PAVILION GEARED RECOVERY TRUST PLC

The Company announces that the Net Asset Values at 19 February 2003 were:

per Ordinary Income share                         0.00p
                                                       
per Zero Dividend Preference share               93.61p

Note: Accrued income attributable to the Ordinary Income shares amounts to
1.03p per share, as at 31 July 2002 .

The Company's twenty largest holdings as at 19 February 2003 were as follows:

     Stock Name                                           % of Total 
                                                            Assets   
                                                                     
   1 Framlington Income & Capital Trust Inc 25p              7.12    
                                                                     
   2 JP Morgan Fleming Income & Growth Inc 12.5p             4.64    
                                                                     
   3 United Utilities Ord �1                                 4.48    
                                                                     
   4 Gallaher Group Ord 10p                                  4.40    
                                                                     
   5 Associated British Foods Ord 5.68p                      3.89    
                                                                     
   6 Wyevale Garden Centres Ord 25p                          3.73    
                                                                     
   7 Granada Ord 10p                                         3.46    
                                                                     
   8 Debenhams Ord 10p                                       3.13    
                                                                     
   9 BP Ord 25c                                              2.97    
                                                                     
  10 Expro International Group Ord 10p                       2.90    
                                                                     
  11 TBI Ord 10p                                             2.75    
                                                                     
  12 Shell Transport & Trading Ord 25p                       2.72    
                                                                     
  13 Scottish & Newcastle Ord 20p                            2.63    
                                                                     
  14 Centrica Ord 55.55p                                     2.48    
                                                                     
  15 Aviva Ord 25p                                           2.41    
                                                                     
  16 Six Continents Ord 28p                                  2.22    
                                                                     
  17 Laing (John) Ord 25p                                    2.09    
                                                                     
  18 Bradford & Bingley Ord 25p                              2.08    
                                                                     
  19 BFS Managed Properties Ord 25p                          1.90    
                                                                     
  20 Pilkington Ord 50p                                      1.84    



END