Masterworks Investor Update

Market Size and Securitization Opportunity The art market bears comparable scale to other private asset classes without any securitized investment products Relative Market Sizes for Private Assets # of Firms: 3. 4. Private Debt (1) $0.8 trillion THE DATA INCLUDED HEREIN REFLECTS CHARACTERISTICS OF THE MARKET FOR PHYSICAL ARTWORK AND NOT FOR INVESTMENT SECURITIES Private Real Assets (2) ⒸO $1.6 $1.7 trillion trillion 160+ Funds 500+ Funds Art (3) MASTERWORKS Sources: Preqin, McKinsey & Company: Private markets come of age: McKinsey Global Private Markets Review 2019. Deloitte, ArtTactic: Deloitte Art and Finance Report 2019. 1. Private market assets under management Investing in debt 2. Private market assets under management Investing in real estate, natural resources, and infrastructure Estimated value of artwork held by individuals. Estimated based on surveys of wealth allocation to art and estimates of total wealth held by individuala Private market assets under management Investing in private equity Private Equity $3.4 trillion 9,000+ Firms (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 4

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