GTN LIMITED — Major Shareholding Notification 2017

Apr 2, 2017

Disclosure of beginning to have substantial holding

Section 276, Financial Markets Conduct Act 2013

Note: This form must be completed in accordance with the instructions at the end of the form.

To ASX

and To GTN Date this disclosure made: 03/04/2017

Date on which substantial holding began: 03/04/2017

Substantial product holder(s) giving disclosure Full name(s): Investment Services Group Limited (formerly Devon Funds Group Limited)

Summary of substantial holding Class of quoted voting products: Ordinary Shares

Summary for Investment Services Group Limited

For this disclosure,-

• $(a)$ total number held in class: 13,958,628
• $(b)$ total in class: 221,955,969
• $\left( c\right)$ total percentage held in class: 6.29%

Details of relevant interests

Devon Funds Management Limited and Clarity Funds Management Limited are subsidiaries of Investment Services Group Limited.

Details for Devon Funds Management Limited

Nature of relevant interest(s): Related party of Investment Services Group Limited

For that relevant interest,-

Summary for Devon Funds Management Limited

• $(a)$ total number held in class: 13,323, 857
• $(b)$ total in class: 221,955,969
• $(c)$ total percentage held in class: 6.00%

$\mathbf 1$

Details for Clarity Funds Management Limited

Nature of relevant interest(s): Related party of Investment Services Group Limited.

For that relevant interest. $-$

Summary for Clarity Funds Management Limited

• total number held in class: 635,041 $(a)$
• total in class: 221,955,969 $(b)$
• $(c)$ total percentage held in class: 0.29%

For a derivative relevant interest, also-

• type of derivative: [eg, option or swap agreement] $(a)$
• $(b)$ details of derivative: [specify details required by the instructions to this form]
• parties to the derivative: $(r)$
• if the substantial product holder is not a party to the derivative, the nature of the (d) relevant interest in the derivative:

Details of transactions and events giving rise to substantial holding

Details of the transactions or other events requiring disclosure: Substantial holding due to business reorganisation on 03/04/2017 which gave rise to a relevant interest for Investment Services Group due to ownership of Devon Funds Management Limited and Clarity Funds Management Limited.

Additional information

Address(es) of substantial product holder(s): Investment Services Group Limited, Level 10, 2 Commerce Street, Auckland 1010

Contact details: Chris Knight | P: 09 925 3978 | E: cknight@devonfunds.co.nz

Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: Devon Funds Management Limited

Certification

I, Chris Knight, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.