ANTIN // 2021 Universal Registration Document

OPERATING AND FINANCIAL REVIEW FOR THE YEAR 2021

2021 activity update

5.3.1 AUM and FPAUM

Change in calculation methodology for assets under management Assets under management is an operational measure representing both the assets managed by Antin from which it is entitled to receive management fees or carried interest, 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 assets under management 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 in two ways: i) we will include exited investments in our AUM at fair market value when they continue to be fee-paying during the quarter, ii) we include certain co-investment vehicles in our AUM at fair market value instead of cost.

AUM in the year ended 31 December 2020 amount to €18.3 billion under the new calculationmethodology, compared to €16.4 billion under the prior method. The difference relates to the market value of assets that were exited in the fourth quarter of 2020, but continued to be fee-paying during that quarter. This is due to assets being fee-paying based on either committed capital or cost recorded at the beginning of a quarter. Therefore, instead of recording a decrease in AUM in the fourth quarter of 2020, we are recording a decrease in AUM in the first quarter of 2021. AUM in the year ended 31 December 2021 amounts to €22.7 billion under the new calculation methodology, and €22.0 billion under the prior calculation methodology. The difference relates primarily to the fair value recognition of certain co-investment vehicles that have been previously recognised at cost. This change does not have any affect on the calculation of our FPAUM.

Development of AUM and FPAUM in 2021 The following table sets forth data demonstrating the changes in the AUM and FPAUM over the course of the year ended 31 December 2021, including gross inflows, step-downs and exits. YEARLY DEVELOPMENT OF AUM AND FEE-PAYING AUM

5

AUM

FPAUM

(€bn)

Beginning of Period, 31-Dec-2020

18.3

12.0

Gross inflows Step-downs

3.6

2.8

-

-

Exits (1)

(4.1)

(1.0)

Revaluations FX and other

4.9

- -

-

END OF PERIOD, 31-DEC-2021

22.7

13.8

+23.8%

+14.4%

Change in %

(1) Gross exits for AUM and at cost exists for FPAUM. Source: Company information.

Total assets under management increased from €18.3 billion in 2020 to €22.7 billion in 2021, an increase of 23.8%. Fee-paying assets under management increased from €12.0 billion in 2020 to €13.8 billion in 2021, an increase of 14.4%. This is primarily due to gross inflows of €2.8 billion and exits of €1.0 billion.

Gross inflows include €2.2 billion related to the fundraising for Mid Cap Fund I, €0.3 billion capital drawdown for Flagship Fund III and Fund III-B and €0.3 billion related to the first closing of NextGen Fund I achieved in December 2021. The exits of €1.0 billion include primarily the sale of Inicea and Eurofiber (Flagship Fund II) as well as the transition of assets from Flagship Fund III to Fund III-B which were completed in 2020, and exited the fee-paying AUM in the first quarter of 2021.

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