#1MASTERWORKS Understanding Art as an Investment February 2021 THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. MASTERWORKS THE DATA INCLUDED HEREN REFLECTS CHARACTERISTICS OF THE MARKET FOR PHYSICAL ARTWORK AND NOT FOR INVESTMENT SECURITIES PLEASE SEE THE APPENDIX OF THIS PRESENTATION FOR "IMPORTANT DISCLOSURE INFORMATION#2The Masterworks Platform We deliver access to the art market for the investor community Pioneer in Securitized Art Investment We are the pioneer in SEC-qualified art investment offerings Self-Directed Investor Platform Through www.masterworks.io, we have cultivated a broad investor community of 95,000+ members seeking returns with low correlation with other financial assets Leading Research Team We leverage our proprietary data-driven research to inform portfolio decisions and build investor confidence in art as an asset class FEATURED IN The New York Times NEW YORK MASTERWORKS CNN Forbes 9:41 MASTERWORKS ANDY WARHOL The overall highest-selling American artist of all time. $20/share Total Amount Raised Investors 7,201 92% How much would you like to invest? $ 1,000 min. NEXT THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. II CNBC 2#3Our Leadership Based in New York and led by founder, Scott Lynn, the Masterworks team is comprised of 20 professionals with deep experience in technology, the art market and financial services Masterworks Leadership Scott Lynn, Founder and CEO Internationally recognized art collector and technology entrepreneur Payability, Adparlor, Giant Media, Reachmobi, Amply, Sellozo Nigel Glenday, Chief Financial Officer 15+ years experience in art finance and investment banking Athena Art Finance, Morgan Stanley, UBS, Storm Harbour Masha Golovina, Director of Art Purchasing 10+ years experience in art economics, research and modeling Christie's, Citi Josh Goldstein, General Counsel 20+ years experience in corporate and securities law Skadden, Intrawest Resorts (NYSE listed) Advisors MASTERWORKS Eli Broverman, Co-Founder, Betterment Pioneer robo-advisor platform Dan Miller, Co-Founder, Fundrise Leading Reg A online real estate platform Debevoise & Plimpton LOUPVENTURES VEST IN PAINTINGS OF THE ARTISTS OF ALL T Headquarters and Gallery in SoHo, NYC A www SPICE ANTHONY LG, PLLC CORPORATE LAW FIRM MILL Betterment 497 Broome Street (SE corner of West Broadway) THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. FUNDRISE RENN 3#4Proprietary Art Investment Research Our investment process leverages our leading in-house art market research team, which develops proprietary datasets, indices, analytics and research collaboration Art Market Indices and Returns JEAN MICHEL 1.29 $128,795,746 18.40% HOSTALE TORICAL RETURai 5000 -$4005.000 ACTION FROM THE $32584 BROT -34.72x MASTERWORKS TARGET ARTISTS INDEX - 1.19- MOY WARHOL Art Market Indices TOON 2006 KAW 11 WOO MASTERWORKS FL 10 2000 20-40 - Post-War & Contemporary Masterworks Target Artists Thought Leadership Art: The Alternative Real Asset M b The Market for Jean-Michel Basquiat: How One Artist's Prices Have Continued to Defy the Odds Area 3000 s SEIN JEROMETE KARUNT (1960 - Te ka patur ta del and of the great for in the attractive začna, ze sa idešra RENGURTWALD of the most sought in the world and his magic death at the age of 25 Na pripta bat akarocked ones DELETE apoořic series by comprised of agerlega on a sigismun tidswocher be tackhours markan pertoire patingomiso co Research Collaboration citi THE G Drivers of Blu ING MEILE SET KENA DA Art Market Evolution Arboard gale invarsing recognition as an investmand essat dess over Line given thereda gël settars and carik på corsion with sugar ansat rinse. FONT TAMAN KAMING THE TRANS DETS SANTA MARGARE VAN SEKS 7 DH Citi GPS I DR AN UNTUTELANDESETLE SIS TOPLING WILLEHO SMAR I WITH THE CORRELATER BE THE STARTERS ÄYTETNA IN NATIN AN 3 mg byk PERIGUES AND LA STAR un pertanian faran magalaly tři akutanaman t THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER.#5THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OP USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. Market Size and Allocation Opportunity The art market is a vast, overlooked asset class for the broader investment community Relative Market Sizes Private Debt $0.8 trillion (160+ funds) (1) Institutions Private Real Assets (2) $1.6 trillion (500+ funds) Average Asset Allocation (7) UHNWIS 27% 18% Art (3) $1.7 trillion 5% 0% Private Equity (4) $3.4 trillion (9,000+ firms) 8% 11% 1. Private market assets under management Investing in debt 2. Private market assets under management Investing in real estate, natural resources, and Infrastructure Gold (5) $7.9 trillion (100+ mutual funds) 3% 4% Sources: Preqin, McKinsey & Company: Private markets come of age: McKinsey Global Private Markets Review 2019. Deloitte, Art Tactic: Deloitte Art and Finance Report 2019. World Bank Database. Notes: 3. Estimated value of artwork held by individuals. Estimated based on surveys of wealth allocation to art and estimates of total wealth held by individuala 4. Private market assets under management Investing in private equity 5. includes gold held in jewellery, official sector, bars/colns, EFTS (and almilar) and other fabrication (and unaccounted) HNSER AND NOT FOR INVESTMENT SECURITIES Public Equities (6) $68.7 trillion (630,000+ listed stocks) 23% 38% 8. Market capitalization of lated companies globally (US dollars) 7. Knight Frank World Wealth Report, 2020. Fidelity Research, Institutional Asset Allocation, 2018 THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. 5#6How We Measure Art Market Performance Our in-house research team provides proprietary insights into art market performance 1 2 3 Data Collection Focus on Repeat Sales Index Construction THE DATA INCLUDED HEREIN REFLECTS CHARACTERISTICS OF THE MARKET FOR PHYSICAL ARTWORK AND NOT FOR INVESTMENT SECURITIES Proprietary Metrics Collected data for 300,000+ auction transactions comprising 3 million+ data points Matched sales of artwork that has sold twice or more at public auction Built indices based on established approaches used for real estate. In 2020, constructed a new value-weighted index Developed in-house analytics to assess artist and artwork level momentum DAR 3 million Data points for auction sales starting as early as 1960 60,000 Repeat auction sale pairs starting as early as 1960 A Parch COM THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. INDICES ARE UNMANAGED AN INVESTOR CANNOT INVEST DIRECTLY IN AN INDEX INDICES ARE USED FOR COMPARATIVE MODELLING PURPOSES ONLY THE TIMING OF TRANSACTIONS RELATING TO AN ASSET OR MASTERWORKS PORTFOLIO, ADVISORY, AND TRANSACTION FEES, AND OTHER MANAGEMENT ACTIVITIES CAN CREATE SIGNIFICANT DIFFERENCES BETWEEN THE PERFORMANCE OF AN INDEX AND AN INVESTMENT SEEKING SIMILAR OR SUPERIOR RELATIVE PERFORMANCE RESULTS HA 6#7What Drives Art Market Performance? Attractive supply and demand dynamics paired with global marketability 2 3 Ultra-Wealthy Drive Demand Supply Scarcity A Global Asset THE DATA INCLUDED HEREIN REFLECTS CHARACTERISTICS OF THE MARKET FOR PHYSICAL ARTWORK AND NOT FOR INVESTMENT SECURITIES MASTERWORKS Secular growth in purchasing power among the global ultra-high-net-worth community Decreasing available supply as artwork is acquired by museums and public collections via UHNWI giving and direct purchases Tangible, mobile store of value that can be transacted in any locale and currency 6.1% CAGR Number of Dollar Millionaires from 2019-2024 (Credit Suisse) $152 billion Annual UHNWI Giving (ArtTactic, TEFAF) 64% Share Collectible Wealth Held Outside of North America (Deloitte) THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. 7#8Index (1995= 1) Long-Term Historical Performance Over 25 years, Contemporary Art has generated a nearly three-fold outperformance over the S&P 500 25 20 15 10 5 ch 0 Contemporary Art Market (Value-Weighted) Performance Indices Since 1995 Based on repeat-sales from 1995 to 2020 YTD (July 30) 1997 1998 2002 2003 2007 2008 THE DATA INCLUIDED HEREN REFLECTS CHARACTERISTICS OF THE MARKET FOR PHYSICAL ARTWORK AND NOT FOR INVESTMENT SECURITIES 2009 2010 2011 2012 2013 2015 2016 2017 2018 2019 2020 Contemporary Art 13.6% annualized return(1)(2) S&P 500 Total Return 8.9% annualized return (3) Post-War & Contemporary Art S&P 500 (includes dividends) Source: Internal Masterworks analyals. Yahoo Finance. Index shown through July 2020. Index data updated as of July 30th, 2020. Notes: There are significant differences between the asset classes presented. For additional Information, see Important Disclosures. 1. Repeat-Sale Pair Index of Post-War and Contemporary Art (as defined by the applicable auction house) using Standard & Poor's CoreLogic Case-Shiller Home Price Indices Methodology. 2. The Standard & Poor's CoreLogic Case-Shiller Home Price Indices Methodology results in a value-weighted Index. Auction results realized in a currency other that U.S. dollars have been converted using exchange rates provided by FRED (St. Louis Federal Reserve) at the time of the most recent sale. This adjustment le made to account for long-term exchange rate trends that would otherwise distort artworks performance. S&P 500 Total Return Index as of July 30th, 2020. THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. INDICES ARE UNMANAGED. AN INVESTOR CANNOT INVEST DIRECTLY IN AN INDEX INDICES ARE USED FOR COMPARATIVE MODELLING PURPOSES ONLY THE TIMING OF TRANSACTIONS RELATING TO AN ASSET OR MASTERWORKS PORTFOLIO, ADVISORY, AND TRANSACTION FEES, AND OTHER MANAGEMENT ACTIVITIES CAN CREATE SIGNIFICANT DIFFERENCES BETWEEN THE PERFORMANCE OF AN INDEX AND AN INVESTMENT SEEKING SIMILAR OR SUPERIOR RELATIVE PERFORMANCE RESULTS 8#9Outperformance and Low Correlation Attractive long-term performance with low correlation relative to traditional asset classes 25-Year Annualized Performance Contemporary Art Market (¹) vs. Selected Asset Classes: 1995-2020 YTD(2) Contemporary Art S&P 500 Total Return Global Equities Gold US Housing 0.0% 4.1% 5.0% 7.0% 6.5% 8.9% 10.0% THE DATA INCLUDED HEREIN REFLECTS CHARACTERISTICS OF THE MARKET FOR PHYSICAL ARTWORK AND NOT FOR INVESTMENT SECURITIES 25-Year Annualized Return 13.6% 15.0% 25-Year Correlation Factor Contemporary Art Market (¹) vs. Selected Asset Classes: 1995-2020 YTD²) -0.5 (0.07) 0.01 0.05 25-Year Correlation with Contemporary Art Sources: Internal Masterworks analysis. FRED (St. Loula Federal Reserve). MSCI Database. Yahoo Finance. Notes: There are algnificant differences between the asset classes presented. For additional Information, see important Disclosures. 1. Repeat-Sale Pair Index of Post-war and Contemporary Art (as defined by the applicable auction house) using Standard & Poor's CoreLogic Case-Shiller Home Price Indices Methodology. Index performance measured through July 2020. Art market data updated as of July 30, 2020. 0.39 0.5 Low Correlation Added Diversification Lower Portfolio Volatility THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. INDICES ARE UNMANAGED AN INVESTOR CANNOT INVEST DIRECTLY IN AN INDEX INDICES ARE USED FOR COMPARATIVE MODELLING PURPOSES ONLY THE TIMING OF TRANSACTIONS RELATING TO AN ASSET OR MASTERWORKS PORTFOLIO, ADVISORY, AND TRANSACTION FEES, AND OTHER MANAGEMENT ACTIVITIES CAN CREATE SIGNIFICANT DIFFERENCES BETWEEN THE PERFORMANCE OF AN INDEX AND AN INVESTMENT SEEKING SIMILAR OR SUPERIOR RELATIVE PERFORMANCE RESULTS 9#10Contemporary Art's Low Loss Frequency Over the past 25 years, Contemporary Art has experienced losses only 4% of the time measured over 3-year investment horizons Loss Frequency Observed Over 3-Year Investment Horizons Contemporary Art Market (1) vs. Selected Asset Classes: 1995-2020 YTD 2) Contemporary Art US Housing S&P 500 Total Return Global Equities Gold 1. 2. 4% 10% 20% 20% 24% 24% 30% % of Periods with a Loss 40% 40% THE DATA INCLUDED HEREIN REFLECTS CHARACTERISTICS OF THE MARKET FOR PHYSICAL ARTWORK AND NOT FOR INVESTMENT SECURITIES Maximum Annualized Loss Observed Over 3-Year Investment Horizons Contemporary Art Market (¹) vs. Selected Asset Classes: 1995-2020 YTD2² 50% (14.5%) (16.4%) (13.8%) (13.3 %) (7.2%) Maximum Loss Sources: Internal Masterworks analysis. FRED (St. Louls Federal Reserve). MSCI Database. Yahoo Finance. Notes: There are significant differences between the asset classes presented. For additional information, see Important Diaclosures. Repeat-Sale Pair Index of Post-War and Contemporary Art (as defined by the applicable auction house) using Standard & Poor'a Core Logic Case-Shiller Home Price Indices Methodology. Index performance measured through July 2020. Art market data updated as of July 30, 2020. (6.7%) THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. (0.5%) INDICES ARE UNMANAGED AN INVESTOR CANNOT INVEST DIRECTLY IN AN INDEX INDICES ARE USED FOR COMPARATIVE MODELLING PURPOSES ONLY THE TIMING OF TRANSACTIONS RELATING TO AN ASSET OR MASTERWORKS PORTFOLIO, ADVISORY, AND TRANSACTION FEES, AND OTHER MANAGEMENT ACTIVITIES CAN CREATE SIGNIFICANT DIFFERENCES BETWEEN THE PERFORMANCE OF AN INDEX AND AN INVESTMENT SEEKING SIMILAR OR SUPERIOR RELATIVE PERFORMANCE RESULTS 10 0,0%#11Index (1995 = 1) Art as the Alternative Real Asset Contemporary Art has benefited from low real interest rate environments, yet outperforms other tangible assets, including gold and US real estate over multi-year investment horizons, and is well positioned for a "lower for longer" rate environment Contemporary Art vs. Selected Real Assets Contemporary Art Market (¹) vs. Gold and US Housing: 1995-2020 YTD 25.00 20.00 15.00 10.00 5.00 0.00 1995 2000 Post-War & Contemporary Art 1. 2. 2005 2010 2015 MASTERWORKS Gold - US Housing 2020 Contemporary Art vs. Real Interest Rates Contemporary Art Market vs. Treasury Inflation-Indexed Long-Term Average Yield: 2000-2020 YTD (²) Contemporary Art Index (2000= 1) 10.00 8.00 6.00 4.00 Sources: Internal Masterworks analysis. FRED (St. Louls Federal Reserve). Notes: There are significant differences between the asset classes presented. For additional Information, see Important Disclosures. 2.00 2000 2005 2010 Post-War & Contemporary Art Repeat-Sale Pair Index of Post-War and Contemporary Art (as defined by the applicable auction house) using Standard & Poor's CoreLogic Case-Shller Home Price Indices Methodology. Index performance measured through July 2020. Art market data updated as of July 30, 2020. 2015 Real Interest Rates THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. 8.00 6,00 4.00 2020 2.00 (2.00) (4.00) 11 Real Interest Rates (%)#12Resilient Art Market Performance in 2020 2020 has driven profound shifts in market activity, yet new entrants and sales formats have sustained activity and bolstered prices 2 3 ليا Delayed Auction Calendar Online Sales Boom New Buyers Flock Resilient Price Levels Delayed 1H auctions lowered overall sales, but resumed with strong summer/fall sales Gap left by art fairs and retail galleries filled by online sales and sustained private sales activity Surging activity from newcomers under age 40 across collecting categories Despite lower overall volumes, art pricing, especially at the high-end, has increased in 2020 $2.5 billion Total Auction Sales in 1H 2020 (ArtTactic) 4.7x Increase in Online Sales at Christie's, Sotheby's and Phillips in 1H 2020 vs. 1H 2019 (Artnet) 40% New Buyers at Online Auctions in 2020 (Credit Suisse) 6.7% Increase in Contemporary Art Index in 2020 YTD (1) (Masterworks) Source: Internal Masterworks analysis. ArtTactic. ArtNet. Credit Suisse. Index data updated as of July 30th, 2020. Notes: There are significant differences between the asset classes presented. For additional Information, see important Disclosures. Repeat-Sale Pair Index of Post-War and Contemporary Art (as defined by the applicable auction house) using Standard & Poor's CoreLogic Case-Shiller Home Price Indices Methodology. 1. INDICES ARE UNMANAGED AN INVESTOR CANNOT INVEST DIRECTLY IN AN INDEX INDICES ARE USED FOR COMPARATIVE MODELLING PURPOSES ONLY THE TIMING OF TRANSACTIONS RELATING TO AN ASSET OR MASTERWORKS PORTFOLIO, ADVISORY, AND TRANSACTION FEES, AND OTHER MANAGEMENT ACTIVITIES CAN CREATE SIGNIFICANT DIFFERENCES BETWEEN THE PERFORMANCE OF AN INDEX AND AN INVESTMENT SEEKING SIMILAR THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. OR SUPERIOR RELATIVE PERFORMANCE RESULTS 12#13Important Disclosure Information The investment opportunities described in this document are speculative, involve a significant degree of risk, and are not suitable for all investors. An investor could lose all or a substantial amount of his, her or its investment. Any investment of a type described in this document may be highly illiquid and may be subject to restrictions on transfer. There may be no secondary market for the investment interest and none is expected to develop. The relevant investment may involve complex or specialized tax structures. Such investments are suitable only for sophisticated investors and require the financial ability and willingness to accept the significant risks inherent in such an investment for an indefinite period of time. Investors should consult their own finance, legal, accounting and tax advisor prior to making any investment. This document contains certain forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "outlook," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, or state other forward-looking information. Our ability to predict future events, actions, plans or strategies is inherently uncertain and actual outcomes could differ materially from those set forth or anticipated in our forward-looking statements. You are cautioned not to place undue reliance on any of these forward-looking statements. Materials may include composite returns of an index of similar works selected by Masterworks based on public auction sales data. The index is used for comparative modelling purposes only. Each painting in the index is unique and historical performance of the index is not a direct proxy for performance of the specific painting or the shares. There is no current market for the shares and performance of the shares will reflect costs and fees described in our SEC filings that are not reflected in the index. Past performance may not be indicative of future performance. Important Disclosure: WE ARE "TESTING THE WATERS" UNDER REGULATION A UNDER THE SECURITIES ACT OF 1933. WE WILL ONLY BE ABLE TO MAKE SALES AFTER WE HAVE FILED AN OFFERING STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION (SEC) AND THE SEC HAS "QUALIFIED" THE OFFERING STATEMENT. NO MONEY OR OTHER CONSIDERATION IS BEING SOLICITED, AND IF SENT IN RESPONSE, WILL NOT BE ACCEPTED. NO OFFER TO BUY THE SECURITIES CAN BE ACCEPTED AND NO PART OF THE PURCHASE PRICE CAN BE RECEIVED UNTIL THE OFFERING STATEMENT FILED BY THE COMPANY WITH THE SEC HAS BEEN QUALIFIED BY THE SEC. ANY SUCH OFFER MAY BE WITHDRAWN OR REVOKED, WITHOUT OBLIGATION OR COMMITMENT OF ANY KIND, AT ANY TIME BEFORE NOTICE OF ACCEPTANCE GIVEN AFTER THE DATE OF QUALIFICATION. AN INDICATION OF INTEREST INVOLVES NO OBLIGATION OR COMMITMENT OF ANY KIND. YOU MUST READ THE OFFERING DOCUMENTS FILED WITH THE SEC BEFORE INVESTING AND THE ADDITIONAL INFORMATION AVAILABLE AT WWW.MASTERWORKS.IO/DISCLAIMER. THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. MASTERWORKS#14Important Disclosure Information (Continued) USE OF INDICES INDICES ARE UNMANAGED. AN INVESTOR CANNOT INVEST DIRECTLY IN AN INDEX. INDICES ARE USED FOR COMPARATIVE MODELLING PURPOSES ONLY. THE TIMING OF TRANSACTIONS IN A PORTFOLIO, ADVISORY, AND TRANSACTION FEES, AND OTHER MANAGEMENT ACTIVITIES CAN CREATE SIGNIFICANT DIFFERENCES BETWEEN THE PERFORMANCE OF AN INDEX AND AN INVESTMENT SEEKING SIMILAR OR SUPERIOR RELATIVE PERFORMANCE RESULTS. INVESTORS ARE CAUTIONED THAT NO INDEX IS DIRECTLY COMPARABLE TO THE PERFORMANCE OF ANY SPECIFIC ASSET OR INVESTMENT SINCE EACH INDEX HAS ITS OWN UNIQUE RESULTS AND VOLATILITY, AND SUCH INDICES, IF SHOWN, SHOULD NOT BE RELIED UPON AS AN ACCURATE COMPARISON. AVERAGE RATES OF APPRECIATION REFLECTED IN AN INDEX MAY NOT BE REPRESENTATIVE OF THE PERFORMANCE OF ANY SPECIFIC WORK. Materials may include estimates of historical appreciation rates based on publicly available historical auction sales data for similar objects. These appreciation rates may be presented in graphs, charts, diagrams or as stand-alone statistics and may be presented as an index relating to certain segments of the overall art industry, a particular artist or a particular set of paintings selected for their similarity to a specific painting offered through www.masterworks.io (the "Site"). Art indexes are used for comparative modelling purposes only. Each painting in a given art index is unique and historical performance of the index is not a direct proxy for historical price performance of the specific painting or any investment in securities referenced on the Site. There is no current market for any securities referenced on the Site and any investment in such securities will reflect costs and fees described in SEC filings that are not reflected in the index. All information for an index prior to its launch date is back-tested, based on the methodology that was in effect on the launch date. Back-tested performance, which is hypothetical and not actual performance, is subject to inherent limitations because it reflects application of an index methodology and selection of index constituents in hindsight. No theoretical approach can take into account all of the factors in the markets in general and the impact of decisions that might have been made during the actual operation of an index. Actual returns may differ from, and be lower than, back-tested returns. Masterworks strongly cautions investors not to place undue reliance on index data presented. THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. MASTERWORKS#15Important Disclosure Information (Continued) YOU MUST READ THE DOCUMENTS FILED WITH THE SEC, INCLUDING THE OFFERING STATEMENT FOR A PARTICULAR INVESTMENT, BEFORE MAKING AN INVESTMENT DECISION. THE INFORMATION IN THAT OFFERING STATEMENT WILL BE MORE COMPLETE THAN THE INFORMATION MASTERWORKS PROVIDED IN THIS PRESENTATION, AND COULD DIFFER IN IMPORTANT WAYS. Securities transactions and broker dealer activities are currently offered through a partnership with Independent Brokerage Solutions LLC MEMBER FINRA/SIPC ("IndieBrokers"). Masterworks.io and its affiliates are independent and unaffiliated with IndieBrokers. Any securities transactions or related activities offered by Masterworks.io associated persons are conducted in their capacities as registered representatives of IndieBrokers, or in their capacity as a "principal" to the transaction pursuant to SEC Rule 3a4-1. The value of investments and any income derived from them may go down as well as up. An investor can lose all or part of their invested capital. Past and projected performance of specific paintings or artists is not indicative of future results and is not intended to be comparable to performance of Masterworks-sponsored offerings, which include certain fees, profit-sharing and expenses that are not included in such performance. Masterworks, LLC is located at 497 Broome St., NY, NY 10013 THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. MASTERWORKS