Biel / Bienne (Switzerland), January 29, 2008 – The Swatch Group Ltd. has signed a declaration of intent with the City of Biel (Switzerland), stipulating the Group’s wish to acquire the land and building at Seevorstadt 75 in order to establish the new Tiffany & Co. at this address. The sale price for the plot of land covering a total of 3400 m², together with the building, is CHF 2.7 million.

The CentrePasquArt Foundation, which previously owned the site, together with the building right vested in it, is delighted that the building will remain in use in future. The City of Biel, which is the new owner on the basis of the reorganization of the ownership situation in respect of the different plots of land occupied by the CentrePasquArt Foundation, welcomes the Swatch Group initiative and appreciates the Swatch Group’s commitment to this site.

The building at Seevorstadt 75 is the administrative headquarters of the CentrePasquArt Museum, which the Foundation wanted to sell to raise resources for maintenance of the museum (Art Gallery) property. Biel City Council will have to decide at its meeting of 17 April whether it wishes to approve the sale of this property to The Swatch Group Ltd. The change of designated use of this property also requires an amendment of the zoning plan which will be put before the population of Biel/Bienne on 1 June 2008.