GTN LIMITED — Major Shareholding Notification 2021

Mar 24, 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 23 March 2021 The previous notice was given to the company on 12 February 2021 The previous notice was dated 10 February 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)

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----- Start of picture text ----- Class of securities (4) Previous notice Present noticePerson's votes Voting Power (%) (5) Person's votes Voting Power (%) (5)Ordinary 20,003,227 9.29 23,411,550 10.87----- End of picture text -----

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

				fdPerson's votes affected328,528328,528157,849157,849170,679170,679328,791328,791	fdPerson's votes affected328,528328,528157,849157,849170,679170,679328,791328,791
Date of changePerson whose relevantinterest changedNature of change (6)Consideration given inrelation to change (7)Class & number ofsecurities affectedPerson's votes affected11/02/2021 BNP Paribas SecuritiesServicesBuy On the Market170,834.56$ 328,528328,52811/02/2021 National Asset ServicingSell On the Market82,081.48$ 157,849157,84911/02/2021 Northern TrustSell On the Market88,753.08$ 170,679170,6791/03/2021 BNP Paribas SecuritiesServicesSell On the Market180,437.21$ 328,791328,7911/03/2021 National Asset ServicingSell On the Market232,896.05$ 424,381424,3811/03/2021 Northern TrustSell On the Market272,990.10$ 497,440497,4408/03/2021 BNP Paribas SecuritiesServicesBuy On the Market175,106.78$ 388,272388,2729/03/2021 BNP Paribas SecuritiesServicesBuy On the Market58,160.47$ 126,960126,96010/03/2021 BNP Paribas SecuritiesServicesBuy On the Market36,669.60$ 79,69979,69911/03/2021 BNP Paribas SecuritiesServicesBuy On the Market14,940.35$ 32,57132,57112/03/2021 BNP Paribas SecuritiesServicesBuy On the Market54,305.44$ 118,055118,05515/03/2021 BNP Paribas SecuritiesServicesBuy On the Market236,745.48$ 502,715502,71516/03/2021 BNP Paribas SecuritiesServicesBuy On the Market44,708.14$ 100,000100,00018/03/2021 BNP Paribas SecuritiesServicesBuy On the Market678.07$ 1,4671,46718/03/2021 BNP Paribas SecuritiesServicesBuy On the Market11,936.25$ 25,61325,61318/03/2021 National Asset ServicingBuy On the Market1,606.66$ 3,4763,47618/03/2021 National Asset ServicingBuy On the Market28,286.67$ 60,69860,69818/03/2021 Northern TrustBuy On the Market1,421.31$ 3,0753,07518/03/2021 Northern TrustBuy On the Market25,020.31$ 53,68953,68922/03/2021 BNP Paribas SecuritiesServicesBuy On the Market42,617.74$ 90,47790,47722/03/2021 BNP Paribas SecuritiesServicesBuy On the Market15,087.69$ 32,03132,03122/03/2021 National Asset ServicingBuy On the Market136,756.25$ 290,332290,33222/03/2021 Northern TrustBuy On the Market120,963.89$ 256,805256,80523/03/2021 BNP Paribas SecuritiesServicesBuy On the Market200,251.55$ 464,679464,67923/03/2021 BNP Paribas SecuritiesServicesBuy On the Market49,971.72$ 112,759112,75923/03/2021 National Asset ServicingBuy On the Market84,860.96$ 191,485191,48523/03/2021 National Asset ServicingBuy On the Market334,495.97$ 776,190776,19023/03/2021 Northern TrustBuy On the Market327,144.47$ 759,131759,13123/03/2021 Northern TrustBuy On the Market83,651.53$ 188,756188,756		Person whose relevantinterest changedNature of change (6)11/02/2021 BNP Paribas SecuritiesServicesBuy On the Market11/02/2021 National Asset ServicingSell On the Market11/02/2021 Northern TrustSell On the Market1/03/2021 BNP Paribas SecuritiesServicesSell On the Market1/03/2021 National Asset ServicingSell On the Market	Consideration given inrelation to change (7)Class & number osecurities affecte170,834.56$ 82,081.48$ 88,753.08$ 180,437.21$ 232,896.05$	fdPerson's votes affected328,528328,528157,849157,849170,679170,679328,791328,791
				424,381424,381
	Services 11/03/2021 BNP Paribas SecuritiesServicesBuy On the Market12/03/2021 BNP Paribas SecuritiesServicesBuy On the Market15/03/2021 BNP Paribas SecuritiesServicesBuy On the Market16/03/2021 BNP Paribas SecuritiesServicesBuy On the Market18/03/2021 BNP Paribas SecuritiesServicesBuy On the Market18/03/2021 BNP Paribas SecuritiesServicesBuy On the Market18/03/2021 National Asset ServicingBuy On the Market18/03/2021 National Asset ServicingBuy On the Market18/03/2021 Northern TrustBuy On the Market18/03/2021 Northern TrustBuy On the Market22/03/2021 BNP Paribas SecuritiesServicesBuy On the Market22/03/2021 BNP Paribas SecuritiesServicesBuy On the Market22/03/2021 National Asset ServicingBuy On the Market22/03/2021 Northern TrustBuy On the Market23/03/2021 BNP Paribas SecuritiesServicesBuy On the Market23/03/2021 BNP Paribas SecuritiesServicesBuy On the Market23/03/2021 National Asset ServicingBuy On the Market23/03/2021 National Asset ServicingBuy On the Market23/03/2021 Northern TrustBuy On the Market23/03/2021 Northern TrustBuy On the Market		14,940.35$ 54,305.44$ 236,745.48$ 44,708.14$ 678.07$ 11,936.25$ 1,606.66$ 28,286.67$ 1,421.31$ 25,020.31$ 42,617.74$ 15,087.69$ 136,756.25$ 120,963.89$ 200,251.55$ 49,971.72$ 84,860.96$ 334,495.97$ 327,144.47$ 83,651.53$	32,57132,571118,055118,055502,715502,715100000100000
				,,1,4671,46725,61325,6133,4763,47660,69860,6983,0753,07553,68953,68990,47790,47732,03132,031290,332290,332256,805256,805464,679464,679112,759112,759191,485191,485776,190776,190759,131759,131188,756188,756
	levant Interestseach relevant interest of the substantial holder in voting securities after the ch		ange are as follows:

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	Class & number of	Person's votes
				securities			registered as holder (8)	interest (6)	securities (Ord)

PerennialLimited	Value	Management	National Asset Servicing	National Asset Servicing	6,998,687	6,998,687	6,998,687
Perennial	Value	Management	Northern Trust	Northern Trust	6,852,964	6,852,964	6,852,964
Limited
PerennialLimited	Value	Management	BNP Paribas Securities Services	BNP Paribas SecuritiesServices	9,559,899	9,559,899	9,559,899

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. AddressesThe addresses of persons named in	this form as as follows:
Name	Address
Perennial Value Management Ltd	Level 27, 88 Phillip StSydney NSW 2000
GTN Ltd	Gtn LtdLevel 42, Northpoint 100 Miller Street, North
SignaturePrint Name	Bill AnastasopoulosCapacity	Company Secretary
Sign Here	Date	25/03/2021

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