Sotheby's Investor Presentation Deck

APPENDIX Adjusted Net Interest and Other Non-Operating Expense - Reference: Page 27 Net interest expense Non-operating income Equity in earnings of investees Net Interest and Other Non-Operating Expense Add: Charge related to interest rate collar amendment Adjusted Net Interest and Other Non-Operating Expense Adjusted Income Tax Expense - Reference: Page 27 Income tax expense Add: Income tax benefit from restructuring charges, net Add: Income tax benefit from contractual severance agreement charges, net Add: Income tax benefit from accelerated depreciation charges Add: Loss on extinguishment of debt Add: Write-off of credit facility fees Add: Income tax benefit of charge related to interest rate collar amendment Add: Net charge associated with the effective settlement of an income tax audit Add: Net income tax (benefit) expense associated with the enactment of the U.S. Tax Cuts and Jobs Act Adjusted Income Tax Expense Investor Briefing: April 2019 2018 37 ($39) 5 4 ($30) millions of dollars ($30) 2018 $28 2 1 1 3 1 Year Ended Dec 31, (5) 8 $39 The income tax e ect of each line item in the reconciliation of net income attributable to Sotheby's to Adjusted Net Income is computed using the relevant jurisdictional tax rates for each item. 2017 Year Ended Dec 31, millions of dollars ($31) 7 3 ($21) 1 ($20) 2017 $25 1 (1) $25 Sotheby's

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