ANTIN // 2021 Universal Registration Document

3 RISK FACTORS

3.1 RISKS RELATING TO ANTIN’S ACTIVITIES 3.1.1 Risks relating to Antin’s asset management activities 3.1.2 Risks relating to investment in infrastructure assets

72

3.4 INSURANCE

82

72 75

3.5 RISK MANAGEMENT AND INTERNAL CONTROL SYSTEMS

82

3.5.1 Principles

82

3.2 RISKS RELATED TO ANTIN’S OPERATIONS 77 3.2.1 Risks relating to Antin’s organisation 77 3.2.2 Legal, regulatory and tax risks 78

3.5.2 Risk management at the level of the Fund Managers 3.5.3 Risk management at the level of the Antin Funds 3.5.4 Risk management at the level of the portfolio companies

83 85

86

3.3 FINANCIAL RISKS

80

3.3.1 Antin is exposed to the risk of revaluation of certain assets held by the Antin Funds, as well as to the risk of changes in valuation methodologies* 80 3.3.2 Antin may be exposed to liquidity, credit and counterparty risks 3.3.3 Antin is subject to financial market risks, including foreign currency and interest rate risks 81 3.3.4 Changes to applicable accounting standards, or changes to the interpretations thereof could have a material adverse effect on Antin 81 80

3.6 LEGAL AND ARBITRATION PROCEEDINGS 86

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