GTN LIMITED — Major Shareholding Notification 2021

Mar 1, 2021

Form 604

Corporations Law

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme GTN Limited ( GTN )

ACN/ARSN 606 841 801

1. Details of substantial holder (1)

Name Viburnum Funds Pty Ltd (“Viburnum”) and each of the parties listed in Annexure A

ABN (if applicable) 126 348 990

There was a change in the interests of the substantial holder on 01/03/2021

The previous notice was given to the company on 19/10/2020 The previous notice was dated 19/10/2020

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 relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

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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)FPO 54,815,901 25.46% 58,066,513 26.97%----- 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 substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

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----- Start of picture text ----- Date of change Person whose Nature of change Consideration given in Class and number Person's votesrelevant interest (6) relation to change (7) of securities affectedchanged affected20 / 11 / 2020 Viburnum Purchase of $ 890,000 2,000,000 FPO 2,000,000shares on market01 / 03 / 2021 Viburnum Purchase of $ 687,837 1,250,612 FPO 1,250,612shares on market----- End of picture text -----

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Registered holderof securities	Personregister(8)	entitled to beed as holder	Nature of relevant inter(6)	est	Class andnumber ofsecuritiesPerson'svotes
JP MorganNomineesAustralia Ltd; orBank of New YorkMellon	Viburnu	m	Power to (or to control)exercise vote and/ordispose of the securitieas discretionaryinvestment managers oadvisers ofsuperannuation funds,pooled superannuation	sr	54,652,111FPO54,652,111
			trusts, managedinvestment schemes andinvestment managementagreements.
As above	As above		Relevant interest undersection 608(3)(a) and/or608(3)(b) of theCorporations Act 2001 (Cth).

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----- Start of picture text ----- The Myer Family National MFI Relevant interest under 2,914,402 2,914,402Investments Pty Nominees Ltd section 608(1)(a) of the FPOLtd (“MFI”) Corporation Act 2001 (Cth).CE & P Coleman Coleman Coleman Relevant interest under 500,000 500,000ATF The section 608(3)(a) and/or FPOColeman 608(3)(b) of theSuperannuation Corporations Act 2001 (Cth).Fund (“Coleman”)----- End of picture text -----

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 and ACN/ARSN (if applicable) Nature of association N/A

6. Addresses

The addresses of persons named in this form are as follows:

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----- Start of picture text ----- Name AddressViburnum 31 Carrington Street, Nedlands, WA, 6009MFI Level 7, 171 Collins Street, Melbourne, VIC 3000Coleman C/- 47 Outram Street, West Perth, WA, 6005----- End of picture text -----

Signature

Print Name David St Quintin Capacity Company Secretary Sign Here Date 02 / 03 / 2021

Annexure A to form 604

This is Annexure A of 1 page referred to in ASIC form 604 (Notice of change of interests of substantial holder), for GTN Limited

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David St Quintin Company Secretary 2 March 2021

Viburnum Funds Pty Ltd Subsidiaries (“ Viburnum Subsidiaries ”):

Viburnum Management Pty Ltd (ACN 126 937 424) Viburnum Holdings (Singapore) Pte. Ltd. V3 Trustees Pte. Ltd. V3 Management Pte. Ltd. Viburnum Management Pte. Ltd

Viburnum Funds Pty Ltd Associates (“ Viburnum Associates ”):

Gilbeyallen Investments Pty Ltd (ACN 164 108 258) Fatty Holdings Pty Ltd (ACN 120 119 780) CE & P Coleman ATF The Coleman Superannuation Fund