ANTIN // 2021 Universal Registration Document

RISK FACTORS

Risks relating to Antin’s activities

on Antin’s ability to source investment opportunities in a competitive environment, and the ability to compete against other prospective investors and buyers on price, terms and structure of a proposed investment, as well as the ability to create value and successfully exit. Strong competition for assets, in a context of abundant capital and low interest rates, can lead to high acquisition prices, particularly for assets in the most sought-after sectors. This competition may be exacerbated by new market entrants seeking the returns that infrastructure private equity as an asset class has historically delivered. Accordingly, there is a risk that Antin may not be successful when competing with other investment companies, consortia or companies for infrastructure investments, or may acquire such investments at high acquisition prices, which could lead to lower investment returns on Antin Funds and, consequently, having a material adverse effect on Antin’s ability to attract Fund Investors and raise capital for new fund. Finally, the success or future performance of a fund investment might also fall short compared to the financial projections used when evaluating such investment. In order to establish the fair value of its investments (according to which the financial investments held by Antin in the Antin Funds are measured), Antin continuously evaluates and carries out due diligence on a broad range of investment opportunities, some of which lead to investment while others do not (See Section 3.3.3 “ Antin is exposed to the risk of revaluation of certain assets held by Antin is affected by trends in the market for management of savings assets. For example, the Fund Investors may cease or reduce investments in Antin Funds, if returns generated by private markets decline or if they choose to “in source” their own investment advisory professionals. As a result of such changing market conditions, Fund Investors could also aim to negotiate economic terms of the governing fund documentation that are less favourable to the Fund Managers, such as lower management fee, or a lower allocation to carried interest under the waterfall provisions. Antin uses the indicator “effective management fee rate”, which is calculated as the weighted average management fee rate for all Antin Funds contributing to FPAUM over a specified period. Even though since 2015, the effective management fee rate of Antin has remained stable Antin currently receives the majority of its revenue from management fees generated by Antin for managing the activities of the Antin Funds. In addition, Antin also generates revenue from carried interest and investment income. The amount of management fees generated depends both on the size of Antin’s FPAUM, which represents the portion of AUM from which Antin is entitled to receive management fees and on the rate of such management fees. The development of Antin’s FPAUM is primarily dependent on Antin’s ability to raise capital for new funds, which itself depends on Antin’s ability to source investment opportunities, deliver attractive absolute and relative returns to Fund Investors, execute Antin’s growth strategy and maintain the strong brand and reputation of Antin. In particular, FPAUM is dependent on the life cycle stages of the Antin Funds, including the maturity of such funds and the realisation of their investments. Over the investment period of the relevant fund, FPAUM is calculated on the basis of the committed capital. During the post-investment period, FPAUM is calculated on the basis of the remaining cost of investments

the Antin Funds, as well as to the risk of changes in valuation methodologies ”) of this Universal Registration Document. It cannot be certain that the due diligence investigations carried out by Antin with respect to an investment opportunity may not reveal or highlight all relevant facts, opportunities or risks, including any significant undisclosed contingent liabilities, regulatory concerns or ongoing fraud, that might be necessary or helpful in evaluating such investment opportunity. Any such factors resulting in poor performance by the Antin Funds or an inability to attract Fund Investors could affect Antin’s brand and reputation and ability to raise capital for future funds (see Section 3.1.1.6 “ A deterioration in the quality of Antin’s brand and reputation could have an adverse effect on competition for Fund Investors and investment opportunities and impair Antin’s ability to raise capital for new funds, attract and retain key talent and invest capital” of this Universal Registration Document), which in turn could materially adversely affect the size of Antin’s FPAUM (see Section 3.1.1.3 “ Financial performance can be adversely affected by a decline in FPAUM and a decrease in management fee rates ” of this Universal Registration Document) and its management fee income in the medium and long-term, as well as the ability of Antin to negotiate management fee rates or other economic terms of future Antin Funds comparable to those obtained on historical Antin Funds, as well as the carried interest and investment income received by Antin.

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3.1.1.2 Changes in trends in the global savings market, the private markets industry or Fund Investor preferences may adversely affect Antin*

at around 1.4%, management fee rates in the infrastructure asset class could decline.

In addition, even if Antin’s definition of “infrastructure” is broad which allows Antin to offer a wide range of investments focused on infrastructure assets in the Antin Funds, investor demand for certain asset classes may vary over time and in different markets, depending on the attractiveness of a particular asset class. Moreover, new asset classes may emerge, some of which may not already be part of Antin’s offering. Increasing demand for asset classes other than those managed by Antin could affect its competitive position, thereby reducing its FPAUM as well as its revenue and results. Such changes in investor demand could have a material adverse effect on Antin’s business, results of operations, financial condition and prospects. 3.1.1.3 Financial performance can be adversely affected by a decline in FPAUM and a decrease in management fee rates*

not yet realised. A reduction in FPAUM that is not offset by an increase in FPAUM generated by new Antin Funds could lead to lower management fee revenue. Antin may not be able to sustain historical levels of FPAUM growth unless it continues to attract new Fund Investors and raise new funds. Even if Antin’s FPAUM grows as expected, the management fees generated by Antin’s FPAUM may decline due to a decrease in the management fee rate. This could be the result from competitive pressure, such as a decrease of industry standard fee levels, or if there is a decrease in the management fee rate Fund Investors are willing to pay. Antin’s FPAUM may also be affected in the event that a Fund Manager is removed as management company by the Fund Investors in one or several given funds, for or without cause, pursuant to their limited partnership agreements. No removal process has been undertaken to date, but it cannot be excluded that such process may be carried out by Fund Investors in the future which would significantly reduce Antin’s FPAUM. Antin’s FPAUM could also be affected by a deterioration

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