Pavilion Geared Recovery Trust PLC

The Company was informed today by The Brookdale Group that they purchased
2,500,000 Ordinary Income 1p shares on 10 February 2003, representing 8.33% 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                        300,000        1.00
                                                                    
Brookdale International Partners               1,750,000        5.83
                                                                    
Brookdale Global Opportunity Fund                450,000        1.50



END