ANTIN // 2021 Universal Registration Document

OPERATING AND FINANCIAL REVIEW FOR THE YEAR 2021 5 Contractual obligations, commercial commitments and off-balance sheet arrangements

5.5 CONTRACTUAL OBLIGATIONS, COMMERCIAL COMMITMENTS AND OFF-BALANCE SHEET ARRANGEMENTS

Antin has contracted certain off-balance sheet commitments, mainly corresponding to capital commitments in relation to investments in the Antin Funds and financial commitments in relation to borrowings from credit institutions and leasehold obligations. Antin’s commitments in relation to its investments in the Antin Funds totalled €35.9 million and €64.7 million as of 31 December 2020 and 31 December 2021, respectively. The increase in these commitments from 2020 to 2021 was due primarily to investments in Mid Cap Fund I and NextGen Fund I. Out of the total commitment of €64.7 million, an amount of €24.5 million is held on balance sheet as part of the financial assets and recognised at fair value of €32.4m. The remainder of €40.2 million is uncalled capital that constitutes an off balance sheet commitment.

Beginning with Fund III-B and Mid Cap Fund I, Antin instituted a policy of making direct co-investments into the Antin Funds, which it intends to implement for all future funds, in addition to the investments made in the Carry Vehicle in relation to carried interest entitlement. For further details on Funds’ investments, please refer to Note 13. “ Financial assets ” of this Universal Registration Document. Antin’s financial l iabi l ities (excluding trade payables) totalled €48.7 million and €34.7 million, for the period ended 31 December 2020 and 31 December 2021, respectively. The liabilities corresponded to debt obligations in relation to certain commitments in relation to new office premises and extensions.

5.6 SIGNIFICANT EVENTS SINCE 31 DECEMBER 2021

Fundraising for NextGen Fund I

Following the successful first closing of NextGen Fund I in December 2021, fundraising for this fund progressed further in 2022.

Change in legal structure for Antin Infrastructure Partners Asia Private Limited Antin transferred 100% of the shares held in Antin Infrastructure Partners Asia Private Limited from Antin Infrastructure Partners SAS to Antin Infrastructure Partners S.A. The share transfer was effective on 21 January 2022 with the purpose of simplifying the organisational structure of Antin. Implementation of a liquidity contract Antin has commissioned Exane BNP Paribas to implement a liquidity contract concerning its own shares, starting on 25 March 2022 for a first period ending on 31 December 2022, and then for a one-year period renewable. This agreement has been drawn up in accordance with applicable regulations. The objective of the contract is to improve Antin’s share trading on the regulated market of Euronext Paris. The resources allocated to the liquidity contract for the implementation of the contract are €2 million. Russia’s military large-scale invasion During the period from 31 December 2021 to the date the financial statements were approved, Russia’s military large-scale invasion in areas within Ukraine has caused extensive disruptions to businesses and economic activities in Europe. The uncertainties over the emergence and spread of the conflict have caused market volatility worldwide. Antin and its portfolio companies have no direct or indirect exposure to the conflict in Russia and Ukraine and have no physical locations in those regions. Antin also has no fund investors based in Russia or Ukraine. Antin will continue to monitor the situation and potential effects it may have on the business and its portfolio companies. 1Q 2022 AUM Announcement On 25 April 2022, Antin released its 1Q 2022 AUM Announcement, reporting AUM of €22.0bn and FPAUM of €13.7bn. AUM and FPAUM decreased by (2.8%) and (0.4%) respectively during the quarter due to the realisation of investments. With respect to capital raising, Antin made further progress in fundraising for NextGen Fund I and launched fundraising for Flagship Fund V. Capital was deployed at a steady pace during the first quarter with two investments announced for Mid Cap Fund I and one inaugural investment announced for NextGen Fund I. During the quarter, Antin also announced the exit of Roadchef from Flagship Fund II. All Antin Funds performed either on plan or ahead of plan as of 31 March 2022.

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