Groupe Bruxelles Lambert : OGM - Annual Report 2021

ANNUAL REPORT 2021

Table of content

4	Our purpose
6	GBL key figures as of December 31, 2021 & key events 2021
8	Message from Paul Desmarais, Jr.,
Chairman of GBL's Board of Directors
10	Message from Ian Gallienne, CEO of GBL
14	Business model
20	Net asset value
24	Portfolio review
34	Listed investments
72	Private investments
90	Alternative investments
104	ESG report
138	Risk management
146	GBL share
152	Economic presentation of the consolidated result
and financial position
163	Accounts as of December 31, 2021
236	Corporate Governance
272	Financial glossary
275	ESG glossary
277	Responsible persons
278	Key information for shareholders
Inside back cover	For further information

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GBL - Annual Report 2021

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Our purpose

Living up to our responsibilities

In a world where business is oſten seen as short term, financially driven and disconnected from the concerns of society at large, GBL's values have never been more relevant. At a time when many are questioning the role of business and its impact on the planet, it is important to restate the centrality of wealth creation to our progress and our well-being. is is why, now more than ever, we are focused on what impact we can have on the world, and how as an organization with influence, GBL is doing its part to create a more meaningful future.

The value of a multi-generational perspective

GBL's family heritage gives it a unique perspective. Our time horizons are multigenerational. More than an investor, GBL is an owner and steward of companies, deeply embedded in the fabric of the countries and societies in which it operates, an owner that takes pride in being associated with strong companies and contributing in a meaningful way to their success.

We have a clear duty to ensure that the benefits of

An engaged investor

GBL believes that by delivering meaningful growth and nurturing great companies, financial rewards will follow. It is conservative by nature. Conservative in the original sense of the term, in that its primary goal is to preserve and grow capital, investing for the long term but also ready to adapt and evolve.

e depth and longevity of its relationships are what enable GBL to be a valuablethat rich heritage of knowledge, contributor to the challenges

knowhow and experience are passed on to the next generation of business leaders taking their rightful place at the top of the great companies of tomorrow.

companies are taking on. GBL is an informed external voice at the table, showing respect where it is due but also opening new perspectives where needed to make the changes that will propel them successfully into the next stage of their evolution.

Finding a better balance

We recognize the importance of finding the right balance between our need to seek financial returns, with the imperative to preserve the integrity of our planet and the health of the people and society who inhabit it. GBL is committed to striking this balance and delivering meaningful growth.

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GBL - Annual Report 2021

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GBL - Annual Report 2021

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