GTN LIMITED — Major Shareholding Notification 2018

Dec 26, 2018

Disclosure of ceasing 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, NZX and To Global Traffic Network Date this disclosure made: 24/12/2018

Date last disclosure made: 21/12/2018

Date on which substantial holding ceased: 17/05/2018

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 last disclosure,-

• $(a)$ total number held in class: 14,238,765
• $(b)$ total in class: 224,720,643
• $(c)$ total percentage held in class: 6.34%

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: 13,816,006
• total in class: 224,720,643 $(b)$
• $(c)$ total percentage held in class: 6.15%

Units	Custodian
2,225,579	Citi, on behalf of private client
406,361	JPM, on behalf of private client
1,808,368	BNP, on behalf of private client
1,240,205	BNP, on behalf of Devon Trans Tasman Fund
253,180	JPM, on behalf of private client
573,700	JPM, on behalf of private client
1,306,861	Citi, on behalf of private client
436,252	BNP, on behalf of Devon Dividend Yield Fund
475,613	MMC, on behalf of private client
88,654	BNP, on behalf of private client
996,880	BNP, on behalf of private client
695,256	BNP, on behalf of private client
291,557	Citi, on behalf of private client
71,418	BNP, on behalf of private client
281,880	BNP, on behalf of Devon Australian Fund
1,980,710	BNP, on behalf of Devon Alpha Fund

Detalls 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

• $(a)$ total number held In class: 422,759
• $(b)$ total in class: 224,720,643
• $(c)$ total percentage held in class: 0.2%

Jnits	Windows Custodian
422,759 Brown	BNP, on behalf of Clarity Trans Tasman Fund

For current holding after ceasing to have substantial holding,-

Summary for Investment Services Group Limited

• total number held in class: 10,464,084 $(a)$
• $(b)$ total in class: 224,720,643

$\cdot$

$(c)$ total percentage held in class: 4.66%

Details of relevant interests

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: 9,018,084
• (b) total in class: 224,720,643
• (c) total percentage held in class: 4.01%

Units	Custodlan
493,321	BNP, on behalf of private client
1,509,453	BNP, on behalf of Alpha fund
143,121	BNP, on behalf of Australian fund
4,919	BNP, on behalf of private client
166,349	Citi, on behalf of private client
378,895	BNP, on behalf of private client
623,808	BNP, on behalf of private cilent
55,492	BNP, on behalf of private client
290,226	MMC, on behalf of private client
281,762	BNP, on behalf of private client
1,338,728	Citi, on behalf of private client
301,470	JPM, on behalf of private client
158,221	JPM, on behalf of private client
642,107	BNP, on behalf of private client
1,032,554	BNP, on behalf of private client
252,843	JPM, on behalf of private client
1,344,815	Citi, on behalf of private client

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: 1,446,000 $(a)$
• $(b)$ total in class: 224,720,643

$(c)$ total percentage held in class: 0.65%

Units	Custodian
190,000	BNP, on behalf of Clarity Dividend Yield fund
1,256,000	BNP, on behalf of Clarity Trans Tasman fund

Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure:

Transaction in four months before 21/12/2018

Date	Transaction	Volume	Amount
21/12/2018	Sale	2,014,388	2,171,221.60
20/12/2018	Sale	917,072	1,000,828.53
18/12/2018	Sale	6,865	12,354.15
12/12/2018	Sale	1,521,223	2,638,987.23
3/12/2018	Sale	8,407	16,009.20
30/11/2018	Sale	15,900	30,277.89
29/11/2018	Sale	322,669	598,941.41
6/11/2018	Purchase	58,870	123,696.74
23/11/2018	Sale	23,256	44,517.58
22/11/2018	Sale	188,665	361,150.10
19/11/2018	Sale	43,886	89,696.40
16/11/2018	Sale	336,114	653,456.04
9/11/2018	Purchase	15,735	34,048.53
8/11/2018	Purchase	9,317	20,171.07
7/11/2018	Purchase	56,066	116,9 61,51
5/11/2018	Purchase	25,080	53,170.63
2/11/2018	Purchase	17,713	40,343.35
1/11/2018	Purchase	7,219	15,541.34
23/10/2018	Purchase	123,835	267,043.99
19/10/2018	Purchase	108,284	230,793.81
18/10/2018	Purchase	77,606	166,886.42
17/10/2018	Purchase	10,275	21,734.99
12/10/2018	Sale	494,755	986,541,47
3/10/2018	Purchase	5,474	11,757.70
2/10/2018	Purchase	300,526	656,099.30
27/09/2018	Purchase	630,000	1,337,603.40
21/09/2018	Purchase	1,624,149	3,095,140.75
4/09/2018	Sale	10,447	21,664.57
3/09/2018	Sale	59,172	122,800.99
16/02/2018	Sale	30,000	73,364.98
13/03/2018	Sale	30,000	64,221,30
8/03/2018	Sale	40,585	91,133.62

7/03/2018	Sale	9,415	20,201,77
	Sale	51,661	100,537.47
5/03/2018 2/03/2018	Sale	10,000	19,560.80
27/02/2018	Sak	5,000	10,996.96
	Sale	2,011	4,817.35
26/02/2018	Sale	1,000	2,385.22
22/02/2018 21/02/2018	Sale	14,051	34,131,73
14/02/2018		1,677	4,177.42
	Sale	769	2,033.69
13/02/2018	Sale

Addleonal ["lo,mation

Address(es) of substantial product holder(s) : Inv,ltmemt Servic= Gruup Umit»d, Lovd 10, ² Commgrce Stre* Auckland 1010

Contact details: John Tampo ^I p. ^{09 925} 3982 ¹ E: jt npoldevor*mds.co.rm

Name of any other psson believed tu have glven, or beleved to be required to give, ^a d dosure Linder the Fnandal MarkatE Conduct Act ²⁰¹³ In relation tu the Mnandal products to which thIN disclosure relabes: D,von Punds Menag=nont UmIMd

clitlflation

I, John Tampo, cstify that, to thebest of my knowledge and belief, the Information motalned h this dhclosure Is mrrect and that I am duly autholsed to maka this disclosure by all persons for whom It Is made.