Value Investing

Marcato Capital: Excellence in Investing Sotheby’s Presentation

As of the date hereof, (i) Marcato and Mr. McGuire may be deemed to be the beneficial owners of 4,562,991 Shares (the “Marcato Shares”) constituting 6.68% of the Shares, (ii) Marcato, L.P. may be deemed to be the beneficial owner of 1,002,687 Shares, constituting 1.47% of the Shares, (iii) Marcato II, L.P. may be deemed to be the beneficial owner of 70,526 Shares, constituting 0.10% of the Shares and (iv) Marcato International Master Fund, Ltd. may be deemed to be the beneficial owner of 3,489,778 Shares, constituting 5.11% of the Shares, each based upon a total of 68,337,055 Shares outstanding as of July 31, 2013 (based on the Issuer’s Quarterly Report on Form 10-Q for the period ending June 30, 2013). Attached here to at Exhibit 3 is a presentation made by Marcato at the “Excellence in Investing: San Francisco” conference on October 23, 2013.

Marcato Capital Presentation by ValueWalk.com