen Certificate for Shares of Common Stock (Incorporated
    by reference to Exhibit 4.3 to the Registration Statement on Form S-3 of Griffon Corporation (Registration No. 333-109171),
    filed September 26, 2003).</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.2</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/50725/000104746909003344/a2191658zex-4_2.htm" STYLE="-sec-extract: exhibit">Specimen Preferred Stock Certificate &nbsp;(Incorporated by reference
    to Exhibit 4.2 to the Registration Statement on Form S-3 of Griffon Corporation (File No. 333-158273), filed March 30, 2009).</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.3</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Form of Certificate of Designation for Preferred Stock*</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.4</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Form of Deposit Agreement*</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.5</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Form of Depositary Receipt*</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.6</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Form of Warrant Agreement*</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.7</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Form of Warrant Certificate*</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.8</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Form of Rights Agreement*</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.9</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Form of Rights Certificate*</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.10</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Form of Indenture*</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.11</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Form of Debt Security*</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.12</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Form of Unit Agreement*</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.13</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Form of Unit Certificate*</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.14</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Form of Subsidiary Guarantee*</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">5.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="c91168_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Dechert LLP+</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">12.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="c91168_ex12-1.htm" STYLE="-sec-extract: exhibit">Computation of Ratio of Earnings to Fixed Charges+</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">23.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="c91168_ex23-1.htm" STYLE="-sec-extract: exhibit">Consent of Grant Thornton LLP, independent auditors of the Registrant+</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">23.2</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="c91168_ex23-2.htm" STYLE="-sec-extract: exhibit">Consent of KPMG LLP, independent auditors of ClosetMaid Corporation+</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">23.2</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="c91168_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Dechert LLP (included in Exhibit 5.1)+</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">24.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c91168_sigs">Power of Attorney (included on the signature pages hereto)+</A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">25.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Statement of Eligibility of Trustee on Form T-1*</TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif">*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To
                                         be filed as an exhibit to a Current Report on Form 8-K of the Registrant in connection
                                         with a specific offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif">+</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Filed
                                         herewith.</TD></TR></TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">ITEM 17. Undertakings.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(1) To file, during any period in which
    offers or sales are being made, a post-effective amendment to this registration statement: </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 92%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(i) To include any prospectus required by Section
    10(a)(3) of the Securities Act of 1933; </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(ii) To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
    offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
    range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
    changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
    of Registration Fee&rdquo; table in the effective registration statement; </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(iii) To include any material information with respect
    to the plan of distribution not previously disclosed in the registration statement or any material change to such information
    in the registration statement; </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><I>Provided, however</I>, that paragraphs (a)(1)(i),
    (ii) and (iii) of this section do not apply if the information required to be included in a post-effective amendment by those
    paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section
    15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement or is contained
    in a form of prospectus filed pursuant to Rule 424(b) that is a part of the registration statement.</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(2) That, for the purpose of determining
    any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration
    statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
    be the initial bona fide offering thereof. </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(3) To remove from registration by means
    of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
    </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">(4) That, for the purpose of determining liability under
    the Securities Act of 1933 to any purchaser: </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(i)(A) Each prospectus filed by the registrant pursuant
    to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed
    part of and included in the registration statement; and </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(i)(B) Each prospectus required to be filed pursuant
    to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering
    made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of
    the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the
    date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in
    the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that
    is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating
    to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that
    time shall be deemed to be the initial bona fide offering thereof. <I>Provided, however,</I> that no statement made in a registration
    statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated
    by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser
    with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration
    statement or prospectus that was part of the registration statement or made in any such document immediately prior to such
    effective date. </TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(5) That, for the purpose of determining
    liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities,
    the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this
    registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
    are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be
    a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(i) Any preliminary prospectus or prospectus of
    the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(ii) Any free writing prospectus relating to the
    offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(iii) The portion of any other free writing prospectus
    relating to the offering containing material information about the undersigned registrant or its securities provided by or
    on behalf of the undersigned registrant; and </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(iv) Any other communication that is an offer in
    the offering made by the undersigned registrant to the purchaser. </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">(b) The undersigned
registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of
the registrant&rsquo;s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934)
that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">(c) The undersigned
registrant hereby undertakes to supplement the prospectus, after the expiration of the subscription period, to set forth the results
of the subscription offer, the transactions by the underwriters during the subscription period, the amount of unsubscribed securities
to be purchased by the underwriters and the terms of any subsequent reoffering thereof. If any public offering by the underwriters
is to be made on terms differing from those set forth on the cover page of the prospectus, a post-effective amendment will be
filed to set forth the terms of such offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">(d) Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act of 1933 and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">(e) The undersigned
registrant hereby undertakes to file an application for the purpose of determining the eligibility of the Trustee to act under
subsection (a) of Section 310 of the Trust Indenture Act (&ldquo;<U>Act</U>&rdquo;) in accordance with the rules and regulations
prescribed by the Commission under Section 305(b)(2) of the&nbsp;Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><a name=c91168_sigs></a>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York, State of New York, on May 7, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>GRIFFON CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 42%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">/s/ Ronald J. Kramer</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Ronald J. Kramer</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer <I>(Principal Executive Officer)</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">KNOW ALL MEN BY THESE
PRESENTS, that each of the undersigned directors and officers of the registrant appoints Ronald J. Kramer, Brian G. Harris and
Seth L. Kaplan as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him
and in his name, place and stead, in any and all capacities, to execute and/or file with the Securities and Exchange Commission
any and all pre- or post-effective amendments to such Registration Statement(s), with all exhibits thereto and hereto, and other
documents with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and each of them, full power
and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully
to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or any of them, or their, his or her substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><B>Signature</B></TD>
    <TD STYLE="width: 2%; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><B>Title</B></TD>
    <TD STYLE="width: 2%; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Date</B></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Chief Executive Officer and Chairman of the Board<BR> (<I>Principal Executive Officer</I>)</P></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Ronald J. Kramer</TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Ronald J. Kramer</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">President, Chief Operating Officer and Director <I></I></P></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/ Robert F. Mehmel
    </TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Robert F. Mehmel</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Senior Vice President and Chief Financial Officer<BR> <I>(Principal Financial Officer)</I></P></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Brian G. Harris</TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Brian G. Harris</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Vice President, Controller and Chief Accounting Officer<BR> <I>(Principal Accounting Officer)</I></P></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/ W. Christopher Durborow</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">W. Christopher Durborow</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/ Henry A. Alpert</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Henry A. Alpert</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/ Thomas J. Brosig</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Thomas J. Brosig</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 40%">/s/ Blaine V. Fogg</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 40%">Director</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 16%; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Blaine V. Fogg</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/ Louis J. Grabowsky</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Louis J. Grabowsky</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/ Bradley J. Gross</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Bradley J. Gross</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/ Robert G. Harrison</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Robert G. Harrison</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/ Donald J. Kutyna</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">May 7 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Donald J. Kutyna</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/ Victor Eugene
    Renuart</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Victor Eugene Renuart</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/ Kevin F. Sullivan</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Kevin F. Sullivan</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/ Chery&nbsp;L.
    Turnbull</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Cheryl L. Turnbull</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/ William H. Waldorf</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">William H. Waldorf</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York, State of New York, on May 7, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>THE AMES COMPANIES, INC.</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Michael
    A. Sarrica</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Michael A. Sarrica</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">KNOW ALL MEN BY THESE
PRESENTS, that each of the undersigned directors and officers of the registrant appoints Ronald J. Kramer, Brian G. Harris and
Seth L. Kaplan as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him
and in his name, place and stead, in any and all capacities, to execute and/or file with the Securities and Exchange Commission
any and all pre- or post-effective amendments to such Registration Statement(s), with all exhibits thereto and hereto, and other
documents with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and each of them, full power
and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully
to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or any of them, or their, his or her substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 40%; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Signature</B></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 40%; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Title</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Date</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Michael A. Sarrica</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">President</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Michael A. Sarrica</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><I>(Principal
    Executive Officer)</I></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Armando Casanova</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Vice President
    and Chief Financial Officer</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Armando Casanova</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><I>(Principal
    Financial and Accounting Officer)</I></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Ronald J. Kramer</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Ronald J. Kramer</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
</TABLE>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 40%; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Robert F. Mehmel</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 40%; font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; font: 10pt Times New Roman, Times, Serif; text-align: center">May
    7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Robert F. Mehmel</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;/s/
    Brian G. Harris</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Brian G. Harris</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York, State of New York, on May 7, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><B>ATT SOUTHERN, INC.</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/
    Michael A. Sarrica</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Name:&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Michael
    A. Sarrica</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">KNOW ALL MEN BY THESE
PRESENTS, that each of the undersigned directors and officers of the registrant appoints Ronald J. Kramer, Brian G. Harris and
Seth L. Kaplan as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him
and in his name, place and stead, in any and all capacities, to execute and/or file with the Securities and Exchange Commission
any and all pre- or post-effective amendments to such Registration Statement(s), with all exhibits thereto and hereto, and other
documents with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and each of them, full power
and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully
to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or any of them, or their, his or her substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 40%"><B>Signature</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 40%"><B>Title</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 16%"><B>Date</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Michael A. Sarrica</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Chief Executive
    Officer</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;Michael
    A. Sarrica</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><I>(Principal
    Executive Officer)</I></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Armando Casanova</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Vice President,
    Chief Financial Officer </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Armando Casanova</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><I>(Principal
    Financial and Accounting Officer)</I></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Robert F. Mehmel</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Robert F. Mehmel</P>

</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Brian G. Harris</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Brian G. Harris</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York, State of New York, on May 7, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><B>CLOPAY AMES TRUE
    TEMPER HOLDING CORP.</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/
    Robert F. Mehmel</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Name:&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Robert
    F. Mehmel</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">KNOW ALL MEN BY THESE
PRESENTS, that each of the undersigned directors and officers of the registrant appoints Ronald J. Kramer, Brian G. Harris and
Seth L. Kaplan as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him
and in his name, place and stead, in any and all capacities, to execute and/or file with the Securities and Exchange Commission
any and all pre- or post-effective amendments to such Registration Statement(s), with all exhibits thereto and hereto, and other
documents with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and each of them, full power
and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully
to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or any of them, or their, his or her substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 40%"><B>Signature</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 40%"><B>Title</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 16%"><B>Date</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Robert F. Mehmel</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">President and
    Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Robert F. Mehmel</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><I>(Principal
    Executive Officer)</I></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Brian G. Harris</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Executive Vice
    President and Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Brian G. Harris</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><I>(Principal
    Financial and Accounting Officer)</I></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">&nbsp; /s/ Ronald J. Kramer </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Director</P>

</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">Ronald
    J. Kramer</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of New York, State of New York, on May 7, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><B>CLOPAY BUILDING PRODUCTS
    COMPANY, INC.</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/
    Steven M. Lynch</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Name:&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Steven
    M. Lynch</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">President, Chief Operating Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">KNOW ALL MEN BY THESE
PRESENTS, that each of the undersigned directors and officers of the registrant appoints Ronald J. Kramer, Brian G. Harris and
Seth L. Kaplan as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him
and in his name, place and stead, in any and all capacities, to execute and/or file with the Securities and Exchange Commission
any and all pre- or post-effective amendments to such Registration Statement(s), with all exhibits thereto and hereto, and other
documents with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and each of them, full power
and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully
to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or any of them, or their, his or her substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the
dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Signature</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Title</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Date</B></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 20%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 40%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 16%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Steven M. Lynch</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">President, Chief
    Operating Officer and Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Steven
    M. Lynch</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><I>(Principal
    Executive Officer)</I></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Joel Eberlein</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">Vice President,
    Finance</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">Joel
    Eberlein</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">(<I>Principal
Financial and Accounting Officer</I>)</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;/s/
    Robert F. Mehmel</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Robert
    F. Mehmel</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;/s/
    Brian G. Harris</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Brian
    G. Harris</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York, State of New York, on May 7, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><B>TELEPHONICS CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/
    Kevin McSweeney</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Name:&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Kevin
    McSweeney</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">KNOW ALL MEN BY THESE
PRESENTS, that each of the undersigned directors and officers of the registrant appoints Ronald J. Kramer, Brian G. Harris and
Seth L. Kaplan as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him
and in his name, place and stead, in any and all capacities, to execute and/or file with the Securities and Exchange Commission
any and all pre- or post-effective amendments to such Registration Statement(s), with all exhibits thereto and hereto, and other
documents with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and each of them, full power
and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully
to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or any of them, or their, his or her substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the
dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 40%"><B>Signature</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 40%"><B>Title</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 16%"><B>Date</B></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Kevin McSweeney</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">President and
    Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Kevin McSweeney</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><I>(Principal
    Executive Officer)</I></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    John Grillo</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">Vice President,
    Accounting and Finance</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">John Grillo</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(<I>Principal Financial and Accounting </I> <I>Officer</I>)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Ronald J. Kramer</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Ronald J. Kramer</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Robert F. Mehmel</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Robert F. Mehmel</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Brian G. Harris</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May 7, 2018</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Brian G. Harris</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York, State of New York, on May 7, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>CLOSETMAID LLC</B></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Michael A. Sarrica</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Michael A. Sarrica</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">KNOW ALL MEN BY THESE
PRESENTS, that each of the undersigned directors and officers of the registrant appoints Ronald J. Kramer, Brian G. Harris and
Seth L. Kaplan as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all capacities, to execute and/or file with the Securities
and Exchange Commission any and all pre- or post-effective amendments to such Registration Statement(s), with all exhibits thereto
and hereto, and other documents with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and
each of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and
about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents, or any of them, or their, his or her substitutes, may lawfully do or cause to be done
by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Signature</B></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Title</B></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Date</B></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/ Michael A. Sarrica</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">President</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Michael A. Sarrica</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><I>(Principal Executive Officer)</I></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
                                                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vice President, Finance<BR>
        (<I>Principal Financial and Accounting Officer)</I></P>

</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center">/s/
    Debra M. Charles</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">May 7, 2018</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Debra M. Charles</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%"><P STYLE="margin: 0pt 0"><IMG SRC="c91168a001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&nbsp;</P>


</TD>
    <TD STYLE="width: 30%; padding-bottom: 10pt; border-bottom: Black 1px solid">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">1095 Avenue of the Americas<BR>
        New York, NY 10036-6797</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">+1 212 698 3500 Main</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">+1 212 698 3599 Fax</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">www.dechert.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">May 7, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">Griffon Corporation<BR>
The Ames Companies, Inc.<BR>
ATT Southern, Inc.<BR>
Clopay Ames True Temper Holding Corp.<BR>
Clopay Building Products Company, Inc.<BR>
Telephonics Corporation<BR>
ClosetMaid LLC<BR>
712 Fifth Avenue, 18<SUP>th</SUP> Floor<BR>
New York, New York 10019</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-decoration: underline"><FONT STYLE="font-size: 10pt"><U>Form S-3 Registration Statement </U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">We have acted as counsel to Griffon
Corporation, a Delaware corporation (the&nbsp;&ldquo;<U>Company</U>&rdquo;), The Ames Companies, Inc., a Delaware corporation (&ldquo;<U>Ames</U>&rdquo;),
ATT Southern, Inc., a Delaware corporation (&ldquo;<U>ATT</U>&rdquo;), Clopay Ames True Temper Holding Corp., a Delaware corporation
(&ldquo;<U>Holding</U>&rdquo;), Clopay Building Products Company, Inc., a Delaware corporation (&ldquo;<U>Clopay Building</U>&rdquo;),
Telephonics Corporation, a Delaware corporation (&ldquo;<U>Telephonics</U>&rdquo;) and ClosetMaid LLC, a Delaware limited liability
company (&ldquo;<U>ClosetMaid</U>&rdquo; and, together with Ames, ATT, Holding, and Clopay Building, the &ldquo;<U>Guarantors</U>&rdquo;),
in connection with the preparation and filing of a Registration Statement on Form S-3 (the &ldquo;<U>Registration Statement</U>&rdquo;)
filed on the date hereof with the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) under the Securities
Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), relating to possible offerings by the Company from time to time
of the following securities of the Company or the Guarantors, as the case may be: (1)&nbsp;shares of common stock, par value $0.25
per share, of the Company (&ldquo;<U>Common Stock</U>&rdquo;), (2) &nbsp;shares of preferred stock, par value $0.25 per share,
of the Company (&ldquo;<U>Preferred Stock</U>&rdquo;), which, along with Common Stock, may be issued in the form of depositary
shares (&ldquo;<U>Depositary Shares</U>&rdquo;) evidenced by depositary receipts (&ldquo;<U>Receipts</U>&rdquo;), (3) debt securities
of the Company (which may be issued in one or more series) (&ldquo;<U>Debt Securities</U>&rdquo;) to be issued pursuant to an indenture
(as may be amended or supplemented from time to time, an &ldquo;<U>Indenture</U>&rdquo;) between the Company and a trustee (the
&ldquo;<U>Trustee</U>&rdquo;), (4) guarantees of Debt Securities by the Guarantors (&ldquo;<U>Guarantees</U>&rdquo;), (5) warrants
of the Company to purchase Common Stock, Preferred Stock, Depositary Shares, Debt Securities or Units (as defined below) (collectively,
&ldquo;<U>Warrants</U>&rdquo;), (5) rights to purchase Common Stock, Preferred Stock, Depositary Shares, Debt Securities or Units
(collectively, &ldquo;<U>Rights</U>&rdquo;) and (6) units consisting of any combination of Common Stock, Preferred Stock, Depositary
Shares, Debt Securities, Warrants or Rights (collectively, &ldquo;<U>Units</U>&rdquo;). The Common Stock, Preferred Stock,</P>


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<TR>
    <TD STYLE="vertical-align: top; width: 70%; text-align: justify"><IMG SRC="c91168a001.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: bottom; width: 30%">Griffon Corporation<BR>
The Ames Companies, Inc.<BR>
ATT Southern, Inc.<BR>
Clopay Ames True Temper Holding Corp.<BR>
Clopay Building Products Company, Inc.<BR>
Telephonics Corporation<BR>
ClosetMaid LLC<BR>
May 7, 2018<BR>
Page 2</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Depositary Shares, Debt Securities,
Guarantees, Warrants, Rights and Units are collectively referred to herein as the &ldquo;<U>Securities</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Registration Statement provides
that the Securities may be offered separately or together, in separate series, in amounts, at prices and on terms to be set forth
in one or more supplements to the prospectus included in the Registration Statement (each, a &ldquo;<U>Prospectus Supplement</U>&rdquo;).
This opinion letter is being furnished to the Company in accordance with the requirements of Item 601(b)(5) of Regulation S-K of
the Securities Act, and no opinion is expressed herein as to any matter other than as to the legality of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">In rendering the opinions expressed
below, we have examined and relied on originals or copies, certified or otherwise identified to our satisfaction, of such documents,
corporate records and other instruments and such agreements, certificates and receipts of public officials, certificates of officers
or other representatives of the Company and others, and such other documents as we have deemed necessary or appropriate as a basis
for the opinions set forth below, including the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt">&nbsp;</TD>
    <TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Registration Statement;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Restated Certificate of Incorporation of the Company, dated October 1, 1986, as amended through the date hereof (the &ldquo;<U>Restated Certificate of Incorporation</U>&rdquo;), filed as <U>Exhibit 3.1</U> to the Registration Statement;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Amended and Restated By-laws of the Company, effective as of May&nbsp;7, 2013 (the &ldquo;<U>Bylaws</U>&rdquo;), filed as <U>Exhibit 3.2</U> to the Registration Statement;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(vi)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">form of certificates evidencing the Common Stock; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(vii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">resolutions of the board of directors of the Company (the &ldquo;<U>Board of Directors</U>&rdquo;) and of the board of directors or manager, as applicable, of each of the Guarantors relating to, among other things, the authorization and approval of the preparation and filing of the Registration Statement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.5pt; text-align: justify; text-indent: -35.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">As to the facts upon which this opinion
is based, we have relied, to the extent we deem proper, upon certificates of public officials and certificates and written statements
of agents, officers, directors and representatives of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">In our examination, we have assumed
the genuineness of all signatures, the authenticity of all documents submitted to us as original
documents and the conformity to original documents of all</P>


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<TR>
    <TD STYLE="vertical-align: top; width: 70%; text-align: justify"><IMG SRC="c91168a001.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: bottom; width: 30%">Griffon Corporation<BR>
The Ames Companies, Inc.<BR>
ATT Southern, Inc.<BR>
Clopay Ames True Temper Holding Corp.<BR>
Clopay Building Products Company, Inc.<BR>
Telephonics Corporation<BR>
ClosetMaid LLC<BR>
May 7, 2018<BR>
Page 3</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"> documents submitted to us as copies. In addition, we have assumed (i)
the legal capacity of natural persons and (ii) the legal power and authority of all persons signing on behalf of the parties to
such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">On the basis of the foregoing and subject to the assumptions,
qualifications and limitations set forth in this letter, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Common Stock, when (a) duly issued and sold in accordance with the Registration Statement and applicable Prospectus Supplement, upon conversion or exchange of Debt Securities or Preferred Stock or upon exercise of Rights or Warrants as contemplated by the Registration Statement and applicable Prospectus Supplement and (b) delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration therefor as the Board of Directors (or a duly authorized committee thereof) may lawfully determine and at a price per share not less than the per share par value of the Common Stock, will be validly issued, fully paid and non-assessable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Preferred Stock, when (a)&nbsp;duly issued and sold in accordance with the Registration Statement and applicable Prospectus Supplement, upon the exchange of validly issued and fully paid Depositary Shares, upon conversion or exchange of Debt Securities or upon exercise of Rights or Warrants as contemplated by the Registration Statement and applicable Prospectus Supplement, and (b)&nbsp;delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration therefor as the Board of Directors (or a duly authorized committee thereof) may lawfully determine and at a price per share not less than the per share par value of the Preferred Stock, will be validly issued, fully paid and non-assessable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">When (a) the Depositary Shares have been (i) duly issued and sold in accordance with the Registration Statement and applicable Prospectus Supplement and Receipts in the form contemplated and authorized by a valid and binding deposit agreement and have been duly executed and delivered by the depositary and (ii)&nbsp;delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration therefor as the Board of Directors (or a duly authorized committee thereof or a duly authorized officer of the Company) may lawfully determine and (b) the shares of Preferred Stock relating to the Depositary Shares have been duly authorized and validly issued and are fully paid and nonassessable as contemplated by paragraph 2 above and have been deposited with the depositary, the Receipts evidencing the Depositary Shares will be validly issued and the Depositary Shares will entitle their holders to the rights specified in the deposit agreement.</FONT></TD></TR>
</TABLE>

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<TR>
    <TD STYLE="vertical-align: top; width: 70%; text-align: justify"><IMG SRC="c91168a001.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: bottom; width: 30%">Griffon Corporation<BR>
The Ames Companies, Inc.<BR>
ATT Southern, Inc.<BR>
Clopay Ames True Temper Holding Corp.<BR>
Clopay Building Products Company, Inc.<BR>
Telephonics Corporation<BR>
ClosetMaid LLC<BR>
May 7, 2018<BR>
Page 4</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Debt Securities, when (a) duly executed by the Company and authenticated by the Trustee in accordance with the provisions of the Indenture and (x) issued and sold in accordance with the Registration Statement and applicable Prospectus Supplement or (y) issued upon exchange or conversion of Preferred Stock or Depositary Shares or upon exercise of Rights or Warrants as contemplated by the Registration Statement and applicable Prospectus Supplement and (b) delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration therefor as the Board of Directors (or a duly authorized committee thereof or a duly authorized officer of the Company) may lawfully determine, will be valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Guarantee of each of the Guarantors, when (a) the Debt Securities have been duly executed, authenticated, issued and delivered by or on behalf of the Company against receipt by the Company of lawful consideration therefor as contemplated by the Registration Statement and applicable Prospectus Supplement and (b) duly authorized by all necessary corporate action of such Guarantor and duly executed by such Guarantor in accordance with the provisions of such Guarantee, will be the legally valid and binding obligation of the respective Guarantor enforceable against such Guarantor in accordance with its terms.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Warrants, when (a) duly executed, authenticated, issued and sold in accordance with the Registration Statement and applicable Prospectus Supplement and the provisions of an applicable valid and binding warrant agreement and (b) delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration therefor as the Board of Directors (or a duly authorized committee thereof or a duly authorized officer of the Company) may lawfully determine, will be valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Rights, when duly issued in accordance with the Registration Statement and applicable Prospectus Supplement and the provisions of an applicable subscription certificate and any applicable and valid and binding subscription agreement, will be validly issued.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Units, when (a) duly executed, authenticated, issued and sold in accordance with the Registration Statement and applicable Prospectus Supplement and the provisions of any applicable and valid and binding unit agreement and (b)&nbsp;delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration therefor as the Board of Directors (or a duly authorized committee thereof or a duly authorized</FONT></TD></TR>
</TABLE>

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<TR>
    <TD STYLE="vertical-align: top; width: 70%; text-align: justify"><IMG SRC="c91168a001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%">Griffon Corporation<BR>
The Ames Companies, Inc.<BR>
ATT Southern, Inc.<BR>
Clopay Ames True Temper Holding Corp.<BR>
Clopay Building Products Company, Inc.<BR>
Telephonics Corporation<BR>
ClosetMaid LLC<BR>
May 7, 2018<BR>
Page 5</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify">officer of the Company) may lawfully
determine, will be valid and binding obligations of the Company enforceable against the Company in accordance with their respective
terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The opinions set forth herein are subject to
the following assumptions, qualifications, limitations and exceptions being true and correct at or before the time of the delivery
of any Securities offered pursuant to the Registration Statement and appropriate Prospectus Supplement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Board of Directors (and the board of directors of each of the Guarantors, in the case of the Guarantees), including any appropriate committee appointed thereby and/or appropriate officers of the Company (and of each of the Guarantors, in the case of the Guarantees) shall have duly (x) established the terms of the Securities (and in the case of the Units, the Securities that are the components thereof) and (y) authorized and taken any other necessary corporate or other action to approve the creation, if applicable, issuance and sale of the Securities and related matters (including, with respect to Preferred Stock, the execution, acknowledgment and filing of a Certificate of Designation in accordance with the applicable provisions of the General Corporation Law of the State of Delaware) and any Securities consisting of Common Stock, Preferred Stock or Depositary Shares, and any Common Stock, Preferred Stock or Depositary Shares for or into which any other Securities are exercisable, exchangeable or convertible, shall have been duly reserved for issuance and such authorizations and actions have not been rescinded; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the resolutions establishing the definitive terms and authorizing the Company (or each of the Guarantors, in the case of the Guarantees) to register, offer, sell and issue the Securities shall remain in effect and unchanged at all times during which the Securities are offered, sold or issued by the Company (or each of the Guarantors, in the case of the Guarantees); </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the definitive terms of each class and series of the Securities not presently provided for in the Registration Statement or the certificate of incorporation of the Company (and each of the Guarantors, in the case of the Guarantees), and the terms of the issuance and sale of the Securities (x) shall have been duly established in accordance with all applicable law and the certificate of incorporation and bylaws of the Company (and each of the Guarantors, in the case of the Guarantees) as then in effect (collectively, the &ldquo;<U>Charter</U>&rdquo;), any Indenture, guarantee, underwriting agreement, warrant agreement, deposit agreement, subscription agreement, unit agreement and any other relevant agreement relating to the terms and the offer and sale of the Securities (collectively, the &ldquo;<U>Documents</U>&rdquo;) and the authorizing resolutions of the Board of Directors (or the board of directors or manager, as applicable, of each of the Guarantors, in the case of the Guarantees), and reflected in appropriate documentation reviewed by us, and (y) shall not </FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; width: 70%; text-align: justify"><IMG SRC="c91168a001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%">Griffon Corporation<BR>
The Ames Companies, Inc.<BR>
ATT Southern, Inc.<BR>
Clopay Ames True Temper Holding Corp.<BR>
Clopay Building Products Company, Inc.<BR>
Telephonics Corporation<BR>
ClosetMaid LLC<BR>
May 7, 2018<BR>
Page 6</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify">violate any applicable law, the Charter
or the Documents (subject to the further assumption that such Charter and Documents have not been amended from the date hereof
in a manner that would affect the validity of any of the opinions rendered herein), or result in a default under or breach of (nor
constitute any event which with notice, lapse of time or both would constitute a default under or result in any breach of) any
agreement or instrument binding upon the Company (or each of the Guarantors, in the case of the Guarantees) and so as to comply
with any restriction imposed by any court or governmental body having jurisdiction over the Company (or each of the Guarantors,
in the case of the Guarantees);<FONT STYLE="background-color: yellow"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">upon issuance of any shares of Preferred Stock or Common Stock or any Depositary Shares, including upon exercise, conversion or exchange of Securities, the total number of shares of Preferred Stock and Common Stock issued and outstanding shall not exceed the total number of shares of Preferred Stock and Common Stock that the Company is then authorized to issue under the Restated Certificate of Incorporation; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(v)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the interest rate on the Debt Securities shall not be higher than the maximum lawful rate permitted from time to time under applicable law; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(vi)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Securities (including any Securities issuable upon exercise, conversion or exchange of other Securities and, in the case of any Units, the Securities that are components thereof), and any certificates representing the relevant Securities (including any Securities issuable upon exercise, conversion or exchange of other Securities and, in the case of any Units, the Securities that are components thereof), have been duly authenticated, executed, countersigned, registered and delivered upon payment of the agreed-upon legal consideration therefor and have been duly issued and sold in accordance with any relevant agreement and, if applicable, duly executed and delivered by the Company and any other appropriate party; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(vii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">each Indenture, warrant agreement, deposit agreement, subscription agreement, unit agreement and any other relevant agreement has been duly authorized, executed and delivered by, and will constitute a valid and binding obligation of, each party thereto (other than the Company and each of the Guarantors); </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(viii)&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Registration Statement, as amended (including all necessary post-effective amendments), and any additional registration statement filed under Rule 462 under the Securities Act, shall be effective under the Securities Act, and such effectiveness shall not have been terminated or rescinded; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(ix)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an appropriate Prospectus Supplement shall have been prepared, delivered and filed in compliance with the Securities Act and the applicable rules and regulations thereunder describing the Securities offered thereby; </FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<TR>
    <TD STYLE="vertical-align: top; width: 70%; text-align: justify"><IMG SRC="c91168a001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%">Griffon Corporation<BR>
The Ames Companies, Inc.<BR>
ATT Southern, Inc.<BR>
Clopay Ames True Temper Holding Corp.<BR>
Clopay Building Products Company, Inc.<BR>
Telephonics Corporation<BR>
ClosetMaid LLC<BR>
May 7, 2018<BR>
Page 7</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">(x)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Securities shall be issued and sold in compliance with all U.S. federal and state securities laws and solely in the manner stated in the Registration Statement and the applicable Prospectus Supplement and there shall not have occurred any change in law affecting the validity of the opinions rendered herein; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(xi)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if the Securities will be sold pursuant to a firm commitment underwritten offering, the underwriting agreement with respect to the Securities shall have been duly authorized, executed and delivered by the Company and the other parties thereto; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(xii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Indenture, if applicable, shall have been duly qualified under the Trust Indenture Act of 1939, as amended; and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(xiii)&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in the case of an agreement or instrument pursuant to which any Securities are to be issued, there shall be no terms or provisions contained therein which would affect the validity of any of the opinions rendered herein. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The opinions set forth herein as to
enforceability of obligations of the Company or any Guarantor are subject to: (i) bankruptcy, insolvency, reorganization, fraudulent
conveyance, moratorium or similar laws now or hereinafter in effect affecting the enforcement of creditors&rsquo; rights generally,
and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and the discretion
of the court or other body before which any proceeding may be brought; (ii) the unenforceability under certain circumstances under
law or court decisions of provisions providing for the indemnification of, or contribution to, a party with respect to a liability
where such indemnification or contribution is contrary to public policy; (iii)&nbsp;provisions of law which may require that a
judgment for money damages rendered by a court in the United States be expressed only in U.S. dollars; (iv) requirements that a
claim with respect to any Securities denominated other than in U.S. dollars (or a judgment denominated other than in U.S. dollars
in respect of such claim) be converted into U.S. dollars at a rate of exchange prevailing on a date determined pursuant to applicable
law; and (v)&nbsp;governmental authority to limit, delay or prohibit the making of payments outside the United States or in foreign
currency or composite currency. We express no opinion as to the validity, legally binding effect or enforceability of any provision
in any agreement or instrument that relates to governing law and submission by the parties to the jurisdiction of one or more particular
courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">We are members of the bar of the State
of New York, and the foregoing opinions are limited to the laws of the State of New York and the General Corporation Law of the
State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">This opinion letter has been prepared
for your use solely in connection with the Registration Statement. We assume no obligation to advise you of any changes in the
foregoing subsequent to the effectiveness of the Registration Statement.</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; width: 70%; text-align: justify"><IMG SRC="c91168a001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%">Griffon Corporation<BR>
The Ames Companies, Inc.<BR>
ATT Southern, Inc.<BR>
Clopay Ames True Temper Holding Corp.<BR>
Clopay Building Products Company, Inc.<BR>
Telephonics Corporation<BR>
ClosetMaid LLC<BR>
May 7, 2018<BR>
Page 8</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">We hereby consent to the filing of
this opinion letter as an exhibit to the Registration Statement and to the reference to this firm under the caption &ldquo;Legal
Matters&rdquo; in the prospectus which forms a part of the Registration Statement. In giving such consent, we do not thereby admit
that we are in the category of persons whose consent is required under <U>Section 7</U> of the Securities Act or the rules and
regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">/s/ Dechert LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">Dechert LLP</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Exhibit 12.1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.65pt; text-align: center"><B>Griffon Corporation</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.65pt; text-align: center"><B>Computation of Ratios of
Earnings to Fixed Charges</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.65pt; text-align: center"><B>(unaudited)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.65pt; text-align: center"><B>(dollars in thousands)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.65pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 6pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt"><B>&nbsp;</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; text-align: center"><B>2012</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; text-align: center"><B>2013</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; text-align: center"><B>2014</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; text-align: center"><B>2015</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; text-align: center"><B>2016</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; text-align: center"><B>ALL
    IN<BR> 2017</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; text-align: center"><B>CONTINUING<BR>
    <BR> 2013</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; text-align: center"><B>CONTINUING<BR>
    <BR> 2014</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; text-align: center"><B>CONTINUING<BR>
    <BR> 2015</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; text-align: center"><B>CONTINUING<BR>
    <BR> 2016</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; text-align: center"><B>CONTINUING<BR>
    <BR> 2017</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; text-align: center"><B>CONTINUING<BR>
    Six Months Ended<BR> March 31, 2018</B></TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; color: black; padding-bottom: 1px"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; text-decoration: underline; padding-left: 10pt; text-indent: -10pt">EARNINGS:</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 10%; font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; padding-left: 10pt; text-indent: -10pt">Pre-tax Income</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="width: 4%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">21,941</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="width: 4%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">14,333</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD NOWRAP STYLE="width: 4%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(5,716</TD><TD NOWRAP STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">)</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">(a)</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="width: 4%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">53,636</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="width: 4%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">53,164</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">(b)</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="width: 4%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">38,974</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left"></TD><TD NOWRAP STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">(c)&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="width: 4%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">11,779</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="width: 4%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(20,957</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">)</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="width: 4%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">19,066</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="width: 4%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">32,213</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="width: 4%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">16,698</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="width: 8%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,115</TD><TD STYLE="width: 1%; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Fixed Charges</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">64,150</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">63,514</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">59,836</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">59,820</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">62,881</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">63,979</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">59,002</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">57,677</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">57,615</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">60,632</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">61,795</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">39,193</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Amortization of Capitalized Interest</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">456</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">91</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">150</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">891</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">750</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">587</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">91</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">150</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">891</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">750</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">587</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">294</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Total</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">92,570</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">77,938</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">54,270</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">114,347</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">116,795</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">103,541</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">70,872</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">36,870</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">77,572</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">93,594</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">79,080</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">40,602</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; padding-left: 10pt; text-indent: -10pt">Less:</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Interest Capitalized</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(1,895</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(983</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(1,093</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(670</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(1,082</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">)</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(1,771</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(983</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(1,093</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(470</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(1,202</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(795</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">(238</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Earnings for Fixed Charge Calc.</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">90,675</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">76,955</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">53,177</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">113,677</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">115,713</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">101,770</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">69,889</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">35,777</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">77,102</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">92,392</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">78,285</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">40,364</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; text-decoration: underline; text-align: left; padding-left: 10pt; text-indent: -10pt">FIXED CHARGES:</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Interest Expensed</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">45,984</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">46,288</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">42,020</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">41,191</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">43,839</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">46,985</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">45,519</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">41,209</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">40,794</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">42,622</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">47,002</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">30,891</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Interest Capitalized</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,895</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">983</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,093</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">670</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,082</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,771</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">983</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,093</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">470</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,202</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">795</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">238</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Amortized
    premiums, discounts&nbsp;&amp; capitalized expenses for debt</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">6,023</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">6,232</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">6,427</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">6,982</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">7,415</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">4,604</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">6,130</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">6,400</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">6,982</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">7,321</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">4,511</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">2,754</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Interest within Rental Expense (est.)</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">10,248</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">10,011</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">10,296</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">10,977</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">10,545</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">10,619</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">6,370</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">8,975</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">9,369</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">9,487</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">9,488</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">5,310</TD><TD STYLE="padding-bottom: 1px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Fixed Charges for Calc.</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">64,150</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">63,514</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">59,836</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">59,820</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">62,881</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">63,979</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">59,002</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">57,677</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">57,615</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">60,632</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">61,795</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">39,193</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Ratio of Earnings to Fixed Charges</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1.4</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1.2</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">0.9</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1.9</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1.8</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1.6</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1.2</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">0.6</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1.3</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1.5</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1.3</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1.0</TD><TD STYLE="padding-bottom: 3px; font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 6pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Amount
    by which earnings are inadequate to cover fixed charges</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">0</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">0</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; text-align: right">(6,659</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">0</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">0</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">0</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; text-align: right">0</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; text-align: right">(21,900</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">0</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">0</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">0</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">0</TD><TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="color: Black">(a)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 97%"><FONT STYLE="color: Black">Includes $6,136 of restructuring
    charges, $3,161 of acquisiiton related costs and $38,890 of costs related to the loss on debt extinguishment.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: Black">(b)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: Black">Includes $5,900 of costs related to restructuring
    costs.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: Black">(c)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: Black">includes $9,617 of acquisition related costs,
    $5,700 of environmental and warranty reserves and $5,137 of contract settlement charges.</FONT></TD></TR>
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<TYPE>EX-23.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have issued our report dated November 20, 2017 with respect
to the consolidated financial statements, schedule and internal control over financial reporting of Griffon Corporation and its
subsidiaries included in the Annual Report on Form 10-K for the year ended September 30, 2017, which is incorporated by reference
in this Registration Statement. We consent to the incorporation by reference of the aforementioned report in this Registration
Statement, and to the use of our name as it appears under the caption &ldquo;Experts&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ GRANT THORNTON LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 7, 2018</P>

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<TYPE>EX-23.2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Consent of Independent Auditors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ClosetMaid Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We consent to the incorporation by reference in this registration
statement on Form S-3 of Griffon Corporation of our report dated December 14, 2017, with respect to the combined balance sheets
of ClosetMaid Corporation as of September 30, 2016 and 2017, and the related combined statements of earnings, comprehensive income,
equity and cash flows for each of the years in the three-year period ended September 30, 2017, which report appears in the Form
8-K/A of Griffon Corporation dated December 15, 2017, and to the reference to our firm under the heading &ldquo;Experts&rdquo;
in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Tampa, Florida</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">May 7, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Certified Public Accountants</P>

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