On January 14, 2014, Tiffany & Co. entered into (a) Amendments to (i) the Note Purchase Agreement, dated as of February 12, 2009, by and among the company, and Berkshire Hathaway Assurance Corporation, General Re Life Corporation, and Berkshire Hathaway Life Insurance Company of Nebraska; (ii) the Amended and Restated Note Purchase Agreement, dated as of July 25, 2012, by and among the company, and Prudential Investment Management Inc., The Prudential Insurance Company of America, Forethought Life Insurance Company, Pruco Life Insurance Company of New Jersey, Pruco Life Insurance Company, The Lincoln National Life Insurance Company, Farmers New World Life Insurance Company, MTL Insurance Company, Globe Life and Accident Insurance Company, and Liberty National Life Insurance Company; (iii) the Amended and Restated Note Purchase Agreement, dated as of July 25, 2012, by and among the company, and Metropolitan Life Insurance Company, General American Life Insurance Company, MetLife Reinsurance Company of Vermont, MetLife Alico Life Insurance K.K., and Union Fidelity Life Insurance Company; and (iv) the Note Purchase Agreement, dated as of September 1, 2010, by and among the company, and Metropolitan Life Insurance Company, MetLife Insurance Company of Connecticut, and New England Life Insurance Company (items (i) - (iv), collectively, the NPAs"), and (b) Amendments No. 3 to each of the three year credit agreement and the five year credit agreement (collectively, the Credit Agreements"), each dated as of December 21, 2011, by and among the company, Tiffany and Company, Tiffany & Co.

International, Tiffany & Co. Japan Inc. and each other Subsidiary of the company, that is a Borrower and a signatory thereto, and The Bank of New York Mellon, as Administrative Agent, ABN AMRO Bank N.V. and Standard Chartered Bank, as Co-Syndication Agents, and JPMorgan Chase Bank, N.A. and Mizuho Corporate Bank (USA), as Co-Documentation Agents. The Amendments became effective on January 14, 2014.

The Amendments to the Credit Agreements amended certain financial definitions, with the effect of excluding the impact of the award issued in the confidential arbitration between The Swatch Group Ltd. (Swatch") and its affiliate and certain of company's affiliates (the Arbitration Award") from the calculation of the Leverage Ratio and Fixed Charge Coverage Ratio (the Covenant Amendments") and further providing that only half of such amount would be included in the ratio used to determine the interest rate for borrowings and for the facility fee. The Amendments to the NPAs also effected the Covenant Amendments and additionally amended the event of default provisions therein to extend the time in which a judgment may be bonded, discharged or stayed pending appeal before an event of default would arise. Each Amendment also waived certain defaults and events of default, which arose, respectively, as a result of the issuance of the Arbitration Award and certain subsequent borrowings (in an aggregate amount equal to $15.5 million) that were made pursuant to irrevocable notices of borrowing submitted prior to the Arbitration Award.

The Amendments require the company to obtain additional amendments and waivers with respect to certain other debt agreements within 30 days.