Sotheby's Investor Briefing

POTENTIAL SOURCES OF SHAREHOLDER VALUE Opportunities for Investment, Growth and Expansion Real Estate Holdings SFS Structuring and Funding Alternatives Offshore Funding & Cash Balances Unique opportunities to expand the brand and invest in new markets and initiatives High quality real estate assets in New York and London Attractive and profitable segment in support of auction business Offshore operations generate cash balances that are held in foreign locales Sotheby's Long Term Sustainable Shareholder Value Guiding Principles Potential to Release Excess Capital 17

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