Sotheby's Investor Presentation Deck

APPENDIX Adjusted Return on Equity - Reference: Page 32 Adjusted Net Income Average Equity Adjusted Return on Equity Investor Briefing: April 2019 2018 $129 $529 24.4% 2017 $122 $576 21.1% 41 2016 $100 $656 15.2% 2015 $143 $842 17% 2014 $142 $1,009 14.1% 2013 $139 $1,066 13.1% Sotheby's

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