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Filed as SEC Exhibit 99.4 from the Third Point proxy contest. No individual author named on cover — firm-only credit (Marcato Capital Management / Mick McGuire presumed deliverer at Active-Passive Investor Summit, April 22, 2014). Stake of 6.6% is Marcato's original July 2013 13D stake per the annotated timeline; no updated stake disclosed in this deck.", "kpisCited": [ { "detail": "Sotheby's directors + CEO own just 0.8% of shares; net sellers of ~254k shares", "metric": "Insider ownership" }, { "detail": "$1,069M of excess capital remains AFTER the $300M special dividend", "metric": "Excess capital" }, { "detail": "7.9% actual vs. management's stated 20% ROE hurdle", "metric": "SFS Return on Equity" }, { "detail": "BID (31%) vs. S&P 500 over 3 years prior to Marcato/Third Point 13Ds", "metric": "Pre-activist stock performance" }, { "detail": "Management expects full-time salaries to rise ~7-8% (CFO McClymont, Q4 2013 call)", "metric": "2014 salary growth" }, { "detail": "$37 status quo → $53 PF Marcato → $99 PF Marcato + Third Point (20x P/E)", "metric": "Illustrative stock price" }, { "detail": "Aggregate auction sales near 2007 record ~$5bn but Auction EBIT well below 2007 peak", "metric": "Auction EBIT vs aggregate auction sales" }, { "detail": "+2,379% Jan 2009-Apr 2014 vs. peers +325%", "metric": "Dillard's shareholder return (precedent)" } ], "closingAsk": "Support Third Point's three director nominees to bring aligned ownership, urgency and capital-allocation discipline to the Sotheby's board.", "extraction": { "at": "2026-04-22 17:03:37+00", "model": "unknown-legacy", "runId": null, "seconds": 194.94928, "promptVersion": null }, "scqaReward": "Marcato's illustrative pro-forma lifts equity value from $37 to roughly $99 per share — a ~2.7x uplift at a 20x P/E — once the Marcato and Third Point capital-return and operating plan is executed.", "thesisTypes": [ "capital_return", "governance_board", "cost_cutting", "operational_turnaround" ], "top3Reasons": [ "Record art market ($5B+ auction sales) has produced flat auction EBIT and chronic stock underperformance", ">$1B of excess capital remains trapped in SFS, real estate and the auction segment after the $300M special dividend", "Insiders own just 0.8% of BID and are net sellers — Third Point's 9.5% stake better aligns with shareholders" ], "scqaSituation": "Sotheby's operates a global auction franchise alongside a finance arm (SFS) and owns prime New York and London real estate; the broader auction market has reached a record ~$5bn of aggregate sales.", "thesisSummary": "Marcato argues that Sotheby's has chronically misallocated capital: a record art market produced flat auction EBIT, the stock underperformed the S&P 500 by 31% in the three years before activists arrived, and Bill Ruprecht's long-tenured board owns just 0.8% of the company — mostly option grants they have steadily sold down. Even after the $300M special dividend, Marcato estimates more than $1 billion of additional excess capital sits trapped in the auction segment, the Sotheby's Financial Services book, and under-levered New York and London real estate. SFS earns only 7.9% ROE against management's own 20% target, and 2014 salaries are still rising 7-8% despite a stated cost review. 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Consider prudent leverage targets... 2. Assess and recalibrate... 3. Target a minimum of 15% ROIC... 4. Execute annual share repurchase... 5. 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