ANTIN // 2021 Universal Registration Document

FINANCIAL STATEMENTS

Notes to the consolidated financial statements

The number of employees of Antin the year ending 31 December 2021 and the year ending 31 December 2020 were 142 and 95 respectively. The increase in the number of employees reflects the significant hiring activity of Antin to support the growth of its business and the growth of in FPAUM, including hiring related to the launch of the Mid Cap Fund Series and the NextGen Fund Series.

It excludes employees based in Luxembourg and employed by Antin Infrastructure Services Luxembourg II, an entity fully held by the Antin Funds. Employees based in Luxembourg provide fund accounting and fund administration services to the Antin Funds. The number of employees in Luxembourg the year ending 31 December 2021 and the year ending 2020 were 21 and 15 respectively.

6.2 Composition of personnel expenses The management establishes and approves salaries and other remuneration for the employees of Antin. The total remuneration may consist of a base salary, bonus, the participation in pension schemes and other benefits. Salaries and remunerations to employees:

31-Dec-2021

31-Dec-2020

(in €k)

37,484

27,653

Pension plan expenses

939

699

ESPP

2,711 9,118

-

Social security expenses

6,258

Other personnel related expenses

251

100

Free Share Plan

24,073

- -

Social security expenses related to Free Share Plan

3,978

TOTAL PERSONNEL EXPENSES

78,554

34,709

The increase of salaries, bonuses and social security expenses are linked to significant hiring of employees in 2021. The personnel expenses do not include the employees based in Luxembourg and employed by Antin Infrastructure Services Luxembourg II, an entity fully held by the Antin Funds. 6.3 Compensation of the Executive Committee

6

31-Dec-2021

31-Dec-2020

(in €k)

Salaries, bonuses and remunerations

3,664

3,233

Pension expenses

25

39

TOTAL PERSONNEL EXPENSES FOR THE EXECUTIVE COMMITTEE

3,689

3,271

6.4 Share-based payment plans

ACCOUNTING PRINCIPLES Reference: IFRS 2

Antin share-based payments include the Employee Share Purchase Plan and the Free Share Plan. Both plans are equity settled share-based payments with a part of cash-settled share based payments for the Employee Share Purchase Plan. For equity-settled share-based payments (free shares), the fair value of these instruments, measuredat thegrant date, is spread over the vesting period and recorded in Shareholders’ equity. Employee Share Purchase Plan “ESPP” Antin implemented an Employee Share Purchase Plan eligible for employees with more than three months seniority. Under the terms of the plan, as approved by the Board of Directors on 14 September 2021, employees were given the option to purchase shares of Antin at a discount value and to receive in connection with that share purchase a certain number of free share ( abondement ). In the year ended 31 December 2021 Antin recorded €2.7 million as a personnel expense related to the ESPP, calculated as the difference between the payment made by employees and the value of the shares attributed, determined as of the date of the IPO.

At each accounting date, the number of these instruments is revised in order to take into account service conditions and adjust the overall cost of the plan as originally determined. Expenses recognised under personnel expenses from the start of the plan are then adjusted accordingly.

Free Share Plan The Free Share Plan has a plan value of €182.4 million as of the grant date of the shares. A total of 7,033,396 shares were granted at a price of €24 per share and 414,233 shares were granted at a price of €32.8 per share. The plan value is recognised on a straight-line basis as a personnel expense in Antin’s consolidated income statement over the two-year vesting period of the plan. In addition, Antin recognises the estimated social charges levied on the Free Share Plan on the basis of the share price at the end of the reporting period. The social charges are expected to be 20% in France, 15.05% in the United Kingdom and 1.45% in the United States. In 2021, Antin recognised €28.1 million in personnel expenses related to the Free Share Plan, €24.1 million relating to the accrual of compensation expenses and €4.0 million relating to the accrual of social charges, based on a price of €34.50 per share recorded as of 31 December 2021.

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