Tiffany & Co. Initiates Exchange Offer

Tiffany & Co. (the "Company" or "Tiffany & Co.")

announced today its offer to exchange new registered notes for the outstanding unregistered notes that it issued in September 2014 in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. Under the exchange offer, Tiffany & Co. is offering to exchange (the "Exchange Offer") up to (i) $250,000,000 aggregate principal amount of its outstanding $250,000,000 unregistered 3.800% Senior Notes due 2024 for a like principal amount of its new $250,000,000 3.800% Senior Notes due 2024 (the "2024 Exchange Notes"), and (ii) $300,000,000 aggregate principal amount of its outstanding $300,000,000 unregistered 4.900% Senior Notes due 2044 for a like principal amount of its new $300,000,000 4.900% Senior Notes due 2044 (the "2044 Exchange Notes" and, together with the 2024 Exchange Notes, the "Exchange Notes"). The sole purpose of the Exchange Offer is to fulfill Tiffany & Co.'s obligations under the registration rights agreement entered into with holders of the unregistered notes in connection with the September 2014 offering. Tiffany & Co. will not receive any proceeds from the issuance of the Exchange Notes. The Exchange Offer will expire at 5 pm ET on May 8, 2015, unless extended (such date and time, as they may be extended, the "Expiration Date"). The settlement date for the Exchange Offer will occur promptly following the Expiration Date. The Exchange Offer is made only pursuant to Tiffany & Co.'s prospectus dated April 10, 2015, which has been filed with the United States Securities and Exchange Commission. Tiffany & Co. has not authorized any person to provide information other than as set forth in the prospectus. This news release shall not constitute an offer to sell or a solicitation of an offer to purchase the Exchange Notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Tiffany is the internationally-renowned jeweler founded in New York in 1837. Through its subsidiaries, Tiffany & Co. manufactures products and operates TIFFANY & CO. retail stores worldwide, and also engages in direct selling through Internet, catalog and business gift operations. For additional information, please visit www.tiffany.com or call our shareholder information line at 800-TIF-0110.