Sotheby's Investor Presentation Deck

LONG TERM RESULTS Revenue $309M$317M $31M $37M Adjusted EBITDA¹ $451M Investor Briefing: April 2019 2002 2003 2004 $514M $110M $665M $145M 2005 $918M $218M 2006 $692M $314M 2007 $485M 2008 $99M $89M $774M 2009 $832M 2010 $295M $293M $769M 2011 2012 $854M $236M $246M 29 $938M 2013 $962M 2014 $290M $278M $857M 2015 1- Non-GAAP financial measure. See comparable GAAP amount Note: 2004 revenues exclude $46 million in non-recurring license revenue that was earned in conjunction with the disposition of Sotheby's international Realty in 2004. Total reported revenue including this amount was $497 million $1,057M $1,036M $192M 2016 $200M 2017 $230M 2018 $1200M $900M $600M $300M $OM Sotheby's

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