Masterworks Investor Update

2020 Demonstrated the Art Market's Resiliency Despite a global pandemic, the Post-War and Contemporary Art market generated strong financial returns in 2020 N 3 Strong Performance Online Sales Boom THE DATA INCLUDED HEREIN REFLECTS CHARACTERISTICS OF THE MARKET FOR PHYSICAL ARTWORK AND NOT FOR INVESTMENT SECURITIES Contemporary Market Expands Amidst significant volatility across asset classes, price performance remained exceptionally strong As a result of COVID, auction houses, galleries and dealers demonstrated their ability to shift online Post-War and Contemporary Art continued to gain market share, reaching an all-time high in 2020 15.1% Post-War and Contemporary 2020 Return 511% Increase in Total Sales via Online Marketplaces (Art Tactic) 55% Post-War and Contemporary Art's Share of Transaction Volume (UBS, ArtBasel) 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 7

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