Sotheby's Investor Briefing
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PROACTIVE FINANCIAL AND CAPITAL RETURN INITIATIVES
November 2011 - Raised quarterly dividend from $0.05 per share to $0.08 per share
September 2012- Issued $300 million of senior unsecured notes
December 2012 - Increased capacity and extended maturity of revolving credit facility
December 2012- Raised quarterly dividend by 25% to $0.10 per share; second increase in two years
December 2012- Accelerated first and second quarter 2013 dividends in light of the uncertainties
surrounding U.S. tax policies at the time, indicative of commitment to shareholder interests
June 2013 - Retired $182mm of outstanding convertible notes upon maturity
September 2013 - Announced Capital Allocation and Financial Policy Review
Sotheby's
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