On January 8, 2014, Tiffany & Co. entered into an Amendment No. 2 to each of the three year credit agreement and the five year credit agreement, each dated as of December 21, 2011, by and among company, Tiffany and Company, Tiffany & Co.

International, Tiffany & Co. Japan Inc. and each other Subsidiary of 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. Each Amendment No.

2 waived a default under the applicable Credit Agreement, which had arisen as a result of the issuance of the arbitration award in the confidential arbitration between The Swatch Group Ltd. and Tiffany Watch Co. Ltd, as claimants, and Tiffany and Company, Tiffany (NJ) Inc. and company, as respondents, under the Arbitration Rules of the Netherlands Arbitration Institute. In addition, each Amendment No.

2 amended the Event of Default provision in the applicable Credit Agreement to extend the time in which a judgment or decree may be paid, stayed on appeal, discharged, bonded or dismissed before an Event of Default would arise.