GTN LIMITED — Major Shareholding Notification 2018

May 17, 2018

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both

Sections 277 and 278, 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 Limited

Relevant event being disclosed:

Date of relevant event: 16/05/2018

Date this disclosure made: 17/05/2018

Date last disclosure made: 12/03/2018

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

Summary of substantial holding

Class of quoted voting products: Ordinary Shares

Summary for Investment Services Group Limited

For this disclosure, $-$

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

For last disclosure,-

• $(a)$ total number held In class: 11,324,319
• $(b)$ total in class: 224,720,643
• total percentage held in class: 5.04% $\left( c\right)$

Details of relevant interests

Devon Funds Management Limited Is a subsidiary of Investment Services Group Limited

Details for Devon Funds Management Limited

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

For this disclosure,-

• (a) total number held In dass: 13,814006
• (b) total In dass: 224,720,643
• (C) total percentage held in ciass: 6.15%

Units	01gtodian
2,225,579	CIM, on behalfof prN,ate client
406,361	prtvste dent JPM, on behalf of
1,808,368	BNP, on behalf of prhrate dlent
U40,205	BNP, on behalf of De,on Trans Tamman Fund
253,180	JPM, on hehalf of private dierrt
573,700	JPM, on behalfof pr vate client
1,306,861	ati, on behalf of private client
436,252	BNP, on behalfof Devon DIvidend ™Id Fund
475,613	MMC, on behalf of prhrate dlent
88,654	BNP, on behalf of pmate diem
994am	dent BNP, on behalfof privae
695,256	BNP, on behalf of pdvate clent
291,557	att, on behalf of prvote client
71,418	BNP, on behalfof pnvate dierrt
281,880	BNP, on behalf of Dewon Austrahn Fund
10980,710	BNP, on behalf of Devon Alpha Fund
683,532	pdvate dem BNP, on behalfof

For last disdomrre,-

• (a) total nurnber held In class: 10,871,560
• (b) tot]31 In dass: 224,720,843
• (c) total percentage held In dass: 4.84%

Units	Custodian
906 2,034	dlem on behalf of private Cltl,
	387,263 JPMIl on behalf of private dlent
1,771,336	of private dlent BNP, onbehalf
1,274076	BNP, onbehalf of Devon Trans Tasman Fund
	1124,828 JPM, on behalf of private dlent
	private dlent 282,852 -1PM on behalf of
724005	at!, dlent on behalfofprlvate
24775	BNP, on behalf of private dlem
234,053	MC, private dlent on behalf of
43,708	BNP, on behalf of private dlent
	491,100 BNP, on behalf of Devon Dividend Yield Fund
345,101	private dlent BNP, on behalf of
145,223 ati,	dlent on behalfofprlvate
274157	of BNP, onbehalf Devon Australian Fund
	1,8580177 BNP, on behalf of Devon Alpha Fund
607,000	BNP, on behalfofprlvste dlent
422,759	aarity™ns BNP, on behalf of T¥asman Fund
30,000	on behalf of Clarity DMdend Yield Fund BNP,

Details foramrfty Funds Managemant Limited

NA.re of reke,/ant Interest(s): Inv=tmant manager of varloi= fundl

For Ulls disclosure,-

• (a) tobi number held In dam: 422,759
• (b) total In daim: 224,720,843
• (c) tott percentage held In da=: 0.188%

Units	Custodian
422,759	BNP, on behalf of Clarity Trans Tasman Fund

For last disdosure,-

• (a) total number held In A-&: 452,759
• (b) total In da=: 224,720,643
• (c) total percentage held In dass: 0.296

Icuslodlan
B# tyDIvldend YieldFund behaHofC[=ItyTrinsRasman 422,739 34000 BNP,NP, onon beha]Fof

For a derivative relevant interest, also-

• $(a)$ type of derivative: N/A
• $(b)$ details of derivative: N/A
• $(c)$ parties to the derivative: N/A
• If the substantial product holder is not a party to the derivative, the nature of the $(d)$ relevant interest in the derivative: N/A

Details of transactions and events giving rise to substantial holding

Details of the transactions or other events requiring disclosure: Transactions between $16/01/2017 - 16/05/2018$

Date	Transaction	Volume	Amount
16/05/2018	Purchase	900,000	1,805,399.99
4/05/2018	Purchase	330,000	645,397.43
18/04/2018	Purchase	200,000	360,939.57
6/04/2018	Purchase	24,999	43,869.46
5/04/2018	Purchase	69,388	116,879.79
3/04/2018	Purchase	50,000	86,508.76
16/03/2018	Purchase	50,059	100,920.43
15/03/2018	Purchase	1,320,000	2,581,722.00
9/03/2018	Sale	680,000	1,559,308.01
20/02/2018	Sale	294,850	705,761.60
16/0 2/2018	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
5/03/2018	Sale	51,661	100,537.47
2/03/2018	Sale	10,000	19,560.80
27/02/2018	Sale	5,000	10,996.96

4

26/02/2018	Sale	2,011	4,817.35
22/02/2018	Sale	1,000	2,385.22
21/02/2018	Sale	14,051	34,131.73
14/02/2018	Sale	1,677	4,177.42
13/02/2018	Sale	769	2,033.69

Addllonm! information

Addrms(es) of substantial produd holder(s): D,von Funds Managemi=it, Level 10, ² Commerce Stree& All *lind 1010

Cont** dablls: John Tampol P:09 ^{925 3982} IE: Itimnoed-vonfunds.en.ni

Name of any other person believed to have glven, or believed to be required to give, ^a disclosure under the Anandal Mariwts Conduct Act ²⁰¹³ In relation tothe flnandal products to which this disdosure ^mlates: Invitme.m S.,vices Group Ummid

Ce I=*UQI

I, John Tampo, oartlly that, to the best of my knowledge and bellet, the Information contalned In this dhdosure ^h correct and that ^I am duly auamollsed to make this dkldosure by all persons for whom It Is made.