I've seen a thread on this before. Sorry I don't have any photos, but it's easy to explain.
Pretty much, the underside of the rotating bezel actuates little pushers (like a daytona) or a little lever (I can't remember which). The pusher (or lever) is sealed like the pushers on a Daytona. It is pretty slick.
This is from memory, so caveat emptor. ;)
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