The board of directors of Tiffany & Co. May 19 declared
a dividend of $0.29 per share of common stock, reflecting a 16 percent increase
in the quarterly rate.

This action increases the quarterly dividend from $0.25 per share
(or $1.00 annually) to a new rate of $0.29 per share (or $1.16 per share
annually).

“Today’s increase acknowledges Tiffany’s financial
performance last year and the strength of our balance sheet, and reflects the board’s
confidence in our outlook. This represents the ninth dividend increase in the
past nine years,” Michael J. Kowalski, chairman and chief executive officer, said
in a statement.

The dividend will be paid on July 11 to
stockholders of record on June 20. Future dividends are subject to declaration
by the directors.

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