PAVILION GEARED RECOVERY TRUST PLC

The Company announces that the Net Asset Values at 29 January 2003 were:

per Ordinary Income share                         0.00p
                                                       
per Zero Dividend Preference share               94.41p

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 29 January 2003 were as follows:

     Stock Name                                           % of Total 
                                                            Assets   
                                                                     
   1 Framlington Income & Capital Trust Inc 25p              7.29    
                                                                     
   2 JP Morgan Fleming Income & Growth Inc 12.5p             4.68    
                                                                     
   3 United Utilities Ord �1                                 4.20    
                                                                     
   4 Gallaher Group Ord 10p                                  4.04    
                                                                     
   5 Associated British Foods Ord 5.68p                      3.78    
                                                                     
   6 Laing (John) Ord 25p                                    3.73    
                                                                     
   7 Wyevale Garden Centres Ord 25p                          3.58    
                                                                     
   8 Granada Ord 10p                                         3.49    
                                                                     
   9 Scottish & Newcastle Ord 20p                            3.00    
                                                                     
  10 TBI Ord 10p                                             2.95    
                                                                     
  11 Debenhams Ord 10p                                       2.93    
                                                                     
  12 Expro International Group Ord 10p                       2.76    
                                                                     
  13 Bradford & Bingley Ord 25p                              2.75    
                                                                     
  14 Shell Transport & Trading Ord 25p                       2.71    
                                                                     
  15 Centrica Ord 55.55p                                     2.57    
                                                                     
  16 Hiscox Ord 5p                                           2.52    
                                                                     
  17 Pilkington Ord 50p                                      2.10    
                                                                     
  18 Aviva Ord 25p                                           2.09    
                                                                     
  19 Prudential Ord 5p                                       2.00    
                                                                     
  20 BFS Managed Properties Ord 25p                          1.96    



END
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