Sotheby's Investor Presentation Deck

ADJUSTED RETURN ON EQUITY 2013-2018 13.1% 2013 14.1% Investor Briefing: April 2019 2014 17.0% 2015 15.2% 2016 21.1% 32 2017 24.4% 1- Non-GAAP financial measure. Adjusted ROE is calculated using Adjusted Net Income divided by average equity. See Appendix for the reconciliation of Adjusted Net Income to Net Income in accordance with U.S. GAAP. 2018 30% 20% 10% 0% ROE % Sotheby's

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