G.T. Global Eastern Europe Fund announces final results of its repurchase offer

Business Wire, May 6, 1997

SAN FRANCISCO--(BUSINESS WIRE)--May 6, 1997--G.T. Global Eastern Europe Fund (NYSE:GTF) announced the final repurchase offer price and repurchase fee amount with respect to the Fund's recent repurchase offer for shares of beneficial interest.

The repurchase offer and withdrawal rights expired on April 18. The repurchase offer made by the Fund was for up to 5% of its outstanding shares.

The shares accepted for tender will receive cash at a repurchase offer price of $17.39, which is equal to the Fund's net asset value per share of $17.65 as of May 2, less a repurchase fee of $0.26. Cash payment for the repurchased shares will be issued on Friday, May 9. All shares tendered and not repurchase by the Fund will be returned to shareholders as promptly as practicable.

G.T. Global Eastern Europe Fund is a closed-end investment company. For further information concerning the Fund and its repurchase offer, please contact the above or Shareholder Communications Corporation, the Fund's information agent at 800/733-8481, ext. 452.

CONTACT: Chancellor LGT Asset Management

Richard W. Healey, 415/445-7508