Sotheby's Investor Presentation Deck

APPENDIX Adjusted EBITDA - Reference: Pages 27, 28 and 29 Net income attributable to Sotheby's Add: Income tax expense Subtract: Interest income Add: Interest expense Add: Depreciation and amortization expense EBITDA Add: Restructuring charges, net Add: Contractual severance agreement charges, net Add: Extinguishment of debt Add: Write-off of credit facility fees Add: Charge related to interest rate collar amendment Adjusted EBITDA Adjusted Leverage Ratio - Reference: Page 28 Adjusted EBITDA SFS EBITDA: SFS income before taxes Add. SFS depreciation expense SFS EBITDA Adjusted EBITDA - Excluding SFS Long-Term Debt, net Adjusted Leverage Ratio Investor Briefing: April 2019 39 Year Ended Dec 31, 2018 millions of dollars $109 28 2 40 27 $202 11 3 11 4 $230 Year Ended Dec 31, 2017 26 26 $204 $639 3.1 $119 25 1 32 24 $199 1 $200 2018 millions of dollars $230 2017 $200 33 33 $167 $653 3.9 Sotheby's

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