Substantial Acquisitions of Shares Disclosure

City of Oxford Geared Inc Tst PLC
7 August 2000

LETTER TO:  COMPANY ANNOUNCEMENTS OFFICE

SAR 5 ANNOUNCEMENT
THE CITY OF OXFORD GEARED INCOME TRUST PLC
INCOME 5P SHARES

Aberdeen Asset Managers Limited write to inform you that they sold 450,000
shares of the above company on the 4th August 2000, on behalf of discretionary
funds under management.

The total number of shares managed by Aberdeen Asset Managers Limited and its
associated companies is 7,950,000 shares representing 16.14% of the issued share
capital of that class (previously 17.05%).

From:  Claire Gilmour (Compliance Department, Aberdeen Asset Managers)