ANTIN // 2021 Universal Registration Document

5 OPERATING AND FINANCIAL REVIEW FOR THE YEAR 2021

5.1 GENERAL PRESENTATION

114

5.5 CONTRACTUAL OBLIGATIONS, COMMERCIAL COMMITMENTS AND OFF-BALANCE SHEET ARRANGEMENTS

5.1.1 Revenue model

114 115 116

5.1.2 Key metrics and income statement items

128

5.1.3 Liquidity and capital

5.6 SIGNIFICANT EVENTS SINCE 31 DECEMBER 2021

5.2 FACTORS AFFECTING ANTIN’S RESULTS OF OPERATIONS

128

116

5.7 MEDIUM-TERM OBJECTIVES

129

5.3 2021 ACTIVITY UPDATE

118

5.3.1 AUM and FPAUM

119 120 121

5.3.2 Fundraising, investment and exit activity 5.3.3 Investment performance in 2021

5.4 ANALYSIS OF THE CONSOLIDATED FINANCIAL STATEMENTS 5.4.1 Analysis of the Consolidated Income Statement on an underlying basis 122 5.4.2 Reconciliation of IFRS results and underlying results 125 5.4.3 Analysis of the Consolidated Balance Sheet 126 5.4.4 Analysis of the Consolidated Cash Flow Statement 127 122

113 ANTIN INFRASTRUCTURE PARTNERS S.A. - UNIVERSAL REGISTRATION DOCUMENT 2021