ANTIN // 2021 Universal Registration Document

PRESENTATION OF ANTIN

Industry overview

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Fast growing private market asset class In developed markets, there are significant opportunities to improve existing infrastructure, such as the refurbishment of roads, airports and hospitals for example, while accelerating the development of the next generation of infrastructure, including for example smart city, energy of the future and new mobility. There is even greater need for investment in emerging markets, including in traditional areas and in digital infrastructure, alongside increased urbanisation. As a result, private infrastructure AUM is expected to more than double by 2026, with Preqin estimating that infrastructure AUM will grow at a compound annual growth rate of 16.6% between 2021 and 2026, compared to an average 15.0% compound annual growth rate for all private markets asset classes (1) . Further, comparing the aggregate deal value within private markets, it can be seen in the graph “ Global Infrastructure And Private Equity Dry Powder And Deal Value (2021) ”, that private equity has a similar level of dry powder relative to its annual deal flow, whereas infrastructure has materially lower dry powder on a relative basis. The aggregate deal value of private equity deals in 2021 was 1.6x that of global private infrastructure. However, the aggregate private equity dry powder was 3.1x the level of private infrastructure. This supports our view that the infrastructure asset class has material room to grow.

GLOBAL INFRASTRUCTURE AND PRIVATE EQUITY DRY POWDER AND DEAL VALUE (2021)

Dry powder

Deal value

900

804

+1.6X

+3.1X

513

291

Infrastructure

Private Equity

Infrastructure Private Equity

Source: Preqin, 2022 Global Infrastructure report, Preqin, 2022 Global Private Equity report.

Deal activity – consistent growth over time Globally, the number of infrastructure deals has increased 1.4x since 2010, with 2,379 deals in 2021. The aggregate deal value is also up 2.6x, with a total deal value of $513 billion in 2021. However, in-line with other private market asset classes, infrastructure deal activity was somewhat subdued versus pre-Covid 2019 levels.

GLOBAL INFRASTRUCTURE DEALS AND AGGREGATE DEAL VALUE ($bn)

600

4,000

3,000

400

2,000

300

No. of Deals

1,000

100

Aggregate Deal value ($bn)

0

0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Source: Preqin, 2022 Global Infrastructure report.

Widening infrastructure investment gap Global ly, social and economic infrastructure remains underinvested and underdeveloped against governments’ own standards. Combined with the need to add more capacity to existing networks in expanding economies, there is a significant underinvestment in infrastructure, creating what can be called the infrastructure investment gap. To keep pace with economic growth and meet the sustainable development

goals, by 2040, the G20 Global Infrastructure Hub estimates that global infrastructure investment needs to increase to $94 trillion. Based on current investment trends and spends, there will be a $15 trillion investment gap by 2040. It is estimated that the annual shortfall will rise from approximately $445 billion in 2020 to approximately $820 billion by 2040.

(1) Preqin, 2022 Global Infrastructure report.

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