ANTIN // 2021 Universal Registration Document

OPERATING AND FINANCIAL REVIEW FOR THE YEAR 2021

Factors affecting Antin’s results of operations

Ability to raise capital for new funds and sustain Antin’s growth in FPAUM In order to achieve continued growth in FPAUM, Antin must continue to attract new Fund Investors and raise capital for new funds. As Antin has grown and scaled its Flagship Fund Series, commitments in successor funds have on average been 1.8 times larger than their respective predecessors since inception. Antin has also expanded into new geographies and adjacent infrastructure investment strategies to supports its growth in FPAUM. Increases or decreases in FPAUM result in corresponding increases or decreases in management fee revenue on an absolute basis, as management fees are calculated based on FPAUM. In addition to impacting Antin’s revenue, changes in Antin’s FPAUM affect operating expenses and personnel expenses, as further described below. Antin’s ability to grow its FPAUM by attracting new capital and Fund Investors in the Antin Funds, is impacted by a number of factors such as: 3 Antin’s ability to deliver attractive, risk-adjusted returns to Fund Investors; 3 the demand for pr ivate markets general ly and the infrastructure asset class and Antin’s investment fund strategies more specifically; 3 Antin’s ability to source investments opportunities and deploy capital within expected timelines; and 3 the ability of Antin’s investor relations team to maintain and deepen relationships with current Fund Investors and establish new investor relationships.

Ability to source investment opportunities and deploy capital Antin’s ability to maintain and grow its revenue base by raising new capital depends on Antin’s ability to source attractive investment opportunities and to successfully deploy capital. A number of factors affect Antin’s ability to identify attractive investment opportunities and to successfully execute those investments, including:

3 general market conditions. The investment pace of Antin Funds could decline during economic downturns driven by an overall decrease in M&A volumes, among other factors; 3 competition for investment opportunities. Strong competition assets, in a context of abundant capital, can lead to high acquisition prices, particularly for assets in the most sought after sectors; and 3 Antin’s ability to successfully apply a private equity toolkit to transform portfolio companies and to engage with management teams to drive collective execution of the bespoke value creation plan. In addition, to the factors above, Antin may experience periods of reduced investment activity or variations in investment pace. Reduced levels of transaction activity may result in reduced potential future investment gains. the ability to successfully exit, Antin’s equity positions in its portfolio companies in a timely manner. When financing is not available or becomes too costly, it may be more difficult to find a buyer that can successfully raise sufficient capital to purchase the Antin Funds’ investments; 3 capacity to support and supplement each Antin Fund portfolio company’s management team, and to implement financial incentives intended to align interests with Fund Investors, in order to drive execution of the value creation plan; 3 Antin’s ability to achieve desired returns. If the Antin Funds offer excessive pricing terms for potential investment opportunities, including as compared to those offered by competitors, this could result in lower returns or losses on Antin Fund investments and/or less favourable returns; and 3 M&A volumes generally. A potential decrease in M&A volumes will also likely impact the Antin Funds’ ability to make new investments and exit existing investments, lengthening the post-investment period and potentially the period in which Antin Funds recognise revenue from management fees, as well as carried interest.

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3 Antin’s ability to carry out its investment strategy for its funds by applying its differentiated approach to sourcing to identify potential investment opportunities that exhibit the characteristics of an Antin deal; 3 Antin’s ability to build and maintain relationships with the management teams and potential values of companies sourced as potential investments;

Ability to successfully realise investments in order to drive attractive absolute and relative returns for Fund Investors

Antin’s capacity to raise capital for new funds and to generate revenue from carried interest depends on its ability to successfully realise its investments in order to drive returns for Fund Investors. Even if the Antin Funds perform in line with Antin’s expectations, the performance of Antin Funds is always measured against the performance of competitors’ funds and of the public markets. Since inception, funds managed and advised by Antin have delivered attractive, risk-adjusted returns for investors with 2.7x realised Gross Multiple across the Antin Funds. Antin believes that the following factors have driven and can be expected to continue to drive, the performance of the Antin Funds and Antin’s ability to realise investments: 3 Antin’s ability to deliver returns by utilising its differentiated approach to sourcing in order to identify investment opportunities that generate stable and predictable cash flows, while at the same time have strong potential for value creation; 3 market conditions. Challenging market and economic conditions may adversely affect Antin’s ability to exit and realise value from its investments and result in lower-than expected returns. The strength and liquidity of global equity and debt markets generally affects the valuation of and

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