Dividend Declaration

City of Oxford Geared Inc Tst PLC
18 July 2001

City of Oxford Geared Income Trust PLC

18 July 2001

Announcement Body Information:

First Interim Dividend - Year to 31 March 2002

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The Board of The City of Oxford Geared Income Trust PLC has today declared a
First Interim Dividend on its Geared Ordinary and Income shares. The First
Interim Dividend is in respect of the year ending 31 March 2002 and amounts to
2.86 net per Geared Ordinary share (2000: 2.86p). The Income share dividend
rate is 2.05 per share (2000: 2.05p), calculated in accordance with the
formula set out in the Company's Articles of Association. Both dividends are
payable on 22nd August 2001 to shareholders on the register as at 27th July
2001.