ANTIN // 2021 Universal Registration Document

OPERATING AND FINANCIAL REVIEW FOR THE YEAR 2021

General presentation

In the event that an individual leaves Antin before the end of the vesting period, depending on the circumstances, Antin may purchase such individual’s share of carried interest, thereby becoming entitled to any carried interest resulting therefrom. Each Antin Fund sets forth a “distribution waterfall”, which governs the manner in which a fund’s returns on its investments are allocated and distributed to Fund Investors and Carried Interest Participants. The governing documents of each Antin Fund set forth a contractual split of a fund’s net profits, with Fund Investors typically entitled to receive 80% of net profits and Carried Interest Participants typically entitled to receive 20%, subject to the Antin Fund having reached a pre-agreed hurdle return attributable to the Fund Investors. As a general matter, after payment of and provision for, any fees, costs, expenses or other liabilities (including management fees), the returns on an Antin Fund are distributed first to the Fund Investors pari passu with the Carried Interest Commitment, until both Fund Investors and the Carried Interest Commitment have had their invested capital returned. Fund Investors and Carried Interest Commitment are subsequently entitled to a certain hurdle return. In measuring hurdle return, performance is calculated on the basis of the entire Antin Fund portfolio. For the Antin Funds, this hurdle return is typically an annually compounding return of 8% on Fund Investors’ invested capital, fees and expenses, in excess of their distributions. After the hurdle return for Fund Investors and the Carried Interest Commitment has been achieved, a “catch-up” process occurs by which the Carried Interest Participants receive an accelerated payout of the fund’s profits until the contractually-specified profit split of 20% to Carried Interest Participants is achieved. For the most recent Antin Funds, the accelerated payouts during the catchup process are to be made at a ratio of 80% of net profits to Carried Interest Participants and 20% of net profits to Fund Investors. Once the catch-up phase is completed such that the contractually-specified profit split of 20% to Carried Interest Participants has been achieved, any subsequent profits from the Antin Fund are allocated on the basis of the contractual profit split. In addition to its commitment to an Antin Fund through the Carry Vehicle, Antin may decide to make direct investments in the Antin Funds. Beginning with Fund III-B and Mid Cap Fund I, Antin has instituted a policy of making such direct investments equivalent to approximately 1% of the total commitments of an Antin Fund, which it aims to continue for future funds. As a result, Antin recognises investment income in accordance with IFRS 9 from changes in the fair value of the underlying investments in the Antin Funds and from the final settlement of such investments. Fee-Paying AUM FPAUM are considered a core KPI as a measure of the capital on which Antin is entitled to receive management fees and carried interest across the Antin Funds. Total revenue Antin’s revenue comprise 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 both carried interest and investment income, as well as administrative and other revenue which derive from recharging AISL 2 fees (please refer to “ Other operating expenses ” below). The revenue model is described in further detail in Section 5.1.1. “Revenue model” of this Universal Registration Document.

In calculating the effectivemanagement fee rate, Antin excludes management fee rates for Fund III-B, due to the differences in the economic terms of such fund as compared to the other Antin Funds, resulting from the maturity level of Fund III-B and the secondary sales process to such fund from Flagship Fund III. Carried interest and investment income Carried interest is a form of revenue that may be received by Antin via its direct or indirect holdings in the Carry Vehicles of the Antin Funds. Carried interest is structured through the Carry Vehicles grouping together the Carried Interest Participants. The carried interest schemes do not rely in any manner on any agreement with the Company but on an investment in the Antin Funds. The Carried Interest Participants invest by committing capital to the Antin Funds indirectly through the Carry Vehicles (the “ Carried Interest Commitment ”). The total capital commitments made by Carried Interest Participants through the Carry Vehicle in relation to carried interest entitlement generally represent approximately 1% of the total commitments of an Antin Fund. The Carry Vehicle then participates pro rata in each underlying investment performed by the corresponding Antin Fund. For earlier Antin Funds, Carried Interest Participants primarily consisted of Antin team members, rather than Antin. For Fund III-B and Mid Cap Fund I, Antin has instituted a policy of taking a 20% participation in the relevant Carry Vehicles, which it aims to continue for its future funds across the Flagship, Mid Cap and NextGen Fund Series. Revenues from carried interest will be recognised in accordance with IFRS 15 once accrued revenues exceed the fair market value of accrued carried interest. For further information on carried interest, please see Note 5 “ Revenue ” and Note 17.2 “ Accrued income ” in Section 6.2 “ Notes to the Consolidated Financial Statements ”. Total accrued income related to carried interest as of 31 December 2021 amounted to €5.6 million, compared to €12.9 million as of 31 December 2020. Fund investors expect partners and employees of Antin to invest in the carried interest of the Antin Funds to demonstrate alignment of interest, and as such the partners and employees of Antin have made significant personal commitments from their own resources to the Antin Funds. The investment returns are fully dependent on the performance of the relevant fund and the performance of its underlying portfolio companies and constitute capital at risk. The partners and employees of Antin as of 31 December 2021 have committed amounts from their personal resources across multiple fund vehicles totalling €136.5 million, compared to €136.0 million as of 30 June 2021. Where Antin team members invest in carried interest schemes in relation to an Antin Fund, a 60-month vesting period applies. AUM is an operational performance measure representing both the assets managed by Antin from which it is entitled to receive management fees or a carried interest (see below fee-paying AUM), the assets from Antin’s co-investment vehicles which do not generate management fees or carried interest, and the value appreciation on the Antin Funds and co-investment vehicles. In order to improve the comparability of our AUM across quarters and to align increases and decreases of assets between AUM and FPAUM, we are amending our calculation methodology for this non-GAAP metric. The changes in calculation methodology are described in further detail in Section 5.3.1. “ AUM and FPAUM ” of this Universal Registration Document.

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5.1.2 Key metrics and income statement items AUM

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