Notice of 2024 Results & Reporting Change Preview

Released out of hours on February 24, 2025, and queued for release via RNS upon its reopening on February 25, 2025.

Burford Announces Date for Release of 4Q24 and FY24 Financial Results and Previews Changes to Financial Reporting Framework

Burford Capital Limited ("Burford"), the leading global finance and asset management firm focused on law, will release its financial results for the three months ended December 31, 2024 ("4Q24"), and the year ended December 31, 2024 ("FY24"), on Monday, March 3, 2025, at 7.00am EST / 12.00pm GMT. Additionally, Burford today previews changes to its financial reporting framework in conjunction with becoming a US domestic issuer effective as of January 1, 2025.

Burford will hold a conference call for investors and analysts at 10.00am EST / 3.00pm GMT on Monday, March 3, 2025. For swift access to the conference call at the time of the event, pre-registration is encouraged at https://registrations.events/direct/Q4I37665972. The dial-in numbers for the conference call are +1 (646) 307-1963 (USA) or +1 (800) 715-9871 (USA & Canada toll free) / +44 (0)20 3481 4247 (UK) or +44 800 260 6466 (UK toll free), and the access code is 37665. To minimize the risk of delayed access, participants are urged to dial into the conference call by 9.40am EST / 2.40pm GMT.

An accompanying 4Q24 and FY24 results presentation for investors and analysts will be made available on Burford's website prior to the conference call at http://investors.burfordcapital.com.

Preview of changes to financial reporting framework

Burford has always focused on providing disclosure that represents what shareholders actually own, which is reflected in the "Burford-only" basis of financial reporting. "Burford-only" reporting removes the impact of private fund entities that must be consolidated under accounting standards, even though economic ownership resides with a third party.

Beginning with the upcoming reporting for 4Q24 and FY24 financial results, the Burford-only disclosure will be enhanced with a more prominent use of segment reporting through two reportable segments: (i) "Principal Finance" (which captures the financial impact of the legal finance portfolio funded by Burford's balance sheet) and (ii) "Asset Management and Other Services" (which captures fee income from Burford's private funds funded by third-party capital and income earned from other service-related operations). Under US reporting standards, the use of segment reporting allows for more efficient and helpful disclosure on the key metrics that illuminate how Burford generates shareholder value in each segment.

The sum of Burford's two reportable segments will be referred to as "Total Segments" in certain disclosures, which is consistent with and identical to reporting on an aggregate "Burford-only" basis.

The Principal Finance segment reporting will be further simplified by discontinuing the use of the labels "capital provision-direct" or "core portfolio" (which described direct funding of legal finance assets by Burford's balance sheet) and "capital provision-indirect" (which described indirect funding of legal finance assets through commitments made by Burford's balance sheet to private funds). Performance track record measures such as return on invested capital (ROIC) and internal rate of return (IRR) will be entirely consistent with prior reporting and reflect direct funding by the balance sheet (formerly referred to as "capital provision-direct" or "core portfolio"), excluding the impact of any balance sheet commitments to private funds.

Reporting as US domestic issuer

As previously announced on August 5, 2024, effective as of January 1, 2025, Burford no longer met the requirements to qualify as a "foreign private issuer" as defined by the US Securities and Exchange Commission, due to the continued shift of its equity ownership to US-based investors. Beginning with the upcoming reporting for 4Q24 and FY24 financial results, Burford will report as a US domestic issuer, which entails changes to Burford's reporting and disclosures including:

As part of this transition, Burford's supplementary reporting documents will also be streamlined. As noted above, a detailed earnings presentation will be available when the financial results are released via Burford's investor relations website and current report on Form 8-K. The press release associated with Burford's quarterly financial results will serve solely as a reference to the earnings call and detailed earnings presentation and no longer provide a comprehensive disclosure of financial results.