ANTIN // 2021 Universal Registration Document

RISK FACTORS 3 Risks relating to Antin’s activities Investors should carefully consider all of the information set forth in this Universal Registration Document before making an investment decision, including the risk factors set forth in this section. In accordance with Article 16 of Regulation (EU) 2017/1129 of the European Parliament and of the Council, this section presents the main risks to which the Company and Antin are exposed. As the Company is the holding company of AIP SAS and AIP UK (each a “ Fund Manager ” and together, the “ Fund Managers ”) which exercise the asset management activities of Antin, the Company has opted to present Antin’s risk factors, as a whole, rather than those of the Company, in three categories depending on their nature and with no hierarchy between such categories: (i) risks relating to Antin’s activity; (ii) risks relating to Antin’s operations; and (iii) financial risks.

Within these categories, the risks that the Company considers to be the most material are marked with an asterisk, based on a risk mapping process which determines the criticality level of each risk factor by combining the probability of their occurrence and their expected negative impact on Antin taking into account the actions and control measures implemented by the Company, as at the date of this Universal Registration Document. The occurrence of new events, either internal or external to Antin, may change the order of importance of such risks in the future. The risks described below are not the only risks that Antin faces. Additional risks and uncertainties as yet unknown to Antin, or which it considers as insignificant to date, could have a material adverse effect on Antin’s business, results of operations, financial condition and prospects. Risks flagged with a * are deemed the most important ones, according to their likelihood of occurrence and estimated impact.

3.1 RISKS RELATING TO ANTIN’S ACTIVITIES

3.1.1 Risks relating to Antin’s asset management activities 3.1.1.1 Poor performance by the Antin Funds may adversely affect Antin’s ability to raise capital for future funds, which in turn could impact Antin’s “AUM” and the management fees, carried interest and investment income received by Antin*

Since inception, the funds managed by Antin have delivered consistent investment performance for Antin’s Funds Investors. In the event that the performance of the Antin Funds were to decline, this could result in lower returns or losses to Fund Investors, and Antin’s ability to raise capital for new funds may be impaired and its financial results may be negatively affected. Weakened or changing market conditions generally could have an adverse effect on the performance of the Antin Funds. For example, a scarcity of suitable investment opportunities within each of the Antin Funds’ investment strategies could reduce the ability of such Antin Funds to successfully invest capital. Further, adverse economic conditions in the different markets in which the Antin Funds’ portfolio companies operate, as well as economic and market uncertainty, including for example fluctuations in credit spreads, interest rates, currency exchange rates, inflation rates or supply of capital could limit opportunities to exit and realise value from the Antin Fund investments. Antin cannot guarantee that future market conditions will be more or equally favourable compared to the current and historical market conditions. Indeed, future market conditions, especially in the event of a recession, may be less favourable compared to current and historical market conditions, which could have an impact on the financial performance of the companies in which the Antin Funds invest. During such periods of less favourable market conditions, these companies may also have difficulty in expanding their businesses and operations, may breach the covenants in their financing arrangements or be unable to meet their debt service obligations or other obligations as they become due, potentially resulting in enforcement action being taken by lenders in respect of secured assets. Such difficulties may adversely affect the performance of the Antin Funds that hold investments in these companies and Antin’s business. If any of the foregoing were to occur, Antin’s FPAUM, management fees, carried interest and investment income could be adversely affected.

Moreover, the performance of the Antin Funds may also be affected, at the portfolio companies’ level, for example due to competitive pressures in a specific industry or market, as well as idiosyncratic risks specific to a portfolio company or asset. The Antin Funds’ portfolio companies may be unable to renew their existing contracts or win additional contracts with their existing or potential customers. The ability of the Antin Funds’ portfolio companies to maintain or improve their financial performance is dependent on many factors, including price, customer service and the competitive environment. If a portfolio company is unable to retain customers and/or unable to attract additional customers to replace customers it has lost, the Antin Fund’s ability to realise strong returns on such an investment may be affected, which could impact the performance of the Antin Funds. Furthermore, to the extent that the performance of the Antin Funds is measured against the performance of competitors’ funds and the public markets, even if the Antin Funds perform in line with expectations, if competitors’ funds or public markets perform comparably better, Antin’s ability to retain or attract Fund Investors and in consequence, raise capital for new funds, could be adversely affected. In addition, competition can also be found at Antin’s level whilst seeking to invest in assets that may be coveted by other investment companies, infrastructure investors and prospective acquirers (see Section 1.1 “ Industry overview ” of this Universal Registration Document and in particular Section 1.1.5 “ Private markets and infrastructure investing industry competitive dynamics ” of this Universal Registration Document). For the past three years, with its flagship strategy Antin has historically competed with a limited number of peers for investment opportunities, including EQT, I Squared Capital, KKR, Global Infrastructure Partners and Stonepeak Infrastructure Partners. The successful completion of investments is based primarily

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