ANTIN // 2021 Universal Registration Document

RISK FACTORS

Risks related to Antin’s operations

to penalties or other corrective actions from national financial supervisory authorities, such as the withdrawal of current AIFM Directive approvals in France by the AMF. The breach of any local financial regulation on marketing, investment management and/or investment advice in any relevant jurisdiction and tax regulation where Antin or an Antin Fund is established, marketed or operated may result in financial, tax, civil or criminal sanctions being imposed on

Antin or the Antin Funds, the suspension of the Antin Funds’ activities (including fundraising, investment and management), the compulsory winding down or liquidation of Antin Funds, or the compulsory transfer of their management to a third party portfolio manager, and could accordingly have a material adverse effect on the size of Antin’s FPAUM and the management fees received by Antin, as well as Antin’s brand and reputation.

3.2.2.3 Regulatory reforms proposed in the European Union and internationally could expose Antin and its Fund Investors to growing regulatory requirements and uncertainty

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In recent years, numerous regulatory reforms have been adopted or proposed in financial and related markets and the level of regulatory oversight to which Antin is subject may continue to intensify. Such changes could increase the cost of operations, reduce the attractiveness of an investment or change the competitive landscape, which could impact Antin’s future growth and development plans. In particular, there are ongoing plans to amend the AIFM Directive and new rules in the European Union on cross-border distribution relating to alternative investment funds which entered into force in August 2021 that may affect Antin’s

marketing of its funds. In addition, new EU prudential proposals could potentially increase the regulatory capital requirements for Antin. Regulatory reforms could also affect certain Fund Investors, such as credit institutions, insurance companies or pension funds, which could prompt them to revise their short-term or long term investment strategies and may impact their willingness to invest in Antin’s strategies or funds, which could have a material adverse effect on Antin’s business, results of operations, financial condition and prospects. the Mid Cap Fund Series given the total equity commitment required for such investment. Antin further seeks to reduce the risk of any inequitable allocation of investment opportunities by formulating investment sharing guidelines within the governing documents of each Antin Fund. Responsibility for administering the allocation procedures sits with Antin’s conflict committee (the “ Conflict Committee ”) which will assess the suitability of the investment opportunity for Antin Funds based on allocation factors as defined in the policy. All allocation determinations require the unanimous approval of members of the Conflict Committee and are documented. For more information on the Conflict Committees, please see Section 3.5.2.1 “ The control functions ” of this Universal Registration Document. Any of the foregoing conflicts may lead to investor dissatisfaction, which could affect Antin’s ability to attract or retain investors or raise new funds or, in extreme cases, Fund Investors may wish to withdraw or cancel their commitments to an Antin Fund. Failure to appropriately deal with such conflicts of interests, or with the appearance of such conflicts, could harm Antin’s brand and reputation or incur potential liability for Antin and could have a material adverse effect on Antin’s business, results of operations, financial condition or position, prospects and earnings.

3.2.2.4 Antin is subject to risks related to conflicts of interests DPEF Various conflicts of interest may arise with regards to the activities of Antin, the Antin Funds, Fund Investors and others. Even though the Antin Funds are managed by Fund Managers whose decisions are taken independently from Antin, Antin’s interests may not always be aligned and/or could compete with the interests of the Antin Funds, which could create actual or potential conflicts of interest, or give the appearance of such conflicts.

Despite the implementation of a conflicts of interests’ policy, some conflicts of interests may not be appropriately mapped or may not necessarily be managed in a way that would be considered as satisfactory by a particular Antin Fund or a particular investor in such fund. The Antin Funds primarily invest in the equity of portfolio companies. It could occur that two Antin Funds with different investor bases target the same investment opportunity. To the extent that any potential investment opportunities have been identified by Antin which fall within the investment mandate of several Antin Funds, conflicts of interests may arise in relation to the allocation of the investment opportunity, in particular when such funds are managed by the same independent Fund Manager appointed to act as alternative investment Fund Manager under the AIFM Directive. As an example, there may be occasions when an investment opportunity may qualify as suitable for investment by both the Flagship Fund Series and

For more information on Antin conflict of interests’ policy, see Section 3.5.2.4 “ Insider trading prevention and compliance ”. 3.2.2.5 Antin’s tax and financial position could change negatively should Antin’s past or current tax approach turn out to be inaccurate, or if current tax laws change

Because of the operations conducted between Antin’s entities in different jurisdictions, it is subject to transfer pricing rules, which can be particularly complex and subject to divergent interpretations by the relevant tax authorities. Although Antin regularly obtains advice from external tax advisers on tax matters, including, inter alia , on transfer pricing, it cannot guarantee that the tax affairs of Antin will not be questioned by the relevant tax authorities, particular in jurisdictions where the tax laws and regulations do not always provide clear or definitive guidelines.

In addition, changes in or difficulty in complying with applicable tax laws and regulations could result in an increase in Antin’s tax and administrative burden, which could have a material adverse effect on its business, results of operations, financial condition and prospects.

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