As previously disclosed by Tiffany & Co.TIF in filings with the
United States Securities and Exchange Commission, certain claims and
counterclaims had been pending between and among The Swatch Group Ltd.
(“Swatch”) and its wholly-owned subsidiary Tiffany Watch Co. (together
with Swatch, the “Swatch Parties”) and Tiffany & Co. (“Tiffany”) and its
wholly-owned subsidiaries, Tiffany and Company and Tiffany (NJ) Inc.
(Tiffany and such subsidiaries, together, the “Tiffany Parties”) under
the agreements entered into by and among the Swatch Parties and the
Tiffany Parties that came into effect in December 2007 (the
“Agreements”). Such claims and counterclaims had been pending in a
confidential arbitration before an arbitral panel convened pursuant to
the Arbitration Rules of the Netherlands Arbitration Institute in the
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