ANTIN // 2021 Universal Registration Document

PRESENTATION OF ANTIN 1 Industry overview

1.1 INDUSTRY OVERVIEW

1.1.1 Global savings industry The global savings market is served by asset management companies that provide professional investment management services to institutional clients, such as pension funds, insurance companies, sovereign wealth funds, as well as high net worth individuals, mass affluent and retail clients. The value of global assets managed by asset management companies (“ Global Industry AUM ”) increased from ~$79 trillion in 2015 to $112 trillion in 2020, at a compound annual growth rate of 7.4%. This includes assets managed in traditional asset classes such as equities and fixed income securities and assets managed in alternative asset classes, which includes private equity and infrastructure.

1.1.2 Private market investments The alternative investment industry comprises private market investments in private equity, infrastructure, real estate and credit, as well as hedge funds and liquid absolute return strategies. In recent years the private market investments industry has experienced significant growth in the value of assets under management (“ Private Markets AUM ”) as a result of strong net flows and increasing allocations by investors in the Antin Funds, as defined below ("Fund Investors"). The value of Private Markets AUM has grown to $8.7 trillion in 2021 and is expected to grow to $17.5 trillion by 2026, a compound annual growth rate of 15.0% from 2021 to 2026.

PRIVATE MARKETS AUM ($trn)

GLOBAL INDUSTRY AUM ($trn)

CAGR

17.5

15.0%

CAGR +4.4%

139.1

2.7 1.9 1.8

17.4%

112.3

CAGR +7.4%

16.6%

8.7 1.2 0.9 1.3

78.7

7.1%

11.1

5.3

15.9%

2026

2021

Q Real Estate

Q Infrastructure

Q Private Credit

Q Private Equity

2025

2015

2020

Q Total

Source: PwC: Asset and Wealth Management Revolution – The Power to Shape the Future.

Source: Preqin, 2022 Global Infrastructure report.

The increase in global industry assets has been driven by strong investment returns and an increase in net flows supported by structural factors, such as wealth accumulation, which has grown alongside an ageing population and increased retirement funding needs, as well as improved access to investment platforms and vehicles. These structural growth factors are expected to support the continued growth of Global Industry AUM, which is expected to increase from $112 trillion in 2020 to $139 trillion in 2025 at a compound annual growth rate of 4.4%.

Of the $8.7 trillion estimated Private Markets AUM at the end of 2021, infrastructure accounted for 10%. By 2026, Preqin estimates that infrastructure will account for 11% of Private Markets AUM.

1.1.3 Private infrastructure Private infrastructure asset managers typical ly invest in infrastructure assets, companies that own and operate infrastructure or companies that display infrastructure characteristics. The infrastructure asset class offers the following benefits and characteristics: 3 high levels of stability, with long-term visibility of cash flows and returns; 3 low volatility of returns, typically benefiting from inflation pass through; 3 returns that are less correlated to overall economic growth given the essential service provided to society; 3 strong downside protection; and 3 high barriers to entry, typically linked to substantial capital requirements. According to Preqin, private infrastructure asset under management (“ AUM ”) has grown at a compound annual growth rate of 16.1% between 2010 and 2021, a faster rate than private markets as a whole. Within private infrastructure, value-add has grown the fastest since 2010, delivering a compound annual growth rate of close to 20%.

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