ANTIN // 2021 Universal Registration Document

OPERATING AND FINANCIAL REVIEW FOR THE YEAR 2021 5 2021 activity update

Ability to maintain management fee rates and share of carried interest of the Antin Funds

The management fee rate and the share of carried interest to which Antin may be contractually entitled with respect to each Antin Fund directly impacts the amount of revenue Antin generates. The main factors impacting Antin’s management fee rates and share of carried interest include: 3 historical and expected performance of the Antin Funds; 3 fee levels and economic conditions set by precedent funds;

3 demand across investment strategies and trends in allocation to private markets; 3 competitive pressure, including industry standard fee levels and the terms and conditions for funds of similar investment criteria and investment performance; 3 quality and variety of the Antin Fund offering across multiple strategies; and 3 the level of discounts for its most loyal Fund Investors that commit to successor funds or to larger commitments.

Ability to recruit, motivate and retain excellent employees and maintain the Antin corporate culture

The success of Antin’s activity depends largely on the talent and efforts of its highly skilled workforce, including investment professionals and in-house specialist teams. In the context of a competitive labour market, Antin’s ability to recruit, motivate and retain talent has been supported by several factors, including: 3 Antin’s reputation; 3 the career advancement opportuni t ies granted to employees, including the quality of development and training initiatives; and 5.3 2021 ACTIVITY UPDATE 2021 was an eventful year for Antin. Antin expanded its investment activities by launching two new investment strategies, complementing the Flagship Fund Series with a Mid Cap and NextGen Fund Series. Following this expansion, Antin operates across three specialised investment strategies and is the largest independent infrastructure private equity firm based in Europe. Throughout the year, Antin made significant investments in building out its team and platform, hiring a total of 53 employees including investment professionals and employees in investor relations and operations. Antin also added 5 new partners. The build out of the team was done to support the launch of the Mid Cap and NextGen Fund Series

3 attractive remuneration and benefits packages that aim to incentivise high performance over the long-term, including broad participation in carried interest schemes. Commensurate with its fundraising growth, Antin has expanded its team steadily over time. As Antin continues to expand its resources to support its growth, it expects personnel costs to continue to be impacted by the hiring of additional investment professionals, including more senior professionals with relevant sector experience and skills. For a description of the evolution of number of employees and personnel costs in 2021 see Section 5.4.1 “ Analysis of the consolidated Income Statement on an underlying basis ” of this Universal Registration Document.

and to be appropriately resourced to manage a larger amount of AUM in anticipation of the expected fundraising for Flagship Fund V in 2022 and 2023. Antin also took a game changing step with the IPO of the Company on Euronext Paris in September 2021, with a total offering size of €632 million, of which €402 million were primary proceeds raised to support, Antin’s ambitious growth plans. This provides Antin with the resources required to invest in the continued scale-up of its business, and to expand geographically, seed new teams and launch new investment strategies. In addition, the IPO has enhanced the visibility of the Antin brand.

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