GTN LIMITED — Major Shareholding Notification 2021

Jul 4, 2021

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 1 July 2021 The previous notice was given to the company on 25 March 2021 The previous notice was dated 23 March 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 (3)

Ordinary Class of securities (4)	Previous notice Person's votes Voting Power (%) (5) Person's votes Voting Power (%) (5) 23,411,550 10.87 20,813,743 9.67 Present notice

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	Consideration given in	Class & number of		Person's votes affected
				interest changed		relation to change (7)		securities affected
			24/03/2021	BNP Paribas Securities	Buy On the Market	$	81,711.24		189,609	189,609
				Services
			24/03/2021	National Asset Servicing	Buy On the Market	$	138,791.76		322,063	322,063
			24/03/2021	Northern Trust	Buy On the Market	$	133,005.88		308,637	308,637
			6/04/2021	BNP Paribas Securities	Buy On the Market	$	1,092.72		2,596	2,596
				Services
			6/04/2021	National Asset Servicing	Buy On the Market	$	1,856.27		4,410	4,410
			6/04/2021	Northern Trust	Buy On the Market	$	1,778.83		4,226	4,226
			25/05/2021	BNP Paribas Securities	Buy On the Market	$	1,603.52		4,000	4,000
				Services
			11/06/2021	BNP Paribas Securities	Buy On the Market	$	180,396.00		500,000	500,000
				Services
			30/06/2021	National Asset Servicing	Sell On the Market	$	1,044,203.41	2,683,348		2,683,348
			1/07/2021	BNP Paribas Securities	Sell On the Market	$	561,262.50	1,250,000		1,250,000
				Services

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		4,641,812		4,641,812		4,641,812
Perennial Value Management	Northern Trust	Northern Trust		7,165,827		7,165,827		7,165,827
Limited
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 5/07/2021

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