ANTIN // 2021 Universal Registration Document

PRESENTATION OF ANTIN 1 Antin model

1.5.2.2 Thorough research underpinned by long-term trends Antin uses a research-driven approach to evaluating sub-sectors and the long-termmarket trends that impact these sub-sectors when developing its investment themes. For example, increased reliance on and demand for data globally, demographic shifts and aging populations, the ongoing energy transition, changes in consumer behaviour and changes to the global food supply chain are some of the long-term trends Antin has been tracking over multiple years and are relevant to its current investments. Antin has a forward-thinking approach and considers how a potential investment would be perceived not only after Antin’s exit, but throughout the investment cycle of the future buyer of the investment. 1.5.2.3 Antin’s infrastructure test As notions of infrastructure evolve away from traditional definitions, Antin aims to continue to be at the forefront of new trends, rather than focusing on outmoded perceptions of the asset class. Antin’s definition of infrastructure has been based on a set of fundamental characteristics that a business must exhibit to be considered for inclusion within its portfolio. Antin has strictly applied an infrastructure test to all potential investments in the Flagship Fund Series and Mid Cap Fund Series. To be considered for inclusion within any of Antin’s Flagship Fund Series or Mid Cap Fund Series, a potential investment must meet the following characteristics of Antin’s infrastructure test: 3 be an “essential” business or service to the community; 3 exhibit significant barriers to market entry; 3 have stable and predictable cash flows; 3 have largely inflation-linked (natural or contractual) cash flows; and 3 display robust downside protection mostly insulated from the business cycle. Antin believes that this infrastructure test instils discipline and a high degree of selectivity. Its agility has allowed Antin to pioneer investments in new sectors which are sometimes not yet perceived as infrastructure by the wider market but which over time are seen as integral infrastructure sub sectors. 1.5.2.4 Value creation potential Antin’s investment team seeks to identify value creation potential in any investment opportunity prior to investment by employing a private equity toolkit to improve, grow and transform the business. The investment team can also call upon the support of various in-house specialist teams and external expertise to develop a bespoke value creation plan for each prospective portfolio company, which will include a review of legal and tax considerations, financing options, specific performance improvement initiatives, an evaluation of sustainability risk factors and areas for improvement and the input of seasoned industry specialists within Antin’s broader adviser network. Antin believes that evidence of successful initiatives can be found across Antin’s portfolio companies. The Antin approach is scalable and replicable, and has been successfully employed across 31 investments in different sectors and geographies for 15 years.

1.5.2.5 Complexity Antin believes that its broad and experienced team allows it to navigate situations which might have levels of complexity (related to structuring, operations, financing, sale process or otherwise) that firms with less expertise and resources are not capable of handling. It can act as a solution provider to a potential vendor in a situation where, due to insufficient time or resources, a full sale process cannot be run. In such a scenario, Antin may have been monitoring a business for some time and may have already dedicated the resources to understanding a given market and business model, therefore putting it in an advantageous position versus potential competitors. 1.5.2.6 Collective execution Since Antin’s founding, it has been the belief of Antin that infrastructure businesses require active management in order to generate superior returns. Antin’s holistic and hands-on approach to value creation, involving strong engagement with each Antin Fund portfolio company during Antin’s ownership, has created significant value to date. The investment team, along with the in-house specialist teams and the broad adviser network, all work seamlessly to support and supplement each Antin Fund portfolio company’s management team in order to drive collective execution of the bespoke value creation plan. This plan is supported by a coherent set of financial incentives intended to align interests with those of Fund Investors. The col lective effort is founded on Antin’s principle of accountability, which reinforces individual responsibility within the wider group and ensures that the investment team is the same from the acquisition to the exit of an Antin Fund portfolio company. Through this approach, Antin has been able to drive value for its Fund Investors through many executed initiatives at Antin Fund portfolio companies, which Antin believes evidences the robustness, scalability and replicability of its strategy. To assist the investment team, Antin also engages its broad, informal adviser network of industry specialists, which provide expert advice to Antin. These industry specialists are seasoned professionals with a particular geographic or sectoral expertise, whom Antin’s senior management team has come to know in the course of their careers. The network includes industrialists, proven entrepreneurs, private equity investors, former portfolio company managers of Antin-owned businesses, bankers, operations specialists, commercial directors, industry board members, politicians, senior civil servants and lawyers. Antin often uses its adviser network when originating an investment opportunity and developing a business plan. As part of this process, Antinmay decide to continue the relationship and invite the industry specialist to become part of the senior leadership team of the Antin Fund portfolio company post-acquisition to serve on its board of directors. Typically, the industry specialists would invest their own personal wealth and participate in the relevant Antin Fund portfolio company’s incentive plan thereby further reinforcing alignment of incentives. Antin can also draw on the experience and advice froma group of Senior Advisers that are retained by Antin on a permanent basis (the “ Senior Advisers ”). These professionals have strong relationships in the financial, political and industrial communities throughout the world. The Senior Advisers have proved valuable to the Managing Partners as a sounding board to advise on the development of Antin, as well as acting as an additional source of business judgment and industry insights. 1.5.2.7 Approach to sustainability Further detail is available in Section 4. “ Sustainability ” of this Universal Registration Document.

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