Net Asset Value(s)

    PAVILION GEARED RECOVERY TRUST PLC

The Company announces that the Net Asset Values at 18 September 2002 were:

per Ordinary Income share                         0.00p
                                                       
per Zero Dividend Preference share              107.95p

The Company's twenty largest holdings as at 18 September 2002 were as follows:

     Stock Name                                           % of Total 
                                                            Assets   
                                                                     
   1 Go-Ahead Group Ord 10p                                  8.16    
                                                                     
   2 Laing(John) Ord 25p                                     7.28    
                                                                     
   3 Framlington Income & Capital Trust Inc 25p              6.53    
                                                                     
   4 Gallaher Group Ord 10p                                  4.58    
                                                                     
   5 United Utilities Ord £1                                 4.06    
                                                                     
   6 JP Morgan Fleming Income & Growth Inc 12.5p             4.05    
                                                                     
   7 Associated British Foods Ord 5.68p                      3.87    
                                                                     
   8 Granada Ord 10p                                         3.72    
                                                                     
   9 Safeway Ord 25p                                         3.50    
                                                                     
  10 First Choice Holidays Ord 3p                            3.38    
                                                                     
  11 Abbey National Ord 10p                                  3.15    
                                                                     
  12 Bradford & Bingley Ord 25p                              2.98    
                                                                     
  13 Aviva Ord 25p                                           2.90    
                                                                     
  14 Shire Pharmaceuticals Group Ord 5p                      2.88    
                                                                     
  15 BFS Managed Properties Ord 25p                          2.81    
                                                                     
  16 Investec High Income Trust Ord 25p                      2.76    
                                                                     
  17 Matalan Ord 10p                                         2.66    
                                                                     
  18 Shell Transport & Trading Ord 5p                        2.60    
                                                                     
  19 Centrica Ord 0.55555p                                   2.52    
                                                                     
  20 Prudential Ord 5p                                       2.41    



END