Sotheby's Investor Briefing

(US$ in millions, except for Leverage Ratio) Leverage Ratio Reference: Page 9 Adjusted EBITDA Total debt Leverage Ratio Balance of Convertible Notes December 31, 2012 Total debt excluding Convertible Notes as of December 31, 2012 Leverage Ratio excluding Convertible Notes as of December 31, 2012 2012 2011 2010 $236 $293 $295 696 468 473 2.9 X APPENDIX $178 518 2.2 x 1.6 x Note: Balance of $181.9mm of convertible notes was repaid in full on June 17, 2013 1.6 x 2009 $89 514 5.8 x 2008 2007 2006 2005 2004 $99 $314 $218 $145 $110 458 267 269 306 272 4.6 x 0.9 X Sotheby's 1.2 x 2.1 x 2.5 X 2003 2002 $37 292 2001 $31 $19 199 229 7.9 x 6.4 x 12.1 x 1999 2000 $37 $102 215 100 5.8 x 1.0 x 26

View entire presentation