ANTIN // 2021 Universal Registration Document

RISK FACTORS 3 Risks relating to Antin’s activities

of the quality of Antin’s brand and reputation, discouraging Fund Investors from investing in future Antin Funds.

If any of the foregoing were to occur, Antin’s FPAUM, management fees, carried interest and investment income could be adversely affected.

3.1.1.4 Implementing Antin’s growth strategy, including expansion into new geographies, new fund strategies and new business sectors, may be unsuccessful* Antin is seeking to continue to develop its flagship investment strategy (the “ Flagship Fund Series ”) and to grow and scale the mid cap investment strategy (the “ Mid Cap Fund Series ”) (see Section 1.6.1 “ Scaling-up of existing infrastructure strategies ” of this Universal Registration Document). Antin has also launched its new Fund Series focused on the next generation of infrastructure (the “ NextGen Fund Series ”) (see Section 1.6.2 “ Identify additional opportunities for further expansion ” of this Universal Registration Document). Antin is subject to a number of risks and uncertainties associated with its growth strategy, including the risk that new fund strategies or new business sectors will not contribute towards Antin achieving its objectives or that Antin will not execute on such initiatives successfully. The expansion of Antin into new fund strategies or new sectors may also be difficult, for instance where Antin does not have a proven track record in such areas or may not reach goals and expectations. Implementing Antin’s growth strategy may also entail difficulties and costs, including the logistical and overhead costs of opening and expanding offices, the cost of recruiting, training and retaining a higher number of investment professionals and higher costs arising from exposure to additional jurisdictions (including the laws, rules and regulations thereof) or business sectors. Any failure to meet or exceed expectations could result in a material adverse effect on Antin’s business, results of operations, financial condition and prospects. 3.1.1.5 A deterioration in the quality of Antin’s brand and reputation could have an adverse effect on Antin’s ability to raise capital for new funds, attract and retain key talent, and invest capital* DPEF In addition, the current Antin Funds’ investment portfolio consists primarily of infrastructure companies located in Europe and North America. Antin’s growth strategy involves further geographic expansion in North America and may involve geographic expansion into other regions in the future, which may present additional risks, such as less stable political regimes and/or legal, regulatory, or economic environments. Antin may be adversely affected by the foregoing events, or by future adverse developments.

Antin depends on its brand and reputation when competing for Fund Investors, for investment opportunities for the Antin Funds, and to attract and retain talent. Antin’s brand and reputation could be negatively affected by a wide range of events, including poor fund performance, inappropriate behaviour and/or negative publicity related to its employees, as well as failures and/or negative publicity related to the Antin Funds’ portfolio companies. Several factors affecting Antin Fund’s portfolio companies could lead to Fund Investors’ dissatisfaction, such as negative press, insolvency, liquidation or bankruptcy of a Antin Fund portfolio company, insufficient sustainability procedures, overriding environmental, social and governance requirements, non-compliance with applicable laws and regulations, and misconduct or similar actions taken by employees or affiliates of any Antin Fund portfolio company. In order to address risks related to sustainability, Antin has implemented a comprehensive responsible investment approach that integrates sustainability at all stages of the investment process. As part of this framework, bespoke sustainability action plans are defined for each portfolio company and their progress is monitored carefully on a quarterly and annual basis through a set of generic and business specific sustainability indicators (see Section 4.5.2 “ Actively enforcing the incorporation of ESG principles throughout the investment cycle” of this Universal Registration Document). Certain of the Antin Funds’ portfolio companies operate in social infrastructure sectors where consumers and the general public are particularly mindful of the way that health and safety issues are taken into account, such as private health clinics, psychiatric care facilities, medical diagnostics, pharmacies, crematoriums and cemeteries and early education and

special needs education. For this type of portfolio company, any incidents relating to the health and/or safety of patients, customers, employees and/or local communities could result in revocation of relevant licences and would likely receive negative media coverage, which could damage the image of the Antin Fund portfolio company and Antin (even if such incidents relate to a third-party in the same sector and not directly to an Antin Fund portfolio company). Financial scandals or questionable ethical conduct whether by a member of Antin or a competitor may negatively affect the reputation of the private equity industry and thereby adversely affect the perception of Antin. Misconduct, policy violations, or criminal actions by employees of Antin, for example by employees handling disbursements to investment accounts, or the violation of any obligations or standards by any of them, may adversely affect Antin’s brand and reputation and its ability to attract and retain Fund Investors. In addition, the Antin’s brand and reputation could be negatively affected by rumours. Given its status as a listed company on Euronext Paris, it may be difficult for Antin to effectively address such rumours, particularly when they relate to confidential or market-sensitive information. Antin’s brand and reputation are also dependent on certain actions and business operations conducted by third parties over whom Antin has no control, including providers of outsourced operational and distribution activities, counterparties, external suppliers, partners and advisers. Any such events could have a negative impact on Antin’s brand and reputation, affecting Antin’s ability to raise capital for new funds, to attract and retain talent and to invest capital.

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