Oxford Street Fin. - Notice

COMPANY ANNOUNCEMENT

April 30, 2012

NOTICE

THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

Oxford Street Finance Limited

(A limited liability company incorporated in Jersey with registered number 91363) (the "Issuer")

Re: Adjustment of the Adjusted Principal Balance of the Notes

The Issuer wishes to announce that pursuant to the terms of the 1992 ISDA Master Agreement (Multicurrency - Cross Border) together with a schedule and the swap confirmation relating thereto dated 24 October 2005 (as amended from time to time, the "Portfolio Credit Swap") between the Issuer and KBC Investments Cayman Islands V, Ltd. (the "Portfolio Swap Counterparty"), it has been determined that a Cash Settlement Amount was payable from the Issuer to the Portfolio Swap Counterparty on the Cash Settlement Date falling on 10 April 2012. For each Cash Settlement Amount payable by the Issuer an amount equal to the Noteholder Contribution applicable in respect thereof will be applied in the reduction of the aggregate Adjusted Principal Balance of the Notes without any corresponding payment to the Noteholders.

The following Notes were issued by the Issuer on 24 October 2005:

EUR 87,000,000 Class A1 Floating Rate Credit-Linked Notes (Common Code 023296691 / ISIN XS0232966910) (the "Class A1 Notes")

EUR 80,000,000 Class A2 Floating Rate Credit-Linked Notes (Common Code 023296772 / ISIN XS0232967728) (the "Class A2 Notes")

EUR 64,000,000 Class B Floating Rate Credit-Linked Notes (Common Code 023296829 / ISIN XS0232968296) (the "Class B Notes")

EUR 43,000,000 Class C Floating Rate Credit-Linked Notes (Common Code 023296888 / ISIN XS0232968882) (the "Class C Notes")

EUR 33,000,000 Class D Floating Rate Credit-Linked Notes (Common Code 023296969 / ISIN XS0232969690) (the "Class D Notes")

EUR 28,000,000, Class E Floating Rate Credit-Linked Notes (Common Code 023297043 / ISIN XS0232970433) (the "Class E Notes")

EUR 17,000,000 Class F Floating Rate Credit-Linked Notes (Common Code 023297132 / ISIN XS0232971324) (the "Class F Notes")

EUR 16,000,000 Class G Floating Rate Credit-Linked Notes (Common Code 023297183 / ISIN XS0232971837) (the "Class G Notes")

EUR 14,000,000 Class H Floating Rate Credit-Linked Notes (Common Code 023297272 / ISIN XS0232972728) (the "Class H Notes")

(Class A1 Notes, Class A2 Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class G Notes, Class H Notes, together, the "Notes").

Accordingly, on 10 April 2012:

(1) the Cash Settlement Amount due from the Issuer to the Portfolio Swap Counterparty was EUR 7.845.994,63 and the Noteholder Contribution was EUR 7.845.994,63 ; and

(2) as a result of the Cash Settlement Amount paid by the Issuer on 10 April 2012, the Adjusted Principal Balance of the following Class of Notes (being the Class C Notes, the "Affected Class") was adjusted, so that the new Adjusted Principal Balance for each of the Notes as of 10 April 2012 is as follows:

"The Notes (having a zero Adjusted Principal Balance) are subject to possible reinstatement and will not be delisted"

Unless otherwise defined herein, capitalised terms used in this announcement shall have the meanings given to them in the Portfolio Credit Swap and in the terms and conditions of the Notes.

SCHEDULE: CONTACT DETAILS

Listing Agent

Name: The Bank of New York Mellon

Attention: Tracy Sheridan

Telephone No: +353 1 900 6991

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange