Sec Form 3 Filing - Qatar Investment Authority @ Global Business Travel Group, Inc. - 2024-01-11

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Qatar Investment Authority 2. Issuer Name and Ticker or Trading Symbol Global Business Travel Group, Inc. [ GBTG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) OOREDOO TOWER (BUILDING 14), AL DAFNA ST (ST 801), AL DAFNA (ZONE 61) 3. Date of Earliest Transaction (MM/DD/YY) 01/11/2024 (Street) DOHA, S300000 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class A Common Stock 87,659,000 I By QH Travel. ( 1 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares C Ordinary Shares of GBT JerseyCo ( 2 ) ( 3 ) ( 2 )( 3 ) ( 2 )( 3 ) Class A Common Stock 3,131,886 I By QH Travel. ( 1 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Qatar Investment Authority OOREDOO TOWER (BUILDING 14) AL DAFNA ST (ST 801), AL DAFNA (ZONE 61) DOHA, S300000 X X Signatures /s/ Andrew Watkins,Associate General Counsel, Compliance, Legal 01/17/2024 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On January 11, 2024, pursuant to a pro rata redemption and exchange transaction between Juweel Investors (SPC) Limited, an exempted segregated portfolio company with limited liability incorporated under the laws of the Cayman Islands ("Juweel"), on the one hand, and its members, on the other hand, Juweel repurchased the common shares in the capital of Juweel held by QH Travel LP ("QH Travel"), an exempted limited partnership formed under the laws of the Cayman Islands, acting by its general partner, QH Travel GP Co, Ltd., an exempted company with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of Qatar Investment Authority in exchange for the transfer by Juweel to QH Travel of 87,659,000 shares of Class A Common Stock and 3,131,886 C Ordinary Shares. ( 2 )GBT JerseyCo Limited ("GBT JerseyCo") entered into a Business Combination Agreement with Apollo Strategic Growth Capital on December 2, 2021, which was amended by that certain Amendment No.1 to the Business Combination Agreement, dated as of July 10, 2023, by and between the Issuer (f/k/a Apollo Strategic Growth Capital) and GBT JerseyCo (the "BCA Amendment"), ( 3 )Pursuant to the BCA Amendment, if at any time during the five years following May 27, 2022, the dollar volume-weighted average price of the Class A Common Stock is, for any 20 trading days within a period of 30 consecutive trading days, greater than or equal to (i) $12.50, then one-half of the number of C Ordinary Shares of GBT JerseyCo held by QH Travel shall automatically and without further action on the part of any person be cancelled in exchange for an equal number of Class A Common Stock; or (ii) $15.00, then the remaining C Ordinary Shares of GBT JerseyCo held by QH Travel shall automatically and without further action on the part of any person be cancelled in exchange for an equal number of shares of Class A Common Stock.

Remarks: On January 11, 2024, QH Travel entered into an amended and restated shareholders' agreement with the Issuer, GBT JerseyCo, American Express International, Inc. ("Amex"), EG Corporate Travel Holdings LLC ("Expedia"), and solely for the purposes of Section 10.22 therein, Juweel (such amended and restated shareholders' agreement, the "A&R Shareholders Agreement").By virtue of the A&R Shareholders Agreement and the obligations and rights thereunder, the Reporting Person may be deemed to be in a "group" with Amex and Expedia for purposes of Schedule 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). This filing shall not be deemed an admission that such persons constitute a "group" for purposes of Section 13(d) of the Exchange Act and the Reporting Person expressly disclaims such group membership and any pecuniary interest in any securities not directly owned by QH Travel. The Reporting Person may be deemed a director by deputization for the purposes of Section 16 of the Exchange Act by virtue of the fact that Mohammed Saif S.S. Al-Sowaidi and Michael Gregory O'Hara were elected to the board of directors of the Issuer as representatives of the Reporting Person.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

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