ANTIN // 2021 Universal Registration Document

OPERATING AND FINANCIAL REVIEW FOR THE YEAR 2021 5 Factors affecting Antin’s results of operations

Personnel expenses Personnel expenses include salaries, bonuses and remunerations, social security expenses, pension plan expenses and other personnel related expenses. In general, Antin’s personnel expenses are directly or indirectly driven by the number of employees, which in turn is driven by the growth of operations, including expansion into new geographies and adjacent infrastructure investment strategies. Other operating expenses Other operating expenses comprise professional fees including fees paid to recruiters, audit, advisory and legal fees, services and maintenance costs, travel and representation expenses, residual placement fees that are not capitalised and other expenses and external services (including IT expenses). In addition to that, Antin is charged fees by AISL 2, an entity fully held by the Antin Funds to which such administrative services have been delegated, which are recorded as professional fees. Antin then recharges these costs to the Antin Funds and records the resulting revenue under administrative and other revenue. No margin is applied by Antin in recharging such fees, such that these fees do not result in any contribution to Antin’s net income. 5.1.3 Liquidity and capital Antin manages its liquidity and capital requirements by focusing on cash flows from operating activities. The primary sources of liquidity for Antin are derived from its operating activities in the form of management fees, carried interest and investment income. From time to time, Antin makes use of borrowings from financial institutions, in particular, in order to finance Antin’s investments in the Antin Funds. Antin expects that its principal liquidity needs will continue to consist of cash required to: 3 further grow its business and seed new fund strategies;

Depreciation and amortisation Depreciation and amortisation is applied over the asset’s estimated useful life using the straight-line method. This includes the depreciation of property, plant and equipment and right of-use-assets as well as the amortisation of intangible assets and capitalised placement fees. During a fundraising process, Antin makes use of placement agents or other local representatives/agents in certain jurisdictions. The placement agent fees related to obtaining commitments from Fund Investors are paid when the fund holds its first closing. Antin recognises these fees as an asset when it expects to recover those costs, which are expected to be recovered over the fund life. The useful life of the asset is the life of the fund, which is typically 10 years. Financial income and expenses Financial income comprises translation gains and interest on loans granted to employees in order to facilitate their participation in carried interest schemes, in which employees fund their own commitments to the Carry Vehicles. Financial expenses comprise translation losses, interest on interest-bearing liabilities from credit institutions, interest on lease liabilities and interest paid on cash balances held with banks. 3 fund cash operating expenses, including in relation to fundraising and any contingencies, such as any litigation matters; 3 fund its capital commitments made to existing and future funds; 3 provide financing to employees for their funding of obligations required to receive carried interest; and service of debt obligations.

5.2 FACTORS AFFECTING ANTIN’S RESULTS OF OPERATIONS Macroeconomic environment and market conditions As a leading infrastructure investor, Antin is affected by a number of conditions in the global financial markets and in the regional economic and political environments, particularly in Europe and the United States, and to some extent, elsewhere around the world.

effect on the performance of portfolio companies that are part of funds managed and advised by Antin, resulting in a decrease or loss of carried interest for Antin, or a delay in recognition of such income, as well as more generally negatively impacting a fund’s returns and therefore adversely affecting Antin’s ability to raise new capital. Local and regional geopolitical events and decisions (e.g. adverse changes in tax regulations or subsidies) may also impact one or several investments made by Antin Funds, as well as Antin. For further discussion of the impacts of economics and market conditions, see Section 3. “ Risk factors ” of this Universal Registration Document.

In the different markets in which the Antin Funds’ portfolio companies operate, macroeconomic factors such as economic uncertainty, fluctuations in credit spreads, interest rates, currency exchange rates and inflation rates, supply of capital, trade barriers and tensions, commodity prices and controls and the overall geopolitical environment, as well as other factors outside of Antin’s control may have an adverse

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