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FOR IMMEDIATE RELEASE
G.T. GREATER EUROPE FUND OFFERS SHAREHOLDERS
55% BUY BACK IN CONNECTION WITH RESTRUCTURING
San Francisco, January 17, 1996 -- The Board of Trustees of the
G.T. Greater Europe Fund (GTF-NYSE), a closed-end investment company,
announced it is mailing to shareholders supplemental proxy materials
containing a proposal for a one-time offer to purchase up to 55% of the
Fund's outstanding shares at net asset value in conjunction with the
Board's proposal to restructure the Fund.
In announcing the Board's intention to make the one-time offer if
the Board's restructuring proposal is approved, Board Chairman David A.
Minella said, "This offer is designed to provide significant liquidity at
approximately net asset value for shareholders. It's important to
understand that this proposal relates to 55% of the Fund's outstanding
shares. All shareholders will have the opportunity to tender at least 55%
of their shares. Shareholders may be able to tender more, depending on
what other shareholders wish to do."
The materials sent to shareholders today supplement the proxy
statement dated October 31, 1995 in which the Board of Trustees
recommended restructuring the Fund to operate under an interval structure
and invest, under normal circumstances, at least 65% of the Fund's total
assets in eastern Europe (Proposal 1). Proposal 2 in the proxy materials
would convert the Fund to an open-end investment company. Due to a lack
of quorum, today's shareholder meeting was adjourned until 1:00 PM,
February 9, 1996.
"We hope that over the next few weeks, shareholders will
carefully review the two proposals. Although this has been a long
process, the Board believes that the proposed Fund restructuring and the
interval structure with the one-time 55% tender opportunity are in the
best interests of all shareholders.
"The Board's proposal gives shareholders the opportunity to focus
on eastern Europe, an area where we think a closed-end fund can best
capitalize on opportunities in that market. At the same time, substantial
liquidity at net asset value, on a one-time basis, is expected to be
available by the second quarter of 1996."
GTF shareholders as of October 20, 1995 are being sent new proxy
cards to use in conjunction with the vote. Shareholders who have already
voted may use the new card to change their vote if desired. Proxy cards
must be received prior to the February 9, 1996 meeting. Shareholders may
also vote in person at the meeting.
contact: Jane Ginsburg
Director of Marketing Communications
GT Global
415-445-3380
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