Burford Capital : HY 2022 Investor Presentation

August 9, 2022

Burford Capital

Interim 2022 results

This presentation is for the use of Burford's public shareholders and is not an offering of any Burford private fund.

Notice & disclaimer

This presentation (this "Presentation") provides certain information to facilitate review and understanding of the business, operations and results of Burford Capital Limited and its subsidiaries (the "Company" or "we", "our" or "us") for the six months ended June 30, 2022 and does not purport to be a complete description of the Company's business, operations or results. The information contained in this Presentation is provided as at the dates indicated in this Presentation and is subject to change without notice.

Forward-lookingstatements. In addition to statements of historical fact, this Presentation contains "forward-looking statements" within the meaning of Section 21E of the US Securities and Exchange Act of 1934, as amended. The disclosure and analysis set forth in this Presentation include assumptions, expectations, projections, intentions and beliefs about future events in a number of instances, particularly in relation to the Company's operations, cash flows, financial position, plans, strategies, business prospects, changes and trends in the Company's business and the markets in which it operates. These statements are intended as "forward-looking statements". In some cases, predictive, future-tense or forward-looking words such as "aim", "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "guidance", "intend", "may", "plan", "potential", "predict", "projected", "should" or "will" or the negative of such terms or other comparable terminology are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. In addition, the Company and its representatives may from time to time make other oral or written statements which are forward-looking statements, including in the Company's periodic reports that the Company files with, or furnishes to, the US Securities and Exchange Commission (the "SEC"), other information sent to the Company's security holders and other written materials. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and are based on numerous assumptions, expectations, projections, intentions and beliefs and that the Company's actual results of operations, including its financial position and liquidity, and the development of the industry in which the Company operates, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this Presentation. In addition, even if the Company's results of operations, including its financial position and liquidity, and the development of the industry in which the Company operates, are consistent with the forward-looking statements contained in this Presentation, those results of operations or developments may not be indicative of results of operations or developments in subsequent periods. Factors that might cause future results of operations or developments to differ include, among others, the following: (i) adverse litigation outcomes and timing of resolution of litigation matters; (ii) valuation uncertainty in respect of the fair value of the Company's capital provision assets; (iii) the Company's ability to identify and select suitable legal finance assets and enter into contracts with new and existing clients; (iv) changes and uncertainty in law and regulations that could affect the Company's industry, including those relating to privileged information; (v) improper use or disclosure of privileged information under the Company's control due to cybersecurity breaches, unauthorized use or theft; (vi) inadequacies in the Company's due diligence process or unforeseen developments; (vii) credit risk and concentration risk relating to the Company's legal finance assets; (viii) competitive factors and demand for the Company's services and capital; (ix) negative publicity or public perception of the legal finance industry or the Company; (x) current and future economic, political and market forces, including uncertainty surrounding the effects of the Covid-19 pandemic; (xi) potential liability from future litigation; (xii) the Company's ability to retain key employees; (xiii) the sufficiency of the Company's cash and cash equivalents and the Company's ability to raise capital to meet its liquidity needs; and (xiv) other factors discussed under the heading "Risk factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2021 filed with the SEC on March 29, 2022. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements contained in this Presentation, whether as a result of new information, future events or otherwise.

In addition to forward-looking statements, this Presentation includes certain data based on calculations derived from the Company's internal modeling of individual matters and its portfolio as a whole. This data is not a forecast of future results, and past performance is not a guide to future performance. The inherent volatility and unpredictability of legal finance assets precludes forecasting and limits the predictive nature of the Company's internal modeling. Further, the inherent nature of probabilistic modeling is that actual results will differ from the modeled results, and such differences could be material. The data based on calculations derived from the Company's internal modeling contained in this Presentation is for informational purposes only. No statement in this Presentation is intended to be a profit forecast or be relied upon as a guide to future performance.

Basis of presentation; non-GAAPfinancial measures; alternative performance measures; definitions. The Company reports its financial results for the six months ended June 30, 2022 and comparative periods included in this Presentation in accordance with the generally accepted accounting principles in the United States ("US GAAP"). US GAAP requires the Company to present financial statements that consolidate some of the limited partner interests in funds the Company manages as well as assets held on the Company's balance sheet where it has a partner or minority investor. As a result, in this Presentation, the Company uses various measures, including Burford-only and Group-wide financial measures, which are calculated and presented using methodologies other than in accordance with US GAAP, to supplement analysis and discussion of its consolidated financial statements prepared in accordance with US GAAP. This Presentation also contains additional non-GAAP financial measures, such as cash receipts and tangible book value attributable to Burford Capital Limited per ordinary share, and certain unaudited alternative performance measures ("APMs"). The presentation of the APMs is for informational purposes only and does not purport to present what the Company's actual financial position or results of operations would have been, nor does it project its financial position at any future date or its results of operations for any future period. The presentation of the APMs is based on information available at the date of this Presentation and certain assumptions and estimates that the Company believes are reasonable.

Additional information about these non-GAAP financial measures and APMs, their respective definitions and calculations and certain reconciliations are provided in the Company's report on Form 6-K for the six months ended June 30, 2022, which is available on the Company's website. The Company believes Group-wide financial measures, including Group-wide information on the Company's capital provision assets and undrawn commitments, are useful to investors because they convey the scale of its existing (in the case of Group-wide capital provision assets) and potential future (in the case of Group-wide undrawn commitments) business and the performance of all legal finance assets originated by the Company. Although the Company does not receive all of the returns of its managed funds, the Company does receive management and performance fees as part of its income. Further, the Company believes that Group-wide portfolio metrics, including the performance of its managed funds, are important measures by which to assess the Company's ability to attract additional capital and to grow its business, whether directly or through managed funds. These non-GAAP financial measures should not be considered as a substitute for, or superior to, financial measures calculated in accordance with US GAAP.

Industry and market data. Any industry and market information contained in this Presentation, or on which this Presentation is based, has been obtained from sources that the Company believes to be reliable and accurate. However, no representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained in this Presentation, which information and opinions should not be relied or acted on. Neither the Company, its affiliates nor any officer, director, employee or representative of the Company or its affiliates accepts any liability whatsoever for any loss howsoever arising, directly or indirectly, from any use of this Presentation or its contents.

* * * * *

This Presentation does not constitute or form part of, and should not be construed as, an issue for sale or subscription of, or solicitation of any offer or invitation to subscribe for, underwrite or otherwise acquire or dispose of any securities of the Company or any of its affiliates, nor should this Presentation or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever which may at any time be entered into by the recipient nor any other person, nor does this Presentation constitute an invitation or inducement to engage in investment activity under Section 21 of the Financial Services and Markets Act 2000, as amended. This Presentation does not constitute an invitation to effect any transaction with the Company or any of its affiliates or to make use of any services provided by the Company.

This Presentation shall not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of the Company or any of its affiliates. This Presentation is not an offering of any private fund of the Company. Burford Capital Investment Management
LLC, which acts as the fund manager of all managed funds of the Company, is registered as an investment adviser with the SEC. The information relating to the managed funds of the Company provided in this Presentation is for informational purposes only. Past performance is not
indicative of future results. Any information contained in this Presentation is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities (including, without limitation, interests or shares in the managed funds). Any such offer or solicitation
may be made only by means of a final confidential private placement memorandum and other offering documents.	Burford Capital	2

Substantial progress towards a robust post-Covid future1

FIRST HALF RECORD FOR BURFORD-ONLY CAPITAL PROVISION-DIRECT NEW COMMITMENTS OF NEARLY $300 MILLION

• Group-wideportfolio grew to $5.5 billion, up 7% from December 31, 2021
• Since Covid began, written more than $1.5 billion of Group-wide capital provision-direct new commitments2

CONSOLIDATED CAPITAL PROVISION INCOME GREW 31% COMPARED TO 1H 2021

• Consolidated operating income rose sharply to $52 million-Burford-only operating income of $27 million
• Court activity gradually resumed-20 core portfolio assets saw case milestones that generated fair value adjustments
• Positive development in large matter in July-not reflected in our first half numbers-should generate more than $50 million in profit
• 1H 2022 results meaningfully impacted by non-cash foreign exchange and interest rate movements

RAISED MORE THAN $1 BILLION IN NEW EXTERNAL CAPITAL

• $360 million of new senior unsecured debt issued at lower spread relative to the benchmark compared with prior issue in 1H 2021
• Closed two new private funds-Burford Advantage Fund ($360 million3) and Burford Alternative Income Fund II ($350 million)

ROBUST LIQUIDITY

• Burford-onlyliquidity of $430 million (cash & cash equivalents and marketable securities)
• Since Covid began, generated more than $800 million in Burford-only cash proceeds2

ECONOMIC CHALLENGES AND DISRUPTIONS TEND TO BE GOOD FOR OUR BUSINESS

• Downturns tend to give rise to disputes, insolvencies and litigation

1 Data on this slide is as of June 30, 2022 and for the six months ended June 30, 2022, unless noted otherwise.	Burford Capital	3
2 Includes period from January 1, 2020, through June 30, 2022.

3 Comprised of commitments from limited partners of $300 million and $60 million from Burford's balance sheet.

Continued Group-wide portfolio growth and high cumulative returns

• Group-wideportfolio up 7% in 1H 2022 to $5.5 billion; compound annual growth rate of 20% since year-end 2017
• Generally, allocate higher expected IRR capital provision assets to our balance sheet and lower expected IRR capital provision assets to private fund strategies
• High Burford-only core portfolio cumulative returns, uncorrelated to market conditions or economic activity

Group-wide portfolio

At period end ($ in millions)

											5,469
										5,094	756
		4,209	4,483	661
		406
		244				1,221
							1,152
	3,218	1,219	1,148
		53
2,368	976
812											3,492
					2,929	3,281
		2,746
	2,189
1,556
2017	2018	2019	2020		2021	1H 2022
				Burford-only		Funds			BOF-C

Burford-only cumulative returns

Capital provision-direct

Since inception

92%	93%	92%
88%

80%

30%	31%	30%	30%	30%

2018

2019

2020

2021

1H 2022

ROIC IRR

Burford Capital

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Further growth in Burford-only new business activity

• Record first-halfBurford-only capital provision-direct new commitments in our potentially highest returning assets, driven by strong client demand and innovative structures
• • Reflects shift in asset allocation in BOF-C arrangement in May 2022, such that 75% of new core litigation assets remain on Burford's balance sheet
  • 1H 2021 Group-wide new commitments included a $277 million outsized deal, whereas in 1H 2022 our largest was a more traditional $125 million law firm portfolio
• Wrote a substantial amount of new business despite the legal world's slow return to normalcy from the pandemic

Burford-only new commitments		Burford-only deployments
Capital provision-direct			Capital provision-direct
($ in millions)			($ in millions)
			214
		284	295
		186
238	245		161
				64
			81
			67

57

122

1H 2018

1H 2019

1H 2020

1H 2021

1H 2022

1H 2018

1H 2019

1H 2020

1H 2021

1H 20221

1 Cross-hatched portion represents expected near-term deployment for a law firm portfolio commitment made on June 30, 2022; the deployment is contractually required subject to the satisfaction of certain funding conditions.

Burford Capital

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