GTN LIMITED — Major Shareholding Notification 2021

Nov 7, 2021

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

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|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|4 November 2021|
|The previous notice was given to the company on|22 July 2021|
|The previous notice was dated|20 July 2021|

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2. Previous and present voting power

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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 (3) in
when last required, and when now required to give a substantial holding notice to the company or scheme, are as follows:
Class of securities (4) Previous notice Present notice
Person's votes Voting Power (%) (5) Person's votes Voting Power (%) (5)
Ordinary 23,813,743 11.06 19,900,262 9.24
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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 a substantial holding notice to the company or scheme are as follows:

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|---|---|---|---|---|---|---|
|Date of change|Person whose relevant|Nature of change (6)|Consideration given in|Class & number of|Person's votes affected|
|interest changed|relation to change (7)|securities affected|
|23/07/2021|[National Asset Servicing]|Buy On the Market|$ 241,651.47|618,259|618,259|
|23/07/2021|[Northern Trust]|Buy On the Market|$ 225,582.13|577,146|577,146|
|26/07/2021|[National Asset Servicing]|Buy On the Market|$|2,134.59|5,605|5,605|
|9/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 2,166.99|4,791|4,791|
|9/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 6,445.32|14,250|14,250|
|9/08/2021|[National Asset Servicing]|Sell On the Market|$|4,145.35|9,165|9,165|
|9/08/2021|[Northern Trust]|Sell On the Market|$|4,221.79|9,334|9,334|
|10/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 18,086.55|40,272|40,272|
|10/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 9,283.59|20,639|20,639|
|10/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 53,792.13|119,775|119,775|
|10/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 27,611.04|61,384|61,384|
|10/08/2021|[National Asset Servicing]|Sell On the Market|$ 34,596.26|77,033|77,033|
|10/08/2021|[National Asset Servicing]|Sell On the Market|$ 17,757.98|39,479|39,479|
|10/08/2021|[Northern Trust]|Sell On the Market|$ 35,231.76|78,448|78,448|
|10/08/2021|[Northern Trust]|Sell On the Market|$ 18,084.53|40,205|40,205|
|11/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 475.05|1,058|1,058|
|11/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 1,413.49|3,148|3,148|
|11/08/2021|[National Asset Servicing]|Sell On the Market|$ 909.25|2,025|2,025|
|11/08/2021|[Northern Trust]|Sell On the Market|$ 925.85|2,062|2,062|
|13/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 2,706.63|6,028|6,028|
|13/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 8,050.30|17,929|17,929|
|13/08/2021|[National Asset Servicing]|Sell On the Market|$|5,177.53|11,531|11,531|
|13/08/2021|[Northern Trust]|Sell On the Market|$|5,272.72|11,743|11,743|
|16/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 733.06|1,648|1,648|
|16/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 2,179.61|4,900|4,900|
|16/08/2021|[National Asset Servicing]|Sell On the Market|$|1,402.07|3,152|3,152|
|16/08/2021|[Northern Trust]|Sell On the Market|$|1,427.87|3,210|3,210|
|17/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 2,099.82|4,772|4,772|
|17/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 6,244.46|14,191|14,191|
|17/08/2021|[National Asset Servicing]|Sell On the Market|$|4,016.15|9,127|9,127|
|17/08/2021|[Northern Trust]|Sell On the Market|$|4,090.08|9,295|9,295|
|25/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 14,164.39|29,525|29,525|
|25/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 10,840.74|22,597|22,597|
|25/08/2021|[Northern Trust]|Sell On the Market|$|1,765.45|3,680|3,680|
|27/08/2021|[National Asset Servicing]|Buy On the Market|$ 927.36|2,103|2,103|
|27/08/2021|[National Asset Servicing]|Buy On the Market|$|1,132.99|2,436|2,436|
|27/08/2021|[Northern Trust]|Buy On the Market|$ 785.37|1,781|1,781|
|27/08/2021|[Northern Trust]|Buy On the Market|$ 959.97|2,064|2,064|
|3/09/2021|[BNP Paribas Securities Services]|[Buy On the Market]|$ 286,333.87|609,221|609,221|
|3/09/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 286,333.87|609,221|609,221|
|6/10/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 23,325.97|50,274|50,274|
|6/10/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 61,826.79|133,254|133,254|

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6/10/2021	National Asset Servicing	Sell On the Market	$	120,568.60	259,859	259,859
6/10/2021	Northern Trust	Sell On the Market	$	116,301.41	250,662	250,662
6/10/2021	Northern Trust	Sell On the Market	$	43,921.46	94,663	94,663
7/10/2021	BNP Paribas Securities Services	Sell On the Market	$	130,175.08	268,994	268,994
7/10/2021	National Asset Servicing	Sell On the Market	$	250,335.16	517,293	517,293
7/10/2021	Northern Trust	Sell On the Market	$	244,713.30	505,676	505,676
25/10/2021	BNP Paribas Securities Services	Sell On the Market	$	30,830.28	57,219	57,219
25/10/2021	National Asset Servicing	Sell On the Market	$	54,372.06	100,911	100,911
25/10/2021	Northern Trust	Sell On the Market	$	58,016.04	107,674	107,674
4/11/2021	BNP Paribas Securities Services	Sell On the Market	$	142,623.13	274,880	274,880
4/11/2021	BNP Paribas Securities Services	Sell On the Market	$	178,229.62	343,505	343,505
4/11/2021	National Asset Servicing	Sell On the Market	$	386,791.58	745,470	745,470
4/11/2021	Northern Trust	Sell On the Market	$	381,953.25	736,145	736,145

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	Person entitled to be	Nature of relevant	Nature of relevant	Class & number	of	Person's votes
	securities	registered as holder (8)	interest (6)		securities (Ord)
Perennial Value Management Limited	National Asset Servicing	National Asset Servicing		6,495,170		6,495,170		6,495,170
Perennial Value Management	Northern Trust	Northern Trust		5,894,021		5,894,021		5,894,021
Limited
Perennial Value Management Limited	BNP Paribas Securities Services	BNP Paribas Securities Services		7,511,071		7,511,071		7,511,071

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 follows:

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, Nsw 2060
Signature Print Name	Bill Anastasopoulos Capacity	Company Secretary
Sign Here	Date	5/11/2021

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