Hey Guys,

August 31, 2006 – Tiffany & Co. (NYSE: TIF) today reported that its Board of Directors has extended the expiration date of the Company’s current share repurchase program and has authorized a substantial increase in the amount of shares that may be repurchased.

The program has been extended and is now  scheduled to expire in December  2009. In  addition,  the Board has  authorized  the  Company  to  repurchase  up to an additional $700 million of the Company’s common stock.

The current  repurchase program was authorized in March 2005 to repurchase up to $400 million of the Company’s  common stock and was scheduled to expire in March 2007. Through July 31, 2006, the Company had spent approximately $287 million to repurchase 8,254,326 shares of its common stock at an average cost of $34.82 per share.

The Board’s  latest  action will  enable the  Company to  repurchase  up to $813 million of the  Company’s  common  stock  from this date  forward.  Tiffany  had approximately 138 million shares of common stock outstanding at July 31, 2006.

Michael J. Kowalski,  chairman and chief executive officer, said, “The Board has
confidence  in  Tiffany’s  growth  potential  and ability to maintain  financial
strength,  and believes  this action  represents  an  appropriate  way to return
excess capital to shareholders.”

Also, Tiffany & Co reported their second quarter. Read it Here

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