GTN LIMITED — Major Shareholding Notification 2019

Nov 12, 2019

Australian Executor Trustees Limited ABN 84 007 869 794 Level 6 161 Collins Street Melbourne VIC 3000 AFS Licence No. 240 023	GPO Box 264 Melbourne VIC 3001 Phone 13 13 69 www.ioof.com.au
Fax To:	ASX
Fax number:	1300135638
Company:	ASX
No. of pages (incl. cover):	3
From:
Fax:	$(03)$ 8614 - 4826
Date/time:	13/11/2019 5:21:42 PM

RE: Daily Investment Instructions

Regards, Platform Investment Services - Platform Custody. $(03) 8614 - 4949$

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Form 604 Corporations Act 2001 Section 671B
			Notice of change of interests of substantial holder
To Company Name/Scheme ACN/ARSN:	GTN Ltd 38 606 841 801	Source:	Australian Business Register
1. Details of substantial holder (1)
Name: ACN/ARSN (if applicable)	Perennial Value Management 22 090 879 904
The previous notice was given to the company on The previous notice was dated	There was a change in the interest of the substantial holder on		11 November 2019 30 October 2019 29 October 2019

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the soheme that the substantial holder or an associate (2) had a relavant interest (3)
in when last required, and when now r

Class of securities (4)	Previous notice		IPresent notice
	IPerson's votes	Voting Power (%) (5)	Person's votes	IVotina Power (%) (5)
Jrdinary	14.447.637	6.46	20.885.675	8.65

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the
substantial holder was last required to give

Date of change	Person whose relevant interest	Nature of change (6)	Consideration given in	Class & number of	Person's votes affected
	chanced		relation to change (7)	Isecurities affected
	4/11/2019 National Asset Servicing	Buy on market	57.853.17	78.539	78,539
	4/11/2019 National Asset Servicing	Buy on market	64.455.46	87,502	37,502
	4/11/2019 National Asset Servicing	Buy on market	102.247.74	136.944	136.944
	11/11/2019 National Asset Servicing	Buy on market	3.634.62	5.037	5,037
	11/11/2019 National Asset Servicing	Buy on market	24.753.22	34,304	34,304
	11/11/2019 BNP Paribas Securities Services	Buy on market	44,111.87	61,132	61,132
	11/11/2019 National Asset Servicing	Buy on market	60,761.71	84,206	84,206
	11/11/2019 BNP Paribas Securities Services	Buy on market	62,317.44	86,362	86,362
	11/11/2019 Northern Trust	Buy on market	98.727.84	136,821	136,821
	11/11/2019 BNP Paribas Securities Services	Buy on market	502,734.79	696,710	696,710
	11/11/2019 National Asset Servicing	Buy on market	692.495.51	959,688	959,688
	11/11/2019 BNP Paribas Securities Services	Buv on market	710.223.38	984.256	934,256
	11/11/2019 National Asset Servicing	Buy on market	1,101,996.60	1,527,191	1,527,191
	11/11/2019 Northern Trust	Buy on market	1.125,199.13	1,559,346	1,559,346

4. Present Relevant Interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class & number of securities (Ord)	Person's votes
Perennial Value Management Limited	National Asset Servicing	National Asset Servicing	5379865	5.379,865	5,379,865
Perennial Value Management lLimited	Northern Trust	Northern Trust	4751140	4,751,140	4,751,140
Perennial Value Management Limited	BNP Paribas Securities Services	BNP Paribas Securities Services	5563216	5.563.216	5.563.216
Perennial Value Management Limited	UP Morgan Nominees Limited	JP Morgan Nominees Limited
Perennial Value Management lLimited	Citicorp Nominees Ptv Limited	Citicorp Nominees Pty Limited	5191454	5,191,454	5,191,454

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting
interests in the company or scheme are as fo

Name & ACN	Nature of association
Not applicable

6. Addresses

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

Name	Address
Perennial Value Management Ltd Level 27, 88 Phillip St
	Sydney NSW 2000
GTN Ltd	Gtn LtdLevel 42, Northpoint 100 Miller Street, North Sydney,

$\mathbb{Z}$ and $\mathbb{Z}$

Signature

Bill Anastasopoulos Print Name Capacity Company Secretary

Date

Sign Here

DIRECTIONS

13/11/2019

• UIREV HUNG (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related conporations, or the
  pranager and trustse of an equipy trust), the nances could be induced in a
• (2) See the definition of "associate" in section 9 of the Corporations Act 2004.
• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $\langle 4 \rangle$ . The voting shares of a company constitute one class unless divided into separate classes
• (5) The person's votes orvided by the total youes in the body corporate or scheme multipled by 100.
• (6) Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 571B(4)
  applies, a oppy of any document setting out the terms of any relevant agreement, and a statemen $(a)$ contract, scheme or arrangement; and
• any quavication of the power of a person to exercise, control the exercise of, or influence the exercise of, the voling powers or
  disposal of the securities to which the retevant interest relates (indicating clearly the pa $\langle b \rangle$

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

• (7) Details of the consideration must include any and alt benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation for that equivide consider
• if the substantial bolder is unable to deformine the identity of the person (eg. If the relevant interest arises because of an option) write
  "unknown". $\langle 8 \rangle$
• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice