Sotheby's Investor Presentation Deck

APPENDIX A reconciliation of various GAAP to non-GAAP financial measures follows: Adjusted Expenses - Reference: Page 27 Total expenses Subtract: Agency direct costs Subtract: Cost of inventory sales Subtract: Cost of finance revenues Subtract: Restructuring charges Subtract: Contractual severance agreement charges, net Subtract: Accelerated depreciation charges Adjusted Expenses Adjusted Operating Income - Reference: Page 27 Operating income Add: Restructuring charges Add: Contractual severance agreement charges, net Add: Accelerated depreciation charges Adjusted Operating Income Investor Briefing: April 2019 36 2018 $854 184 81 4 11 3 3 $568 millions of dollars 2018 Year Ended Dec 31, $181 11 3 3 $198 2017 Year Ended Dec 31, $892 150 182 19 T 2 $539 millions of dollars 2017 $165 2 $167 Sotheby's

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