Net Asset Value(s)

    PAVILION GEARED RECOVERY TRUST PLC

The Company announces that the Net Asset Values at 26 February 2003 were:

per Ordinary Income share                         0.00p
                                                       
per Zero Dividend Preference share               91.98p

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 26 February 2003 were as follows:

     Stock Name                                           % of Total 
                                                            Assets   
                                                                     
   1 Framlington Income & Capital Trust Inc 25p              7.19    
                                                                     
   2 Gallaher Group Ord 10p                                  4.76    
                                                                     
   3 JP Morgan Fleming Income & Growth Inc 12.5p             4.57    
                                                                     
   4 United Utilities Ord £1                                 4.38    
                                                                     
   5 Associated British Foods Ord 5.68p                      3.82    
                                                                     
   6 Wyevale Garden Centres Ord 25p                          3.79    
                                                                     
   7 Expro International Group Ord 10p                       3.22    
                                                                     
   8 Debenhams Ord 10p                                       3.09    
                                                                     
   9 BP Ord 25c                                              3.08    
                                                                     
  10 Granada Ord 10p                                         2.99    
                                                                     
  11 TBI Ord 10p                                             2.79    
                                                                     
  12 Shell Transport & Trading Ord 25p                       2.73    
                                                                     
  13 Scottish & Newcastle Ord 20p                            2.61    
                                                                     
  14 Six Continents Ord 28p                                  2.37    
                                                                     
  15 Centrica Ord 55.55p                                     2.36    
                                                                     
  16 Aviva Ord 25p                                           2.17    
                                                                     
  17 Bradford & Bingley Ord 25p                              2.16    
                                                                     
  18 BFS Managed Properties Ord 25p                          1.93    
                                                                     
  19 Vosper Thornycroft Holdings Ord 0.05p                   1.82    
                                                                     
  20 Pilkington Ord 50p                                      1.76    



END