Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme ACN/ARSN:

Australian Business Register

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

2. Previous and present voting power

GTN Ltd 38 606 841 801

Source:

1. Details of substantial holder (1)

Name:

ACN/ARSN (if applicable)

Perennial Value Management Limited (PVM) 22 090 879 904

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 when last required, and when now required to give a substantial holding notice to the company or scheme, are as follows:

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

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:

Date of change

Person whose relevant interest changed

Nature of change (6)

Consideration given in relation to change (7)

Class & number of securities affected

Person's votes 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

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

6,258,736

6,258,736

6,258,736

Perennial Value Management Limited

Northern Trust

Northern Trust

6,259,627

6,259,627

6,259,627

Perennial Value Management Limited

BNP Paribas Securities Services

BNP Paribas Securities Services

7,484,864

7,484,864

7,484,864

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 & 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 11/02/2021

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GTN Limited published this content on 11 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 February 2021 01:38:05 UTC.