ANTIN // 2021 Universal Registration Document

RISK FACTORS

Risks related to Antin’s operations

3.2 RISKS RELATED TO ANTIN’S OPERATIONS

3.2.1 Risks relating to Antin’s organisation 3.2.1.1 Antin is dependent on its Senior Management Team, key investment professionals and network of Senior Advisers* DPEF

The success of Antin and its capacity to seize the right investment opportunities and to capitalise on the value-creation potential of the investments made by the Antin Funds is highly dependent on the reputation, networks, skills and expertise of its senior management team (the “ Senior Management Team ”) have played, and will continue to play, a key role in its growth and continued business development. Antin also relies on its investment team, investor relations professionals and fund administration and is dependent on its network of Senior Advisers (the “ Senior Advisers ”) who provide expert advice to Antin in particular geographic or sectoral areas (see Section 7.3 “ Employees ” and Section 1.5.1.1 “ Strong cultural values based on four founding principles ” of this Universal Registration Document). Antin’s ability to attract and retain its employees which may not be successful, depends on Antin’s reputation and the remuneration, benefits and career advancement opportunities granted to its employees, including the quality of its development and training initiatives. Antin relies on well-functioning information and technology systems, including cloud-based systems and in particular its data processing systems in order to efficiently and securely process data and perform other tasks necessary for the administration of its business. The information and technology systems of Antin, including the technologies provided by third parties (such as software providers for the administrative services provided by AISL 2, an entity fully held by the Antin Funds) may be vulnerable to damage, interruption or compromise as a result of computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorised persons and security breaches, usage errors by their respective professionals, power outages and catastrophic events (such as fires, tornadoes, floods, hurricanes and earthquakes). In the event that significant or systematic errors occur in relation to financial reporting, the valuation of the Antin Funds and the calculation of carried interest and the waterfall models, or if payments are not made to the correct investor accounts, or if these systems ceased operating properly or became disabled, the business of the affected Antin Funds could be disrupted. In addition, under such circumstances, Antin may be unable to accurately monitor and report on the performance of its funds and the affected funds may be unable to carry out effective reporting, oversight and compliance functions, which could result in financial losses, regulatory interventions and harm to Antin’s brand and reputation. If such disruptions or disturbances arise, Antin may not be able to conduct its business as planned during a certain period and information may be lost or leaked and could also result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to

In addition, Antin has a strong corporate culture. Changes to such culture, resulting from expansion into new regions, may cause key employees to leave Antin. Antin also relies on key individuals to manage the Antin Funds over the life of such funds. Many of its funds include provisions in their limited partnership agreements that provide that the departure of more than a specified limited number of identified key persons connected with such fund or Antin within a given period shall result in the suspension of new investments by the fund until suitable replacements for such personnel have been found and any required approvals have been obtained. Certain personnel have been named as key persons under such clauses for multiple Antin Funds and the departure of any of them could cause Antin to lose Fund Investors and result in the temporary or permanent termination of new investments by such Antin Funds and in a decline in Antin’s FPAUM.

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As a result, the loss of a key member of the Senior Management Team, key investment professionals, advisers or key personnel related to an Antin Fund may have a material adverse effect on the performance of the Antin Funds and on Antin’s business, results of operations, financial condition and prospects. 3.2.1.2 Antin could be adversely affected by operational risks and failures of its control procedures, including breaches to its information and technology systems and/or fraud or circumvention by employees DPEF

Fund Investors (and the beneficial owners of Fund Investors). Antin processes and stores a variety of data, both in electronic and physical form, including a large amount of personal data and other information, some of which is protected personal data. Antin is required to process such data in accordance with French laws and EU regulations, such as the General Data Protection Regulation (EU) 2016/679 of 27 April 2016. Even if Antin has implemented various measures to manage risks relating to these types of events, Antin may fail to manage and/or mitigate the effects of such risks. Antin or the Antin Funds could also decide to obtain the services of an external fund administration service provider in the future, which could increase costs and result in disruptions to internal control procedures while the new service provider became integrated with Antin’s and the Antin Funds’ activities. If these systems are compromised, become inoperable for extended periods of time or cease to function properly, Antin or the Antin Funds may have to make a significant investment to fix or replace them. Since inception of the firm, to its knowledge, Antin has not suffered any breaches or disruptions to its information and technology systems. The loss, leakage or unauthorised use of data could increase Antin’s operating expenses, expose it to claims or investigations under applicable law, expose it to unfavourable publicity and affect the trust of its Fund Investors and partners. This and any deficiencies in Antin’s internal controls arising for any other reason, could have a material adverse effect on Antin’s reputation, business, results of operations, financial condition and prospects.

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