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					                                                                                                            February 28, 2012 | 7 Pages

                       Specialty Retail & Apparel                                                         Company Report

                                                                                                         Tiffany & Co.
                                                                                                                      (NYSE: TIF)
TIF: NEW RUBEDO LINE DEBUTS- FIRST COLLECTION FOR                                                                  RATING: BUY
ITS 175TH ANNIVERSARY; NEW METAL COMBINES COPPER,                         Margaret Whitfield                          Tom Nikic, CFA
GOLD AND SILVER                                                           (973) 519-1019                               (212) 338-4784
                                                                          mwhitfield@sterneagee.com                tnikic@sterneagee.com
   New Metal Collection Off To A Good Start. Tiffany has unveiled
   a new collection, RUBEDO, which combines silver, gold and
   copper in a rose-gold-color line, paired in some cases with silver.                      Fiscal Year Ends Jan
   The collection features price points ranging from $200 to $8,000
   and the initial pieces have been in select U.S. stores since mid       Rating:                                                   Buy
   February. The worldwide rollout will occur in March. Our store         Price: Close                                            $64.89
   checks suggest the line has been well received, especially             Price Target:                                           $77.00
   pendants and necklaces priced from $275 to $1250. This new             52-wk Range:                                    $54.58-$84.49
   metal is lightweight but strong. The line offers a new                 Market Capitalization (M):                           $8,422.3
   interpretation of its 1837 collection and is inscribed with the        Shares Outstanding (M):                                  129.8
   signature of Tiffany’s founder Charles Lewis Tiffany. Our              Assets (M):                                          $3,930.9
   checks suggest this line appeals to a wide age range of consumers      Avg. Daily Vol. (000):                                  2316.9
   who are looking for something more modern and flashy than the          Dividend:                                                $1.16
   typical piece of silver jewelry. The addition of low-cost copper       Dividend Yield:                                          1.8%
   (about $0.25 per ounce) to the metal permits Tiffany to provide        ROE (TTM):                                              20.5%
   the jewelry at a lower price point. The gross margins on the lower     Short Interest:                                          4.3%
   price points within the collection would be higher than on the
   upper end of the collection. In addition to necklaces and
   pendants, the line features bracelets, cuffs, rings and charms.
   Added Product Launches to Follow. This collection is the first
   of a series of new product launches we expect tied to Tiffany’s
   175th anniversary. Added lines may debut later in the spring with                            Earnings Summary
   more in the second half.                                              FYE Jan        2011E             2012E           2013E
   Trends in Precious Metals Mixed. While diamond prices have
   been flattish of late, gold, silver and platinum are headed higher.                          EPS & P/E Summary
   Silver has risen 30% year to date while gold is up 16% and                                    2011             2012             2013
                                                                         EPS:           2011E    Prior    2012E   Prior   2013E    Prior
   platinum is up 26%. Year over year diamond prices are up 15%,
                                                                         Q1             $0.67     --      $0.72    --     $0.83     --
   gold is up 26%, silver has risen 7% while platinum is down 4%.
                                                                         Q2             $0.86     --      $0.87    --     $1.02     --
   Buy Rating Maintained. We maintain our Buy rating on Tiffany          Q3             $0.70     --      $0.77    --     $0.84     --
   with a target of $77 based upon 17x our FY13 estimate. We note        Q4             $1.43     --      $1.63    --     $1.84     --
   that TIF has very difficult same-store sales comparisons until the    Full Year      $3.65     --      $3.99    --     $4.54     --
   fourth quarter and near term we do expect the eastern half of the     P/E Ratio:      17.8     --       16.3    --      14.3     --
   U.S. and London may remain challenging offset by growth in
   Continental Europe and Asia-Pacific. TIF had previously
   reported its holiday sales and updated its earnings guidance in a
   range of $3.60-$3.65. TIF will release Q4 results on March 20.




                                                                         Source: Factset

   Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification,
Investment Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section.
          800 Shades Creek Parkway            Suite 700         Birmingham, AL 35209                     205-949-3500
                                Sterne, Agee & Leach Inc. is Member NYSE, FINRA, SIPC
TIFFANY & CO. (NYSE: TIF)                                                                                        February 28, 2012

 Tiffany & Co. Annual Income Statement
TIF: Annual P&L (FY end Jan)                                              *R         *R
$ in mi l li ons except s ha re da ta                FY06      FY07      FY08       FY09      FY10     FY11E     FY12E     FY13E

Americas sales                                      1,577.7   1,759.9   1,586.6    1,410.8   1,574.6   1,806.0   1,897.0   2,030.3
Japan                                                   -         -      533.5      513.0     546.5     616.9     651.1     677.1
Asia-Pac sales                                       748.0     853.8     363.1      426.3     549.2     743.7     880.0    1,010.6
Europe sales                                         185.4     243.6     273.1      306.3     360.9     421.3     474.2     552.8
Other sales                                          49.6       81.6      92.6       53.3      54.2      52.3      55.2      57.4
Total Net Sales                                     2,560.7   2,938.8   2,848.9    2,709.7   3,085.3   3,640.3   3,957.5   4,328.1
COGS                                                1,087.9   1,262.3   1,202.4    1,179.5   1,262.7   1,494.9   1,630.5   1,764.3
Gross Profit                                        1,472.8   1,676.5   1,646.4    1,530.2   1,822.6   2,145.4   2,327.0   2,563.7
SG&A                                                1,010.8   1,142.1   1,138.2    1,090.1   1,210.9   1,388.9   1,503.6   1,624.2
Operating Income                                     462.1     534.4     508.3      440.1     611.8     756.5     823.4     939.6
EBITDA                                               576.6     658.8     634.2      569.7     749.4     890.5     970.3    1,098.8
Other expense, net                                    10.5      8.1       28.9       50.5      47.3      41.6      44.7      46.5
Pre-Tax Income                                       451.5     526.3     479.3      389.6     564.4     715.0     778.8     893.1
Tax rate                                             36.3%     31.9%     37.1%      34.3%     33.3%     34.0%     34.0%     34.0%
Income taxes                                         163.9     168.1     177.7      133.6     188.0     243.3     264.5     303.4
Net Income                                           287.7     358.2     301.7      256.0     376.4     471.7     514.3     589.7
EPS                                                  $2.04     $2.59     $2.39      $2.04     $2.93     $3.65     $3.99     $4.54
Diluted shares outstanding                           140.8     138.1     126.4      125.4     128.4     129.4     129.0     130.0

Margin Analysis
Americas sales                                      61.6%     59.9%      55.7%     52.1%     51.0%     49.6%     47.9%     46.9%
Japan sales                                            -        -        18.7%     18.9%     17.7%     16.9%     16.5%     15.6%
Asia-Pac sales                                      29.2%     29.1%      12.7%     15.7%     17.8%     20.4%     22.2%     23.3%
Europe sales                                         7.2%     8.3%       9.6%      11.3%     11.7%     11.6%     12.0%     12.8%
Other sales                                          1.9%     2.8%       3.2%      2.0%      1.8%      1.4%      1.4%      1.3%
COGS                                                42.5%     43.0%      42.2%     43.5%     40.9%     41.1%     41.2%     40.8%
Gross Profit                                        57.5%     57.0%      57.8%     56.5%     59.1%     58.9%     58.8%     59.2%
SG&A                                                39.5%     38.9%      40.0%     40.2%     39.2%     38.2%     38.0%     37.5%
Operating Income                                    18.0%     18.2%      17.8%     16.2%     19.8%     20.8%     20.8%     21.7%
Pre-Tax Income                                      17.6%     17.9%      16.8%     14.4%     18.3%     19.6%     19.7%     20.6%
Net Income                                          11.2%     12.2%      10.6%     9.4%      12.2%     13.0%     13.0%     13.6%

Y/Y % Change
Americas sales                                         -      11.5%       -9.8%    -11.1%    11.6%     14.7%     5.0%      7.0%
Japan                                                  -        -       not comp    -3.8%    6.5%      12.9%     5.5%      4.0%
Asia-Pac sales                                         -        -       not comp    17.4%    28.8%     35.4%     18.3%     14.8%
Europe sales                                           -      31.4%       12.1%     12.2%    17.8%     16.8%     12.6%     16.6%
Other sales                                            -      64.5%       13.5%    -42.5%    1.7%      -3.4%     5.5%      4.0%
Total Net Sales                                     10.7%     14.8%       -3.1%     -4.9%    13.9%     18.0%     8.7%      9.4%
COGS                                                 9.5%     16.0%       -4.7%     -1.9%    7.1%      18.4%     9.1%      8.2%
Gross Profit                                        11.7%     13.8%       -1.8%     -7.1%    19.1%     17.7%     8.5%      10.2%
SG&A                                                 7.2%     13.0%       -0.3%     -4.2%    11.1%     14.7%     8.3%      8.0%
Operating Income                                    22.8%     15.7%       -4.9%    -13.4%    39.0%     23.7%     8.9%      14.1%
Pre-Tax Income                                      24.8%     16.6%       -8.9%    -18.7%    44.9%     26.7%     8.9%      14.7%
Net Income                                          18.3%     24.5%      -15.8%    -15.2%    47.0%     25.3%     9.0%      14.7%
EPS                                                 22.3%     26.9%       -8.0%    -14.5%    43.6%     24.4%     9.3%      13.8%
Source: Company reports and Sterne Agee estimates




                                                                                                                           Page 2
TIFFANY & CO. (NYSE: TIF)                                                                                                                                                                  February 28, 2012

 Tiffany & Co. Quarterly Income Statement
  TIF: Quarterly P&L (FY end Jan)        *R
  $ in mi llions except s ha re da ta   1Q10     2Q10     3Q10    4Q10      FY10    1Q11     2Q11    3Q11     4Q11E    FY11E    1Q12E   2Q12E   3Q12E   4Q12E    FY12E    1Q13E   2Q13E    3Q13E   4Q13E     FY13E

  Consolidated Worldwide Comp           14.0%    6.0%     9.0%    11.0%    10.0%    19.0%    28.0%   19.0%     7.0%    16.7%    5.0%    3.8%    5.2%     6.0%     5.1%    5.9%     5.9%    5.6%     6.3%      6.0%
  Consolidated constant currency comp   10.0%    5.0%     7.0%    9.0%     8.0%     15.0%    22.0%   16.0%     6.0%

  Americas sales                        315.3    350.4    331.8    577.1   1574.6   374.7    438.2   387.7     605.4   1806.0   390.5   450.2   408.0    648.3   1897.0   417.6    476.0   433.5    703.2    2030.3
  Japan sales                           115.0    118.0    130.8    182.6    546.5   123.4    142.5   146.4     204.6    616.9   135.7   148.2   152.3    214.9    651.1   141.2    154.1   158.3    223.5     677.1
  Asia-Pac sales                        122.3    111.5    127.1    188.3    549.2   167.2    173.2   183.2     220.1    743.7   200.5   210.7   214.2    254.6    880.0   233.1    245.1   240.8    291.5    1010.6
  Europe sales                           68.6     76.9     77.5    137.9    360.9    85.6    101.3    92.5     141.9    421.3    93.0   106.3   104.3    170.6    474.2   108.7    120.2   120.6    203.4     552.8
  Other sales                            12.3     11.9     14.6     15.3     54.2    10.1     17.4    11.9      12.9     52.3    10.6    18.3    12.5     13.8     55.2    10.9     18.9    13.1     14.5      57.4
  Total Net Sales                       633.6    668.8    681.7   1101.2   3085.3   761.0    872.7   821.8    1184.9   3640.3   830.4   933.7   891.3   1302.2   3957.5   911.5   1014.3   966.3   1436.0    4328.1
  COGS                                  267.5    281.7    282.8   430.6    1262.7   317.0    358.0   345.9    473.9    1494.9   350.4   387.5   374.3   518.3    1630.5   382.8   411.8    403.9   565.8     1764.3
  Gross Profit                          366.1    387.0    398.9   670.6    1822.6   444.0    514.7   475.8    710.9    2145.4   480.0   546.2   516.9   783.9    2327.0   528.7   602.5    562.4   870.2     2563.7
  SG&A                                  259.8    269.5    294.9   386.7    1210.9   298.9    339.7   329.7    420.6    1388.9   327.2   364.1   356.5   455.8    1503.6   353.7   390.5    384.6   495.4     1624.2
  Operating Income                      106.3    117.6    104.0   283.9    611.8    145.0    175.0   146.2    290.3    756.5    152.8   182.1   160.4   328.1    823.4    175.0   212.0    177.8   374.8     939.6
  EBITDA                                140.4    150.8    145.8   312.4    749.4    181.7    210.0   178.0    320.9    890.5    192.5   220.6   195.5   361.6    970.3    218.2   253.8    215.8   411.0     1098.8
  Other expense, net                    12.1      11.1     13.0    11.1     47.3     10.1     9.6     10.4     11.4     41.6     11.8    11.8    10.6    10.5     44.7     11.6    11.6     11.6    11.6      46.5
  Pre-Tax Income                        94.1     106.4     91.0   272.8    564.4    134.9    165.4   135.8    278.9    715.0    141.0   170.3   149.8   317.6    778.8    163.4   200.4    166.2   363.2     893.1
  Tax rate                              30.9%    34.2%    34.9%    32.1%    33.3%   35.6%    32.9%   33.9%     34.0%    34.0%   34.0%   34.0%   34.0%    33.9%    34.0%   34.0%    33.9%   34.0%    34.0%     34.0%
  Income taxes                          32.2      36.4     31.7    87.7    188.0     48.0     54.4    46.1     94.8    243.3     47.9    57.9    50.9   107.7    264.5     55.5    67.9     56.5   123.5     303.4
  Net Income                            61.9      70.1     59.3   185.1    376.4     86.9    111.0    89.7    184.1    471.7     93.1   112.4    98.9   209.9    514.3    107.8   132.5    109.7   239.7     589.7
  EPS                                   $0.48    $0.55    $0.46   $1.44    $2.93    $0.67    $0.86   $0.70    $1.43    $3.65    $0.72   $0.87   $0.77   $1.63    $3.99    $0.83   $1.02    $0.84   $1.84     $4.54
  Diluted shares outstanding            128.5    128.4    127.9   128.8    128.4    129.8    129.8   128.8    129.0    129.4    129.0   129.0   129.0   129.0    129.0    130.0   130.0    130.0   130.0     130.0

  Margin Analysis
  Americas sales                        49.8%    52.4%    48.7%   52.4%    51.0%    49.2%    50.2%   47.2%    51.1%    49.6%    47.0%   48.2%   45.8%   49.8%    47.9%    45.8%   46.9%    44.9%   49.0%     46.9%
  Japan sales                           18.2%    17.6%    19.2%   16.6%    17.7%    16.2%    16.3%   17.8%    17.3%    16.9%    16.3%   15.9%   17.1%   16.5%    16.5%    15.5%   15.2%    16.4%   15.6%     15.6%
  Asia-Pac sales                        19.3%    16.7%    18.6%   17.1%    17.8%    22.0%    19.9%   22.3%    18.6%    20.4%    24.1%   22.6%   24.0%   19.6%    22.2%    25.6%   24.2%    24.9%   20.3%     23.3%
  Europe sales                          10.8%    11.5%    11.4%   12.5%    11.7%    11.2%    11.6%   11.3%    12.0%    11.6%    11.2%   11.4%   11.7%   13.1%    12.0%    11.9%   11.8%    12.5%   14.2%     12.8%
  Other sales                            1.9%    1.8%     2.1%    1.4%     1.8%     1.3%     2.0%    1.4%     1.1%     1.4%     1.3%    2.0%    1.4%    1.1%     1.4%     1.2%    1.9%     1.4%    1.0%      1.3%
  COGS                                  42.2%    42.1%    41.5%   39.1%    40.9%    41.7%    41.0%   42.1%    40.0%    41.1%    42.2%   41.5%   42.0%   39.8%    41.2%    42.0%   40.6%    41.8%   39.4%     40.8%
  Gross Profit                          57.8%    57.9%    58.5%   60.9%    59.1%    58.3%    59.0%   57.9%    60.0%    58.9%    57.8%   58.5%   58.0%   60.2%    58.8%    58.0%   59.4%    58.2%   60.6%     59.2%
  SG&A                                  41.0%    40.3%    43.3%   35.1%    39.2%    39.3%    38.9%   40.1%    35.5%    38.2%    39.4%   39.0%   40.0%   35.0%    38.0%    38.8%   38.5%    39.8%   34.5%     37.5%
  Operating Income                      16.8%    17.6%    15.3%   25.8%    19.8%    19.1%    20.1%   17.8%    24.5%    20.8%    18.4%   19.5%   18.0%   25.2%    20.8%    19.2%   20.9%    18.4%   26.1%     21.7%
  Pre-Tax Income                        14.9%    15.9%    13.3%   24.8%    18.3%    17.7%    19.0%   16.5%    23.5%    19.6%    17.0%   18.2%   16.8%   24.4%    19.7%    17.9%   19.8%    17.2%   25.3%     20.6%
  Net Income                             9.8%    10.5%    8.7%    16.8%    12.2%    11.4%    12.7%   10.9%    15.5%    13.0%    11.2%   12.0%   11.1%   16.1%    13.0%    11.8%   13.1%    11.3%   16.7%     13.6%

  Y/Y % Change
  Americas sales                        21.7%     7.9%    9.3%     10.2%   11.6%     18.9%   25.0%    16.9%    4.9%    14.7%    4.2%    2.7%    5.2%    7.1%     5.0%     6.9%    5.7%     6.2%    8.5%      7.0%
  Japan sales                            -1.7%    3.8%    11.8%    10.6%   6.5%      7.3%    20.7%    11.9%    12.1%   12.9%    10.0%   4.0%    4.0%    5.0%     5.5%     4.0%    4.0%     4.0%    4.0%      4.0%
  Asia-Pac sales                        49.7%     21.3%   24.1%    25.3%   28.8%     36.7%   55.4%    44.2%    16.9%   35.4%    19.9%   21.6%   16.9%   15.7%    18.3%    16.3%   16.3%    12.4%   14.5%     14.8%
  Europe sales                          24.9%     14.3%   21.8%    14.5%   17.8%     24.7%   31.8%    19.4%    2.9%    16.8%    8.7%    4.9%    12.8%   20.3%    12.6%    16.8%   13.0%    15.6%   19.2%     16.6%
  Other sales                           149.3%   -18.8%   25.6%   -30.4%   1.7%     -17.8%   46.3%   -18.7%   -16.0%   -3.4%    5.0%    5.0%    5.0%    7.0%     5.5%     3.0%    3.0%     5.0%    5.0%      4.0%
  Total Net Sales                       22.4%     9.2%    14.0%    12.2%   13.9%     20.1%   30.5%    20.5%    7.6%    18.0%    9.1%    7.0%    8.5%    9.9%     8.7%     9.8%    8.6%     8.4%    10.3%     9.4%
  COGS                                  17.1%     2.4%    4.6%     6.1%    7.1%      18.5%   27.1%    22.3%    10.1%   18.4%    10.5%   8.2%    8.2%    9.4%     9.1%     9.2%    6.3%     7.9%    9.2%      8.2%
  Gross Profit                          26.6%     14.7%   21.7%    16.5%   19.1%     21.3%   33.0%    19.3%    6.0%    17.7%    8.1%    6.1%    8.6%    10.3%    8.5%     10.1%   10.3%    8.8%    11.0%     10.2%
  SG&A                                  13.1%     6.8%    14.8%    10.1%   11.1%     15.1%   26.0%    11.8%    8.8%    14.7%    9.4%    7.2%    8.1%    8.4%     8.3%     8.1%    7.2%     7.9%    8.7%      8.0%
  Operating Income                      78.6%     38.0%   46.9%    26.4%   39.0%     36.5%   48.9%    40.6%    2.2%    23.7%    5.3%    4.0%    9.7%    13.0%    8.9%     14.5%   16.4%    10.8%   14.2%     14.1%
  Pre-Tax Income                        100.0%    45.8%   53.0%    29.9%   44.9%     43.3%   55.4%    49.2%    2.2%    26.7%    4.5%    3.0%    10.3%   13.9%    8.9%     15.9%   17.6%    10.9%   14.3%     14.7%
  Net Income                            125.6%    44.4%   41.8%    33.9%   47.0%     40.4%   58.5%    51.3%    -0.6%   25.3%    7.1%    1.2%    10.3%   14.1%    9.0%     15.9%   17.9%    10.9%   14.2%     14.7%
  EPS                                   118.0%    40.1%   39.2%    32.4%   43.6%     39.0%   56.7%    50.3%    -0.7%   24.4%    7.8%    1.9%    10.1%   14.1%    9.3%     15.0%   17.0%    10.1%   13.3%     13.8%
Source: Company reports and Sterne Agee estimates



                                                                                                                                                                                                            Page 3
TIFFANY & CO. (NYSE: TIF)                                                                                     February 28, 2012

 Tiffany & Co. Sales Trends
TIF: Worldwide Comps                                     FY10                                         FY11E
                                  Americas Asia-Pac     Japan    Europe   WW      Americas Asia-Pac   Japan   Europe    WW


GAAP reported                       17.0%       33.0%    -5.0%   20.0%    14.0%    17.0%    31.0%     8.0%     20.0%    19.0%
Translation effect                  2.0%        12.0%    5.0%    6.0%     4.0%     0.0%     5.0%      11.0%    5.0%     4.0%
1Q Constant                         15.0%       21.0%   -10.0%   14.0%    10.0%    17.0%    26.0%     -3.0%    15.0%    15.0%

GAAP reported                        6.0%       10.0%   -1.0%     11.0%   6.0%     24.0%    51.0%     22.0%    25.0%    28.0%
Translation effect                   1.0%       3.0%    6.0%     -10.0%   1.0%     1.0%     10.0%     14.0%    14.0%    6.0%
2Q Constant                          5.0%       7.0%    -7.0%     21.0%   5.0%     23.0%    41.0%     8.0%     11.0%    22.0%

GAAP reported                        6.0%       15.0%   8.0%     16.0%    9.0%     15.0%    40.0%     13.0%    10.0%    19.0%
Translation effect                   1.0%       4.0%    10.0%    -8.0%    2.0%     0.0%     4.0%      9.0%     4.0%     3.0%
3Q Constant                          5.0%       11.0%   -2.0%    24.0%    7.0%     15.0%    36.0%     4.0%     6.0%     16.0%

Holiday GAAP reported                7.0%       19.0%   10.0%    8.0%     10.0%    2.0%     13.0%     13.0%    -4.0%    5.0%
Translation effect                     -        4.0%    8.0%     -7.0%    2.0%     0.0%     1.0%      7.0%     0.0%     1.0%
Holiday Constant                     7.0%       15.0%   2.0%     15.0%    8.0%     2.0%     12.0%     6.0%     -4.0%    4.0%

GAAP reported                        8.0%       21.0%   10.0%    9.0%     11.0%
Translation effect                              5.0%    9.0%     -7.0%    2.0%
4Q Constant                          8.0%       16.0%   1.0%     16.0%    9.0%

GAAP reported                        9.0%       19.0%   4.0%     13.0%    10.0%
Translation effect                   1.0%       5.0%    8.0%     -5.0%    2.0%
Full-Year Constant                   8.0%       14.0%   -4.0%    18.0%    8.0%
Source: Company reports and Sterne Agee estimates




                                                                                                                       Page 4
TIFFANY & CO. (NYSE: TIF)                                                                                         February 28, 2012

                                                     APPENDIX SECTION
Company Description: Tiffany & Co. is a leading retailer of high-quality branded jewelry that is known for its distinctive silver
pieces and engagement rings. At the end of the Q3 2011, the company operated a total of 243 stores worldwide including 101 in the
Americas, 110 throughout Asia-Pacific and 32 in Europe.

IMPORTANT DISCLOSURES:
Price Target Risks & Related Risk Factors:
Risks associated with the investment thesis and the achievement of the price target include, but are not limited to, a company's failure
to achieve Sterne, Agee & Leach, Inc., earnings and revenue estimates; unforeseen macroeconomic and/or industry events that
adversely affect demand for a company's products or services; product obsolescence; changes in investor sentiment regarding the
specific company or industry; intense and rapidly changing competitive pressures; the continuing development of industry standards;
the company's ability to recruit and retain competent personnel; and adverse market conditions. For a complete discussion of the risk
factors that could affect the market price of a company's shares, refer to the most recent Form 10-Q or 10-K that a company has filed
with the Securities Exchange Commission, or contact Mr. Robert Hoehn, Director of Research at Sterne, Agee & Leach, Inc., at 1-
212-338-4731.

Valuation Methodology:
Methodology for assigning ratings and target prices includes qualitative and quantitative factors including an assessment of industry
size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition; and
expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry
or company-specific occurrences. Sterne, Agee & Leach, Inc., analysts base valuations on a combination of forward looking earnings
multiples, price-to-revenue multiples, and enterprise-value-to-revenue ratios. Sterne, Agee & Leach, Inc., believes this accurately
reflects the absolute value of earnings, the earnings growth rate, the inherent profitability, and adjusted balance sheet factors.
Additional company-specific valuation methodology is available through Sterne, Agee & Leach, Inc., by contacting Mr. Robert
Hoehn, Director of Research, at Sterne, Agee & Leach, Inc., at 1-212-338-4731.

Regulation Analyst Certification:
I, Margaret Whitfield, (973) 519-1019, Tom Nikic, CFA, hereby certify the views expressed in this research report accurately reflect
my personal views about the subject security(ies) or issuer(s). I further certify that no part of my compensation was, is, or will be,
directly or indirectly, related to the specific recommendations or views expressed by me in this report.

Sterne, Agee & Leach, Inc. Disclosure Legend as of February 28, 2012:

            Company                                                                        Disclosure(s) – See Below
            Tiffany & Co. (TIF - NYSE):                                                    1

Disclosure Legend
   1. Sterne, Agee & Leach, Inc. makes a market in the shares of the subject company.
   2. Sterne, Agee & Leach, Inc. has, over the past 12 months, managed or co-managed a public securities offering or
          provided other investment banking services for the subject company.
    3.    Sterne, Agee & Leach, Inc. received compensation for products or services other than investment banking services
          from the subject company in the past 12 months.
    4.    The Sterne Agee analyst who has active coverage on this company owns a position in the subject company.
    5.    Sterne, Agee & Leach, Inc. or its affiliates beneficially own 1% or more of any class of common equity securities of the
          subject company.

Sterne Agee & Leach, Inc. expects to receive or intends to seek compensation for investment banking services from the subject
company in the next three months. Sterne, Agee & Leach, Inc.’s research analysts receive compensation that is based upon various
factors, including Sterne, Agee & Leach, Inc.’s total revenues, a portion of which is generated by investment banking activities.

Definition of Investment Ratings:
BUY:                       We expect this stock to outperform the industry over the next 12 months.
NEUTRAL:                   We expect this stock to perform in line with the industry over the next 12 months.
UNDERPERFORM:              We expect this stock to underperform the industry over the next 12 months.
RESTRICTED:                Restricted list requirements preclude comment.



                                                                                                        Appendix Section, Page I
TIFFANY & CO. (NYSE: TIF)                                                                                          February 28, 2012

Ratings Distribution:
Of the securities rated by Sterne, Agee & Leach, Inc., as of December 31, 2011, 49.7% had a BUY rating, 43.6% had a NEUTRAL
rating, 6.7% had a UNDERPERFORM rating, and 0% was RESTRICTED. Within those ratings categories, 3.8% of the securities
rated BUY, 1.1% rated NEUTRAL, 0% rated UNDERPERFORM, and 0% rated RESTRICTED received investment banking services
from Sterne, Agee & Leach, Inc., within the 12 months preceding December 31, 2011.

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST: Contact Robert Hoehn at 1-212-338-4731.
Other Disclosures:
Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but we do not
represent that it is accurate or complete, and it should not be relied upon as such. Sterne, Agee & Leach, Inc., its affiliates, or one or
more of its officers, employees, or consultants may, at times, have long or short or options positions in the securities mentioned herein
and may act as principal or agent to buy or sell such securities.

Copyright © 2012 Sterne, Agee & Leach, Inc. All Rights Reserved.

Sterne, Agee & Leach, Inc. disclosure price charts are updated within the first fifteen days of each new calendar quarter per FINRA
regulations. Price charts for companies initiated upon in the current quarter, and rating and target price changes occurring in the
current quarter, will not be displayed until the following quarter.

Price Chart(s):




To receive price charts or other disclosures on the companies mentioned in this report, please contact
Sterne, Agee & Leach, Inc. toll-free at (800) 240-1438 or (205) 949-3689.




                                                                                                         Appendix Section, Page II
                       Founded in 1901, Sterne Agee has been providing investors like you with high-quality investment opportunities for over a century. During the
                       early years, our founders prominently established themselves in the financial securities industry in the southeastern United States. Today, we
                       have expanded to serve all regions of the country. Sterne, Agee is headquartered in Birmingham, Alabama with offices in 22 states. Sterne
                       Agee is one of the largest independent firms in the country. Sterne, Agee & Leach, Inc. is a division of Sterne Agee Group, Inc., which also
                       includes The Trust Company of Sterne, Agee & Leach, Inc.; Sterne Agee Asset Management, Inc.; Sterne Agee Clearing, Inc.; and Sterne Agee
                       Financial Services, Inc.—www.sterneagee.com

                                                              EQUITY CAPITAL MARKETS
Ryan Medo          Managing Dir., Eq. Cap. Mkts.              (205) 949-3623        William McIlroy          Director, Equity Products              (212) 338-4781

                     INSTITUTIONAL SALES                                                                      INSTITUTIONAL TRADING
Steve Pokorny      Head of Institutional Sales                (214) 702-4020           JT Cacciabaudo        Head of Trading                          (212) 763-8288

                                                                    EQUITY RESEARCH
                                         Robert Hoehn           Director of Research                      (212) 338-4731
CONSUMER                                                                                  FINANCIAL SERVICES (CONT.)
 Apparel Retailing & Toys                                                                 Property/Casualty Insurance
  Margaret Whitfield                   SVP, Sr. Analyst       (973) 519-1019              Dan Farrell                          Mng. Dir.               (212) 338-4782
  Tom Nikic, CFA                       Analyst                (212) 338-4784              Nitin Chhabra, FCAS                  Analyst                 (212) 338-4779

  Educational Services / Interactive Entertainment                                     INDUSTRIALS
  Arvind Bhatia, CFA                   Mng. Dir.              (214) 702-4001             Aerospace & Defense
  Brett Strauser                       Analyst                (214) 702-4009              Peter Arment                         Mng. Dir.               (646) 376-5336
  Footwear & Apparel                                                                      Josh W. Sullivan                     Analyst                 (646) 376-5337
  Sam Poser                            Mng. Dir.              (212) 763-8226
  Ben Shamsian                         Associate              (212) 338-4721              Auto, Auto Parts and Auto Retailers
                                                                                          Michael P. Ward, CFA                 Mng. Dir.               (646) 376-5375
  Leisure & Entertainment                                                                 Ali-Ahmad Faghri                     Associate               (646) 376-5304
  David Bain                           Mng. Dir.              (949) 721-6651
  Sherry Yin                           Associate              (949) 721-6651              Coal, Metals & Mining, Engineering & Construction
                                                                                          Michael S. Dudas, CFA                Mng. Dir.               (646) 376-5329
  Restaurants                                                                             Satyadeep Jain                       Analyst                 (646) 376-5357
  Lynne Collier                        Mng. Dir.              (214) 702-4045              Patrick Uotila, CPA                  Analyst                 (646) 376-5358
  Philip May                           Analyst                (214) 702-4004
                                                                                          Construction Materials & Diversified Industrials
ENERGY                                                                                    Todd Vencil, CFA                     SVP, Sr. Analyst       (804) 282-7385
  Exploration & Production                                                                Kevin Bennett, CFA                   Analyst                (804) 282-4506
  Tim Rezvan, CFA                      Sr. Analyst            (212) 338-4736
  Ryan Mueller                         Analyst                (212) 338-4732           HEALTHCARE
                                                                                         Pharmaceutical Services
  Oilfield Services & Equipment                                                           Greg T. Bolan                        Mng. Dir.              (615) 760-1469
  Stephen D. Gengaro                   Mng. Dir.              (646) 376-5331              Himanshu Rastogi, PhD, CFA           Analyst                (615) 509-2652
  Grant Fox                            Associate              (212) 338-4723
  Tripp Schoff                         Associate              (646) 376-5325           TECHNOLOGY
FINANCIAL SERVICES                                                                       Data Networking and Storage
  Asset Management                                                                        Alex Kurtz                           Mng. Dir                (415) 402-6015
  Jason Weyeneth, CFA                  SVP, Sr. Analyst       (212) 763-8293              Amelia Harris                        Analyst                 (415) 402-6018
  Charles Warren                       Analyst                (646) 376-5309
                                                                                          Financial Technology
                                                                                          Greg Smith                           Mng. Dir                (818) 615-2029
  Banks & Thrifts
                                                                                          Jennifer Dugan                       Analyst                 (415) 402-6051
  Matthew Kelley                       Mng. Dir.              (207) 699-5800
  Mike I. Shafir                       SVP, Sr. Analyst       (212) 763-8239              Hardware, Mobile Devices, IT Supply Chain
  Matthew Breese                       Analyst                (207) 699-5800              Shaw Wu                              SVP, Sr. Analyst        (415) 362-7431
  Brett Rabatin, CFA                   SVP, Sr. Analyst       (877) 457-8625
  Kenneth James                        Analyst                (615) 760-1474              LED Supply Chain
  Nathan Race                          Associate              (615) 760-1477              Andrew Huang                         Mng. Dir.               (415) 362-6143
  Peyton Green                         Mng. Dir.              (877) 492-2663              John Shen                            Associate               (415) 402-6052
  Zachary Wollam                       Analyst                (615) 760-1468
  Todd L. Hagerman                     Mng. Dir.              (212) 338-4744              Semiconductors
  Robert Greene                        Analyst                (212) 763-8296              Vijay Rakesh                         Mng. Dir.               (312) 525-8431
                                                                                          Mark Kelley                          Analyst                 (312) 525-8430
  Life Insurance
  John M. Nadel                        Mng. Dir.              (212) 338-4717           TRANSPORTATION, SERVICES & EQUIPMENT
  Alex Levine                          Associate              (212) 338-4748              Jeffrey A. Kauffman                  Mng. Dir.               (212) 338-4765
                                                                                          Sal Vitale                           VP, Analyst             (212) 338-4766
  Mortgage Finance & Specialty Finance
  Henry J. Coffey, Jr., CFA            Mng. Dir.              (615) 760-1472
  Jason Weaver                         Analyst                (615) 760-1475
  Calvin Hotrum                        Analyst                (615) 760-1476


Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)

				
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