Pavilion Geared Recovery Trust PLC

The Board announces that at the Extraordinary General Meeting of the Company
held on 4 March 2003, shareholders passed the special resolution to change the
name of the Company to Recovery Trust PLC.

A copy of the special resolution referred to above has been submitted to the UK
Listing Authority and will shortly be available for inspection at the UK
Listing Authority's Document Viewing Facility which is situated at:-

Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS

Tel No: 020 7676 1000

4 March 2003



END