INVESTOR PRESENTATION

CAPITAL MARKETS EVENT

12 NOVEMBER 2018

This presentation is for the use of Burford’s public shareholders and is not an offering of any Burford private fund.
 Sir Peter Middleton

Christopher Bogart

Jonathan Molot

Elizabeth O’Connell

David Perla

Aviva Will

Craig Arnott

2
 Notice and disclaimer

This presentation (“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 Burford Capital Limited (the “Company”) nor should they or any part of them 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 or any other person, not do they constitute an invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000
(“FSMA”). The Presentation does not constitute an invitation to effect any transaction with the Company or to make use or any services provided by the Company.

This Presentation does not purport to be a complete description of the Company’s business or results.

The information 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, whether by persons who do
not have professional experience in matters relating to investments or persons who do have such experience. The information and opinions contained in this Presentation are provided as at the date of this Presentation
and are subject to change without notice. Neither Burford Capital Limited, its associates nor any officer, director, employee or representative of the Company or its group members accepts any liability whatsoever for
any loss howsoever arising, directly or indirectly, from any use of this Presentation or its contents or attendance at the Presentation.

This presentation may contain forward-looking statements with respect to certain of the plans and current goals and expectations relating to the future financial conditions, business performance and results of the
Company. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Company, including amongst other
things, the Company’s future profitability, competition with the markets in which the Company operates, changes in economic conditions, terrorist and geopolitical events, changes in legal and regulatory regimes and
practice, changes in taxation regimes, exchange rate fluctuations, and volatility in the Company’s share price. As a result, the Company’s actual future financial condition, business performance and results may differ
materially from the plans, goals and expectations expressed or implied in these forward-looking statements. The Company undertakes no obligation to publicly update or revise forward-looking statements, except as
may be required by applicable law and regulation (including the AIM Rules). No statement in this presentation is intended to be a profit forecast or be relied upon as a guide to future performance. In particular, past
performance is no guide to future performance.

This presentation is for use of Burford’s public shareholders and is not an offering of any Burford private fund. Burford Capital Investment Management LLC (“BCIM”), which acts as the fund manager of all Burford
funds, is registered as an investment adviser with the U.S. Securities and Exchange Commission. The information provided for the Burford private funds herein is for informational purposes only. Past performance is
not indicative of future results. Any information contained herein 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 funds). Any such offer or solicitation may be made only by means of a final confidential Private Placement Memorandum (a “PPM”) and other offering documents.

3
 SIR PETER MIDDLETON – CHAIRMAN

4
Board of directors

• All directors are non-executive and all

committees composed solely of
independent directors
• All directors attended every in-person
full day quarterly meeting in 2017
• CEO and CIO attended all board
meetings in full except for closed
sessions

5
 CHRISTOPHER BOGART – CHIEF EXECUTIVE OFFICER

6
Burford’s equity performance

Total Shareholder Return

5-year Since Burford’s 2009 inception YTD 2018

Burford 1,292% 1,786% 40%

FTSE All-Share 31% 100% (4%)

AIM All-Share 33% 64% (3%)

7 Source: Bloomberg LP, as of 08 November 2018

Burford’s performance

$1,400 ($ in millions)

$1,200

$1,000

$800

$600

$400

$200

New commitments Income Profit after tax (1) Cash receipts from
operations
8
Source: Burford publicly reported financial data
(1)
As adjusted and defined in each Burford Annual Report
Use of litigation finance is growing

Over the past two years, has your Litigation finance is a growing and
How familiar are you with How likely is your organisation to use
organisation's use of litigation finance increasingly important area in the
litigation finance services? litigation finance in the next two
services increased, decreased or business of law
years?
remained the same?

2 4 5
22
19 27

40
50
46
58

77
51

Increased Remained the same Decreased Very familiar Somewhat familiar Agree Neutral Disagree Very likely Somewhat likely Not likely
Have heard of it

9 Source: Burford 2018 Litigation Finance Survey

Why is litigation finance growing?

As clients move away from paying firms on an hourly basis,

litigation finance will become more commonplace
(% agreeing)

80 83 83
78
73

US UK Australia Have used Would consider

using

Source: Burford 2018 Litigation Finance Survey

10
Burford’s prominence

of interviewees named Burford first or solely in answer to the question “What providers of
litigation finance are you most familiar with?”

of remaining interviewees who could cite any litigation finance provider, only 10% named
any other firm, and half of them named Burford as well

11 Source: Burford 2018 Litigation Finance Survey

The global commercial litigation finance industry

Cumulative Private Capital Raised + Market Capitalisation

($ in millions)
$6,976
Public debt and private
funds raised

Market capitalisation of
public equity

$970
$740 $669 $557 $405 $352 $242 $211 $126

Burford Capital Harbour IMF Therium Longford Juridica Vannin Calunius Tenor Parabellum
Litigation Bentham Capital Capital Brickell Key Capital Capital Capital
Funding Management Management Management

2009 2007 2001 2009 2013 2007 2010 2010 2012 2012

Year of formation

Note: This information, which is current as of 31 October 2018, has been compiled from public filings with regulatory agencies and other public information that is believed to be reliable, but Burford cannot
12 warrant its accuracy. Woodsford Litigation Funding is excluded given the absence of any public information about its size although Woodsford, formed in 2010, is a competitive presence. Firms that
invest in litigation as one of a number of strategies are excluded both because of the absence of reliable data about their litigation-only investing and because of their current limited market impact.
Firms that claim to have access to capital in press releases and otherwise are excluded if there are not confirmatory regulatory filings (required in many jurisdictions) and if there has not been
observed market activity consistent with the claimed access to capital. All currencies have been converted to USD using exchange rates as of 31 October 2018
Burford’s business

• Burford provides capital and risk solutions:

- To law firms and their clients

- Against the value of legal assets

- In connection with legal or regulatory processes

• Burford continually grows and broadens its business in response to market demand

• Our current business is much broader than litigation case funding

• What is common across everything we do is our underlying skill set of assessing litigation and
regulatory outcomes and expressing investment theses against our view of those outcomes

13
Burford’s opportunity

The legal industry is being transformed

Clients are rebelling Increases in legal Law firm Evolution is Capital is

against the billable expense are driving stratification is mandatory entering the
hour model the need for financial increasing industry
alternatives

Burford is in a position to play a key role in that transformation

14
Frequent questions

Size and penetration of Barriers to entry and Sustainability of returns and

the addressable market unique advantages impact of competition and entry

Team motivation, Regulation Capital

compensation and retention structure

15
Size and penetration of the addressable market

Law firm fees Value of settlements, Assets affected by legal and

judgments and awards regulatory processes

16
Size and penetration of the addressable market

LAW FIRM FEES VALUE OF SETTLEMENTS, ASSETS AFFECTED BY LEGAL

JUDGMENTS AND AWARDS AND REGULATORY PROCESSES

LAW FIRM FEES

• Some focus purely on fees paid to law firms as • In 2016, Thomson Reuters estimated that
defining an addressable market the US alone was a $276 billion annual legal total global legal fees (1)
fee market, with another $160 billion spent
• That is a very large number on its own but it is only
each year on in-house legal functions (3)
one part of Burford’s market – and the smallest part
• The largest 200 (out of more than 40,000)
• There are no good data about total law firm fees
law firms in the US are estimated to have
because law firms tend to be private partnerships estimated US legal spend (3)
total annual revenue of $110 billion (4)
without reporting obligations, but the data sources
that do exist suggest very large numbers • Obviously, not all of that is spent on litigation
and not all of it is addressable; these figures
• Different market research firms put annual global
just demonstrate industry scale
legal fee revenue in a range from $580 billion to
more than $800 billion (1) (2)
estimated total annual
(1) (3)
revenue of the largest 200
The Business Research Company: Legal Services Global Market Thomson Reuters Legal Executive Institute: The Size of the US
17
Legal Market
law firms in the US (4)
Report 2018
(2) (4)
TheCityUK: Legal Excellence, Internationally Renowned - UK Legal Burford analysis of AmLaw 100 and AmLaw 200 rankings from
Services 2017 2009 to 2018
Size and penetration of the addressable market

LAW FIRM FEES VALUE OF SETTLEMENTS, ASSETS AFFECTED BY LEGAL

JUDGMENTS AND AWARDS AND REGULATORY PROCESSES

VALUE OF SETTLEMENTS, JUDGMENTS AND AWARDS

• No one knows, but very large indeed

estimated annual US tort costs by
• US tort actions alone are estimated to consume 1.5-2.0% of US GDP annually – and that does the US Chamber of Commerce (2)
not include many other kinds of litigation. (1) The US Chamber of Commerce estimates annual US
tort costs of $429 billion (2)

• The pending claim value before the ICC alone is approximately $216 billion (3)
approximate value of pending
• A single law firm, Quinn Emanuel, one of our clients, has won more than $60 billion for clients (4)
claims before the ICC (3)
• Each year, billions of dollars are paid in settlements of accounting liability cases and billions
more in securities cases (5)

• The largest 100 US verdicts in 2016 totalled more than $16 billion (6)
total value of the largest
(1) (4) (6)
100 US verdicts in 2016 (6)
Towers Watson: US Tort Cost Trends Quinn Emanuel ALM VerdictSearch: The Top 100 Verdicts of
18 (2)
US Chamber of Commerce: ILR Costs and
(5)
Cornerstone Research: Accounting Class 2016
Compensation of US Tort System Action Filings and Settlements 2017; Securities
(3) Class Action Settlements 2017
ICC: 2017 Dispute Resolution Statistics
Size and penetration of the addressable market

LAW FIRM FEES VALUE OF SETTLEMENTS, ASSETS AFFECTED BY LEGAL

JUDGMENTS AND AWARDS AND REGULATORY PROCESSES

ASSETS AFFECTED BY LEGAL AND REGULATORY PROCESSES

• Another giant area

challenges on large mergers by US
• As just one example, 84% of US M&A deals over $100m involved litigation, with an average of antitrust agencies per year (1)
4.2 lawsuits per deal (1)

• The US antitrust agencies challenge around 40 large mergers each year (1)

• Intellectual property is another area of significant activity; Forbes estimated that more than
estimated amount spent on smartphone
$20 billion was spent on smartphone IP disputes in a two-year period (2)
IP disputes in a two-year period (2)
• The annual value of US public company assets that are subject to bankruptcy filings exceeds
$100 billion (3)

annual value of US public

company assets which are
(1) Cornerstone research: Shareholder Litigation Involving Acquisitions of Public Companies 2015-1H 2016 subject to bankruptcy filings (3)
19
(2) Forbes: More than $20 Billion spent on Patent Litigation in Two Years
(3) Seeking Alpha: 2017 Bankruptcy Review and 2018 Distressed Debt Forecast
Barriers to entry and unique advantages

Enormous head start on scale with an Lowest cost of capital

institutional-quality business

Ever-growing proprietary data set for

Deep, sticky law firm relationships and
continued enhancement of investment
dominant brand name
decision-making

Portfolio diversification significantly lowers

investment risk Large, experienced team with built-in
redundancies leads to high quality
investment decision making – no
Resources to spend on entrenching position outsourcing

20
Barriers to entry and unique advantages

Significant capital required to achieve Large, experienced and expensive team

portfolio diversification and to meet client needed for quality investment decisions and
needs – very difficult for a new entrant for client relationships and confidence
without a track record to attract the capital
needed (and no incentive for investors to Deep client relationships and strong, well-
take on incremental risk of a new entrant) pedigreed brand for risk-averse lawyers

Lack of access to proprietary data and The underlying assets are illiquid and come
experience garnered over years with binary risk of loss, characteristics which
do not suit many investment firms’ criteria
Litigation remains unpopular and financial
firms with traditional clients struggle to
enter

21
Sustainability of returns and impact of competition and entry

Average profit margin of AmLaw 100 firms Fee awards in pharmaceutical antitrust cases
50%
50%

45%
45%

40%
40%

35%
35%

30% 30%

25% 25%

20% 20%
2009

2010

2011

2012

2013

2014

2015

2016

2017

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2012

2013

2014
22 Source: AmLaw100 Source: Burford internal research
Sustainability of returns and impact of competition and entry

• Competition has a number of meanings in our business • It is not uncommon for Burford to decline investments
rather than lower pricing – we price for the assessed
• Our largest competitor is often our client, electing not to risk
take our capital
• Multi-strategy players can present the risk of disruption
• The litigation finance industry is composed principally of but risk and illiquidity of assets is a powerful deterrent
other established pure-play litigation finance players who
raise capital on the basis of sustainable returns • Diligence process and privilege limitations inhibit
auction-style price competition
• At the end of the day, binary risk of loss compels robust
pricing

23
Team motivation, compensation and retention

• Burford benefits from being a very attractive destination for litigators from • Compensation levels can therefore be closer to in-house levels than law
law firms who are not going to spend their entire careers at those firms; firm partner levels
the alternative path is typically an in-house corporate job
• Turnover is very low on the investment team – in nine years, we have lost
• We create alignment and motivation through long-term incentive plans, four US underwriters or IC members excepting predictable turnover after
one based on equity performance and one based directly on portfolio the GKC acquisition – one died, one returned to his law firm, one left for
performance family reasons and one returned to his investment bank

Christopher P. Bogart Jonathan T. Molot Aviva O. Will Elizabeth O’Connell, CFA Craig Arnott Emily Slater Ernie Getto Peter Benzian
Chief Executive Officer Chief Investment Officer Senior Managing Director Chief Financial Officer Managing Director Managing Director Managing Director Managing Director
Former EVP & General Professor of Law, Former Assistant General Former Director, Former Barrister and Partner, Former Litigator, Debevoise & Former Senior Partner, Former Senior Partner,
Counsel, Time Warner Inc. Georgetown University Counsel, Time Warner Inc. Credit Suisse Fried Frank Plimpton Latham & Watkins Latham & Watkins

David Perla Mark Klein Katharine Wolanyk Michael Sternhall Matthew Schoenfeld Christopher Catalano John Lazar Justin Daniels
Managing Director General Counsel Managing Director Director Portfolio Manager Director Director IP Principal
Former Co-Founder & CEO, Former Managing Director, Former President, Former Senior Vice President, Former Portfolio Manager, Former Assistant General Former Litigator, Cravath, Former Partner, Proskauer
Pangea3 UBS Soverain Software OppenheimerFunds Driehaus Capital Management Counsel, JP Morgan Chase Swain & Moore Rose

24
Regulation

• Need to view regulation through a different lens when • Any “regulation” is likely to come from judges and be
considering the judicial system – not agency regulation fact-specific
(SEC, FCA, etc.)
• Burford’s scale and prominence means we would likely
• While we are regulated by agencies around capital be a net beneficiary of increased regulation in any event
raising and investor activity, those agencies do not
regulate non-bank commercial finance or regulate
judicial activity, and there is no suggestion of them
starting

25
Capital structure

• Burford sees flexibility and reliability of capital sources as highly desirable

• General principle of avoiding dependency on any single source of capital and use of multiple sources

• Balance sheet draws on public equity, public debt, recycling and the burgeoning secondary market

- Recent equity raise added permanent capital and strengthened balance sheet

• Private funds supply additional capital and permit exploration of alternative investment approaches

26
Business trends

Investment breadth Expansion in the US and globally

• Litigation funding is the entry level product, not the main • Moving from early adopters to the mainstream requires
event adjustment in origination approach

Capital structure, cost and efficiency Absorbing and managing growth

• Increased size means less risk of volatility (although it • Multi-year duration of assets means demands on the
still clearly exists) and a long-term path to even less business grow over time after upticks in investment
expensive capital through a debt rating and possible volume – for example, the system is still adjusting to
securitisation accommodate Burford’s $1.3 billion of new
commitments made in 2017
• Secondary market is an early version of this path

• In the interim, desirable to continue to explore flexible

and advantageous capital structures

27
 JONATHAN MOLOT – CHIEF INVESTMENT OFFICER

28
Burford’s investment scope

Balancing vision and pragmatism Maintaining quality in the face of change Key drivers of success

• We are pursuing a long-term vision for the • Expanding universe of investments • Consistent focus on risk-adjusted returns
legal profession
• Expanding team • Quality of underwriting and portfolio
• Our immediate focus remains the management
• Expanding market footprint
profitable opportunities before us
• Client service

29
Burford’s investment scope

Vision Pragmatism We push boundaries without ignoring them

• Bridge the gap between capital markets • Proven areas of profit opportunity will • Legal markets have only just begun to open
and the market for legal services remain our unrelenting focus to capital

• Law has been underserved and we are • New areas of opportunity continue to • Optimism regarding decades of growth
exploiting a market failure present themselves ahead

- Expanding categories of legal risk • Pragmatism, patience, prudence to avoid

unwise bets and acknowledge the market
- New ways to deploy capital to profit
realities of an inherently cautious
from that risk
profession
- Geographic expansion

30
Burford’s investment scope

STAFF GEOGRAPHIC DIFFERING SKILL SETS

EXPANSION EXPANSION AND BACKGROUNDS

More than 100 employees and Employees in New York, Chicago, DC, Litigators from large firms and in-house
50 lawyers California, London, Singapore and Sydney
Lawyers/investors from financial institutions
Global business – deals in Continental
Technology, international arbitration,
Europe, Asia, Australia, Latin America
commercial litigation, finance expertise

31
Burford’s investment scope

Variety of ways we deploy capital Single case Principal strategies

Portfolio Asset recovery
Recourse Insurance
Risk absorption Post-settlement

Contract breaches Patents

Variety of subject matters
Commercial disputes Competition/antitrust
Ownership disputes Securities
Investor-state arbitrations Insolvency

Variety of jurisdictions US federal court Commonwealth courts

US state court International arbitral tribunals
US domestic arbitration Civil law courts
English courts

32
Burford’s investment scope

If higher risk, need high return potential Target similar net return profiles for larger deployment, lower risk, lower
loss rate opportunities
• Results of international arbitrations: Teinver turned $13m into more than
$100m • Prudence suggests having a diversified business and establishing market
leadership in as broad a swath of the legal finance sector as possible
• Patent cases have potential to generate verdicts in the $100s of millions,
albeit with greater risk of loss • Scalability is important, and single-case investments are harder to scale
than portfolios and complex strategies
• Where cases go to trial, the higher risk and longer duration means higher
potential rewards • These goals do not necessarily mean sacrificing returns
- When we moved from single cases to portfolio investments,
people wondered whether returns would decline, but they went up
- Similarly, the principal strategies investments that have resolved
to date have generated attractive IRRs

33
Burford’s investment scope

Careful attention to capital utilisation Short-term low risk opportunities fit nicely with longer lasting, slow
drip core litigation finance opportunities: Enabling us to earn returns
• Core strategies remain our focus and we continue to see growth in
on the same dollars from more than one source
demand
• Different kinds of investments have different duration expectations as
Goals of diversification, market leadership, effective capital utilisation,
well as different risk levels
and growth all proceed against backdrop of relentless focus on
- Complex strategies have generated similar IRRs (and no losses), risk-adjusted returns
but with lower ROICs because of shorter duration: We have been
able to recycle capital
- Post-settlement opportunities can be used to foster market
relationships with short-term, low-risk deployments

34
Different structures of litigation finance investments have the potential to generate comparable returns

Example #1 Year ● ● ● ● ● ● ● ● ●
Traditional private
0 1 2 3 4 5 6 7 8 Profit ROIC IRR
equity investment
Gross cashflows -100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 280.0 180.0 1.80x 13.7%

Example #2 Year ● ● ● ● ● ● ● ● ●
Litigation finance
0 1 2 3 4 5 6 7 8 Profit ROIC IRR
investments with
staged deployments Investment #1 -35.0 -35.0 -30.0 160.0 60.0 0.60x 24.8%
Investment #2 -35.0 -35.0 -30.0 160.0 60.0 0.60x 24.8%
Investment #3 -35.0 -35.0 -30.0 160.0 60.0 0.60x 24.8%
Gross cashflows -35.0 -35.0 -30.0 125.0 -35.0 -65.0 125.0 -30.0 160.0 180.0 1.80x 24.8%

Example #3 Year ● ● ● ● ● ● ● ● ●
Litigation finance
0 1 2 3 4 5 6 7 8 Profit ROIC IRR
investments with
short durations Investment #1 -100.0 122.5 22.5 0.23x 22.5%
Investment #2 -100.0 122.5 22.5 0.23x 22.5%
Investment #3 -100.0 122.5 22.5 0.23x 22.5%
Investment #4 -100.0 122.5 22.5 0.23x 22.5%
Investment #5 -100.0 122.5 22.5 0.23x 22.5%
Investment #6 -100.0 122.5 22.5 0.23x 22.5%
Investment #7 -100.0 122.5 22.5 0.23x 22.5%
Investment #8 -100.0 122.5 22.5 0.23x 22.5%
35
Gross cashflows -100.0 22.5 22.5 22.5 22.5 22.5 22.5 22.5 122.5 180.0 1.80x 22.5%
Burford’s investment scope

Competitors have helped Professionalism and Smart capital is not a Maintain speed and
generate demand quality help us shine commodity product client service

• When only one litigation finance • Best law firm relationship • Law firm portfolios create • Competition keeps us nimble:
company is known, harder for came out of a rejection aligned interests, rather than Can pivot on structure and
lawyers and corporate clients to • Law firms are impressed with heated negotiation reaching agreements on terms
see it as an industry our team, our background, and • We add value in how corporate with clients quickly
• When there are several, then law our financial and risk analysis clients and law firms manage
firms and companies know they and finance their cases
should consider it

36
A key investment

Merits haven’t changed since we underwrote the case

• Trial court and appeals court both properly understood case

Argentina’s responses – and noise – are also what we expected

• When you don’t have a real defence on the merits you try to distract

- Some in administration blame multi-billion liability on prior administration

- Others try to distract from merits

Collection risk hasn’t changed

• Argentine economic problems don’t change fact that it has returned to global capital markets

• Can’t avoid a judgment of a US court

Strategy is to delay – through cert petition etc.– but nothing that changes our view

37
 ELIZABETH O'CONNELL CFA – CHIEF FINANCIAL OFFICER

38
Finance organisational chart

39
Conservative use of leverage to capture growth opportunity

Long-dated debt maturity

(1)
Net Debt / Equity Principal Coupon Maturity

£90 million 6.500% August 2022

0.45x

0.39x £100 million 6.125% October 2024

$180 million 6.125% August 2025

0.28x

£175 million 5.000% December 2026

Current weighted average duration of debt 6.5 years

2016 2017 1H2018

Average duration of concluded portfolio 1.5 years (2)

(1)
40 Net debt calculated as loan capital and notes less cash and cash equivalents and cash management
investments
(2)
As reported in Burford 2017 Annual Report
Cash bridge from inception through 30 June 2018

Cash bridge since inception

($ in millions)

$1,450

$288 $235

$70
$114
$166

41
Investment results by vintage show depth of performance

• Including Teinver and the latest Petersen sale, portfolio returns rise to a 99% ROIC and 33% IRR

42 Note: We use the term concluded to encompass: (i) entirely concluded investments where Burford has received all proceeds to which it is entitled (net of any entirely concluded investment losses);
(ii) the portion of investments where Burford has received some proceeds (for example, from a settlement with one party in a multi-party case) but where the investment is continuing with the
possibility of receiving additional proceeds; and (iii) investments where the underlying litigation has been resolved and there is a promise to pay proceeds in the future (for example, in a settlement
that is to be paid over time) and there is no longer any litigation risk involved in the investment.
Investment results by vintage show depth of performance

• The portfolio through 2015 has generated gross proceeds of $742 million on concluded investments. The portfolio has deployed $533 million of which
$332 million has concluded and $202 million remains deployed in ongoing investments (1)

($ in millions)
Recovered proceeds

$742 in recovered proceeds Investments in ongoing matters

$250
$200
$183
$150
$119
$87 $86

$50 $40
$27

$1 $12
-$50 $32 $38
$62 $57

-$150
$202 in ongoing investments

-$250

-$350
2009 2010 2011 2012 2013 2014 2015 2016 2017

43 (1)
Investment results include two secondary sale transactions announced in the first half of 2018: Teinver and the latest Petersen sale.
Investment results show different return profiles based on path to conclusion

Total portfolio
• When matters settle, they typically conclude more rapidly, and for less than total damages –
so IRRs are higher than the portfolio overall and ROIC is lower (1)

ROIC IRR
($ in millions)

$908

Adjudications

$427

ROIC IRR
Total portfolio $457

Adjudications $142

Settlements $481 Settlements

$315

ROIC IRR
Investments Recoveries

44 (1)
Investment results include two secondary sale transactions announced in the first half of 2018: Teinver and the latest Petersen sale
Fair value accounting

• Investments are initially recorded on the balance sheet at cost

• Burford only adjusts asset values and thus experiences unrealised gains (or losses) when there is some objective basis in the underlying litigation, such as a
court ruling, a settlement offer or a secondary sale

• Only two investments that were written up, amounting to 0.2% of total write-ups by dollar value, have ever turned into a loss

Timing and quantum of cumulative

Carrying value of investments on balance sheet
valuation changes in concluded portfolio
(% of investments)
(% of total income)

81% 78% 74% 69% 64%

35%

12%
31% 36% 7%
19% 22% 26% 4%

2013 2014 2015 2016 2017

4 years to conclusion 3 years to conclusion 2 years to conclusion 1 year to conclusion

Investments at cost Unrealised gains

45
Fair value accounting case studies

Initial Further Affirmance Matter

Funding Funding of liability Settled
● ● ● ●
2012 2013 2014 2014 2015
- $10.0m gross proceeds
Deployment $2.9m - $1.0m
$6.1m investment profit
Fair value adjustment
- - - $1.8m
(unrealised P&L event)
Carrying value of $4.3m realised
$2.9m $2.9m $3.9m $5.7m
investments gain in 2015

Court granted
summary
Initial Further Further Affirmance of
judgment in
Funding Funding Funding ruling on appeal
favour of
defendant
● ● ● ● ●
2011 2012 2013 2014 2015

Deployment $0.5m $2.5m $0.5m $0.1m $3.6m investment loss

Fair value adjustment

- - - ($0.9m)
(unrealised P&L event)
Carrying value of $2.7m realised
46 $0.5m $3.0m $3.5m $2.7m
investments loss in 2015
47
 DAVID PERLA – MANAGING DIRECTOR

48
Business development and marketing

Our mission

• Ubiquity

• Preference
• Loyalty

Our strategy

• Build awareness

• Drive demand

• Create preference and loyalty

49
Target market

• Types of firms

• Subject matter target areas

• Firm segmenting & tiering

• Value proposition & research

• List generation & testing

• Industries & profiles

50
Expansion of business development function

METRICS
STRUCTURE

• Measure total inquiries • Measure inquiries from targeted and

• Hub & spoke geographic approach
desired organisations
• Measure % of qualified (better
• Internal experts
converting) and warm trigger • Measure quantum
inquiries

GUIDING PRINCIPLES
PROFILE
• Activity drives triggers
• Former experienced lawyers / top schools
• Need both warm trigger inquiries (business development-driven) and cold
trigger inquiries (marketing-driven) – but conversion rates differ 3.5X • Business development experts – prior to Burford

• Ubiquity + inquiries = capital demand & deployment • Top organisational legacy (firms & companies)

51
Quality expansion of business development team

Net new business development hires

in 2017-18 in Asia, Australia,
UK/Europe and US

52
Building awareness through marketing

- AmLaw 100 Partner (1)

Media coverage shows growing interest in the industry of 2018 survey respondents
perceive litigation finance as
growing (1)

PR
increase YOY in respondents
who are “very familiar” with
litigation finance (1)

increase in Burford
media coverage YOY (2)

(1)
53 Burford 2018 Litigation Finance Survey
(2)
Burford internal data
Driving demand through marketing

increase in use of litigation

Key programmes finance since 2012 (1)

“one-to-many” opportunities
through Q3 2018 (2)

increase in LinkedIn
followers YTD (2)

(1)
54 Burford 2018 Litigation Finance Survey
(2)
Burford internal data
Generating preference and loyalty through marketing

- Law firm partner (1)

Key programmes
of interviewees cited only Burford
or Burford first as the most
familiar provider in the field (1)

of firms receiving Burford single

case financing later brought us
new opportunities (2)

of those new opportunities

were portfolio opportunities (2)

(1)
55 Burford 2018 Litigation Finance Survey
(2)
Burford internal data
Public affairs

Washington D.C. London Sydney Singapore

Hong Kong Paris Berlin Amsterdam

56
CSR: Doing well for our investors by doing good for the industry

Wendy J. Miles QC Tara Lee Faith Gay Sophie Nappert Domitille Baizeau Sue Prevezer QC
Partner Chair Founding Partner International Arbitrator Partner Chair
Debevoise & Plimpton Transnational Litigation Group, Selendy & Gay Moderator Lalive International Trial Practice,
Quinn Emanuel OGEMID Quinn Emanuel

Dr. Nadine Herrmann

Managing Partner and Chair Roberta D. Libenberg Megan E. Jones Amy Frey Nicole D. Galli
EU and German Competition Senior Partner Partner Partner Managing Partner
Law Practice, Fine, Kaplan and Black Hausfeld King & Spalding Law Offices of N.D. Galli
Quinn Emmanuel

The Honorable Caren Ulrich Stacy Carolyn Lamm Maria Ginzburg Noradèle Radjai Sophie J. Lamb QC
Katherine B. Forrest Founder & CEO Partner Partner Partner Global Co-Chair International
Partner Diversity Lab & OnRamp White & Case Selendy & Gay Lalive Arbitration Practice
Cravath, Swaine & Moore Fellowship Latham & Watkins
57

List in formation. Current as of 08 November 2018

 AVIVA WILL – SENIOR MANAGING DIRECTOR

58
Portfolio investment/management team

59
Investment process

Inbound inquiries
Number of inquiries received that run through our
initial screening process, filtering potential
investments into our pipeline

Pipeline process
Number of potential investments
discussed among the global investment
team that progress into more significant
diligence

Investment Committee
Number of potential investments that
ultimately were presented to our
Investment Committee for consideration

Closed investments

60

Source: Burford 2017 Annual Report

Note: Investment process figures are from calendar year 2017
Investment process

Inbound inquiries
Case study 1 Number of inquiries received that run through our
initial screening process, filtering potential
investments into our pipeline
• Case Breach of contract
• Budget $8 million
Pipeline process
• Estimated damages $40-70 million Number of potential investments
discussed among the global investment
• Law firm contingency 31% team that progress into more significant
diligence
• Outcome Case rejected; economics
Investment Committee
won’t work
Number of potential investments that
ultimately were presented to our
Investment Committee for consideration

Closed investments

61

Source: Burford 2017 Annual Report

Note: Investment process figures are from calendar year 2017
Investment process

Inbound inquiries
Case study 2 Number of inquiries received that run through our
initial screening process, filtering potential
investments into our pipeline
• Case Securities
• Budget $8 million
Pipeline process
• Estimated damages $160 million Number of potential investments
discussed among the global investment
• Outcome Case rejected; team that progress into more significant
diligence
due diligence on damages falls
Investment Committee
short
Number of potential investments that
ultimately were presented to our
Investment Committee for consideration

Closed investments

62

Source: Burford 2017 Annual Report

Note: Investment process figures are from calendar year 2017
Investment process

Inbound inquiries
Case study 3 Number of inquiries received that run through our
initial screening process, filtering potential
investments into our pipeline
• Case Arbitration
• Budget $7 million
Pipeline process
• Estimated damages $400 million Number of potential investments
discussed among the global investment
• Outcome Case funded following team that progress into more significant
diligence
deep due diligence and complex
Investment Committee
negotiation of terms
Number of potential investments that
ultimately were presented to our
Investment Committee for consideration

Closed investments

63

Source: Burford 2017 Annual Report

Note: Investment process figures are from calendar year 2017
Investment modelling

64
Portfolio management

MONTHLY QUARTERLY
WEEKLY
REPORTING REPORTING
CALLS

Weekly calls to report and Monthly reporting to senior In-depth quarterly reporting on
discuss developments on cases management on every matter entire portfolio to senior
management and board

QUARTERLY BI-ANNUAL QUARTERLY POST-

RISK REVIEW VALUATION MORTEM REVIEW

Quarterly risk review of Bi-annual extensive review of Senior Management reviews

entire portfolio every investment for valuation key case resolutions from
purposes including Audit previous quarter
Committee, external auditors and
outside counsel

65
Portfolio management case study

The Burford difference

Burford proposes new

Burford invested lawsuit and funds costs Case settles and Burford
$2.5 million to monetise to support new counsel receives its investment
claim after trial court win Case loses on appeal on contingency plus 2x its investment

Funder invests Case loses on appeal Funder loses $2.5 million

$2.5 million to monetise and writes off loss to
claim after trial court win fund

Typical funder

66
 CRAIG ARNOTT – MANAGING DIRECTOR

67
International opportunities and expansion

Team

Expanded underwriting team and

business development team
• Since 2015 the London office has been serving European and Asian clients

• The London hub has continued to drive real growth

New products
• Significant growth in 2017 – 18 investments in the UK, Germany, Netherlands,
Australia, Singapore and a number of other jurisdictions March 2018: Launched Burford
Worldwide Insurance product to provide
• Half were portfolio-style arrangements (by value)
reinsurer-backed support for adverse
• Most single cases were large-value matters costs insurance solution where Burford
provides litigation funding

68
International opportunities and expansion

69
International opportunities and expansion

• Burford’s scale, results and reputation position us to extend our leading

position into all jurisdictions that allow litigation finance, capturing the
growth in high value claims

• Deepening presence in UK base

- Ongoing major role in the international arbitration arena

- Taking books of corporate business “off balance sheet”

• Expanding in common law markets

- Shareholder claims, corporate litigation and insolvency

• Expanding in civil law markets in Europe

- Competition law claims and insolvency

70
International opportunities and expansion

• Burford's global growth is fuelled by our status as trusted partner with high quality
of UK lawyers say they are
team, diligence and case management
very aware of litigation finance
• This leads to a virtuous circle of growth

• A steady pipeline of high value claims requires a trusted “peer” partner

- Corporates and law firms identify Burford as trusted and dependable partner
of UK respondents who haven’t
yet used litigation finance expect
- Capitalisation is a key differentiator which puts Burford in league of its own
to do so within two years
- Portfolio financing enables us to tie financing into one portfolio across
jurisdictions

- One-stop shop including adverse costs solutions

of UK respondents agree that litigation
• London hub ensures quality control in diligence, risk assessment and closing deals finance can help turn in-house legal
departments into profit centres
- Uniform and streamlined diligence leads to quicker and more efficient investment
decisions

- Leads to enduring relationships because our diligence is timely, engaged and

smart

71 Source: Burford 2018 Litigation Finance Survey

International opportunities and expansion

Western Europe UK
Opportunities in competition litigation, international arbitrations, Opportunities in competition
securities litigation and with insolvency practitioners; litigation, international arbitrations
Germany and Netherlands very active and with insolvency practitioners

Case study: Germany and The Netherlands – The trucks case

German and Dutch opportunities are increasing

Burford can use an assignment model to aggregate claims to

bring in local courts for maximum settlement leverage
Burford offices

Cartel claims have been filed in German and Dutch courts

These are primarily “follow on” claims after a European

Commission finding of liability and focus on establishing Eastern Europe
quantum of damages Often asset recovery represents largest
opportunities; extending our relationships
Assignment structure bespoke, requires substantial
through premier Austrian and German firms
capitalisation and local lawyer relationships – many
into Central Europe
72 competitors unable to participate given need for scale
International opportunities and expansion

PRC
Opportunities for asset recovery outside China or
Middle East arbitrations seated outside mainland China,
Opportunities in construction funding allowable in China; difficult market to
arbitration and asset enter domestically
recovery

Hong Kong
Singapore Insolvency funding already established and
Opportunities in international regulation allowing arbitration expected in 2019
arbitrations and with insolvency
practitioners; contingency fees
not available
Australia
Opportunities in shareholder and
commercial litigation and with
insolvency practitioners; contingency
fees not available but this will likely
Burford offices change with proposed law reforms
73 providing further opportunities
Focus

• In April 2018 Burford invested in Australia’s largest shareholder action • This is an ongoing competitive process to take exclusive carriage in
AMP which is not yet resolved
• AMP is a leading Australian financial institution
• Burford is making headlines with its entry designed to disrupt a staid
• Evidence about corporate misconduct was given by executives at a
market
Royal Commission which led to billions of dollars being wiped off in
shareholder value

74
Focus

• Burford has moved quickly to take ‘first mover’ advantage in Singapore

- March 2017 – Singapore introduced reforms permitting third-party funding for international arbitration

- June 2017 – Burford funded first Singapore arbitration (SIAC)

- November 2017 – Burford opened Singapore office

• Singapore is Burford’s bridgehead to Asia market and a strong area of opportunity

• Hong Kong has legislated to permit third party funding and regulations expected in 2019

• Insolvencies in Singapore and Hong Kong can be funded with court approval

• In Hong Kong there is often a Cayman link – this year Burford secured first Grand Court of Cayman funding
approval

75
76
 Notice and disclaimer

This presentation (“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 Burford Capital Limited (the “Company”) nor should they or any part of them 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 or any other person, not do they constitute an invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000
(“FSMA”). The Presentation does not constitute an invitation to effect any transaction with the Company or to make use or any services provided by the Company.

This Presentation does not purport to be a complete description of the Company’s business or results.

The information 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, whether by persons who do
not have professional experience in matters relating to investments or persons who do have such experience. The information and opinions contained in this Presentation are provided as at the date of this Presentation
and are subject to change without notice. Neither Burford Capital Limited, its associates nor any officer, director, employee or representative of the Company or its group members accepts any liability whatsoever for
any loss howsoever arising, directly or indirectly, from any use of this Presentation or its contents or attendance at the Presentation.

This presentation may contain forward-looking statements with respect to certain of the plans and current goals and expectations relating to the future financial conditions, business performance and results of the
Company. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Company, including amongst other
things, the Company’s future profitability, competition with the markets in which the Company operates, changes in economic conditions, terrorist and geopolitical events, changes in legal and regulatory regimes and
practice, changes in taxation regimes, exchange rate fluctuations, and volatility in the Company’s share price. As a result, the Company’s actual future financial condition, business performance and results may differ
materially from the plans, goals and expectations expressed or implied in these forward-looking statements. The Company undertakes no obligation to publicly update or revise forward-looking statements, except as
may be required by applicable law and regulation (including the AIM Rules). No statement in this presentation is intended to be a profit forecast or be relied upon as a guide to future performance. In particular, past
performance is no guide to future performance.

This presentation is for use of Burford’s public shareholders and is not an offering of any Burford private fund. Burford Capital Investment Management LLC (“BCIM”), which acts as the fund manager of all Burford
funds, is registered as an investment adviser with the U.S. Securities and Exchange Commission. The information provided for the Burford private funds herein is for informational purposes only. Past performance is
not indicative of future results. Any information contained herein 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 funds). Any such offer or solicitation may be made only by means of a final confidential Private Placement Memorandum (a “PPM”) and other offering documents.

77