ANTIN // 2021 Universal Registration Document

RISK FACTORS 3 Legal and arbitration proceedings

Valuation methodology In line with Antin’s approach, Investment teams per form valuations using several different methodologies for comparison, before assigning a ‘recommended valuation’, as follows: 3 discounted dividend model: several of them may be prepared based on varying assumptions to show sensitivity to specific variables; 3 discounted cash flow model; 3 comparable transactions: e.g. a recent transaction in the equity of the company itself, or a recent transaction made on a similar asset, in the same asset class and geography; 3 trading comparable: valuations of similar companies in the market, where applicable/available; and 3 recent transaction: where the investment was made recently, its cost may provide a good starting point for estimating fair value.

The calculations described above may be based on the value of unrealised investments. There can be no assurance that unrealised investments will be realised at the valuations used in the performance calculation described above as actual realised returns will depend on, among other factors, future operating results, the value of the assets and market conditions at the time disposed, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations contained herein are based. Accordingly, the actual realised returns on these unrealised investments may differ materially from the returns indicated herein (please see Section 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" of this Universal Registration Document).

3.5.4 Risk management at the level of the portfolio companies At the level of the portfolio companies, the Antin Funds will seek Board representation on all portfolio companies, typically with a minimum of two board seats to help enshrine a “two pairs of eyes” approach. Each of the Antin Funds uses its board membership to actively participate in portfolio company strategic orientations by submitting and approving value accretive initiatives.

Antin intends to establish a number of KPIs for the purpose of monitoring investments by the Antin Funds and to frame management compensation structures. Alongside general KPIs, such as financial and operational indicators and KPIs used to monitor the economic, regulatory, financing and competitive environment on an ongoing basis, additional KPIs specific to the business of assets that are relevant to monitoring their performance will be identified. Such KPIs may include “occupancy rates” for social infrastructure assets like Hesley or Kisimul, or “footfall” for investments like Roadchef or Grandi Stazioni Retail. “Customer churn” is another example of a specific KPI relevant to fibre assets.

Other than these board activities, on a day-to-day basis, there are conversations, exchanges of information, meetings and monitoring at all levels between the Investment Teams and the portfolio companies. Monitoring activities are also supported by in-house specialist teams for financing, per formance improvement and Sustainability.

3.6 LEGAL AND ARBITRATION PROCEEDINGS In view of Antin’s activities and the growing litigation in the business world, Antin is exposed to litigation risk in defence and may also be required to enforce its rights as plaintiff.

To the knowledge of the Company, there are no administrative, legal or arbitration proceedings (including any pending or foreseeable proceedings) that may have or has had, over the last 12 months and as at the date of this Universal Registration Document, significant impacts on the financial position or profitability of the Company and/or Antin.

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