ANTIN // 2021 Universal Registration Document

PRESENTATION OF ANTIN

Antin model

1

In addition, Antin operates a multi-strategy platform within infrastructure, enabling Fund Investors to access different infrastructure investment solutions and thereby simplifying their investment manager relationships. A first example of this approach in action is the successful launch of Mid Cap Fund I, with approximately 80% out of the €2.2 billion commitment raised from existing Fund Investors. 1.5.1.6 Strong growth, highly profitable and recurring management fee model Antin operates a simple, recurring revenue model for services provided to the Antin Funds consisting primarily of management fee revenue, as well as carried interest revenue and investment income. Antin’s current financial model is highly management fee centric, with management fees accounting for approximately 95% of Antin’s total revenue in 2021, which provides a stable and predictable revenue profile. Management fees are recurring and consistent in nature since they are calculated as a fixed percentage rate generated on total commitments (during the investment period) or on remaining costs of investments not yet realised (following the investment period). Strong investment per formance by the Antin Funds has supported strong growth in FPAUM over time, with Antin’s FPAUM more than doubling over the last three years, driving growth in management fees. In addition to management fees, Antin is contractually entitled to receive carried interest in new funds, which is expected to form a greater proportion of revenue over the medium term. Attractive returns in the Antin Funds also support the potential to generate carried interest. Antin also benefits from management fee rates that have historically remained stable as a percentage of FPAUM, underpinning strong growth in Antin’s revenue. Antin’s effective management fee rate has remained broadly stable since 2015, evidencing the consistency in Antin’s management fee rates across fund generations and investment strategies.

Further detail on carried interest is available in Section 5.1.1 “ Revenue Model ” of this Universal Registration Document under “ Carried interest and investment income ”. Antin also benefits from a scalable operating model, with a proven track record of making stable margins over time. With personnel costs representing the largest share of Antin’s expenses, its cost base is reasonably predictable and controllable.

1.5.2 Differentiated

approach to investing in the infrastructure market

Drawing on the strength of its four founding principles and its skill at introducing innovation, Antin has developed a differentiated approach to investing in the infrastructure market. Antin sources investment opportunities through the filter of an Antin deal, applying strict criteria aimed at identifying investment opportunities that can challenge conventional ideas of infrastructure, aiming for a holding period for such investments of five to seven years. Antin then aims to drive value creation through collective execution by the investment team, supported by in-house specialist teams and a broad network of industry advisers. Since 2007, Antin’s pioneering investment approach has served to underpin the growth and scaling of Antin’s Flagship Fund Series, as well as the launch of its Mid Cap Fund Series and NextGen Fund Series. 1.5.2.1 A typical Antin deal In analysing investment opportunities for its Flagship Fund Series and Mid Cap Fund Series, Antin looks for those which exhibit the characteristics of a typical Antin deal, namely those that are benefiting from long-term market trends, exhibit defensive infrastructure characteristics, demonstrate a degree of complexity and have identifiable value creation potential.

AN ANTIN DEAL – SEEING POTENTIAL, DELIVERING VALUE

An Antin deal

Driving returns throughout the transaction

A

DIFFERENTIATED SOURCING

Long-term trends

B

VALUE-CREATION

Antin Infrastructure test

Complexity

C

SUSTAINABLE APPROACH

Value-creation potential

D

REPOSITIONING FOR EXIT

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