Net Asset Value(s)

    PAVILION GEARED RECOVERY TRUST PLC

The Company announces that the Net Asset Values at 30 November 2002 were:

per Ordinary Income share                         0.00p
                                                       
per Zero Dividend Preference share              105.11p

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 30 November 2002 were as follows:

     Stock Name                                           % of Total 
                                                            Assets   
                                                                     
   1 Framlington Income & Capital Trust Inc 25p              6.48    
                                                                     
   2 Go-Ahead Group Ord 10p                                  5.78    
                                                                     
   3 Granada Ord 10p                                         4.82    
                                                                     
   4 JP Morgan Fleming Income & Growth Inc 12.5p             4.19    
                                                                     
   5 United Utilities Ord £1                                 4.05    
                                                                     
   6 Gallaher Group Ord 10p                                  3.81    
                                                                     
   7 Associated British Foods Ord 5.68p                      3.73    
                                                                     
   8 Prudential Ord 5p                                       3.60    
                                                                     
   9 Matalan Ord 10p                                         3.48    
                                                                     
  10 Laing (John) Ord 25p                                    3.29    
                                                                     
  11 Debenhams Ord 10p                                       3.10    
                                                                     
  12 Bradford & Bingley Ord 25p                              3.09    
                                                                     
  13 Shell Transport & Trading Ord 5p                        2.81    
                                                                     
  14 Aviva Ord 25p                                           2.77    
                                                                     
  15 Centrica Ord 0.55555p                                   2.50    
                                                                     
  16 Safeway Ord 25p                                         2.20    
                                                                     
  17 Hiscox Ord 5p                                           2.05    
                                                                     
  18 Investec High Income Trust Ord 25p                      2.02    
                                                                     
  19 Vosper Thornycroft Holdings Ord 5p                      1.91    
                                                                     
  20 Six Continents Ord 28p                                  1.90    



END