$50M Gift to Christ Church, Oxford

Business Wire, June 18, 2008

Dame Vivien Duffield, Chairman of The Campaign for the University of Oxford, said: "I am absolutely delighted that my North American Co-Chairman has made such a substantial gift in such an imaginative way to encourage others to support The Campaign for the University of Oxford. I look forward to working with Michael Moritz over the next few years for Oxford."

Notes to editors

*The thirty-nine colleges, though independent and self-governing, form a core element of the University of Oxford, to which they are related in a federal framework. They are legally and financially independent and have their own endowments. The value of all the colleges' endowments combined is around PS2.7 billion. The University's central endowment is around PS700m. Part of the University's new investment strategy is to manage its central endowment in a fund that allows colleges to opt in, gaining the investment benefits of a larger pool.

*Founded in 1524, Christ Church is one of the largest colleges in Oxford. Its long-term educational objectives are to help sustain Oxford's distinctive tutorial system, and to admit students on merit and potential alone. The college contains a unique set of heritage buildings, the upkeep and conservation of which is a major cost. Under the second phase of its Development Program, started in 2001, Christ Church estimates, that in order to cover the full range of its educational, conservation and cultural activities, an additional PS2.5-PS3m income per year is needed. The gift will generate approximately PS800,000 of that sum. The additional income will maintain, modernize, and restore buildings, and fund academic posts and student scholarships. Particular benefits will accrue to academic posts appointed jointly between the college and University (including fixed-term fellowships in science), and full scholarship support for science postgraduates. In this second stage of the campaign, the college will continue to seek support from all sources. The publication of the college's continuous development program in September 2008 will identify, as a prerequisite to achieving these goals, spending plans based on around PS90m of additional endowment. The Moritz/Heyman donation is a first landmark contribution towards that new set of goals. See www.chch.ox.ac.uk

*Oxford University Asset Management is a wholly owned subsidiary of the University of Oxford. It was set up in September 2007 to provide investment management services to the University, its colleges and related entities. It is authorized and regulated by the FSA. It manages the Oxford Endowment Fund. The Oxford Endowment Fund is a single unitized pool into which investors buy shares. It is an unregulated collective investment scheme. It is similar to the unitized pools used by the US universities which enable the collective management of multiple endowments.

*In February 2007 Richard Oldfield, Chief Executive of investment management company Oldfield Partners, was appointed Chairman of the investment committee at Oxford University, following a decision to reform the committee so that the majority of its members have current professional fund management experience. This committee decided to appoint a Chief Investment Officer for the University to oversee an investment office managing the University's funds. Sandra Robertson, previously Co-Head of Portfolio Management at the Wellcome Trust, joined the University as Chief Investment Officer in September 2007. The focus on investment which her new office provides is part of the drive to increase Oxford's income by generating better investment returns alongside the University's major fundraising activity.