GTN LIMITED — Major Shareholding Notification 2021

Feb 10, 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	10 February 2021
The previous notice was given to the company on	4 February 2021
The previous notice was dated	2 February 2021

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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) in

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Class of securities (4)	Previous notice	Present notice
Person's votes	Voting Power (%) (5)	Person's votes	Voting Power (%) (5)
Ordinary	26,510,054	12.31	20,003,227	9.29

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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

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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
3/02/2021	[BNP Paribas Securities Services]	[Buy On the Market]	$ 1,892.10	4,504	4,504
4/02/2021	[BNP Paribas Securities Services]	[Buy On the Market]	$ 22,233.70	50,520	50,520
9/02/2021	[National Asset Servicing]	Sell On the Market	$	623,146.06	1,201,000	1,201,000
10/02/2021	[National Asset Servicing]	Sell On the Market	$	2,781,509.71	5,360,851	5,360,851

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4. Present Relevant Interests

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

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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)
Perennial Value Management Limited	National Asset Servicing	National Asset Servicing	6,258,736	6,258,736	6,258,736
Perennial Value Management	Northern Trust	Northern Trust	6,259,627	6,259,627	6,259,627
Limited
Perennial Value Management	BNP Paribas Securities	7,484,864	7,484,864	7,484,864
BNP Paribas Securities Services
Limited	Services
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

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