Masterworks Investor Presentation Deck

How We Measure Art Market Performance Our in-house research team provides proprietary insights into art market performance 1 2 3 4 Data Collection Focus on Repeat Sales Index Construction THE DATA INCLUDED HEREIN REFLECTS CHARACTERISTICS OF THE MARKET FOR PHYSICAL ARTWORK AND NOT FOR INVESTMENT SECURITIES Proprietary Metrics Collected data for 300,000+ auction transactions comprising 3 million+ data points Matched sales of artwork that has sold twice or more at public auction Built indices based on established approaches used for real estate. In 2020, constructed a new value-weighted index Developed in-house analytics to assess artist and artwork level momentum 100 80 20 <-20 -40 3 million Data points for auction sales starting as early as 1960 60,000 Repeat auction sale pairs starting as early as 1960 Purchese Price (5) www. 12M 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 14M 6

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