| MESSAGE TO THE SHAREHOLDERS | 2 |
| 1. PRESENTATION OF THE GROUP | 7 |
| 1.1 OVERVIEWAND HISTORICAL BACKGROUND | 9 |
| 1.1.1 Overview | 9 |
| 1.1.2 Historical background | 11 |
| 1.2 ORGANIZATION AND BUSINESS OVERVIEW | 12 |
| 1.2.1 Technicolor Creative Studios | 12 |
| 1.2.2 Maison Connectée | 15 |
| 1.2.3 Services DVD | 19 |
| 1.2.4 Corporate & Autres | 20 |
| 1.2.5 Activités arrêtées ou en cours de cession | 20 |
| 1.3 STRATEGY | 21 |
| 1.4 SHARE CAPITAL AND SHAREHOLDING | 25 |
| 1.4.1 Share capital | 25 |
| 1.4.2 Share buy back | 31 |
| 1.4.3 Delegations granted to the Board of Directors by the Shareholders’ Meetings | 31 |
| 1.4.4 Dividend policy | 32 |
| 2. OPERATING AND FINANCIAL REVIEW AND PROSPECTS | 33 |
| 2.1 SUMMARY OF RESULTS | 34 |
| 2.2 RESULTS OF OPERATIONS FOR 2020 AND 2021 | 34 |
| 2.2.1 Analysis of revenues from continuing operations | 35 |
| 2.2.2 Analysis of Adjusted EBITDA and Adjusted EBITA | 40 |
| 2.2.3 Analysis of operating expenses and profit (loss) from continuing operations before tax and net financial expense | 41 |
| 2.2.4 Net financial expense | 42 |
| 2.2.5 Income tax | 42 |
| 2.2.6 Profit (loss) from continuing operations | 42 |
| 2.2.7 Profit (loss) from discontinued operations | 42 |
| 2.2.8 Net income (loss) of the Group | 42 |
| 2.2.9 Adjusted indicators | 42 |
| 2.3 LIQUIDITY AND CAPITAL RESOURCES | 44 |
| 2.3.1 Overview | 44 |
| 2.3.2 Cash flow | 45 |
| 2.3.3 Financial resources | 46 |
| 2.4 SUBSEQUENT EVENTS | 47 |
| 2.5 INFORMATION ON COVID-19 | 48 |
| 3. RISKS, LITIGATION, AND CONTROLS | 49 |
| 3.1 RISK FACTORS | 50 |
| 3.1.1 Global market and industry risks | 51 |
| 3.1.2 Operational risks | 59 |
| 3.1.3 Financial risks | 66 |
| 3.1.4 Litigation | 71 |
| 3.2 INTERNAL CONTROL | 72 |
| 3.2.1 Objectifs et mise en oeuvre des procédures de contrôle interne | 72 |
| 3.2.2 Cadre général de contrôle | 73 |
| 3.2.3 Audit interne | 74 |
| 3.2.4 Procédures de contrôle interne relatives à l’élaboration et au traitement de l’information comptable et financière | 75 |
| 3.2.5 Autres procédures de contrôle interne | 76 |
| 3.3 INSURANCE | 78 |
| 4. CORPORATE GOVERNANCE AND COMPENSATION | 79 |
| 4.1 CORPORATE GOVERNANCE | 80 |
| 4.1.1 Board of Directors | 83 |
| 4.1.2 Preparation and organization of the Board of Directors’ work | 106 |
| 4.1.3 Regulated agreements | 117 |
| 4.1.4 Internal Board Regulations | 120 |
| 4.1.5 Executive Committee | 125 |
| 4.2 COMPENSATION | 127 |
| 4.2.1 Compensation and benefits of Corporate Officers | 127 |
| 4.2.2 Pay equity ratio | 141 |
| 4.2.3 Executive Committee compensation | 142 |
| 4.2.4 Stock Options Plans and Performance or Restricted Shares Plans | 143 |
| 5. DISCLOSURE ON EXTRA-FINANCIAL PERFORMANCE | 153 |
| 5.1 CORPORATE SOCIAL RESPONSIBILITY’S CHALLENGES OF THE GROUP | 154 |
| 5.1.1 Business models | 154 |
| 5.1.2 The CSR risks | 155 |
| 5.1.3 The materiality matrix | 156 |
| 5.1.4 The approach to sustainability | 157 |
| 5.1.5 Covid-19 | 157 |
| 5.2 HUMAN CAPITAL | 159 |
| 5.2.1 Management and development of talent | 159 |
| 5.2.2 Management of business cycles | 168 |
| 5.2.3 Diversity, Equity, and Inclusion | 169 |
| 5.2.4 Business transformation and social dialogue | 173 |
| 5.2.5 Safety at work | 174 |
| 5.2.6 Absenteeism | 176 |
| 5.2.7 Community impact and regional development | 176 |
| 5.2.8 Relations with external stakeholders | 178 |
| 5.3 HUMAN RIGHTS ANDWORKING CONDITIONS | 179 |
| 5.3.1 Human Rights and working conditions in the supply chain | 179 |
| 5.3.2 Fight against harassment and discrimination | 180 |
| 5.4 CLIMATE CHANGE | 181 |
| 5.4.1 Carbon emissions | 183 |
| 5.4.2 Energy efficiency | 185 |
| 5.4.3 Renewable energy | 185 |
| 5.5 CIRCULAR ECONOMY | 187 |
| 5.5.1 Recycling of waste and optimization of raw material | 188 |
| 5.5.2 Environmental footprint of products | 193 |
| 5.5.3 Sustainable water management | 193 |
| 5.5.4 Additional environmental aspects | 195 |
| 5.5.5 Data collection method and rationale | 197 |
| 5.6 GREEN TAXONOMY | 199 |
| 5.7 SAFETY OF CUSTOMERS AND PROTECTION OF CONTENT | 201 |
| 5.7.1 Product compliance and ban of hazardous materials | 201 |
| 5.7.2 Content security, cyber risks and respect of Intellectual Property | 202 |
| 5.8 FAIRNESS OF BUSINESS PRACTICES | 203 |
| 5.8.1 Competition rules and anti-bribery | 203 |
| 5.8.2 Tax management | 204 |
| 5.9 CSR PERFORMANCE ASSESSMENT | 205 |
| 5.10 REPORT OF ONE OF THE STATUTORY AUDITORS, APPOINTED AS INDEPENDENT THIRD PARTY, ON THE VERIFICATION OF THE CONSOLIDATED NON-FINANCIAL PERFORMANCE STATEMENT | 206 |
| 5.11 VIGILANCE PLAN | 209 |
| 6. FINANCIAL STATEMENTS | 211 |
| 6.1 TECHNICOLOR 2021 CONSOLIDATED FINANCIAL STATEMENTS | 212 |
| 6.1.1 Consolidated statement of operations | 212 |
| 6.1.2 Consolidated statement of comprehensive income | 213 |
| 6.1.3 Consolidated statement of financial position | 214 |
| 6.1.4 Consolidated statement of cash flows | 216 |
| 6.1.5 Consolidated statement of changes in equity | 217 |
| 6.2 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 218 |
| 6.3 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 | 283 |
| 6.4 TECHNICOLOR SA 2021 FINANCIAL STATEMENTS | 288 |
| 6.4.1 Profit and loss account | 288 |
| 6.4.2 Balance sheet | 289 |
| 6.4.3 Statement of changes in equity | 290 |
| 6.5 NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS | 291 |
| 6.6 PARENT COMPANY FINANCIAL DATA OVER THE FIVE LAST YEARS (UNDER ARTICLES R. 225-81 AND R. 225-102 OF THE FRENCH COMMERCIAL CODE) | 314 |
| 6.7 STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 | 315 |
| 6.8 STATUTORY AUDITORS | 320 |
| 6.8.1 Table of Statutory Auditors’ fees | 320 |
| 6.8.2 Statutory Auditors | 320 |
| 6.8.3 Substitute Statutory Auditors | 320 |
| 7. ADDITIONAL INFORMATION | 321 |
| 7.1 COMPANY PROFILE | 322 |
| 7.2 LISTING INFORMATION | 322 |
| 7.2.1 Markets for the Company’s securities | 322 |
| 7.2.2 Listing on Euronext Paris | 323 |
| 7.3 NOTIFICATION OF INTERESTS ACQUIRED IN FRENCH COMPANIES IN 2020 AND 2021 | 324 |
| 7.3.1 Notification of interests acquired in the share capital of French companies in 2021 | 324 |
| 7.3.2 Notification of interests acquired in the share capital of French companies in 2020 | 324 |
| 7.4 MEMORANDUM AND BY-LAWS | 324 |
| 7.4.1 Corporate purpose | 324 |
| 7.4.2 Board of Directors and Executive Committee members | 324 |
| 7.4.3 Rights, privileges and restrictions attached to shares | 324 |
| 7.4.4 Actions necessary to change the rights of shareholders | 325 |
| 7.4.5 Shareholders’Meetings | 325 |
| 7.4.6 By-laws requirements for holdings exceeding certain percentages | 325 |
| 7.5 MATERIAL CONTRACTS | 326 |
| 7.6 ADDITIONAL TAX INFORMATION | 326 |
| 7.7 ORGANIZATIONAL STRUCTURE OF THE GROUP | 327 |
| 7.8 SUPPLIERS AND CUSTOMERS PAYMENT TERMS | 330 |
| 7.9 AVAILABLE DOCUMENTS | 330 |
| 7.10 SOURCES REGARDING COMPETITIVE POSITION | 331 |
| 7.11 PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT AND THE ANNUAL FINANCIAL REPORT | 331 |
| 7.11.1 Declaration by the person responsible for the Universal Registration Document and the Annual Financial Report | 331 |
| 7.11.2 Person responsible for information | 331 |
| 8. UNIVERSAL REGISTRATION DOCUMENT CROSS-REFERENCE TABLES | 333 |
| Cross-reference table referring to the main headings required by Annexes 1 and 2 of the Commission delegated Regulation (EU) n° 2019/980 of March 14, 2019 | 335 |
| Annual Financial Report cross-reference table | 337 |
| Management Report cross-reference table | 338 |
| Corporate Governance Report cross-reference table | 340 |
| Cross-reference table pursuant to Article L. 225-102-1, Article R. 225-105 (disclosure on extra-financial performance) and Article L. 225-102-4 (vigilance plan) of the French Commercial Code | 341 |
| Glossary | 345 |