GTN LIMITED — Major Shareholding Notification 2020

May 18, 2020

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme GTN Ltd ACN/ARSN: 38 606 841 801 Source: Australian Business Register 1. Details of substantial holder (1) Name: Perennial Value Management Limited (PVM) ACN/ARSN (if applicable) 22 090 879 904 There was a change in the interest of the substantial holder on 18 May 2020 The previous notice was given to the company on 28 March 2020 The previous notice was dated 26 March 2020

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 scheme that the substantial holder or an associate (2) had a relavant interest

Class of securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Person's votes	Voting Power(%) (5)	Person's votes	Voting Power(%) (5)
Ordinary	26,615,695	12.36	32,238,858	14.98

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

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class & number of securities affected	Person's votes affected
26/03/2020	BNP Paribas Securities Services	Buy On the Market	104,400.00 $	232,000	232,000
26/03/2020	Citicorp Nominees Pty Limited	Sell On the Market	104,400.00 $	232,000	232,000
30/03/2020	BNP Paribas Securities Services	Buy On the Market	24,262.36 $	52,132	52,132
20/04/2020	National Asset Servicing	BuyOn the Market	151,019.33 $	362,077	362,077
1/05/2020	BNP Paribas Securities Services	Buy On the Market	13,120.17 $	33,911	33,911
1/05/2020	National Asset Servicing	BuyOn the Market	86,383.55 $	223,271	223,271
1/05/2020	Northern Trust	BuyOn the Market	40,583.88 $	104,895	104,895
1/05/2020	National Asset Servicing	Sell On the Market	140,087.59 $	362,077	362,077
18/05/2020	BNP Paribas Securities Services	Buy On the Market	1,080,583.91 $	3,369,412	3,369,412
18/05/2020	National Asset Servicing	BuyOn the Market	237,294.35 $	739,917	739,917
18/05/2020	Northern Trust	BuyOn the Market	352,654.14 $	1,099,625	1,099,625

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	5,537,034	5,537,034	5,537,034
Perennial Value Management Limited	Northern Trust	Northern Trust	7,784,710	7,784,710	7,784,710
Perennial Value Management Limited	BNP Paribas Securities Services	BNP Paribas Securities Services	12,459,027	12,459,027	12,459,027
Perennial Value Management Limited	Citicorp Nominees Pty Limited	Citicorp Nominees Pty Limited	6,458,087	6,458,087	6,458,087

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

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 Signature

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Print Name Bill Anastasopoulos Capacity Company Secretary
Sign Here Date 19/05/2020
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