ANTIN // 2021 Universal Registration Document

RISK FACTORS 3 Risks relating to Antin’s activities 3.1.2.3 Some of the operations of the Antin Funds’ portfolio companies depend on continued strong demand for commodities, such as natural gas or minerals

Infrastructure assets, by their nature, are subject to a number of risks that may be outside of the control of the Antin Funds’ portfolio companies. Indeed, some of the operations of the Antin Funds’ portfolio companies are critically linked to the transport, production or market price of key commodities, including electricity, fuel and natural gas but do not directly invest in commodities. For example, IDEX, held by Flagship Fund III, mostly operates through concessions, the revenue of which depend on the sale of heating and/or cooling volumes, which are particularly affected by weather conditions and corresponding user tariffs, which in turn are impacted by the price of energy (electricity, gas and/or fuel). The market prices of such commodities may fluctuate materially depending on a wide variety of factors (including weather conditions, force majeure events, changes in law, price and availability of alternative or replacement commodities, fuels The Antin Funds’ portfolio companies are located in different jurisdictions, each of which may be subject to different laws and regulation. Relevant government bodies may legislate, impose regulations, levy taxes or change applicable laws in ways that may materially and adversely affect the Antin Funds’ portfolio companies. For example, certain portfolio companies are mainly operated through concessions that are granted by government bodies and are subject to specific risks, including the risk that the relevant government bodies may exercise sovereign rights and take actions contrary to the rights of the relevant portfolio company under the relevant concession agreement, such as the termination of a concession. For example, IDEX, held by Flagship Fund III, and Miya, held by Flagship Fund IV, mainly operate through concessions granted by public authorities, which include specific early termination rights at the public grantor’s discretion based on public interest grounds, subject to specific indemnification regimes. Furthermore, national, state or local governments may take actions, including nationalisation of a business or sector, expropriation of assets or confiscatory taxation, which could materially impact the Antin Funds’ portfolio companies, or in extreme cases, deprive the Antin Funds’ portfolio companies of some or all of their businesses or assets without adequate compensation. Changes in the regulatory environment may restrict or delay the Antin Funds’ ability to make investments or exit and realise value from their investments. For example, changes to government policies regarding antitrust law or restrictions on foreign investment in certain of the Antin Funds’ portfolio companies may limit the Antin Funds’ exit opportunities and investment performance (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 energy sources). A long-term sustained downturn in the demand or supply for, or price of, a key commodity may result in termination, suspension or default under a key contract, or otherwise have a material adverse impact on the financial performance or growth prospects of the particular company, notwithstanding Antin’s efforts to maximise contractual protections. For example, Vicinity Energy, held by Flagship Fund IV, was impacted by the US mid-continent gas price spikes in February 2021 that disrupted supply and demand balance and led to potential credit exposure for Vicinity Energy and the risk of default of end-consumers despite contractual pass through mechanisms. Such adverse effects at the level of the portfolio companies could have an adverse impact on the performance of the Antin Funds and consequently the financial performance of Antin. In particular, environmental laws and regulatory initiatives play a significant role in the infrastructure industry and can have a substantial impact on portfolio companies. For example, global initiatives to reduce pollution have played a major role in the increased demand for natural gas and alternative energy sources, creating numerous new investment opportunities. Conversely, requi red expendi tures for envi ronmental compliance have adversely impacted investment returns in a number of segments of the infrastructure industry. For example, among the Antin Fund portfolio companies, businesses such as IDEX, held by Flagship Fund III, and Vicinity, held by Flagship Fund IV, are particularly exposed to regulations in relation to waste treatment and disposal and hazardous products. New and more stringent environmental laws or stricter interpretations of current laws or regulations could impose substantial additional costs and constraints on investments or potential investments and any failure to comply with such laws could have a material adverse effect on an Antin Fund’s portfolio company. Changes in regulation and/or actions taken by governments could adversely affect the Antin Funds’ portfolio companies, and consequently adversely affect the performance of the Antin Funds and the performance of Antin.

3.1.2.4 The Antin Funds’ portfolio companies are subject to regulation and other actions by governments

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