Griffin Announces Fourth Quarter Dividend and Changes in Future Dividend Payments

Griffin Land & Nurseries, Inc.

announced today that its Board of Directors has declared a quarterly dividend of $0.10 per share on the Company's common stock. The dividend is payable on December 6, 2011 to holders of record at the close of business on November 29, 2011. Griffin also announced that its Board has considered its dividend policy for succeeding years and decided that, beginning in fiscal 2012, Griffin, rather than continuing to pay a quarterly dividend, will consider the payment of an annual dividend at the end of its fiscal year. This change will permit the Board to evaluate better both Griffin's prior full year results and its cash needs for the succeeding year when determining whether to declare an annual dividend