Annual Disclosure Report

Disclaimer

All information contained in the report has been furnished or obtained by Stanford University from sources believed to be accurate and reliable. The information contained in the Report is subject to change without notice and delivery of this information shall not, under any circumstances, create any implication that there has been no change in the affairs of Stanford University since the date hereof. Reference should be made to the Official Statement and the operative documents for each series for a full and complete statement of the terms of each series of bonds.

Because of the possibility of human and mechanical error as well as other factors, however, such information is provided “as is” without warranty of any kind and, in particular, no representation or warranty, expressed or implied, is made nor to be inferred as to the accuracy, timeliness or completeness, of any such information. Under no circumstances shall Stanford University have any liability to any person or entity for (i) any loss or damage in whole or part caused by, resulting from or relating to any error (neglect or otherwise) or any circumstances involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, communicating or delivering any such information, or (ii) any direct, indirect, special consequential or incidental damages whatsoever, even if Stanford University is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, any such information.

The FY2016 Annual Disclosure Report is provided in compliance with Rule 15c2-12(b) (5) of the Securities and Exchange Commission, and also in compliance with certain agreements on continuing disclosure entered into by the University and other parties. The Report is dated February 27, 2017.