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T I F FA N Y & C O [ T I F : U S ]

WELCOME CHANGES TO THE BOARD* NEW APPOINTMENTS IN 2017 The following three new directors were nominated by JANA and appointed to the Tiffany Board in February 2017:

ROGER N. FARAH – NEW CHAIRMAN FROM 2 OCTOBER 2017 ■ Executive Director of Tory Burch, COO of Ralph Lauren from 2000 to 2013 ■ During Farah’s tenure, Ralph Lauren stock increased 1,100%**

JAMES E. LILLIE - DIRECTOR ■ Former CEO of Jarden Corporation ■ During Lillie’s tenure, Jarden’s sales increased by 30 times**

FRANCESCO TRAPANI - DIRECTOR ■ Former CEO of Bulgari, and the great-grandson of the Bulgari group founder Sotirio Bulgari ■ During Trapani’s tenure, he built Bulgari into a multi billion company, and sold it to LVMH for $5.2B (3x sales)** ■

Trapani has personally invested US$31.6M in Tiffany stock***.

These three highly experienced new directors should be able to assist new CEO Alessandro Bogliolo to both accelerate growth and improve margins.

MICHAEL J. KOWALSKI – RETIRED AS CHAIRMAN ON 2 OCTOBER 2017 ■ Joined Tiffany in 1983 as director of planning ■ Appointed president of Tiffany in 1996 ■ Assume of role of CEO in 1999, and retired as CEO in 2015 (16 years in total) ■ Appointed Chairman in 2003 and retired as Chairman in October 2017 (14 years in total)

* See Appendix 1 for more in-depth biographies for each of the entire Board Directors. ** https://www.barrons.com/articles/jana-partners-sees-sparkle-in-tiffany-1488608009?mg=prod/accounts-barrons. *** As at 16 November 2017 – It includes the initial US$16M investment, and the US$15.6M purchases in the market between 28 August 2017 and 26 September 2017.

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Profile for Richard

Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018