Masterworks Investor Presentation Deck

Outperformance 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 1. 2. 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 YTD(2) -0.5 (0.07) 0.0 0.01 0.05 25-Year Correlation with Contemporary Art Sources: Internal Masterworks analysis. FRED (St. Louis Federal Reserve). MSCI Database. Yahoo Finance. 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. 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 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

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