Third Point is disappointed that Sotheby’s (NYSE:BID) Board of Directors has trotted out the poison pill – a relic from the 1980’s – as its disproportionate response to the valid concerns expressed in our October 2 nd letter. Rather than address our well-documented citations of mismanagement and initiate a constructive dialogue with its largest shareholder, the Board and the CEO have attempted to further entrench themselves. Third Point’s involvement does not pose a threat to either the Company or our fellow shareholders, all of whom will benefit from our considerable efforts. It is clear that today, the Chief Executive Officer and his hand-picked directors have put their job security ahead of shareholders. Given their personal interests and miniscule shareholdings of Sotheby's, the Board’s actions – disenfranchising its owners who may wish to acquire a more significant stake – come as no surprise. We hope this will be the Ruprecht Board’s final snub to its shareholders. It would be unfortunate if they instead refuse to undertake a fresh start until one is imposed upon them during proxy season. About Third Point LLC: Third Point LLC is an SEC-registered investment adviser headquartered in New York. Third Point is Sotheby’s largest shareholder with a 9.3% stake in the Company’s outstanding shares. Founded in 1995, Third Point follows an event-driven approach to investing globally. Third Point manages assets for Third Point Reinsurance Limited (NYSE:TPRE) and Third Point Offshore Investors Limited (LSE:TPOU LN), as well as its private funds.