ANTIN // 2021 Universal Registration Document

PRESENTATION OF ANTIN Regulatory environment

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1.7.3.4 Regulations relating to retrocessions

Only identified staff who receive a high variable remuneration and who influence the risk profile of the asset management company or the AIFs it manages are subject to the requirements relating to the structure and conditions for acquisition and payment of variable remuneration under the AIFM Directive, including through deferral, payment in financial instruments and claw- back measures. Regulated entities should furthermore include information relating to their remuneration policy, principles and practices in their annual or management report. 1.7.3.6 Capital requirements In accordance with the AIFMD Directive and the AMF regulations, AIP SAS is subject to requirements on minimum capital, equal to the greater of (i) 25% of annual operating costs of the prior financial year, or (ii) €125,000 supplemented by 0.02% of assets under management by which its funds under management exceed €250,000,000 (subject to a maximum of €10,000,000). In the UK, AIP UK (as a collective portfolio management investment firm) is required by the FCA to maintain minimum capital equal to the greater of (i) 25% of annual operating costs of the prior financial year, or (ii) €125,000, plus 0.02% of the amount by which its funds under management exceed €250,000,000 (subject to a maximum of €10,000,000). These prudential requirements must be met at all times by AIP SAS and AIP UK.

MIFID II heightened the protection of Fund Investors with regard to the types of payments (“ Retrocessions ”) that a company may receive or make to third parties in connection with the provision of investment services. In general, companies are not permitted to provide investment advisory services independently or to conduct portfolio management activities or collect fees, commissions, monetary or non-monetary benefits from third parties. Certain minor benefits of a non-monetary nature are nevertheless possible, provided that the client has been informed. For entities providing investment services other than portfolio management or independent investment advice, Retrocessions may be levied, provided that such payments are intended to improve the quality of client service and do not impede the service provider from compliance with its duty to act honestly, fairly and professionally in the best interests of its clients. The client must be informed of the existence, nature and amount of such Retrocessions in a complete, accurate and understandable way, prior to any provision of investment or ancillary services. 1.7.3.5 Regulations applicable to remuneration policies The AIFM Directive governs the remuneration policies of AIF managers to ensure that such policies are consistent with the principles of sound risk management. The MiFID II Directive also governs the remuneration of identified persons for the same purpose. A proportion of the remuneration of employees who are identified staff (the “ Identified Staff ”) may be performance based. Within the meaning of both the AIFM Directive and the MiFID II Directive, Identified Staff includes the senior management team, risk takers ( i.e. , portfolio managers), controlling supervisors and managers of support functions, as well as any employee whose overall compensation is in the same salary bracket as senior management and risk takers and whose professional activities have a significant impact on the risk profile of the asset management company or the AIFs it manages.

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