GTN LIMITED — Major Shareholding Notification 2018

Sep 23, 2018

Z ELLERSTON CAPITAL

Ellerston Capital Limited ABN 34 110 397 674 AFSL No. 283 000

Level 11, 179 Elizabeth Street Sydney NSW 2000 Phone +612 9021 7797 Fax +612 9261 0528 www.ellerstoncapital.com

FAX No:

Ellerston Capital Limited FROM:

DATE: 24/09/2018

NO. OF PAGES (Including this page)

Dear Manager

RE:

GTN Limited - Form 603

We attach our notice of becoming a substantial holder (Form 603) in respect of GTN Limited.

$\overline{7}$

We note that the shares reported in this Form are owned by third party accounts under the discretionary investment management of Ellerston Capital Limited.

None of Ellerston Capital Limited, nor any of its shareholders or any of their associates hold a direct interest in any shares disclosed in this Form.

Yours sincerely,

INNoll

lan Kelly Company Secretary Ellerston Capital Limited

Form 603 Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	GTN Limited
ACN/ARSN/ARBN	ACN 606 841 801
1. Details of substantial holder (1)
Name	Ellerston Capital Limited (Primary Person), and its associates being those persons listed in Annexure B
ACN/ARSN (if applicable)	ACN 110 397 674

ACN/ARSN (if applicable)

The holder became a substantial holder on

21/09/2018

2. 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 substantial holder or an associate (2) had a

relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Securities	13,284,354	13.284.354	5.91%

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
Primary Person	The Primary Person in its capacity as investment manager for various clients or as trustee/responsible entity for investment vehicles, has the power to exercise, or control the exercise of, a right to vote attached to the securities and has the power to dispose of, or control the exercise a disposal of, the securities	13,284,354 Securities

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	Registered holder of	Person entitled to be	Class and number
linterest	Securities	registered as holder (8)	of securities
Primary Person	BNP Paribas Nominees Pty Limited	BNP Paribas Nominees Pty Limited	1,118,472 Securities
Primary Person	JP Morgan Nominees Australia Limited	JP Morgan Nominees Australia Limited	11.981,272 Securities
Primary Person	HSBC Custody Nominees (Australia) Limited	HSBC Custody Nominees (Australia) Limited	184,610 Securities

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:

.

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
Refer to Annexure B

7. Addresses

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

Name	Address
See annexures	The Substantial Shareholder - c/- Level 11, 179 Elizabeth Street, Sydney, NSW, 2000
	The entities listed in Annexure $A - cI$ - Level 11, 179 Elizabeth Street, Sydney, NSW, 2000
GTN Limited	Level 42 Northpoint, 100 Miller Street, NORTH SYDNEY, NSW 2060

Signature

print name		capacity	Company Secretary
sign here		date	24/09/2018

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 and trustee of an equity trust),
  the names could be included in an ann $(1)$
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• 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 has a relevant interest in. $(5)$
• $(6)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• 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 document setting out the $(a)$ 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 securities to which the $(b)$ 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.

• $(8)$ 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."
• Details of the consideration must include any and all benefits, moneys and other, that any person from whom a relevant interest was acquired has, or 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 holde $(9)$

GTN Limited ACN 606 841 801

This is Annexure A of 1 pages referred to in Form Form 603 Notice of initial substantial holder.

Signature

print name

sign here

IAW KELLY capacity date

Company Secretary

24/09/2018

	Person whose relevant interest
Date of Change	changed		Natures of change (4) relation to change (5) securities affected	Consideration give in Class (6) and number of	Persons's votes affected
21/09/2018	Primary Person	Buy	\$11,875,000.00	6,250,000 Securities	6,250,000
29/05/2018	Primary Person	Buy	\$14,665.00	6,983 Securities	6,983
16/05/2018	Primary Person	Buy	\$1,800,000.00	900,000 Securities	900,000
13/04/2018	Primary Person	Buy	\$203,333.00	112,963 Securities	112,963
6/04/2018	Primary Person	Buy	\$257,598.00	149,862 Securities	149,862
5/04/2018	Primary Person	Buy	\$18,340.00	10,993 Securities	10,993
3/04/2018	Primary Person	Buy	\$362,250.00	210,000 Securities	210,000
29/03/2018	Primary Person	Buy	\$833,306.00	450,509 Securities	450,509
28/03/2018	Primary Person	Buy	\$555,000.00	300,000 Securities	300,000
27/03/2018	Primary Person	Buy	\$259,691.00	141,559 Securities	141,559
15/03/2018	Primary Person	Buy	\$6,160,311.00	3,159,134 Securities	3,159,134
14/03/2018	Primary Person	Buy	\$2,000,000.00	1,000,000 Securities	1,000,000
9/03/2018	Primary Person	Buy	\$764,706.00	332,481 Securities	332,481
6/03/2018	Primary Person	Buy	\$121,208.00	62,158 Securities	62,158
1/03/2018	Primary Person	Buy	\$355,881.00	197,712 Securities	197,712

This is Annexure B of 3 pages referred to in Form Form 603 Notice of initial substantial holder.

Signature

r

print name	capacity	Company Secretary
sign here	date	24/09/2018

The following entities represent the Passive Substantial Holders. Each is a related body corporate of the Principal Person or a person that controls a related body corporate of the Principal Person and so an associate of the Primary Person under section 12(2)(a) of the Corporations Act, and therefore a substantial holder in the Company.

PARTY/ENTITY NAME	AUS I RALIAN
	COMPANY
Aidem Holdings Pty Limited	161 624 399
Arctic Capital Ltd
Australian Financial Times Pty Ltd	003 993 682
Australian Fluorine Chemicals Pty Ltd	000 333 684
Bareage Pty Ltd	060 526 865
BSI Blue Sky International Ltd. (BVI)
BSI Blue Sky International Ltd. (Mauritius)
Buttermilk Properties LLC
Cairnton Pty Ltd	001 735 075
Cairnton Holdings Limited	008 394 134
Captwo Pty Ltd	091 030 929
Casthree Pty Ltd	084 494 619
Castwo Pty Ltd	084 494 520
Cavalane Holdings Pty Ltd	080 695 754
CBG Holding Company Pty Limited	163 161 420
Chermon Pty Ltd	123 039 305
Conpress (Hong Kong) Ltd
Conpress (Malaysia) Sdn Bhd
Conpress Cayman, LDC
Conpress Cayman II, LDC
Conpress Cayman III, LDC
Conpress Christchurch Pty Ltd
Conpress Finance BV
Conpress Holdings Pty Ltd	088 047 974
Conpress International Finance
Conpress International (Netherlands Antilles) NV
Conpress International (Netherlands Antilles) II NV
Conpress Mauritius Limited
Conpress Securities Pty Limited	160 602 853
Consolidated Custodians International Ltd
Consolidated Custodians Pty Ltd	008 394 492
Consolidated Gaming Pty Ltd	071 513 409
Consolidated Press (Finance) LLC
Consolidated Press (Finance) Pty Ltd	001 557 035
Consolidated Press (Finance) II Pty Ltd	603 295 834
Consolidated Press (Finance) III Pty Ltd	604 881 030
Consolidated Press Entertainment Pty Ltd Consolidated Press Financial Services Pty Ltd	070 506 606
	008 457 869
Consolidated Press Holdings (North America) LLC
Consolidated Press Holdings Pty Ltd Consolidated Press International Limited	008 394 509
Consolidated Press International Holdings Limited

PARTY/ENTITY NAME	AUSTRALIAN
	COMPANY
Consolidated Press Investments Pty Ltd	000 089 118
Consolidated Press Property Pty Ltd	004 160 703
Cairnton Holdings Bahamas Limited C.P. International Investments Ltd
C.P. International Management Services Limited C.P. International Resources Ltd
C.P. International Securities Ltd
CPH Barbuda Holdings Limited
CPH Capital Pty Ltd	096 130 899
CPH Crown Holdings Pty Limited	603 296 804
CPH Direct Investments Pty Ltd	122 328 652
CPH Gaming I Pty Limited	603 295 674
CPH Gaming II Pty Limited	603 295 923
CPH Gaming III Pty Limited	603 296 162
CPH Gaming IVA Pty Limited	603 296 537
CPH Gaming IVB Pty Limited	603 296 546
CPH (Ellerston Leisure) Holdings Pty Limited	608 726 334
CPH Products Pty Limited	106 918 638
CPH Property Pty Limited	000 031 747
CPH S.One Holdings Pty Limited	603 297 927
CPH S.One I Pty Limited	603 297 310
CPH Zhaopin Holdings Pty Limited CPH Zhaopin Holdings I Pty Limited	603 298 719
CPH Zillow Holdings Pty Limited	603 298 344 603 300 090
CPH Zillow Holdings I Pty Limited	603 299 074
CPIL Two Limited
DCE America Inc.
ECS Investment Partners Pty Ltd	166 264 375
Ellerstina Inversiones (Malaysia) Sdn Bhd
Ellerstina Inversiones SA
Ellerston Asian Emerging Opportunities Fund
Ellerston Australian Ex-Top 20 Fund
Ellerston Australian Small Companies Fund
Ellerston Australian Share Fund
Ellerston Australian Market Neutral Fund
Ellerston Capital Limited	110 397 674
Ellerston Capital (Europe) Limited Ellerston Capital (Hong Kong) Limited
Ellerston Capital (Resources No.1) Limited
Ellerston Global Equity Managers Offshore Fund
Ellerston Global Equity Managers Fund
Ellerston India Fund
Ellerston MicroCap Fund
Ellerston Opportunities Pty Ltd	150 851 666
Ellerston Overlay ASF
Ellerston Special Opportunities Platform
Hoyts Cinemas America Limited
Hoyts Cinemas Argentina Limited
Hoyts Cinemas Chile Limited Hoyts Cinemas Operations Pty Ltd	006 530 347
Hoyts Cinemas Overseas Holdings Sdn Bhd
Hoyts Cinemas Polska sp Zoo
Hoyts Emerging Territories Ltd
Hoyts Overseas Operations Sdn Bhd
HUSH Holdings Company Inc
HUSH Holding Subsidiary Inc
HUSH Holdings US Inc
Hyde Park Gardens (Jersey) Limited
Jaslib Pty Ltd	065 059 458

PARTY/ENTITY NAME	AUSTRALIAN
	COMPANY
Jasopt Pty Ltd	065 064 164
Lutrust Pty Limited	088 937 428
Magenta Investments Ltd
Manoc Developments Pty Ltd	137 556 524
MRED Holdings Limited
MRED Limited
Murray Leisure Group Pty Limited	000 090 273
Murray Publishers Pty Limited	000 067 998
Nicarby Pty Ltd	086 715 362
Northeast Cinemas, L.L.C.
Northeast Cinemas (Connecticut) L.L.C.
Northeast Cinemas (Maryland) L.L.C.
Northkom Pty Ltd	082 885 961
Northkom I Pty Limited	604 022 899
Northkom Bahamas Limited
Nova One Limited
Nova Two Limited
Occam Partners Fund LP
Park Street Partners Cayman II Limited
Park Street SPV 1 (Cayman) Limited
Raystonel Pty Limited	123 039 270
Ridgegate Proprietary Limited	058 139 923
Rosgrove Pty Limited	051 649 560
S.One Holding Company Pty Limited	601 640 215
Samenic Pty Limited	066 234 900
Savabow Pty Ltd	084 712 774
SBC Burlington Corp
ScrumPac Pty Ltd Silthree Pty Ltd	602 375 253
Siltwo Pty Ltd	084 494 575
Silver City Cinemas, Inc.	084 494 495
Silver City Holdings, Inc.
Taringah Pty Ltd
Tastee Shears Holdings Pty Limited	105 268 862 627 444 464
Toranaga Pty Ltd	056 229 728
Toray Pty Ltd	002 348 503
Treysta Pty Ltd	078 467 080
West Buttermilk Holdings VIII LLC
Wilbur Holdings Limited
Wilbur One Limited
Wakefield Bahamas Limited
Western Empire Publications Ltd
Wooltech Pty Limited	010 717 441