Gtn : Change in substantial holding

Form 604

Corporations Law Section 671B

Noticeof change of interests of substantial holder

ToCompany Name/SchemeGTNLimited

ACN/ARSN 606 841 801

I. Details ofsubstantial holder(I )

NameJCP I nvestmentPartners Ltd

ACN(if applicable)085 400540

There wasa changein the interestsof the

substantialholder on 19/04/2017

The previous noticewas givento thecompany on 01/03/2017

The previous notice was dated01/03/2017

1. Previous andpresent votingpower

   The totalnumberofvotes attachedto all thevoti ngshares inthecompany or voting interests in thescheme that thesubstantial holderor an associate(2) hada relevant interest(3) inwhen lastrequired,andwhen now required, togive asubstantialholdingnotice tothe company orscheme,are as follows:

   Class of securities (4)	Previousnotice		Present notice
   	Person'svotes	Voting oower(5)	Person'svotes	Voting oower(5)
   Ordinary	15,489,405	6.98%	18,086,987	8.05%

2. Changes in relevantinterests

   Particularsof each change in,or change in the nature of,arelevantinterestofthesubstantial holder or anassociate invoting securities of the company or scheme, since thesubstantialholder was last required togive a substantialholdingnoticeto the company orscheme are as follows:

   Dateof change		Person whose relevan t interest changed	Nature of change (6)	Considerationgiveninrelationtochange (7)	Class and numberof securities affected	Person'svotes affected
   See AnnexureB

3. Present relevant interests

Particularsof eachrelevantinterestof thesubstantial holder invotingsecurities afterthechange areas follows:

Form 604 -GTN 240417.doc PageI of 2

S. Changesinassociation

The personswhohavebecome associates(2)of,ceasedto be associates of,or have changedthe natureof their association(9) with, thesubstantialholderin relationtovoting interests inthe companyorscheme areas follows:

6. Addresses

The addresses of persons namedinthisformare asfollows:

print name Nanc1¥:}

itvCompanySecretary

capac

sign heredate24/04/2017

DIRECTIONS

{I)Ifthereare anumberofsubstantialholders withsimilarorrelatedrelevantinterests (eg. a corporalionandits relatedcorporations. or themanagerandtrusteeofanequitytrust),the names couldbe included inanannexure lothe fon11. If the relevantinterests of a groupofpersons are essentially similar,they may be referredtothroughouttheform as aspecifically namedgroup if themembershipof each group,withthe namesand addresses of members is clearly set out in paragraph6 of the form.

1. See the definitionof "associate'· insection9 ofthe Corporations Law.

2. See the definitionof "relevantinterest''insections 608 and6718(7) of the Corporations Law.

3. Thevotingsharesofacompany constituteoneclass unlessdivided intoseparate classes.

4. Theperson'svotes divided by the totalvotes inthebody corporate orscheme multipliedby 100.

5. Includedetails of:

6. any relevantagreementorother circumstances becauseof which the change in relevant interestoccurred.Ifsubsection6718(4)applies,a copy ofany documentsetting outtheten11sof any relevant agreement, andastatementby the persongiving fullandaccuratedetails of any contract,scheme or arrangement,must accompany this fon11,together withawritten statement certifying this contract, scheme orarrangement;and

7. any qualification ofthe powerofa person toexercise,control the exercise of,or influence the exercise of,the voting powers ordisposal ofthesecuritiesto whichthe relevantinterest relates (indicatingclearly the pa1ticular securities towhichthequalificationapplies).

   See thedefinitionof''relevant agreement"in section9 of theCorporations Law.

8. Details ofthe considerationmustinclude any and allbenefits,money andother,thatany person from whomarelevant interest was acquiredhas,ormay,becomeentitled lo receive in relationto thatacquisition. Detailsmust be includedeven if the benefitisconditional on thehappen ingornot ofa contingency. Detailsmustbe includedofany benefitpaidonbehalfofthesubstantial holder or its associate inrelation lo the acquisitions,evenifthey arenot paiddirectly to the personfromwhom the relevant interest was acquired.

9. Ifthe substantialholder is unable to deten11ine the identity of the person(eg. if therelevantinterestarises because of anoption) Vrite "unknown"'.

10. Given details,if appropriate, of the presentassociation and any change inthatassociationsince the lastsubsta ntial holdingnotice.

11. Form604 -GTN 240417 .doc Page2 of 2

    Annexure A JCP Investment Partners Ltd ACN 085 400 540

    Holder of Relevant InterestRegistered Holder of Securities		Class		Number of Securities
    JCP Investment Partners Ltd	National NomineesLimited	Fully Paid Ordinary	617,815
    JCP Investment PartnersLtd	HSBCCustody Nominees (Australia )Limited	Fully Paid Ordinary	4,469 ,895
    JCP Investment Partners Ltd	BNP ParibasNominees Pty Limited	Fully Paid Ordinary	4,509,028
    JCP InvestmentPartners Ltd	JPMorqan NomineesAustralia Ltd	Fully Paid Ordinary	1,752,507
    JCP Investment Partners Ltd	UBS NomineesPtvLtd	Fully Paid Ordinary	6,737,742
    18,086,987

    Annexure B JCP InvestmentPartners Ltd ACN 085 400 540

    GTN LimitedPurchase

    "JCP"=JCP Investment Partners Ltd

    6,400,000.00