Issue of Debt

20 January 2020

Publication of Listing Particulars

The following Listing Particulars have been approved by the United Kingdom Financial Conduct Authority and are available for viewing:

Listing Particulars dated 20 January 2020 (the "Listing Particulars") relating to the issue of GBP250,000,000 2.544 per cent. Bonds due 2117 (to be consolidated and form a single series with the £750,000,000 2.544 per cent. Bonds due 2117 issued on 8 December 2017) by The Chancellor Masters and Scholars of the University of Oxford

To view the Listing Particulars, please paste the following URL into the address bar of your browser:

http://www.rns-pdf.londonstockexchange.com/rns/3623A_1-2020-1-20.pdf

The Listing Particulars have been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do.

For further information, please contact:

Sean Anderson

Head of Tax and Treasury

Telephone: +44 1865 616026

Email: [email protected]

University of Oxford

University Offices

Wellington Square

Oxford OX1 2JD

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Listing Particulars may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Listing Particulars) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Listing Particulars is not addressed. Prior to relying on the information contained in the Listing Particulars, you must ascertain from the Listing Particulars whether or not you are one of the intended addressees of the information contained therein.

In particular, the Listing Particulars do not constitute an offer of securities for sale in the United States of America. This is not for distribution in the United States of America. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or under any relevant securities laws of any state of the United States of America and are subject to U.S. tax law requirements. Subject to certain exceptions, the securities may not be offered or sold within the United States of America or to, or for the account or benefit of, U.S. persons or to persons within the United States of America, as such terms are defined in Regulation S under the Securities Act. There will be no public offering of the securities in the United States of America.

Your right to access this service is conditional upon complying with the above requirement.