727 Fifth Avenue
New York, NY 10022
212-755-8000
www.tiffany.com

Tiffany & Co. is a holding company that operates through its subsidiary companies ("Company"). The Company's principal subsidiary, Tiffany and Company, is a jeweler and specialty retailer, whose merchandise offerings include an extensive selection of jewelry (82% of net sales in fiscal 2005), as well as timepieces, sterling silverware, china, crystal, stationery, fragrances and accessories. Through Tiffany and Company and other subsidiaries, the Company is engaged in product design, manufacturing and retailing activities.

Tiffany was founded in 1837 when Charles Lewis Tiffany opened a store in downtown Manhattan. Today, more than 150 TIFFANY & CO. stores and boutiques serve customers in U.S. and international mark ets.

The Company's channels of distribution are as follows: U.S. Retail (51% of fiscal 2005 sales) consists of retail sales transacted in Tiffany-operated stores in the United States and non-Internet, business-to-business sales within the United States; International Retail (38% of fiscal 2005 sales) consists of both retail and wholesale sales of TIFFANY & CO. merchandise to customers located outside the United States, as well as a limited amount of business-to-business and Internet sales; Direct Marketing (6% of fiscal 2005 sales) consists of U.S. Internet, direct mail catalog and business-to-business Internet sales transacted by Tiffany; and Other (5% of fiscal 2005 sales) consists of sales transacted under trademarks and trade names other than TIFFANY & CO. (i.e., LITTLE SWITZERLAND and IRIDESSE). Other also includes wholesale sales of diamonds that were found unsuitable for Tiffany's production by Tiffany's diamond sourcing and manufacturing operations.

The Company's key growth strategies are: to selectively expand its channels of distribution in important markets around the world without compromising the long-term value of the TIFFANY & CO. trademark; to increase sales in existing stores by developing new products; to increase its control over product supply and achieve improved profit margins through direct diamond sourcing and internal jewelry manufacturing; to enhance customer awareness through marketing and public relations programs; and to provide customer service that ensures a superior shopping experience.

The Company's shares are traded on The New York Stock Exchange with the symbol TIF. Headquartered at 727 Fifth Avenue in New York, Tiffany has more than 8,000 employees around the world.