BURFORD CAPITAL REPORTS FULL YEAR 2021 RESULTS; RECORD LEVELS OF BALANCE SHEET DEPLOYMENTS

Burford Capital Limited, the leading global finance and asset management firm focused on law, today announces its financial results for the year ended December 31, 2021.(1)

The Burford Capital 2021 Annual Report, including financial statements (the “2021 Annual Report”), is available at the following link: http://www.rns-pdf.londonstockexchange.com/rns/4070G_1-2022-3-29.pdf or at Burford’s website www.burfordcapital.com/shareholders. In addition, a new financial data supplement, as well as Burford’s inaugural Sustainability Report for 2021, are available on our website at the same URL.

Hugh Steven Wilson, Chairman of Burford Capital, commented:

“Burford turned in an excellent 2021. This may seem odd to say as we report the first loss in our history, but that is a matter of timing. We wrote significant new core legal finance business in 2021. Even in an era of slower case progress,wegeneratedsignificantlymore cash thanneeded tocover allofour expenses. Burford ended the year with substantial liquidity and strong access to capital, and we recently announced our latest $360 million private fund.”

Christopher Bogart, Chief Executive Officer of Burford Capital, commented:

“We are delighted with our strong new business performance in 2021. To write more than $1 billion of new commitments during a pandemic is a significant achievement. We deployed more capital than ever before from our balance sheet into assets with the potential to generate our highest returns and profits, auguring favorably for future capital provision income. Though it was a slower year for realized gains, contributing toour 2021 loss, there were few adverse developments to causeeither realized or unrealized losses and the portfolio remains well positioned. The slow pace we are experiencing is a timing issue, not one affectingour viewofthe ultimaterealizable value of theportfolio andits potential tocreatesignificant shareholder value, and no client has discontinued a single matter due to these delays. We are optimistic about the portfolio’s future potential.”

2021 highlights

New business

  • Record-breaking new business2, with Group-wide new commitments of $1.1 billion (2020: $758 million) and deployments of $841 million (2020: $595 million)

o Burford-only capital provision-direct new commitments of$649million(2020:$335million); the 2021 amount includes $63 million of new commitments warehoused for our funds; excluding those warehoused deals, new commitments were $586 million

o Perhaps most significantly for potential future shareholder benefit, Burford-only capital provision-direct deployments, representing our assets capable of generating our highest balance sheet returns and profits, doubled to $447 million (2020: $225 million)

Portfolio and balance sheet

  • Consolidated portfolio grew to $4.4 billion at December 31, 2021 (December 31, 2020: $3.8 billion)

o Group-wide portfolio grew to $5.1 billion (December 31, 2020: $4.5 billion), driven by new business growth

  • Cumulative return on invested capital from Burford-only capital provision-direct assets increased to 93% (December 31, 2020: 92%) with an IRR of 30% (December 31, 2020: 30%)
  • Internal model update at December 31, 2021 suggests core legal finance portfolio excluding YPF-related assets couldgenerate$3.8 billioninBurford-only realizations, $2.2billioninrealized gains and $400 million in asset management performance fee income (June 30, 2021: $3.4 billion in realizations, $2 billion in realized gains and $360 million in asset management performance fee income)3
  • Burford-only liquidity of $315 million at year end (December 31, 2020: $336 million)

Income

  • Total income of $152 million (2020: $359 million), including capital provision income of $128 million (2020: $340 million), reflecting slow case progress, in part due to Covid-linked disruption o Burford-only capital provision-direct net realized gains of $128 million (2020: $180 million) o Burford-only capital provision-direct realized losses of $9 million represented a loss rate of

0.8% (2020: $20 million; 2.2%)

  • Income from operations of $6 million (2020: $239 million), with decrease from 2020 due mainly to lower capital provision income and higher operating expenses, including legacy asset recovery charges
  • Net loss attributable to ordinary shares of $72 million (2020: net income attributable to ordinary share of $165 million), within previously disclosed expected range of $70 million to $80 million o Net loss per diluted share of $0.33 (2020: net income per diluted share of $0.75)

Capital

  • Total shareholders’ equity attributable to Burford Capital of $1.6 billion at December 31, 2021 (December 31, 2020: $1.7 billion)

o Burford-only total shareholders’ equity of $7.08 per share at December 31, 2021 (December 31, 2020: $7.59 per share)

o Total tangible shareholders’ equity of $6.47 per share (December 31, 2020: $6.98 per share) • Declared final 2021 dividend of 6.25¢ per share payable on June 17, 2022, subject to shareholder approval at the annual general meeting to be held on May 18, 2022, to shareholders of record on May 27, 2022, with an ex-dividend date of May 26, 2022; total annual dividend of 12.5c per share

(1) All figures in this announcement are audited and presented on a consolidated basis in accordance with the generally accepted accounting principles in the United States (“US GAAP”), unless otherwise stated. Definitions, reconciliations and information additional to those set forth in this announcement are available on the Burford Capital website and in the 2021 Annual Report.

2 Burford-only new commitments for 2021 include approximately $63 million of interests in assets that were warehoused for our funds at December 31, 2021, including a $13 million asset warehoused for Burford Opportunity Fund C LP and a $50 million asset warehoused for Burford Advantage Master Fund LP (the “Advantage Fund”), which will be reflected as a capital provision-indirect asset post-transfer. New commitments reflect the allocation in place at December 31, 2021, and does not reflect the intended transfer to other funds, which occurred or is expected to occur in early 2022. Excluding the warehoused commitments, Burford-only new commitments in 2021 for capital provision-direct were $586 million. Of the $50 million new commitment warehoused for the Advantage Fund, the Burford-only portion of this capital provision-indirect asset is expected to be $8 million. Total Burford-only new commitments to capital provision assets in 2021, post-intended transfers, were $594 million.

3 Data based on calculations derived from our internal modeling of individual matters and our 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 our 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 our internal modeling is for informational purposes only and is not intended to be a profit forecast or be relied upon as a guide to future performance. See sections titled “Forward-looking statements” and “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2021 filed with the US Securities and Exchange Commission on March 29, 2022.

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