Sotheby's Investor Briefing

. • September – Initiated Capital Allocation and Financial Policy Review October through January-Conduct thorough assessment, including: . CAPITAL ALLOCATION AND FINANCIAL POLICY REVIEW • • Shareholder outreach Current and optimal capital structure Potential use of incremental debt to fund certain activities Funding requirements for strategic initiatives Analysis and review of real estate holdings Consideration of return of capital alternatives Early 2014 - Decide and announce next steps Sotheby's 15

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