PAVILION GEARED RECOVERY TRUST PLC

The Company announces that the Net Asset Values at 31 October 2002 were:

per Ordinary Income share                         0.00p
                                                       
per Zero Dividend Preference share              101.86p

Note: A ccrued 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 31October 2002 were as follows:

     Stock Name                                           % of Total 
                                                            Assets   
                                                                     
   1 Go-Ahead Group Ord 10p                                  6.67    
                                                                     
   2 Framlington Income & Capital Trust Inc 25p              6.54    
                                                                     
   3 Gallaher Group Ord 10p                                  4.38    
                                                                     
   4 JP Morgan Fleming Income & Growth Inc 12.5p             4.17    
                                                                     
   5 United Utilities Ord �1                                 4.12    
                                                                     
   6 Associated British Foods Ord 5.68p                      4.06    
                                                                     
   7 Safeway Ord 25p                                         3.87    
                                                                     
   8 Granada Ord 10p                                         3.85    
                                                                     
   9 Laing (John) Ord 25p                                    3.47    
                                                                     
  10 Bradford & Bingley Ord 25p                              3.31    
                                                                     
  11 Debenhams Ord 10p                                       3.31    
                                                                     
  12 Matalan Ord 10p                                         3.29    
                                                                     
  13 Prudential Ord 5p                                       3.19    
                                                                     
  14 Shell Transport & Trading Ord 5p                        2.87    
                                                                     
  15 Centrica Ord 0.55555p                                   2.79    
                                                                     
  16 Aviva Ord 25p                                           2.56    
                                                                     
  17 Investec High Income Trust Ord 25p                      2.09    
                                                                     
  18 First Choice Holidays Ord Gbp0.03                       1.90    
                                                                     
  19 Hiscox Ord Gbp0.05                                      1.86    
                                                                     
  20 Abbey National Gbp0.10                                  1.84    



END



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