ANTIN // 2021 Universal Registration Document

RISK FACTORS 3 Risks related to Antin’s operations Antin’s employees, counterparties or other third parties may deliberately seek to circumvent the controls established by Antin, or by third parties engaged by Antin or the Antin Funds, to detect and prevent fraud and other misconduct, or otherwise act contrary to the policies and procedures set up by Antin or to applicable laws and regulations, particularly in relation to money laundering, corruption, or sanctions. For example, Antin may be exposed to an attempt to embezzle funds through hacking by third parties or unauthorised use by employees of its payment platforms used during the closing of transactions, during the distribution of funds or more regularly for the payment In the event of non-compliance with applicable laws and regulations, including due to the failure of Antin’s internal control measures to mitigate such risks, or that of its operating infrastructure to adequately support its business, Antin could be exposed to investigations, loss of licences or permits, fines, regulatory sanctions or criminal penalties, any of which could have a material adverse effect on Antin’s business, results of operations, financial condition and prospects. In relation to Antin’s asset management activities and investment services, such governmental and self-regulatory organisations include, among others, the AMF in France, the FCA in the United Kingdom as well as the SEC in the United States (see Section 1.7 “ Regulatory environment ” of this Universal Registration Document). Antin is also subject to regular supervision and requests for information by its supervisory authorities and cooperation with these authorities may detract management’s attention from Antin’s day-to-day operations and may reveal incidents of non-compliance or may require remediation or investment in Antin’s internal controls. To date, asset management activities and investment services in France and the United Kingdom remain substantially the same as European regulations have been incorporated into UK domestic law with only minor consequential changes, reflecting the fact that the United Kingdom is no longer part of the European Union. However, asset management regulations Antin’s operations are dependent on obtaining appropriate licences, approvals, declarations, marketing notifications and passports (or valid exemptions therefrom) for the Antin Funds with respect to its asset management, investment advice and cross-border distribution activities in France, the United Kingdom, Luxembourg and the United States, as applicable, and any other relevant jurisdictions where the Antin Funds are established, marketed or operated. Antin may be unable to obtain and retain such approvals and permits from relevant governmental authorities and other organisations, or to comply with applicable laws and regulations, or be able to do so without incurring undue costs and delays. The loss, delay in obtaining, or failure to obtain, or inappropriate use of any such licences, approvals, declarations, marketing notifications or passports in any relevant jurisdiction where Antin or an Antin Fund is established, marketed or operated could adversely affect Antin’s operations. Antin’s fund operations constitute licensable activities under Directive 2011/61/EU of 08 June 2011 relating to alternative investment funds (the “ AIFs ”) (as amended from time to time,

of its recurring expenses. Any violation or circumvention of Antin’s checks, policies, procedures, or applicable laws or regulations, as well as any fraud committed or conflict of interest, real or perceived, could have a material adverse effect on Antin’s reputation, result in regulatory investigations or fines, criminal sanctions or financial losses, which could, in turn, have a material adverse effect on Antin’s business, results of operations, financial condition and prospects. To Antin’s knowledge, no incidence of fraud or financial misconduct has occurred or been reported since inception of the firm.

3.2.2 Legal, regulatory and tax risks 3.2.2.1 Antin is subject to significant regulation and supervision Antin is exposed to legal, regulatory and related risks in the markets in which it operates.

in the United Kingdommay depart in the future from regulations currently applicable in the European Union and/or possible divergent practices from the AMF and the FCA with respect to asset management activities and investment services may be witnessed in the future. In such case, Antin may need to implement changes in its operating schemes in the future. Potential evolving asset management and investment services regulations in the United Kingdom will thus require specific scrutiny from Antin. The complexity of implementing and adapting Antin’s compliance structures to comply with various existing local, national and international regulations and their interpretations around the world may increase the foregoing risks, particularly to the extent that the regulators of various countries may implement inconsistent or incompatible rules and regulations, have different interpretations or publish only limited guidance with respect to such regulations. Antin could face a higher cost to comply with new regulations. Failure to comply with applicable laws or regulations could result in criminal penalties, fines, temporary or permanent prohibition on conducting certain businesses, damage to reputation and the attendant loss of Fund Investors, the suspension of employees or revocation of their licences or the licences or approvals of Antin’s entities, among other sanctions. Any such events could have a material adverse effect on the reputation of Antin or its business, results of operations, financial condition and prospects. the “ AIFM Directive ”), which regulates alternative investment Fund Managers in the European Union, as well as under similar regulatory regimes in other markets where the Antin Funds operate and are marketed. In this respect, AIP SAS is licensed by the AMF as a portfolio management company fully subject to the AIFM Directive (see Section 1.7.1 “ Key regulations relating to asset management activities and investment services in the European Union ” of this Universal Registration Document”) and authorised to manage AIFs and to provide third party portfolio management and investment advice services. In jurisdictions where Antin conducts marketing operations but in which the Fund Managers do not hold licences, such as Japan and South Korea, Antin must rely on the use of placement agents for the marketing of the Antin Funds. Failure to comply with the AIFM Directive, for instance due to systematic errors within the operations of the Antin Funds, or due to violation of applicable marketing regulations with respect to Fund Investors, may lead Fund Investors to refrain from investing in the Antin Funds or to seek to cancel their investment, which may affect the strategy and the business of Antin, as well as lead

3.2.2.2 Antin may not be able to obtain and/or maintain regulatory approvals and permits, including licences for Antin’s operations

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