ANTIN // 2021 Universal Registration Document

FINANCIAL STATEMENTS

Notes to the consolidated financial statements

Antin does not currently have any financial assets measured at FVOCI and took option to measure financial assets at FVPL. A financial asset shall be measured at FVPL unless it is measured at amortised cost or at FVOCI. Financial assets measured at FVPL currently include non consolidated equity financial investments. Impairment of financial assets A loss allowance is recognised to reflect the expected credit losses (ECL) on financial assets not recognised at FVPL. The loss allowance is measured at an amount equal to the expected losses under the entire lifetime of the receivables and the contract assets. The loss allowance is deducted from the gross carrying amount of the assets in the statement of financial position. Impairment of financial assets measured at amortised cost are reversed if the expected losses decrease. For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to Antin in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-months ECL. Currently, no impairment of financial assets has been recognised in financial statements. Fair value measurement Fair value is the price that would be received on sale of an asset in an orderly transaction between market participants at the measurement date in the principal market or, in its absence, the most advantageous market to which Antin has access to at that date. The Antin measures and discloses the fair value of an instrument using the following fair value hierarchy. The fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable:

3 level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; 3 level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly ( i.e . as prices) or indirectly (i .e. derived from prices); 3 level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Al l the financial investments held by Antin consist of investments in Antin Funds and are categorised in the Level 3 of the fair value hierarchy, meaning that inputs used in making the measurements are not based on observable market data. The fair value of Antin’s financial investments in Antin Funds are based on their net asset value after taking all assets and deducting all liabilities and provisions. The valuation processes and techniques described below therefore relates to the most significant processes and techniques for valuing the underlying holdings of the funds. Antin applies the International Private Equity and Venture Capital Valuation Guidelines (IPEVC Guidelines) when determining the fair values for the holdings in the Antin Funds. Determining the fair value requires subjective assessment with varying degrees of judgment regarding what market participants would use in estimating the value of an asset including valuation methodology, liquidity, pricing assumptions, the current economic and competitive environment and the risks affecting the specific asset. The valuation principles applied by Antin are applied consistently from period-to-period, and only changed if deemed necessary to reflect a representative fair value. Antin applies control processes to ensure that the fair value of the financial assets reported in the Consolidated Financial Statements are in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the IPEVC Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation. The following valuation techniques are applied by Antin to determine fair values of non-consolidated equity financial investments in line with IFRS 13.

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The financial assets held by Antin are as follows:

31-Dec-2021

31-Dec-2020

(in €k)

26,917

17,944

Security deposits

4,958 2,941

397

Other financial assets TOTAL FINANCIAL ASSETS

1,108

34,816

19,448

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