Masterworks Investor Update

Expectations for Equity Returns are Low With equities at all-time highs, the top equity research teams are expecting long-term equity returns well below the 9.5% returned by the S&P over the last 25 years BLACKROCK Firm (2) J.P.Morgan Ⓡ MORNINGSTAR research affiliates Vanguard m 3. 4 Source: Morningstar, Inc. 1. Ⓡ European equities 10-15 year horizon U.S. Large Caps Estimate le for all non-U.S. equities U.S. Equities 5.00% 4.10% (0.10%) 2.00% (³) THE DATA INCLUDED HEREIN REFLECTS CHARACTERISTICS OF THE MARKET FOR PHYSICAL ARTWORK AND NOT FOR INVESTMENT SECURITIES 3.70% - 5.70% Developed-Markets Equities 7.00% (¹) 5.00% - 6.00% 4.80% 6.30% 7.00% - 9.00% (4) Emerging Markets Equities 6.40% 7.20% 4.50% 7.90% 7.00% - 9.00% (4) THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. PLEASE SEE MASTERWORKS IMPORTANT DISCLOSURE INFORMATION SECTION OF THIS PRESENTATION 00

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