Net Asset Value(s)

    PAVILION GEARED RECOVERY TRUST PLC

The Company announces that the Net Asset Values at 12 February 2003 were:

per Ordinary Income share                         0.00p
                                                       
per Zero Dividend Preference share               94.13p

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 12 February 2003 were as follows:

     Stock Name                                           % of Total 
                                                            Assets   
                                                                     
   1 Framlington Income & Capital Trust Inc 25p              7.13    
                                                                     
   2 JP Morgan Fleming Income & Growth Inc 12.5p             4.61    
                                                                     
   3 United Utilities Ord £1                                 4.52    
                                                                     
   4 Gallaher Group Ord 10p                                  4.34    
                                                                     
   5 Associated British Foods Ord 5.68p                      3.92    
                                                                     
   6 Wyevale Garden Centres Ord 25p                          3.67    
                                                                     
   7 Laing (John) Ord 25p                                    3.53    
                                                                     
   8 Granada Ord 10p                                         3.42    
                                                                     
   9 Debenhams Ord 10p                                       3.04    
                                                                     
  10 BP Ord 25c                                              2.89    
                                                                     
  11 TBI Ord 10p                                             2.83    
                                                                     
  12 Expro International Group Ord 10p                       2.76    
                                                                     
  13 Centrica Ord 55.55p                                     2.74    
                                                                     
  14 Shell Transport & Trading Ord 25p                       2.63    
                                                                     
  15 Scottish & Newcastle Ord 20p                            2.60    
                                                                     
  16 Aviva Ord 25p                                           2.35    
                                                                     
  17 BFS Managed Properties Ord 25p                          2.05    
                                                                     
  18 Six Continents Ord 28p                                  1.95    
                                                                     
  19 Bradford & Bingley Ord 25p                              1.95    
                                                                     
  20 Vosper Thornycroft Holdings 5p                          1.91    



END