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Tiffany & Co.:Mark L. Aaron, 212-230-530 tiffany 212-277-5900Linda.buckley@tiffany.comORCaruso Affiliated:Karen Diehl, 310-396-2400Kdiehl@cswpr.comTiffany & Co. (NYSE: TIF) today announced plans to open a smaller-format store in Glendale, California, in mid-October 2008. The approximately 2,600 square foot store will be located in The Americana at Brand, a new 900,000-square foot retail and residential environment developed by Caruso Affiliated. Covering 15.5 acres that are beautifully landscaped with fountains, plazas and walkways, the expansive property is designed as an ultimate lifestyle and leisure destination, with shops and boutiques, casual cafes, fine dining, and luxury residences.The store's clean, ultra modern environment invites relaxed browsing and interaction with contemporary TIFFANY & CO. collections, ranging from diamond jewelry in platinum and gold to an array of sterling silver jewelry. In this atmosphere of easy elegance and accessibility, visitors will discover the new and the renowned in TIFFANY & CO. design, strong statements at fashion's leading edge that underscore Tiffany's reputation as a premier jeweler and innovator. In addition, the collections allow customers to experiment with designs responsive to fashion trends and create different looks to play up personal style."This exciting new concept is simply a new way of looking at Tiffany, and The Americana at Brand is the ideal location to unveil it," said Beth O. Canavan, executive vice president of Tiffany & Co. "The Tiffany Bangles has the feeling of an upscale community with a chic fashion district that will complement our sophisticated store design and jewelry assortment that is up-to-the-minute in style. At the same time, the store architecture and jewelry collections reflect our great tradition of quality and craftsmanship -- familiar aspects of the TIFFANY & CO. shopping experience that we look forward to delivering to our many customers in the important Los Angeles market."

"We are pleased to be the first retail environment in the world to unveil this new concept shop by Tiffany & Co.," stated Rick J. Caruso, CEO of Caruso Affiliated. "Rich in history and true luxury, Tiffany & Co. is simply the finest purveyor of diamonds, jewelry, and gift items."Tiffany & Co. operates jewelry and specialty retail stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling through Internet, catalog and business gift operations. Other operations include consolidated results from ventures operated under trademarks or trade names other than TIFFANY & CO. For additional information, please visit www.tiffany.com or call our Tiffany Bracelets information line at 800-TIF-0110.Caruso Affiliated is known for creating open-air community and regional retail environments that serve as fashionable local gathering places. Caruso's style has become a recognized brand within the retail industry and with California residents and visitors. The success of the company's stylish and elegant outdoor environments has challenged the traditional "mall" concept and continues to set a new standard in the industry. A recognized leader in this trend, Caruso Affiliated's growth is approximately two times that of the largest publicly traded REITs and sales per square foot at Caruso properties are 75 percent higher than the industry average.

In addition to The Americana at Brand, other projects in development include The Shops at Santa Anita in Arcadia, CA and the company's first luxury destination resort in Montecito, CA, with the recent acquisition of the historic Miramar Hotel. Caruso Affiliated's portfolio of top performing retail properties includes The Grove in Los Angeles, the Waterside, Marina Del Rey, The Promenade at Westlake, The Lakes at Thousand Oaks, and The Commons at Calabasas. For more information, please visit www.carusoaffiliated.comTiffany & Co. is gearing up to open the first of its smaller concept stores.A 2,600-square-foot unit is planned to open in October in the Americana at Brand, a new retail and residential development by Tiffany Cuff Links Affiliated, in Glendale, Calif.In October, Tiffany set a rollout of 70 such small-footprint outposts across the U.S. The stores will only sell women's diamond, platinum, silver and gold jewelry ranging in price from slightly less than $100 to $15,000. The boutiques will not include Tiffany's higher-priced statement jewelry or engagement rings.When the concept was revealed, Tiffany chairman and chief executive officer Michael J. Kowalski projected the stores would bring in $1,000 a square foot.Beth O. Canavan, executive vice president of Tiffany, said Wednesday that the new concept "is simply a new way of looking at Tiffany and the Americana at Brand is an ideal location to unveil it."In 2002, Tiffany launched a 5,000-square-foot store concept that also brings in sales of $1,000 a square foot. The company has 23 of these full-line stores and plans to open five to seven of them a year until reaching a total of 100.The average full-size Tiffany store, of which there are 46, spans about 7,100 square feet and generates $2,300 a square foot in sales. The firm has one U.S. flagship located on New York's Fifth Avenue that is 40,000 square feet, and in 2006, drew $6,200 a square foot.Jeweler to Open in City's Luxury Retail Center in November 2008