The board of directors of Tiffany & Co. has approved a $400
million stock repurchase program.

This new program, effective immediately, authorizes the
repurchase of up to $400 million of Tiffany’s common stock, through open market
or private transactions. The new program will expire on Jan. 31, 2013, and
supersedes a previous program that was scheduled to expire at the end of
January.

The previous program, enacted in March 2005 and subsequently
increased and extended in August 2006 and January 2008, had authorized the total
repurchase of up to $1.6 billion of common stock. That program has been
terminated and the unused repurchase authority under that program
(approximately $329 million) will no longer be available. Under the previous
program, the company had repurchased 31.2 million shares at an average cost
(including fees) of $40.79 per share.

JCK