Masterworks Investor Presentation Deck
Important 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 wa in effect on the launch date. Back-tested per rmance,
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.
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