ANTIN // 2021 Universal Registration Document

RISK FACTORS

Financial risks

3.3.3 Antin is subject to financial market risks, including foreign currency and interest rate risks

Foreign currency risk relates to potential changes in foreign currency exchange rates that could have a negative impact on Antin’s Consolidated Income Statement and/or the fair value of its assets and liabilities disclosed in the Consolidated Balance Sheet. Antin’s reporting currency is EUR. Antin’s revenue are primarily denominated in EUR, whereas its expenses are in EUR, USD and GBP. Assets and liabilities are primarily in EUR, and to a lesser extent in USD, GBP and more recently also in SGD. As such, Antin is subject to foreign currency risk that stem from the fluctuation of exchange rates, which could have a material adverse effect on its profit and on the value of its assets and liabilities. Antin does not use hedging instruments with respect to foreign currency risk, but could choose to do so in the future. Antin is also subject to foreign currency risk with respect to the Antin Funds, which are denominated in EUR and may undertake investments in other currencies such as USD, GBP or other currencies. When Antin performs investments in currencies other than EUR, it may enter into hedging transactions (currency forwards, contingency hedges or options) to reduce the foreign exchange exposure. Hedging is evaluated on a case-by-case basis. In 2021, Antin began applying IFRS issued by the International Accounting Standards Board (“ IASB ”), as well as interpretations from the International Financial Reporting Interpretations Committee (“ IFRIC ”) as adopted by the European Union. In preparing Antin’s financial statements, Antin makes judgments and accounting estimates that affect the application of Antin’s accounting policies and the reported amounts of assets, liabilities, income (including the recognition of carried interest) and expenses. Antin also applies other accounting standards at the level of specific Antin entities, such as French GAAP, UK GAAP and Luxembourg GAAP. Amendments to and changes to interpretations of, existing accounting standards or estimates could have a significant effect on Antin’s financial condition and also result in adaptation costs. The ability to comply with applicable accounting standards depends in some instances on determinations of fact and interpretations of complex provisions for which no clear precedent or authority may be available, or where only limited guidancemay be available. In such cases, it may not be possible for Antin to correctly assess the implication of such accounting standards. Such accounting standards may be reviewed or revised by the IASB, IFRIC and other self-regulated organisations and may result in revised interpretations of established concepts and other modifications and interpretations.

In addition, Antin may be exposed to interest rate risk, related to fluctuations in market interest rates which may have an effect on Antin’s financial income and financial expenses. The interest rate risk is limited, because Antin does not hold material interest bearing debt as of 31 December 2021. Antin is also subject to interest rate risk with respect to the Antin Funds, which rely on debt financing for their investments. An increase in the interest rate could lead to higher cost of debt, which could in turn negatively affect the investment returns of the Antin Funds. Since an increase in interest rates likely correlates with an increase in inflation, the effects on the performance of the Antin Funds is mitigated as infrastructure assets provide typically provide embedded inflation protection, either contractual or in its ability to pass on price increases to end customers. Antin therefore expects that the effects of increasing interest rates will be mitigated. In addition, Antin periodically hedges interest rate risks related to the financing of the Antin Funds’ portfolio companies. In addition to foreign currency and interest rate risk, Antin could be subject to broader financial market risks that could have a negative effect on Antin’s business, results of operations, financial condition or position, prospects and earnings.

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3.3.4 Changes to applicable accounting standards, or changes to the interpretations thereof could have a material adverse effect on Antin

For example, under the relevant IFRS standards Antin recognises carried interest if it is highly probable that such revenue would not result in significant revenue reversals. No exact definition exists regarding what should be interpreted as highly probable and Antin’s assessment of this condition could be challenged. If new or revised guidelines or definitions were to be implemented, or if the level of certainty were to be reconsidered or revised, this could have a negative effect on Antin’s reported income and adversely affect Antin’s business, results of operations, financial condition and prospects.

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