ANTIN // 2021 Universal Registration Document

RISK FACTORS 3 Financial risks

3.3 FINANCIAL RISKS Antin has set forth below the principal financial risks to which it is exposed. In addition, given the nature of its business, Antin may also be affected by adverse changes in the performance

of the Antin Funds resulting from the impact of financial risks at the level of Antin’s portfolio companies.

3.3.1 Antin is exposed to the risk of revaluation of certain assets held by the Antin Funds, as well as to the risk of changes in valuation methodologies*

Antin is exposed to revaluation risk in the form of changes in the value of its investments held in the Antin Funds. Financial investments held by Antin in the Antin Funds are measured at fair value. Changes in the fair value of financial investments are recognised as investment income in revenue. Investment fair values are determined by applying the adjusted net asset value, as determined by the relevant Fund Manager using valuation methodologies that are consistent with the International Private Equity and Venture Capital guidelines (the “ IPEV Guidelines ”), which make maximum use of market-based information. A 5% decrease in the adjusted net asset values of Antin’s investments would impact the fair values of such investments in an amount of €1.2 million as at 31 December 2021. As described in Note 13 to the Consolidated Financial Statements, all financial investments held by Antin consist of investments in the Antin Funds and are categorised in the level 3 of the fair value hierarchy. In addition, recognition of carried interest revenue by Antin depends on a determination by the Fund Manager that the total discounted value exceeds the hurdle return. To determine the total discounted value, the fair value of unrealised investments is determined at the reporting date. The unrealised fair value will be adjusted, in accordance with established precautionary principles, to the extent that carried interest

revenue should only be recognised once it is highly probable that the revenue would not result in a significant reversal of cumulative revenue recognised at final realisation of the fund. The fund’s other assets/liabilities and any total proceeds from realised investments as of reporting date are then added to the equation to constitute the total discounted value of the fund. Furthermore, valuation methodologies for certain assets in Antin Funds are subject to subjectivity and the fair value of assets established pursuant to such methodologies may not be realised. Antin’s financial instruments include investments in unlisted securities, which are not traded in an organised public market and may be illiquid. Should Antin be required to dispose of such investments in a short timeframe in order to respond to liquidity requirements or to specific events, Antin may have difficulty liquidating them at an amount equal or close to fair value. Valuation methodologies for current or future Antin Funds may differ from the valuation methodologies used for historical Antin Funds. Amendments to and changes to interpretations of, valuation methodologies could result in different valuations, which could adversely affect the investment performance of the Antin Funds, Antin’s brand and reputation, as well as have a significant effect on Antin’s financial condition. Antin’s credit and counterparty risk relates to potential financial losses in the event that a counterparty of Antin is unable to meet its obligations towards Antin. This relates primarily to cash held at bank accounts, and to a less extent to receivables, contract assets and derivative instruments. Antin monitors credit and counterparty risk on a regular basis. Antin’s credit and counterparty risk is limited to well-established and suitable financial institutions. As of the date of this Universal Registration Document, Antin is fully able to meet future payments and is in compliance with the covenants of its debt facilities.

3.3.2 Antin may be exposed to credit and counterparty risks Antin’s liquidity risk relates to its ability to meet financial obligations associated with liabilities and commitments that are to be settled in cash. Antin manages its liquidity risk by ensuring sufficient cash and cash equivalents are held at any given time to satisfy its obligations. As of 31 December 2021 Antin held €392.6 million in cash with different banks, a substantial buffer over its cash requirement. In addition, Antin has access to bank credit facilities should it require additional liquidity. In order to anticipate liquidity needs and manage its cash resources, Antin performs regular liquidity forecasting, taking into account the funding requirements for its participation in the Carry Vehicles and investments in the Antin Funds, as well as funds required in the ordinary course of business and to support the strategic expansion of Antin.

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