PAVILION GEARED RECOVERY TRUST PLC

The Company announces that the Net Asset Values at 13 November 2002 were:

per Ordinary Income share                         0.00p
                                                       
per Zero Dividend Preference share              102.83p

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 13 November 2002 were as follows:

     Stock Name                                           % of Total 
                                                            Assets   
                                                                     
   1 Framlington Income & Capital Trust Inc 25p              6.32    
                                                                     
   2 Go-Ahead Group Ord 10p                                  5.96    
                                                                     
   3 Gallaher Group Ord 10p                                  4.40    
                                                                     
   4 United Utilities Ord �1                                 4.15    
                                                                     
   5 JP Morgan Fleming Income & Growth Inc 12.5p             4.14    
                                                                     
   6 Associated British Foods Ord 5.68p                      3.97    
                                                                     
   7 Granada Ord 10p                                         3.95    
                                                                     
   8 Matalan Ord 10p                                         3.59    
                                                                     
   9 Laing (John) Ord 25p                                    3.55    
                                                                     
  10 Debenhams Ord 10p                                       3.32    
                                                                     
  11 Bradford & Bingley Ord 25p                              3.30    
                                                                     
  12 Prudential Ord 5p                                       2.92    
                                                                     
  13 Shell Transport & Trading Ord 5p                        2.74    
                                                                     
  14 Aviva Ord 25p                                           2.52    
                                                                     
  15 Centrica Ord 0.55555p                                   2.51    
                                                                     
  16 Safeway Ord 25p                                         2.31    
                                                                     
  17 Investec High Income Trust Ord 25p                      2.06    
                                                                     
  18 Vosper Thornycroft Holdings Ord 5p                      1.89    
                                                                     
  19 Hiscox Ord 5p                                           1.87    
                                                                     
  20 Abbey National Ord 10p                                  1.79    



END



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