Burford Capital Investment Management LLC

Item 5 – Fees and Compensation

Management Fees; Performance-Based Compensation

The Adviser and the General Partners receive compensation based both on assets under management and
performance.

The rate or amount at which fees are charged, the basis on which such fees are calculated, and the timing
of payment, vary across Clients and, as to a particular Client, may also vary across investment options
available to underlying investors in or members of the Client. In general, pursuant to the terms of the
applicable limited partnership agreements, the Funds pay the Adviser a management fee quarterly that
ranges from 0% to 2.0% annually of the Investors’ capital commitments during the Funds’ investment
periods with some funds paying the Adviser a lower fee until capital is called. After the Funds’ investment
periods, certain Funds cease to pay the Adviser a management fee, while other Funds continue to pay the
Adviser a management fee quarterly that ranges from 0% to 2.0% annually of all amounts committed or
deployed to legal finance assets, measured at the lower of cost or market.

Certain large or strategic investors may (and currently do) pay lesser fees, as set forth in the Funds’
governing documents. For example, one large investor currently pays no management fee in exchange for
agreeing to pay an increased performance-based fee and reimbursing certain costs (some of which are the
Adviser’s internal overhead costs). It is possible that Burford may offer similar arrangements to Investors
in future Funds. Other private fund advisory clients (which are generally single-purpose and single-asset)
do not pay the Adviser management fees. The Adviser may also be entitled to other revenues as a litigation
consultant from counterparties of Client legal finance assets. Such revenues, if any, accrue to the benefit of
the Clients holding such legal finance assets.

The performance-based fees paid by each Fund are described in the relevant governing documents of the
Fund and vary from Fund to Fund and among Investors in the same Fund pursuant to the terms of those
documents. In general, but with one exception, Investors are subject to a performance-based incentive fee
that ranges from 10% to 50% of actual cash receipts with respect to legal finance assets, net of all expenses,
liabilities and reserves. The exception generally provides for a performance-based incentive fee equal to the
return from the Fund in excess of 10%. For certain investment options, the incentive fee is subject to a
preferred return that ranges from 5% to 12.5% as described more fully in the relevant governing documents
of the particular Fund. The incentive fee is payable to the respective Fund’s General Partner. The other
private fund advisory clients may be subject to a similar performance fee payable to the manager or Adviser.
Our full fee schedule is omitted, as this brochure is delivered only to clients who are qualified purchasers
as defined in Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended.

The General Partners of the Funds have the right to reduce, waive, assign, participate, or otherwise share
incentive or performance fees without the consent of other Investors. The Adviser must provide notice of
any change to other Investors unless the change relates solely to officers and employees of the Adviser,
their affiliates, or their respective family members.

On behalf of each of the Funds, the General Partners make capital calls for both investment capital and
Fund expenses, including management fees and performance-based compensation (when applicable). After
receiving contributed capital from Investors, the Funds directly pay the Adviser (in the case of management
fees) or the relevant General Partner (in the case of performance-based compensation) the amount of
accrued compensation then owed. Investors do not have the ability to choose to be billed directly for fees.
Management fees are paid quarterly in advance or arrears, according to the relevant Fund governing
documents, and performance-based compensation (if applicable) is paid generally as earned.

Investors should refer to the relevant Fund’s private placement memorandum for more detailed
information regarding the treatment of fees in the event of a withdrawal, redemption, or termination (where
applicable).

Costs and Expenses

Unless otherwise specified by a Fund’s governing documents, each Fund bears all costs and expenses
relating to the Fund’s activities, operations, and maintenance. Such expenses may include, but are not
limited to, the management fees; Organizational Costs (as described below); expenses incurred in
connection with the sourcing, originating, structuring, organizing, negotiating, consummating, financing,
refinancing, acquiring, bidding on, holding, managing, hedging, restricting, monitoring, valuing and
disposing of commitments or proposed commitments (including, without limitation, due diligence and
commitment-related travel and entertainment expenses, as well as all fees and expenses due to any legal,
financial, accounting, consulting, or other advisory service); taxes, fees or other governmental charges
(including, without limitation, any entity-level taxes, fees, or other governmental charges levied); the costs
of any insurance (including after-the-event insurance); expenses incurred in connection with the collection
of monies owed to a Fund; extraordinary expenses (including, without limitation, litigation- related and
indemnification expenses); legal, lobbying, trade association memberships, asset recovery services, auditing,
compliance, consulting, investment banking services, advertising, marketing, conferences, sponsorships,
custodial services, trustee services, printing, appraisal, advisory, valuation, research and accounting fees and
expenses; the fees and expenses of any unaffiliated investment manager to which the Adviser may allocate
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Item 7 – Types of Clients

The Adviser provides investment advisory services to the Funds and other private fund advisory clients,
which collectively are its Clients. The Clients generally limit their Investors to persons who are both
“accredited investors,” as defined in the Securities Act of 1933, as amended, and “qualified clients” or
“qualified purchasers,” as defined in the Investment Company Act of 1940, as amended. Investments in
the Funds are subject to a minimum investment amount ranging from $100,000 per Investor to $10,000,000
per Investor, with such amount being subject to waiver at the discretion of the relevant General Partner.

Investments in other private fund advisory clients can be subject to a minimum; such terms vary based on
the circumstances.

Investors in the Clients include U.S. and non-U.S. investors, including, among others, public pensions,
endowments, financial institutions, family offices, sovereign wealth funds, private foundations, and high-
net-worth individuals. The members of the other private fund advisory clients are generally Fund limited
partners, affiliates of Fund limited partners, and/or a Fund. In addition, certain employees and other
persons associated with the Adviser and/or its affiliates have made capital commitments to the Clients.