ANTIN // 2021 Universal Registration Document

FINANCIAL STATEMENTS 6 Notes to the consolidated financial statements

Note 4 Operating segments Antin manages and advises six Antin Funds that invest in infrastructure in Europe and North America. Operational performance is monitored at a Group level and not at the level of each fund. The Chief Operating Decision Maker (CODM) is the Executive Committee, which is composed of three persons including the two Managing Partners and the COO.

The Executive Committee of Antin has not identified any operating segment according to the definition of IFRS 8 and therefore, Antin has only one operating segment. Antin’s business of providing fund management services cannot be reliably and fairly reviewed by geography. The Antin Fund Investors are often located in multiple jurisdictions and the funds through which the investors invest are principally located in Luxembourg.

Notes to the Consolidated Income Statement

Note 5 Revenue

ACCOUNTING PRINCIPLES Reference: IFRS 15 / IFRS 9 Revenues

Management fees are payable quarterly or semi-annually in advance. The calculation basis is updated each quarter. Carried interest – Variable consideration Carried interest is a share of profits that Antin receives through its holdings in the Carry Vehicles as variable consideration fully dependent on the performance of the relevant funds and the development of the fund’s underlying investments. Antin is entitled to a contractually agreed share of accumulated profits exceeding an agreed investment return threshold over the expected life of each individual fund. Recognition of carried interest is normally assessed based on three steps: 1. Hurdle assessment: the total return hurdle is determined by the sum of total accumulated draw down commitments paid by the Limited Partners and total accrued minimum return attributable to the LPs (the 'Preferred return”) as of the reporting date. 2. Total discounted value assessment: the fair value of unrealised investments is determined as of the reporting date. The unreal ised fair value wi l l be adjusted, in accordance with established precautionary principles, to the extent that carried interest revenues should only be recognised once it is highly probable that the revenues would not result in a significant reversal of cumulative revenues recognised at final realization of the fund. The fund's other assets/liabilities and any total proceeds from realised investments as of reporting date are then added to the equation, and thus constitute the total discounted value of the fund. 3. Carried interest recognition assessment: if the total discounted value exceeds the total investment return hurdle, carried interest revenues are recognised. Revenues are recognised in the consolidated income statement when it is highly probable that a significant reversal in the amount of cumulative revenues will not occur. The reversal risk is managed through adjustments of current unrealised fund values by applying discounts ranging between 30 and 50 percent. The discounts applied are assessed on an asset-by-asset basis and depend on the expected average remaining holding period of each fund. The discounts applied are assessed semi-annually. The carried interest is payable in accordance with the waterfall distribution rules that are agreed at the inception of each fund. Payment is further subject to satisfaction of certain tests relating to clawback i.e. repayment requirements on final settlement of the fund.

Antin operates an integrated fee-based revenue model that comprises recurring management fees derived from the services provided by Antin to the Antin Funds and variable income derived from carried interest in the Antin Funds, and investment income derived from Antin’s investments in the Antin Funds. In return for these services, Antin is entitled to receive management fees. Through a vehicle utilised to invest into a fund alongside other Fund Investors (the “Carry Vehicle”), Antin is also entitled to receive “carried interest”, which is a share of the profit from the fund’s investments, provided that a specified Fund Investor “hurdle” return is achieved first. In addition, Antin recognises investment income from the changes in the fair value of Antin’s underlying investments in the Antin Funds and of the final settlement of such investments. Revenue recognition IFRS 15 Revenue from Contracts with Customers applies to management fee revenue and carried interest, and is based on a five-step approach that requires revenues to be recognised when control over services and their benefits are transferred to the customer. Revenues are measured based on the consideration specified in contractual agreements and exclude amounts collected on behalf of third parties, discounts and/or rebates and value-added taxes. No revenues are recognised when there are significant uncertaint ies wi th respect to the real izat ion of the consideration due. Recurring Management fees Antin earns management fees to manage and support the Antin funds on an ongoing basis according to the terms and conditions of the legal agreements of each fund. The management and support of funds includes a series of distinct services that increment on an going basis. The different activities are considered interrelated and form part of the same obligation to perform fund management services for the benefit of the Fund Investors. Management fees are recognised over the life of each fund. Antin funds typically have a ten-year initial term with two optional extensions of one year each and underlying investments are held on average for five to seven years. As such, management fees are recurring revenues that offer a high degree of predictability. The management fee charged is based on the committed capital during the length of the investment period and thereafter on the cost of investments not yet realised or written off.

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