GTN LIMITED — Major Shareholding Notification 2016

Jun 2, 2016

To:	Fax:
Markets Announcements Office, ASX Limited	1300 135 638
From:	Phone:
Craig Miller	$(02)$ 8256 1000
Date/Time:	Number of pages including this one:
3 June 2016	3
Subject:
Form $603 - GTN$

Attached is a Form 603 - Notice of initial substantial holder in respect of shares held by Smallco Investment Manager Limited in GTN Limited (GTN).

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Craig Miller Secretary Smallco Investment Manager Limited

15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	GTN Limited
ACN/ARSN	167 541 568
1. Details of substantial holder (1)
Name	Smallco Investment Manager Limited .
ACN/ARSN (if applicable)	606 841 801

The holder became a substantial holder on 02/06/2016

1. Details of voting power
   The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the aubstantial holder or an associate (2) had a relevant Interest
   (3) in on the

Class of securities (4)	Number of securities .	Persons' votes (5)	Voting power (6)
. Fully Pd Ordinary Shares	13.921.054	13.921.054	6.92% A 1911
	.	----

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

. -- Holder of relevant interest ----	____ Nature of relevant interest (7)	--- Class and number of securities ___
Smallco Investment Manager Limited	Power to vote	13.921.054
	.	------

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

.
Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
Smallco Investment Manager Limited	JP Morgan ACF Smallco Investment Fund	Smallco Investment Fund	5.762.458
Smallco Investment Manager Limited	JP Morgan ACF Smallco Broadcap Fund	Smallco Broadcap Fund	3,311,198
Smallco Investment Manager Limited	Smallco Investment Manager Limited <the CUT A/C></the	The Gut Trust	4.847.398

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
Smallco Investment Manager Limited	12/05/2016	18,850,003		9,921,054
Smallco Investment Manager Limited	01/06/2016	8,542,653		4,000.000

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603

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
	---

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Smallco Investment Manager Limited	L18 109 Pitt Street Sydney NSW 2000
Smalico Investment Fund	L18 109 Pitt Street Sydney NSW 2000
Smallco Broadcap Fund	L18 109 Pitt Street Sydney NSW 2000
The Cut Trust	L18 109 Pitt Street Sydney NSW 2000

Signature

print name	Craig Miller	Secretary capacity
sign here	wadda	$\mathcal{U}$ date $\sqrt{2}$ 16 $\rho_{\varphi}$
	DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager $(1)$ and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate $(5)$ has a relevant interest in.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(6)$
• Include details of: $(7)$
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any $(a)$ document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the $(b)$ securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• If the substantial holder is unable to determine the identity of the person (eg. If the relevant interest arises because of an option) write "unknown". $(8)$
• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or $(9)$ may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.