ANTIN // 2021 Universal Registration Document

OPERATING AND FINANCIAL REVIEW FOR THE YEAR 2021 5 General presentation The following discussion of Antin’s financial results and position should be read in conjunction with Antin’s Financial Statements for the years ended 31 December 2020 and 2021, which have been prepared in accordance with IFRS as issued by IASB and adopted by the European Union and audited by Antin’s independent auditors, Deloitte and CFCE, as set forth in their

audit report included in this Universal Registration Document. The discussion contains forward-looking statements that are subject to numerous risks and uncertainties, including those described in Section 3 “ Risk factors ” of this Universal Registration Document.

5.1 GENERAL PRESENTATION

5.1.1 Revenue model Antin operates an integrated fee-based revenue model that comprises recurring management fees derived from the services provided by Antin to the Antin Funds, and income derived from Antin’s investments in the Antin Funds, consisting of carried interest and investment income. Management fees Management fees are recurring revenue which Antin receives for the fund management services provided to the Antin Funds. Such fees depend primarily on the capital committed by external investors in the Antin Funds and are recognised over the lifetime of each Antin Fund. The lifecycle of an Antin Fund has three principal phases: fundraising, the investment period and the post-investment period, which are described in more detail below. Fundraising In subscribing for interests in an Antin Fund, an investor agrees to provide a certain amount of capital to the fund whenever capital calls are made, in accordance with the relevant fund’s governing documents. At the first closing of a fund, Fund Investors are admitted and the investment period typically begins (see “Investment Period” below). After the final fund closing is held, no further commitments are accepted. All Antin Funds are closed-ended, which means that capital commitments are raised from Fund Investors for a limited period of time. The length of the fundraising period varies depending on a number of factors, such as the maturity of the investment strategy, recent and historical performance of other Antin Funds, market conditions and Fund Investors’ demand. The fundraising phase may continue despite the beginning of the investment period. Until the investment period begins, no management fees are earned by Antin. Investment period The beginning of the investment period is determined at the discretion of the Fund Manager. As a practical matter, the beginning of the investment period typically coincides with the first closing of the fund, at which point Fund Investors are admited to the Antin Fund. From the beginning of the investment period, management fees begin to be earned by Antin, calculated by reference to the total commitments raised by the relevant fund. In particular, management fees have been charged at a 1.4-1.5% rate of total commitments for all Antin Funds during the investment period. A reduced management fee may be offered to Limited Partners that have a commitment over a certain amount. The maximum length of the investment period for Antin Funds has generally been set under the governing documents of the funds at five years. The actual length of the investment period will depend on several factors, including the availability of attractive investment

opportunities, the speed at which capital is deployed as well as market and economic conditions. Once approximately 75% of total commitments have been invested, the fund will typically move into the post-investment period. Any remaining undrawn commitments at the end of the investment period may be called for strategic initiatives, such as growth projects at underlying portfolio companies and “add-on” investments, as well as ongoing expenses. Investment periods of previous Antin Funds have run between two and five years. Investors admitted to an Antin Fund after the first closing generally are required to pay to the Fund Manager their proportionate share of management fees retroactively to the first closing date plus interest. Investors are also required to pay to the fund the organisational and other expenses attributable to such fund, as well as the aggregate cost of any investments already made by Fund Investors, plus interest, less their pro rata share of investor distributions. The “catch-up” effect of these retroactive management fee payments results in increases from time to time in the management fee revenue otherwise recorded by Antin over a typical fund lifecycle. Post-investment period The post-investment period commences at the end of the five year period, or, if earlier, once at least 75% of total commitments are invested and a successor fund for the same investment product has achieved a first closing. For the most recent Antin Funds, 75% of commitments have been invested by the second or third year. During the post-investment period, management fees are calculated by reference to the remaining cost of investments not yet realised for such fund, using rates varying between 1% and 1.5%. During this period the Fund Managers focus on delivering attractive, risk-adjusted returns for the Antin Funds. The average length of time over which investments in portfolio companies are held can vary, depending on the investment strategy and the portfolio company’s performance and prospects, as well as on market conditions. Management fees received from a single Antin Fund decrease in absolute terms over time during the post-investment period. Despite the decrease in management fees received from individual Antin Funds as they move into the post-investment period, Antin’s aggregate revenue from management fees across its funds have increased historically over time, due to Antin’s success in raising new funds across its growing and well diversified investor base. Effective management fee rates Antin uses the indicator “effective management fee rate”, which is calculated as the weighted average management fee rate for all Antin Funds contributing to FPAUM over a specified period. Since 2015, the effective management fee rate has remained largely stable at 1.4%.

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