GTN LIMITED — Major Shareholding Notification 2021

Jul 21, 2021

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 Limited (PVM) 22 090 879 904
There was a change in the interest of the substantial holder on The previous notice was given to the company on The previous notice was dated			20 July 2021 3 July 2021 1 July 2021

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		Present notice
	Person's votes	Voting Power (%) (5)	Person's votes	Voting Power (%) (5)
Ordinary	20,813,743	9.67	23,813,743	11.06

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	Nature of change (6)	Consideration given in	Class & number of	Person's votes affected
	interest changed		relation to change (7)	securities affected
	20/07/2021 National Asset Servicing	Buy On the Market	\$ 1,172,574.00	3,000,000	3,000,000

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	7,641,812	7,641,812	7,641,812
Perennial Value Management Limited	Northern Trust	Northern Trust	7,165,827	7,165,827	7,165,827
Perennial Value Management Limited	BNP Paribas Securities Services BNP Paribas Securities	Services	9,006,104	9,006,104	9,006,104

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

Print Name	Bill Anastasopoulos	Capacity	Company Secretary
Sign Here		Date	21/07/2021

• (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.
• (4) The voting shares of a company constitute one class unless divided into separate classes.
• (5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• (6) Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) $(a)$ applies, a copy of any document setting out the 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 wit 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 $(b)$ disposal of the securities to which the 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.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired $(7)$ 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 even if the benefit is to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• $(8)$ 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"
• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.