Sotheby's Investor Presentation Deck

APPENDIX Adjusted Net Income - Reference: Page 27 Net income attributable to Sotheby's Add: Restructuring charges (net), net of tax Add: Contractual severance agreement charges (net), net of tax Add: Accelerated depreciation charges, net of tax Add: Write-off of credit facility fees, net of tax Add: Extinguishment of debt, net of tax Add: Charge related to interest rate collar amendment, net of tax Add: Net charge associated with the effective settlement of an income tax audit Add: Net income tax (benefit) expense associated with the enactment of the U.S. Tax Cuts and Jobs Act Adjusted Net Income The income tax e ect of each line item in the reconciliation above of net income attributable to Sotheby's to Adjusted Net Income is computed using the relevant jurisdictional tax rates for each item. Adjusted Diluted Earnings Per Share - Reference: Page 27 Diluted earnings per share Add: Restructuring charges (net), per share Add: Contractual severance agreement charges (net), per share Add: Accelerated depreciation charges, per share Add: Write-off of credit facility fees, per share Add: Extinguishment of debt, per share Add: Charge related to interest rate collar amendment, per share Add: Net charge associated with the effective settlement of an income tax audit, per share Add: Net income tax (benefit) expense associated with the enactment of the U.S. Tax Cuts and Jobs Act Adjusted Diluted Earnings Per Share Investor Briefing: April 2019 38 Year Ended Dec 31, 2018 2017 millions of dollars $109 $119 8 100 W NN 2 2 3 8 5 (8) $129 Year Ended Dec 31, $2.09 0.16 0.04 0.05 0.06 0.16 1 0.09 (0.17) $2.48 1 1 $122 2018 2017 millions of dollars $2.20 0.02 0.01 0.02 $2.25 Sotheby's

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