ANTIN // 2021 Universal Registration Document

RISK FACTORS

Risk management and internal control systems

3.5.2 Risk management at the level of the Fund Managers 3.5.2.1 The control functions

Antin’s internal control and risk management system centres on two main bodies that are independent of the operational teams and provide first-level controls: The Compliance Committee Antin’s Compliance Committee (the “ Compliance Committee ”) drives the permanent control system as a whole. Antin’s Compliance Committee comprises the Managing Partners, the Chief Operating Officer and is led by the Chief Compliance Officer (the “ CCO ”). It meets quarterly and has overall responsibility for operational risk management. Topics covered include, among other things, Know Your Client checks, Code of Ethics enforcement, risk map assessment, anti-bribery, anti money laundering and corruption procedures and the disaster recovery plan. The objective of the Compliance Committee is to ensure compliance with regulatory and ethical requirements in terms of conflicts of interest, money laundering, terrorist financing, fraud, personal ethics or professional conduct, internal and external corruption and the use and distribution of confidential or privileged information. The CCO The role of Antin’s Chief Compliance Officer is (amongst other activities) to ensure the proper application of the decision making process as well as compliance and internal control procedures. The objectives of Antin’s compliance functions are as follows: 3 to ensure that adequate procedures and controls are in place so that Antin complies with all relevant laws and regulations; 3 to support operational areas in identifying their regulatory obligations and devising procedures and solutions to achieve compliance on a day-to-day basis and in developing new products and services; and 3 to promote business awareness of the standards of conduct required by regulators through training and briefings. To achieve these objectives, the CCO: 3 familiarises itself with all areas of the business and regularly monitors and assesses the adequacy and effectiveness of the internal controls, measures and procedures put in place to manage Antin’s compliance obligations; 3 reviews, at least annually, the adequacy of the compliance monitoring programme, policies and procedures established pursuant to Antin’s compliance manual and the effectiveness of their implementation; 3 has full responsibility and authority to develop and enforce Antin’s compliance policies and procedures; and 3 takes action to address any deficiencies in Antin’s compliance with its obligations.

The Conflict Committee The Conflict Committee comprises the Managing Partners, the Chief Operating Officer and the CCO. These committees are established at the level of the Fund Managers with the purpose of assessing new and potential conflicts of interest as they arise in the context of a fund investment activity. The Conflict Committee is responsible for ensuring the fair and equitable allocation of investment opportunities and the sale or distribution of investments in accordance with agreed principles and procedures detailed in the Allocation of Investments Policy. Where an investment opportunity may qualify for investment by different funds, the committee 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. The Audit Committee The Audit Committee is responsible for the quality and the supervision and control of Antin’s internal control and risk management particularly on matters regarding compliance and financial reporting. For more information on the tasks of the Audit Committee, please see the Section 2.4.5.1 “ Audit Committee ” of this Universal Registration Document. The Investment Committee The Investment Committee (the “ Investment Committee ”) is composed of the Managing Partners and certain Senior Partners and has exclusive authority to take any decisions in respect of the Antin Funds relating to investments and divestments and to manage interests of the portfolio companies. All members have voting rights. The investment committee makes investment decisions on behalf of the Antin Funds managed by the Fund Managers. Decisions are taken at Investment Committee meetings by the Investment Committee members. A positive decision requires a majority vote and the unanimous approval of the Managing Partners. The Investment Committee will only make a decision after taking into consideration the views from team members involved in the transaction. If necessary, a technical investment committee (a “ TIC ”) is convened. The purpose of a TIC is to educate the Investment Committee members on a particular industry or sub-sector before an investment is made. The Portfolio Review Committee Alongside the Investment Committee, each Antin Fund has a portfolio review committee (the “ Portfolio Review Committee ”) which is composed of Managing Partners, Senior Partners and Partners who meet on a quarterly basis. This forum allows for the efficient review and discussion of portfolio companies quarterly valuations.

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