Sotheby's Investor Briefing

. • 91%, or $636mm, of Sotheby's cash is held by foreign subsidiaries¹ - OFFSHORE FUNDING & CASH BALANCES H Over half of Sotheby's business is generated outside the United States Key Considerations Regarding Repatriation Ongoing international funding needs and investment opportunities • U.S. capital requirements Cash tax payment and impact to effective tax rate on repatriated cash, after considering the benefit of claiming available foreign tax credits Impact of current / future tax regulations 40 $585mm subject to additional taxes if repatriated¹ Many multi-national companies are also facing similar considerations regarding foreign cash ¹ As of June 30, 2013. 2 Based on location of sales for fiscal year 2012. Sotheby's Sales Distribution² France 5.3% Switzerland 5.3% Hong Kong 14.0% United Kingdom 28.6% Other 3.3% United States 43.6% 20

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