PAVILION GEARED RECOVERY TRUST PLC

The Company announces that the Net Asset Values at 9 October 2002 were:

per Ordinary Income share                         0.00p
                                                       
per Zero Dividend Preference share               96.67p

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 9 October 2002 were as follows:

     Stock Name                                           % of Total 
                                                            Assets   
                                                                     
   1 Laing (John) Ord 25p                                    7.48    
                                                                     
   2 Go-Ahead Group Ord 10p                                  6.93    
                                                                     
   3 Framlington Income & Capital Trust Inc 25p              6.76    
                                                                     
   4 Gallaher Group Ord 10p                                  4.86    
                                                                     
   5 JP Morgan Fleming Income & Growth Inc 12.5p             4.41    
                                                                     
   6 Associated British Foods Ord 5.68p                      4.28    
                                                                     
   7 United Utilities Ord �1                                 4.23    
                                                                     
   8 Aviva Ord 25p                                           3.76    
                                                                     
   9 Granada Ord 10p                                         3.58    
                                                                     
  10 Safeway Ord 25p                                         3.36    
                                                                     
  11 Bradford & Bingley Ord 25p                              3.09    
                                                                     
  12 Shell Transport & Trading Ord 5p                        2.81    
                                                                     
  13 Prudential Ord 5p                                       2.76    
                                                                     
  14 Centrica Ord 0.55555p                                   2.75    
                                                                     
  15 Shire Pharmaceuticals Group Ord 5p                      2.71    
                                                                     
  16 Investec High Income Trust Ord 25p                      2.60    
                                                                     
  17 Debenhams Ord 10p                                       2.37    
                                                                     
  18 BFS Managed Properties Ord 25p                          2.30    
                                                                     
  19 Matalan Ord 10p                                         1.83    
                                                                     
  20 Abbey National Ord 10p                                  1.73    



END



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