ANTIN // 2021 Universal Registration Document

RISK FACTORS

Risks relating to Antin’s activities

3.1.1.6 Changing geopolitical conditions may adversely affect Antin Changing geopolitical conditions globally, including increased protectionism, political instability, increased focus on national security measures, terrorist attacks, wars and or other armed conflicts may complicate, or impede, Antin’s operations as well as the operations of the Antin Funds’ portfolio companies, and Antin’s ability to maintain its investment performance and to raise capital for new Antin Funds.

considered for any transaction. For example, certain potential Fund Investors may be excluded during fundraising for a new Antin Fund to avoid complications in obtaining regulatory clearances for such new fund’s future investments. In addition, in the event of an exit of a portfolio company, certain potential buyers may not be acceptable to authorities due to potential objections based on national security grounds. The exclusion of such parties could reduce the pool of potential Fund Investors for a particular Antin Fund, or reduce the pool of potential buyers for a portfolio company, which may result in terms that are less favourable to Antin than they otherwise would have been. As Antin continues to expand its geographic reach in accordance with its strategy, such changing geopolitical conditions and legislation may have an increasing impact. Any such geopolitical change or event could have a material adverse effect on the Antin Funds and Antin’s business, results of operations, financial condition and prospects.

The Antin Funds’ ability to make investments and exits could be impeded due to increased scrutiny from a national security perspective, for instance if a national authority, such as the French Minister in charge of the Economy, the Investment Security Unit in the United Kingdom or the committee on Foreign Investment in the United States, were to raise objections to an investment due to the identity of Fund Investors in a particular Antin Fund. Furthermore, national security concerns may also impede the inclusion of certain potential Fund Investors in the Antin Funds or reduce the number of potential buyers

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3.1.1.7 Antin is exposed to risk of default by Fund Investors Antin may also be affected by risks of default by Fund Investors. Defaults on commitments in respect of the Antin Funds may have adverse consequence on the investment process. For instance, Fund Investors may not satisfy their contractual obligation to fund capital calls when requested by a General Partner (a “ General Partner ”) or Fund Manager of the relevant

Antin Fund. This may result in shortfalls in capital and may affect the relevant Antin Funds ability to consummate investments and consequently adversely affect fund performance and Antin’s ability to receive management fees, carried interest and investment income. In the past fifteen years, Antin had no defaulting Fund Investors.

3.1.2 Risks relating to investment in infrastructure assets 3.1.2.1 Antin could be exposed to concentration risk related to the composition of its fund investment portfolio* Antin’s fund investment portfolio is focused on infrastructure assets and, consequently, is subject to concentration risk which may accentuate the other risks to which it is exposed. Furthermore, each Antin Fund managed by Antin may only make a limited number of investments. For example, with respect to Flagship Fund II and Flagship Fund III, the largest investment in each fund represents approximately 16% to 20% of total commitments. To the extent the Antin Funds hold investments Unfavourable performance by one or more investments could negatively impact the performance of the Antin Funds and the growth of Antin’s FPAUM, which may adversely affect Antin’s revenue and financial performance. 3.1.2.2 Infrastructure assets, by their nature, are subject to a number of risks such as natural disasters, weather events, uninsurable losses, force majeure events and labour disruptions, as well as to the risk of accidents that may result in serious injury or death DPEF concentrated in particular assets, sectors or geographies, they will be more susceptible than a more diversified investment strategy to the negative consequences of a single corporate, economic, political or regulatory event.

In connection with natural disasters, weather events, uninsurable losses, forcemajeure events and labour disruptions, infrastructure projects are highly exposed to the risk of accidents that may give rise to personal injury, loss of life, disruption to service and/or economic loss. The Antin Funds’ portfolio companies are subject to laws and regulations governing health and safety matters that are intended to protect their employees and contractors as well as the general public. Any breach of these obligations, or serious accidents involving employees, contractors or members of the public, could expose the Antin Funds’ portfolio companies to the forfeit or suspension of operating licences, or legislative sanctions, any of which could impact the results of the Antin Funds’ portfolio companies and have a material adverse effect on the performance of the Antin Funds. Furthermore, in

certain jurisdictions where the Antin Funds’ portfolio companies operate, labour forces are unionised, or may become unionised, and have a legal right to strike which may have an impact on the operations of any such portfolio company. If operations of any infrastructure asset are interrupted in whole or in part for any period as a result of any such events, the performance of the portfolio company could be adversely affected, and the overall public confidence in such infrastructure asset could be reduced, both of which could adversely affect Antin’s ability to execute successful fundraising or the performance of the Antin Funds and, consequently, have a material adverse effect on Antin’s business, results of operations, financial condition and prospects.

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