ANTIN // 2021 Universal Registration Document

PRESENTATION OF ANTIN 1 Regulatory environment

1.7 REGULATORY ENVIRONMENT Antin’s business is governed by regulations specific to each country in which it operates, whether directly or through its subsidiaries (mainly Antin Infrastructure Partners S.A.S. (“ AIP SAS ”), Antin Infrastructure Partners UK Limited (“ AIP UK ”) and Antin Infrastructure Partners US (“ AIP US ” and together with AIP SAS and AIP UK, the " Fund Managers " described in Section 7.2.1 “ Simplified organisational chart ”) of this Universal Registration Document or the Antin Funds, which are primarily established in France and Luxembourg. Since the admission to trading of the Company's shares on Euronext Paris on 24 September 2021, Antin has become subject to various other obligations set forth in French and European regulations, including obligations with respect to (i) periodic and ongoing reporting, (ii) prevention of market abuse and (iii) other securities laws. Antin is subject to regulation and supervision by the Autorité des marchés financiers (the “ AMF ”) in the performance of these obligations. With respect to asset management and investment services, Antin is subject to regulatory frameworks, prudential supervision and licensing requirements relating to the asset management and investment services it provides in the jurisdictions in which it operates and markets the Antin Funds, namely the European Union, the United Kingdom and the United States, as described further in the following sections. Antin operates in a constantly evolving regulatory landscape. The governance and internal organisation of each entity require ongoing monitoring and readjustment as applicable regulations evolve, especially in the European Union where such regulations are transposed into the laws of various Member States and interpreted by local regulators such as the AMF and other European bodies such as the European Securities and Markets Authority. Antin’s tax, legal and compliance team focuses on anticipating and analysing regulatory changes in order to adapt to them as efficiently as possible and to limit their impact on its operational activities. 1.7.1 Key regulations relating to asset management activities and investment services in the European Union In recent years, European authorities have kept the financial services industry under close scrutiny and have adopted regulations and guidelines governing the asset management sector to protect Fund Investors and preserve financial markets stability. Antin’s asset management activities in the European Union are conducted primarily though AIP SAS. Certain Antin Funds are managed by AIP SAS with the assistance of AIP UK, as described in Section 1.7.2 “Key regulations relating to asset management activities and investment advice outside the European Union” below. In the aftermath of the departure of the United Kingdom from the European Union, which was completed on 31 December 2020, all Antin Funds set up from Flagship Fund IV onwards are, as of today, managed by AIP SAS. The primary regulations and associated texts applicable to Antin’s asset management activities and investment services in the European Union are set forth below.

1.7.1.1 European regulations applicable to Alternative Investment Fund Managers AIP SAS is licensed by the AMF and fully subject to the regulatory provisions deriving from the AIFM Directive (1) relating to alternative investment funds (the “ AIFs ”) managers and Delegated Regulation (UE) no. 231/2013 completing the AIFM Directive (see Section 3.2.2.2 “ Antin may not be able to obtain and or maintain regulatory approvals and permits, including licences for Antin’s operations .”). AIFs are defined in the AIFM Directive as entities (other than retail collective investment funds, known as UCITS) which raise capital from a number of Fund Investors with a view to investing it in accordance with a defined investment policy. The AIFM Directive imposes requirements relating to, among other things, approvals, disclosure, reporting, valuation procedures, custody and certain organisational and capital requirements. AIF managers are notably required to report on a regular basis to the competent authorities of their home European Union member state on behalf of the AIFs they manage. Such reporting is required to cover (i) the main instruments in which each AIF invests, (ii) the markets in which each AIF has invested or in which it is active and (iii) the largest exposures and concentrations of the holdings of each AIF. In addition, AIF managers are subject to investor information requirements. AIF managers are required to prepare at least an annual report within six months of the end of each financial year for each AIF they manage or market in the European Union. AIF managers are also required to provide information on the characteristics of the AIF they manage or market in the European Union to potential Fund Investors prior to their investment in such AIF. This includes, in particular, a description of the investment strategy and the objectives of the AIF, the procedures for modifying its strategy or investment policy, valuing the AIF and its assets and the AIF’s liquidity risk management policies, as well as a description of all fees, costs and charges (including their maximum amounts) that are directly or indirectly borne by Fund Investors. 1.7.1.2 Requirements applicable under MIFID II Asset management companies, such as AIP SAS, that are licenced to provide investment services (in particular, investment advice and/or portfolio management on behalf of third parties) are required to comply with the provisions of the Directive 2014/65/EC (“ MIFID II ”) as supplemented by Regulation (UE) no. 600/2014 (the “ MIFIR Regulation ”) and amending Directive 2004/39/EC of 21 April 2004 on markets in financial instruments when providing these services. In addition, rules pertaining to distributors may in particular impact management companies where the fund they manage are distributed in the context of an investment service triggering the application of such rules, in particular by distribution of the funds by other investment services providers or financial advisers, when applicable. The rules of MiFID II apply when an investment service is furnished by an asset management company distributing or marketing its own products or third party products.

(1) : Directive 2011/61/EU of 8 June 2011, as amended from time to time.

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