Pavilion Geared Recovery Trust PLC

The Company was today informed by The Brookdale Group that they purchased
575,000 Ordinary Income 1p shares on 28 February 2003, representing 1.92% of
the issued class of share.

The above acquisition was made for the following entities, managed by The
Brookdale Group:

                                            No of shares
                                                        
Brookdale Equity Partners                         69,000
                                                        
Brookdale International Partners                 402,500
                                                        
Brookdale Global Opportunity Fund                103,500

The resultant total holding is 3,075,000 Ordinary Income 1p shares,
representing 10.25% of the issued class of share.

Breakdown of total holding:

                                            No of shares
                                                        
Brookdale Equity Partners                        369,000
                                                        
Brookdale International Partners               2,152,500
                                                        
Brookdale Global Opportunity Fund                553,500

3 March 2003



END