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Macquarie Infrastructure Company LLC Reports First Quarter 2012 Financial Results, Strong Performance from Operating Entities



  Macquarie Infrastructure Company LLC Reports First Quarter 2012 Financial
  Results, Strong Performance from Operating Entities

• $0.20 per share cash dividend for first quarter to be paid mid-May

• Quarterly dividend projected to increase to $0.50 per share or more with
IMTT payments

• Proportionately combined free cash flow per share increases 9%

Business Wire

NEW YORK -- May 02, 2012

Macquarie Infrastructure Company LLC (NYSE: MIC) reported financial results
for the first quarter of 2012 including proportionately combined free cash
flow of $0.88 per share compared with $0.81 per share in the first quarter of
2011. The 9% increase reflects improved performance at each of MIC’s four
operating entities.

The Company also reported that its Board of Directors approved the
distribution of a cash dividend of $0.20 per share for the first quarter. The
cash dividend will be payable on May 17, 2012 to shareholders of record on May
14, 2012.

Proportionately combined free cash flow increased to $40.7 million in the
first quarter of 2012 from $37.0 million in the first quarter of 2011. The
aggregate increase reflects growth in free cash flow generated of:

  * 66.0% at District Energy, the Company’s 50.01% interest in a district
    cooling business in Chicago;
  * 57.9% at The Gas Company, MIC’s gas processing and distribution business
    in Hawaii;
  * 16.4% at Atlantic Aviation, the Company’s airport services business based
    in Plano, Texas; and,
  * 11.0% at International-Matex Tank Terminals (IMTT), MIC’s 50% equity
    investment in a bulk liquid storage terminal business headquartered in New
    Orleans, Louisiana.

MIC regards free cash flow as an important tool in assessing the performance
of its capital intensive, cash generative businesses. The Company defines free
cash flow as cash from operating activities, less maintenance capital
expenditures and changes in working capital. Working capital movements are
excluded on the basis that these are largely timing differences in payables
and receivables, and are therefore not reflective of MIC’s ability to generate
cash. Proportionately combined free cash flow refers to the sum of the free
cash flow generated by MIC’s businesses and investments in proportion to its
equity interest in each and after holding company costs. See “Cash Generation”
below for further information.

“The first quarter was good for each of our operating entities,” said James
Hooke, Chief Executive Officer of Macquarie Infrastructure Company. “While we
incurred significant legal expenses in the first quarter related to the IMTT
arbitration, our continued active management helped our businesses perform
well and at levels consistent with our guidance for the full year.”

Excluding the effect of the expenses incurred in connection with the
arbitration, MIC’s proportionately combined free cash flow per share would
have increased by 17.3% to $0.95 in the first quarter of 2012 from $0.81 in
the first quarter of 2011.

Dividend Policy

In determining the MIC dividend for the first quarter of 2012, MIC’s Board was
not able to consider either the arbitration award or the dividend it believes
IMTT should pay to each of its shareholders for the first quarter. Neither the
payment due in settlement of the arbitration nor the cash flows generated by
IMTT in the first quarter were distributed to MIC. MIC believes that the
receipt of these funds and those that may become due in the future will result
in its Board authorizing an increase in the amount of the Company’s quarterly
cash dividend.

Reflecting confidence in the Company’s ability to secure the proceeds awarded
in the arbitration, the MIC Board has expressed its intent to raise the MIC
dividend to at least $0.50 per share, per quarter, following receipt of the
award proceeds. The precise timing and amount of any future dividend,
including an increase resulting from the receipt of the arbitration award
proceeds, will be based on the continued stable performance of the Company’s
businesses and the economic conditions prevailing at the time of any
authorization. Future dividends will also be dependent on compliance by MIC’s
co-investor with the dividend provisions of the IMTT Shareholders’ Agreement.

The MIC Board’s intent also reflects its past practice of paying substantially
all of the cash generated by the Company’s operating businesses to
shareholders in the form of a quarterly cash dividend.

Arbitration Update

MIC reported on April 1, 2012 that it had been awarded $110.6 million at the
conclusion of its arbitration with its co-investor in IMTT. The award
represents the amount of dividends to which MIC was entitled through December
31, 2011 under the Shareholders’ Agreement with its co-investor. The
arbitration award also dismissed all of the co-investor’s counterclaims,
provided clarification as to the methodology used to calculate future
dividends and directed the parties to comply with certain corporate governance
recommendations.

On April 1, 2012 MIC filed a complaint in Delaware state court seeking
confirmation of the award. MIC’s co-investor has not challenged the
confirmation proceedings, but has until May 24, 2012 to answer the complaint
and until the end of June to move to vacate the award. If the award is
confirmed in Delaware state court, MIC will then be able to seek enforcement
of the judgment through separate court proceedings. Those proceedings could
take six months or longer to complete.

MIC continues to work with its co-investor on the implementation of the award
and payment of all dividends due under that decision. Consistent with the
performance of the business in the first quarter and the interpretation of the
Shareholders’ Agreement ordered in the arbitration, MIC proposed a dividend
for the first quarter of 2012 of $22.6 million per shareholder.

“We are pleased to have concluded the arbitration with our co-investor in
IMTT, although we’re disappointed not to have received the award proceeds or a
dividend for the first quarter as yet,” Hooke noted. ”Our co-investor’s
representatives have said that they plan to comply with the terms of the
award. They have proposed a dividend for the first quarter that, while less
than the award requires, does represent a step forward by them. We remain
hopeful that our co-investor will comply with the award of past and payment of
current dividends soon.”

Consolidated Results for First Quarter

MIC’s consolidated revenue for the first quarter of 2012 increased 10.4%
compared with the first quarter of 2011 to $264.9 million. The growth in
revenue reflects both higher energy costs, such as the cost of jet fuel and
synthetic natural gas that are passed through to customers of MIC’s
businesses, and an increase in the volume of product sold.

Gross profit – defined as revenue less cost of goods sold – removes the
volatility in revenue associated with fluctuations in energy costs. MIC’s
consolidated gross profit totaled $100.6 million in the first quarter of 2012,
an increase of 5.4% over the same period in 2011.

MIC reported $20.7 million of net income, before taxes, in the first quarter
of 2012 compared with net income of $17.8 million in the first quarter of
2011.

Cash Generation

MIC reports EBITDA excluding non-cash items on a consolidated and operating
segment basis and reconciles each to consolidated net income. EBITDA excluding
non-cash items is a measure relied upon by management in evaluating the
performance of its businesses and investments. EBITDA excluding non-cash items
is defined as earnings before interest, taxes, depreciation and amortization
and non-cash items, which include impairments, gains and losses on derivatives
and adjustments for certain other items reflected in the statement of
operations.

MIC believes that EBITDA excluding non-cash items provides additional insight
into the performance of its operating businesses, relative to each other and
to similar businesses, without regard to capital structure, and their ability
to service or reduce debt, fund capital expenditures and/or support
distributions to the holding company.

MIC also reports free cash flow, as defined below, on both a consolidated and
operating segment basis as a means of assessing the amount of cash generated
by its businesses and as a supplement to other information provided in
accordance with GAAP, and reconciles each to cash from operating activities.
MIC believes that reporting free cash flow provides additional insight into
its ability to deploy cash, as GAAP measures, such as net income and cash from
operating activities, do not reflect all of the items that management
considers in estimating the amount of cash generated by its operating
businesses.

MIC defines free cash flow as cash from operating activities, less maintenance
capital expenditures and changes in working capital. Working capital movements
are excluded on the basis that these are largely timing differences in
payables and receivables, and are therefore not reflective of MIC’s ability to
generate cash.

MIC notes that free cash flow does not fully reflect its ability to freely
deploy generated cash, as it does not reflect required principal payments on
indebtedness, payments of dividends, potential growth capital expenditures and
other fixed obligations or the other cash items excluded when calculating free
cash flow. Free cash flow may be calculated differently by other companies
which limits its usefulness as a comparative measure. Free cash flow, as
defined by MIC, should be used as a supplemental measure and not in lieu of
financial results reported under GAAP.

 
                        For the Quarter Ended March 31, 2012
($ in Thousands)        IMTT     The Gas   District   Atlantic   MIC         Proportionately     IMTT     District
(Unaudited)             50%      Company   Energy     Aviation   Corporate   Combined^(1)        100%     Energy    
                                           50.01%                                                         100%
                                                                                                                    
Gross profit            33,188   18,699    1,846      78,252     N/A         131,985             66,376   3,691
EBITDA excluding        29,731   14,180    2,175      34,151     (5,046    ) 75,191              59,462   4,349
non-cash items
Free cash flow          15,744   8,010     1,343      19,109     (3,469    ) 40,736              31,487   2,685     
                                                                                                                    
                                                                                                                    
                        For the Quarter Ended March 31, 2011
($ in Thousands)        IMTT     The Gas   District   Atlantic   MIC         Proportionately     IMTT     District
(Unaudited)             50%      Company   Energy     Aviation   Corporate   Combined^(1)        100%     Energy    
                                           50.01%                                                         100%
                                                                                                                    
Gross profit            30,026   15,488    1,417      77,207     N/A         124,137             60,051   2,833
EBITDA excluding        26,492   11,789    1,719      32,075     (1,394    ) 70,681              52,984   3,438
non-cash items
Free cash flow          14,189   5,073     809        16,419     500         36,990              28,378   1,617     
                                                                                                                    
Gross profit variance   10.5   % 20.7    % 30.3     % 1.4      % NA          6.3             %   10.5   % 30.3     %
EBITDA excluding
non-cash items          12.2   % 20.3    % 26.5     % 6.5      % NM          6.4             %   12.2   % 26.5     %
variance
Free cash flow          11.0   % 57.9    % 66.0     % 16.4     % NM          10.1            %   11.0   % 66.0     %
variance
_____________________
NM - Not meaningful
(1) Proportionately combined free cash flow is equal to the sum of free cash flow attributable to MIC's ownership
interest in each of its operating businesses and MIC Corporate.

IMTT

MIC has a 50% equity interest in IMTT, the operator of one of the largest
independent bulk liquid storage terminal businesses in the U.S. IMTT owns and
operates 10 marine storage terminals in the U.S. and is the part owner and
operator of two terminals in Canada. The terminals store and handle a wide
variety of petroleum grades, chemicals and vegetable and animal oils. To aid
in meaningful analysis of the performance of IMTT across periods, the table
and discussion below refers to results for 100% of the business, not just
MIC’s 50% interest.

Terminal revenue at IMTT grew 5.3% during the first quarter compared with the
first quarter of 2011 primarily as a result of the improvement in average
storage rental rates. Average storage rental rates increased 5.6% in 2012.
With a small number of expected 2012 contract renewals having been completed,
MIC now expects average storage rates to increase in a range between 5.5% and
7.5% for the full year.

Capacity utilization increased to 95.9% from 93.8% during the first quarter of
2012 compared with the first quarter of 2011. Utilization rates improved as
tanks that had been out of service for cleaning and inspection were returned
to service in the first quarter. MIC expects utilization rates for the full
year to be comparable with those achieved in 2011.

Environmental response gross profit generated in the quarter of 2012 increased
to $1.2 million from less than $100,000 in the first quarter of 2011. There
was a modest increase in the amount of spill response activity in which IMTT’s
environmental response subsidiary was involved in 2012.

IMTT’s quarterly free cash flow increased to $31.5 million in the first
quarter of 2012 from $28.4 million in 2011 due to the improvement in operating
results.

The Gas Company

The Gas Company is the owner and operator of the only regulated (“utility”)
gas processing and pipeline distribution network in the Hawaiian Islands. The
business is also the owner and operator of the largest unregulated
(“non-utility”) propane gas distribution business on the islands.

Non-utility contribution margin increased 42.2% during the first quarter of
2012 compared with the first quarter in 2011. The increase reflects both a
6.7% increase in the volume of gas sold and effective margin management during
a period in which wholesale propane prices fluctuated by more than 10%.
Utility contribution margin decreased slightly versus the prior comparable
period.

The Gas Company generated $8.0 million of free cash flow in the first quarter
of 2012. Free cash flow increased by $2.9 million compared with the first
quarter of 2011 primarily as a result of the improved operating results of the
non-utility portion of the business and a decrease in maintenance capital
expenditures.

District Energy

MIC’s District Energy business produces chilled water that it distributes via
underground pipelines in downtown Chicago to high-rise buildings for use in
air conditioning and process cooling systems. The business also operates a
site-specific operation that supplies both cooling and heating services to
three customers in Las Vegas, Nevada. MIC has a 50.01% (controlling) interest
in District Energy.

Gross profit increased 30.3% at District Energy in the first quarter of 2012
compared with the first quarter of 2011. The increase was primarily due to
improved performance related to the warmer than average temperatures in
Chicago this year versus the first quarter of 2011 that drove increased demand
for cooling. The business also recorded lower expenditures for preseason
system maintenance. A higher percentage of total preseason maintenance was
conducted in the first quarter of 2011 compared with 2012.

Free cash flow increased 66.0% to $2.7 million in the first quarter of 2012
compared with the first quarter of 2011 primarily due to the improved
operating performance.

Atlantic Aviation

Atlantic Aviation owns and operates a network of fixed-base operations (FBO)
that primarily provide fuel, terminal services and aircraft hangar services to
owners and operators of general aviation (GA) aircraft at 65 airports in the
US. The network is the largest of its type in the U.S. air transportation
industry.

Gross profit for the first quarter of 2012 increased 1.4% compared with the
first quarter of 2011 primarily as a result of an increase in the volume of GA
jet fuel sold and the margin achieved on those sales. The same store volume of
GA jet fuel sold increased 1.4% while margins were up 3.3%.

Same store gross profit increased 2.1% in the first quarter including a sharp
drop in revenue and gross profit generated from de-icing activity in the first
quarter of 2012 compared with the first quarter of 2011. Excluding the impact
of de-icing in both periods, same store gross profit would have increased by
3.9%.

Selling, general and administrative (SG&A) were lower in the first quarter of
2012 compared with the first quarter of 2011 as a result of lower lease costs
reflecting sales of several FBOs last year. Property and casualty insurance
expenses declined as well, helped by Atlantic Aviation’s track record of
safety and effective insurance procurement practices.

Free cash flow generated by Atlantic Aviation during the first quarter of 2012
increased 16.4% to $19.1 million from $16.4 million in the first quarter of
2011.

Business Outlook

Management at MIC has provided the following update to previously provided
guidance regarding the performance of the Company’s operating businesses in
2012.

IMTT – MIC continues to expect the business will generate between $220.0 and
$235.0 million of EBITDA excluding non-cash items during 2012. Maintenance
capital expenditures were seasonally normal during the first quarter and are
expected to be approximately $50.0 to $55.0 million for the full year. If
growth capital assets are placed in service as planned during the year, IMTT
is likely to have little or no current federal income tax liability as a
result of depreciation (non-cash) expenses associated with these expenditures.

The Gas Company – the business is expected to generate between $50.0 and $55.0
million of EBITDA excluding non-cash items in 2012. Maintenance capital
expenditures are anticipated be approximately $6.7 million for the full year
or down by about one third on 2011. Strong performance in the first quarter,
particularly from the non-utility portion of the business suggests that The
Gas Company is likely to finish 2012 at the higher end of the range of EBITDA
guidance.

District Energy – the business is expected to generate between $21.0 and $22.0
million of EBITDA excluding non-cash items. Maintenance capital expenditures
are expected to be approximately $1.0 million for the full year. The
relatively strong performance of the business in the first quarter suggests a
full-year result at the higher end of guidance assuming peak cooling season
temperatures are consistent with historical norms.

Atlantic Aviation – the business is expected to generate between $130.0 and
$140.0 million of EBITDA excluding non-cash items during 2012. Maintenance
capital expenditures are expected to be approximately $13.1 million for the
full year. The level of performance improvement in the first quarter was
consistent with a full-year result in the range of current guidance.

MIC management believes that the forecast results of the Company’s operating
businesses, combined with the expenses of the holding company produce an
aggregate range of proportionately combined free cash flow of between $3.50
and $3.60 per share for 2012.

Conference Call and WEBCAST

When: Management has scheduled a conference call for 8:00 a.m. Eastern Time on
Thursday, May 3, 2012 to review the Company’s results.

How: To listen to the conference call please dial +1(650) 521-5252 at least 10
minutes prior to the scheduled start time. A webcast of the call will be
accessible via the Company’s website at www.macquarie.com/mic. Please allow
extra time prior to the call to visit the site and download the necessary
software to listen to the webcast.

Slides: The Company will prepare materials in support of its conference call
presentation. The materials will be available for downloading from the
Company’s website the morning of May 3, 2012 prior to the conference call. A
link to the materials will be located on the homepage of the MIC website.

Replay: For interested individuals unable to participate in the live
conference call, a replay will be available after 2:00 p.m. on May 3, 2012
through May 17, 2012, at +1(404) 537-3406, Passcode: 70894356. An online
archive of the webcast will be available on the Company’s website for one year
following the call. MIC-G

About Macquarie Infrastructure Company

Macquarie Infrastructure Company owns, operates and invests in a diversified
group of infrastructure businesses providing basic services to customers in
the United States. Its businesses consist of three energy-related businesses
including a gas processing and distribution business in Hawaii, The Gas
Company, a controlling interest in a District Energy business in Chicago, and
a 50% interest in a bulk liquid storage terminal business, International-Matex
Tank Terminals. MIC also owns and operates an aviation-related airport
services business, Atlantic Aviation. The Company is managed by a wholly-owned
subsidiary of the Macquarie Group. For additional information, please visit
the Macquarie Infrastructure Company website at www.macquarie.com/mic.

Forward-Looking Statements

This filing contains forward-looking statements. MIC may, in some cases, use
words such as "project”, "believe”, "anticipate”, "plan”, "expect”,
"estimate”, "intend”, "should”, "would”, "could”, "potentially”, or "may” or
other words that convey uncertainty of future events or outcomes to identify
these forward-looking statements. Forward-looking statements in this report
are subject to a number of risks and uncertainties, some of which are beyond
MIC’s control including, among other things: changes in general economic or
business conditions; its ability to service, comply with the terms of and
refinance debt, successfully integrate and manage acquired businesses, retain
or replace qualified employees, manage growth, make and finance future
acquisitions, and implement its strategy; its shared decision-making with
co-investors over investments including the distribution of dividends; its
regulatory environment establishing rate structures and monitoring quality of
service, demographic trends, the political environment, the economy, tourism,
construction and transportation costs, air travel, environmental costs and
risks, fuel and gas costs; its ability to recover increases in costs from
customers, reliance on sole or limited source suppliers, risks or conflicts of
interests involving its relationship with the Macquarie Group and changes in
U.S. federal tax law.

MIC’s actual results, performance, prospects or opportunities could differ
materially from those expressed in or implied by the forward-looking
statements. Additional risks of which MIC is not currently aware could also
cause its actual results to differ. In light of these risks, uncertainties and
assumptions, you should not place undue reliance on any forward-looking
statements. The forward-looking events discussed in this release may not
occur. These forward-looking statements are made as of the date of this
release. MIC undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.

“Macquarie Group” refers to the Macquarie Group of companies, which comprises
Macquarie Group Limited and its worldwide subsidiaries and affiliates.
Macquarie Infrastructure Company LLC is not an authorized deposit-taking
institution for the purposes of the Banking Act 1959 (Commonwealth of
Australia) and its obligations do not represent deposits or other liabilities
of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or
otherwise provide assurance in respect of the obligations of Macquarie
Infrastructure Company LLC.

MACQUARIE INFRASTRUCTURE COMPANY LLC
 
CONSOLIDATED CONDENSED BALANCE SHEETS
($ In Thousands, Except Share Data)
                                                                
                                                 March 31,       December 31,

                                                 2012            2011
ASSETS                                             (Unaudited)
Current assets:
Cash and cash equivalents                        $ 32,390        $ 22,786
Accounts receivable, less allowance for doubtful
accounts
of $549 and $445, respectively                     64,486          56,458
Distributions receivable from unconsolidated       110,579         -
business
Inventories                                        23,318          23,106
Prepaid expenses                                   7,279           7,338
Deferred income taxes                              15,162          19,102
Other                                              16,151          14,523     
Total current assets                               269,365         143,313
Property, equipment, land and leasehold            558,090         561,022
improvements, net
Equipment lease receivables                        31,240          32,189
Investment in unconsolidated business              129,567         230,401
Goodwill                                           516,175         516,175
Intangible assets, net                             653,589         662,135
Other                                              22,546          23,398     
Total assets                                     $ 2,180,572     $ 2,168,633  
                                                                    
LIABILITIES AND MEMBERS' EQUITY
Current liabilities:
Due to manager - related party                   $ 5,084         $ 4,300
Accounts payable                                   33,608          29,199
Accrued expenses                                   22,741          23,827
Current portion of long-term debt                  54,115          34,535
Fair value of derivative instruments               32,084          39,339
Other                                              17,632          17,702     
Total current liabilities                          165,264         148,902
Long-term debt, net of current portion             1,069,891       1,086,053
Deferred income taxes                              180,922         177,262
Fair value of derivative instruments               12,832          15,576
Other                                              47,384          46,980     
Total liabilities                                  1,476,293       1,474,773  
Commitments and contingencies                      -               -
Members’ equity:
LLC interests, no par value; 500,000,000
authorized; 46,474,212 LLC
interests issued and outstanding at March 31,
2012 and 46,338,225 LLC
interests issued and outstanding at December 31,   946,683         951,729
2011
Additional paid in capital                         21,447          21,447
Accumulated other comprehensive loss               (24,845   )     (27,412   )
Accumulated deficit                                (227,990  )     (242,082  )
Total members’ equity                              715,295         703,682
Noncontrolling interests                           (11,016   )     (9,822    )
Total equity                                       704,279         693,860    
Total liabilities and equity                     $ 2,180,572     $ 2,168,633  

MACQUARIE INFRASTRUCTURE COMPANY LLC
 
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
($ In Thousands, Except Share and Per Share Data)
                                                              
                                              Quarter Ended     Quarter Ended
                                                              
                                              March 31, 2012    March 31, 2011
                                                                   
Revenue
Revenue from product sales                    $  172,954        $ 153,064
Revenue from product sales - utility             38,314           34,273
Service revenue                                  52,409           51,247
Financing and equipment lease income             1,179            1,287       
Total revenue                                    264,856          239,871     
Costs and expenses
Cost of product sales                            119,381          105,325
Cost of product sales - utility                  32,172           26,865
Cost of services                                 12,661           12,154
Selling, general and administrative              55,263           51,670
Fees to manager - related party                  4,995            3,632
Depreciation                                     7,551            7,210
Amortization of intangibles                      8,546            8,719       
Total operating expenses                         240,569          215,575     
Operating income                                 24,287           24,296
Other income (expense)
Interest income                                  2                4
Interest expense^(1)                             (13,007     )    (14,469    )
Equity in earnings and amortization charges      9,501            8,362
of investee
Other expense, net                               (52         )    (349       )
Net income before income taxes                   20,731           17,844
Provision for income taxes                       (6,521      )    (6,986     )
Net income                                    $  14,210         $ 10,858
Less: net income (loss) attributable to          118              (307       )
noncontrolling interests
Net income attributable to MIC LLC            $  14,092         $ 11,165      
                                                                   
Basic income per share attributable to MIC    $  0.30           $ 0.24        
LLC interest holders
                                                                   
Weighted average number of shares                46,356,157       45,730,568  
outstanding: basic
                                                                   
Diluted income per share attributable to      $  0.30           $ 0.24        
MIC LLC interest holders
                                                                   
Weighted average number of shares                46,379,291       45,762,557  
outstanding: diluted
Cash dividends declared per share             $  0.20           $ 0.20        

_________________

(1) Interest expense includes non-cash gains on derivative instruments of $5.6
million and $5.5 million for the quarters ended March 31, 2012 and 2011,
respectively.

MACQUARIE INFRASTRUCTURE COMPANY LLC
 
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
($ In Thousands)
                                             Quarter Ended      Quarter Ended
                                             March 31, 2012     March 31, 2011
                                                                 
                                                                 
Operating activities
Net income                                 $ 14,210           $ 10,858
Adjustments to reconcile net income to net
cash provided by operating
activities:
Depreciation and amortization of property    9,225              8,857
and equipment
Amortization of intangible assets            8,546              8,719
Equity in earnings and amortization          (9,501)            (8,362)
charges of investee
Amortization of debt financing costs         978                1,030
Non-cash derivative gains                    (5,630)            (5,510)
Base management fees settled in LLC          4,995              3,632
interests
Equipment lease receivable, net              838                740
Deferred rent                                74                 90
Deferred taxes                               5,768              6,054
Other non-cash expenses, net                 559                663
Changes in other assets and liabilities:
Accounts receivable                          (8,227)            (6,746)
Inventories                                  1,510              (845)
Prepaid expenses and other current assets    (1,695)            (2,320)
Due to manager - related party               11                 (13)
Accounts payable and accrued expenses        3,080              4,479
Income taxes payable                         (113)              594
Other, net                                   (898)              (378)
Net cash provided by operating activities    23,730             21,542
                                                                 
Investing activities
Purchases of property and equipment          (7,069)            (7,162)
Proceeds from sale of investment             390                -
Other                                        26                 (14)
Net cash used in investing activities        (6,653)            (7,176)
                                                                 
Financing activities
Proceeds from long-term debt                 10,000             970
Proceeds from line of credit facilities      -                  2,000
Dividends paid to holders of LLC interests   (9,268)            -
Distributions paid to noncontrolling         (1,525)            (2,495)
interests
Payment of long-term debt                    (6,583)            (14,500)
Payment of notes and capital lease           (97)               (40)
obligations
Net cash used in financing activities        (7,473)            (14,065)
                                                                 
Net change in cash and cash equivalents      9,604              301
Cash and cash equivalents, beginning of      22,786             24,563
period
Cash and cash equivalents, end of period   $ 32,390           $ 24,864
                                                                 
Supplemental disclosures of cash flow
information
Non-cash investing and financing
activities:
Accrued purchases of property and          $ 1,022            $ 1,789
equipment
Acquisition of equipment through capital   $ 916              $ -
leases
Issuance of LLC interests to manager for   $ 4,222            $ 3,214
base management fees
Taxes paid                                 $ 865              $ 309
Interest paid                              $ 17,530           $ 18,959

  CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS - MDA
   
                                                       Change
                           Quarter Ended March 31,    
                                                       Favorable/(Unfavorable)
                           2012          2011          $              %       
                           ($ In Thousands) (Unaudited)
  Revenue                                             
  Revenue from product   $ 172,954     $ 153,064       19,890         13.0
  sales
  Revenue from product     38,314        34,273        4,041          11.8
  sales - utility
  Service revenue          52,409        51,247        1,162          2.3
  Financing and            1,179         1,287         (108     )     (8.4   )
  equipment lease income
  Total revenue            264,856       239,871       24,985         10.4
  Costs and expenses
  Cost of product sales    119,381       105,325       (14,056  )     (13.3  )
  Cost of product sales    32,172        26,865        (5,307   )     (19.8  )
  - utility
  Cost of services         12,661        12,154        (507     )     (4.2   )
  Gross profit             100,642       95,527        5,115          5.4
  Selling, general and     55,263        51,670        (3,593   )     (7.0   )
  administrative
  Fees to manager -        4,995         3,632         (1,363   )     (37.5  )
  related party
  Depreciation             7,551         7,210         (341     )     (4.7   )
  Amortization of          8,546         8,719         173            2.0
  intangibles
  Total operating          76,355        71,231        (5,124   )     (7.2   )
  expenses
  Operating income         24,287        24,296        (9       )     -
  Other income (expense)
  Interest income          2             4             (2       )     (50.0  )
  Interest expense^(1)     (13,007 )     (14,469 )     1,462          10.1
  Equity in earnings and
  amortization charges     9,501         8,362         1,139          13.6
  of investee
  Other expense, net       (52     )     (349    )     297            85.1
  Net income before        20,731        17,844        2,887          16.2
  income taxes
  Provision for income     (6,521  )     (6,986  )     465            6.7
  taxes
  Net income             $ 14,210      $ 10,858        3,352          30.9
  Less: net income
  (loss) attributable to   118           (307    )     (425     )     (138.4 )
  noncontrolling
  interests
  Net income
  attributable to MIC    $ 14,092      $ 11,165        2,927          26.2
  LLC
   
  (1) Interest expense includes non-cash gains on derivative instruments of
  $5.6 million and $5.5 million for the
  quarters ended March 31, 2012 and 2011, respectively.

MACQUARIE INFRASTRUCTURE COMPANY LLC
RECONCILIATION OF CONSOLIDATED NET INCOME
TO EBITDA EXCLUDING NON-CASH ITEMS AND CASH FROM
OPERATING ACTIVITIES TO FREE CASH FLOW
                                                                  
                                                       Change
                           Quarter Ended March 31,    
                                                       Favorable/(Unfavorable)
                           2012          2011          $               %
                           ($ In Thousands) (Unaudited)
  Net income
  attributable to MIC    $ 14,092      $ 11,165
  LLC^(1)
  Interest expense,        13,005        14,465
  net^(2)
  Provision for income     6,521         6,986
  taxes
  Depreciation^(3)         7,551         7,210
  Depreciation - cost of   1,674         1,647
  services^(3)
  Amortization of          8,546         8,719
  intangibles^(4)
  Equity in earnings and
  amortization charges     (9,501  )     (8,362  )
  of investee^(5)
  Base management fees
  settled/to be settled    4,995         3,632
  in LLC interests
  Other non-cash           751           446            
  expense, net
  EBITDA excluding       $ 47,634      $ 45,908        1,726           3.8
  non-cash items
                                                                        
  EBITDA excluding       $ 47,634      $ 45,908
  non-cash items
  Interest expense,        (13,005 )     (14,465 )
  net^(2)
  Interest rate swap       (248    )     (1,105  )
  breakage fees^(2)
  Non-cash derivative
  gains recorded in        (5,382  )     (4,405  )
  interest expense^(2)
  Amortization of debt     978           1,030
  financing costs^(2)
  Equipment lease          838           740
  receivables, net
  Provision for income
  taxes, net of changes    (753    )     (932    )
  in deferred taxes
  Changes in working       (6,332  )     (5,229  )
  capital
  Cash provided by         23,730        21,542
  operating activities
  Changes in working       6,332         5,229
  capital
  Maintenance capital      (3,727  )     (3,162  )      
  expenditures
  Free cash flow         $ 26,335      $ 23,609        2,726           11.5

______________________________

(1) Net income attributable to MIC LLC excludes net income attributable to
noncontrolling interests of $118,000 and net loss attributable to
noncontrolling interests of $307,000 for the quarters ended March 31, 2012 and
2011, respectively.

(2) Interest expense, net, includes non-cash gains on derivative instruments,
non-cash amortization of deferred financing fees and interest rate swap
breakage fees.

(3) Depreciation - cost of services includes depreciation expense for District
Energy, which is reported in cost of services in our consolidated condensed
statements of operations. Depreciation and Depreciation - cost of services
does not include acquisition-related step-up depreciation expense of $2.0
million and $1.7 million for the quarters ended March 31, 2012 and 2011,
respectively, in connection with our investment in IMTT, which is reported in
equity in earnings and amortization charges of investee in our consolidated
condensed statements of operations.

(4) Amortization of intangibles does not include acquisition-related step-up
amortization expense of $85,000 and $283,000 for the quarters ended March 31,
2012 and 2011, respectively, related to intangible assets in connection with
our investment in IMTT, which is reported in equity in earnings and
amortization charges of investee in our consolidated condensed statements of
operations.

(5) Equity in earnings and amortization charges of investee in the above table
includes our 50% share of IMTT's earnings, offset by distributions we received
only up to our share of the earnings recorded.

MACQUARIE INFRASTRUCTURE COMPANY LLC
RECONCILIATION OF SEGMENT NET INCOME (LOSS) TO EBITDA EXCLUDING NON-
CASH ITEMS AND CASH FROM OPERATING ACTIVITIES TO FREE CASH FLOW
  IMTT                                                             
   
                               Quarter Ended March 31,
                                                       Change
                               2012        2011     
                                                       Favorable/(Unfavorable)
                               $           $           $             %       
                             ($ In Thousands) (Unaudited)
  Revenue
  Terminal revenue             111,617     106,015     5,602         5.3
  Environmental response       6,387       4,816       1,571         32.6
  revenue
  Total revenue                118,004     110,831     7,173         6.5
  Costs and expenses
  Terminal operating costs     46,472      46,049      (423    )     (0.9   )
  Environmental response       5,156       4,731       (425    )     (9.0   )
  operating costs
  Total operating costs        51,628      50,780      (848    )     (1.7   )
  Terminal gross profit        65,145      59,966      5,179         8.6
  Environmental response       1,231       85          1,146         NM
  gross profit
  Gross profit                 66,376      60,051      6,325         10.5
  General and administrative   7,459       7,863       404           5.1
  expenses
  Depreciation and             16,907      15,675      (1,232  )     (7.9   )
  amortization
  Operating income             42,010      36,513      5,497         15.1
  Interest expense, net^(1)    (6,591  )   (4,683  )   (1,908  )     (40.7  )
  Other income                 456         779         (323    )     (41.5  )
  Provision for income taxes   (14,367 )   (13,544 )   (823    )     (6.1   )
  Noncontrolling interest      (99     )   25          (124    )     NM
  Net income                   21,409      19,090      2,319         12.1
                                                                      
  Reconciliation of net
  income to EBITDA excluding
  non-cash items:
  Net income                   21,409      19,090
  Interest expense, net^(1)    6,591       4,683
  Provision for income taxes   14,367      13,544
  Depreciation and             16,907      15,675
  amortization
  Other non-cash expenses      188         (8      )    
  (income)
  EBITDA excluding non-cash    59,462      52,984      6,478         12.2
  items
                                                                      
  EBITDA excluding non-cash    59,462      52,984
  items
  Interest expense, net^(1)    (6,591  )   (4,683  )
  Non-cash derivative gains
  recorded in interest         (2,679  )   (4,332  )
  expense^(1)
  Amortization of debt         805         811
  financing costs^(1)
  Provision for income
  taxes, net of changes in     (11,392 )   (7,888  )
  deferred taxes
  Changes in working capital   14,173      1,632    
  Cash provided by operating   53,778      38,524
  activities
  Changes in working capital   (14,173 )   (1,632  )
  Maintenance capital          (8,118  )   (8,514  )    
  expenditures
  Free cash flow               31,487      28,378      3,109         11.0
  _____________________
  NM - Not meaningful
                                                                      
  (1) Interest expense, net, includes non-cash gains on derivative instruments
  and non-cash amortization of deferred
  financing fees.

  The Gas Company
   
                               Quarter Ended March 31,
                                                       Change
                               2012        2011      
                                                       Favorable/(Unfavorable)
                               $           $           $              %
                           ($ In Thousands) (Unaudited)
  Contribution margin
  Revenue - non-utility        31,629      27,351      4,278          15.6
  Cost of revenue -            15,573      16,057      484            3.0
  non-utility
  Contribution margin -        16,056      11,294      4,762          42.2
  non-utility
  Revenue - utility            38,314      34,273      4,041          11.8
  Cost of revenue -            28,217      24,005      (4,212)        (17.5)
  utility
  Contribution margin -        10,097      10,268      (171)          (1.7)
  utility
  Total contribution           26,153      21,562      4,591          21.3
  margin
  Production                   2,006       1,676       (330)          (19.7)
  Transmission and             5,448       4,398       (1,050)        (23.9)
  distribution
  Gross profit                 18,699      15,488      3,211          20.7
  Selling, general and         5,257       4,217       (1,040)        (24.7)
  administrative expenses
  Depreciation and             1,941       1,773       (168)          (9.5)
  amortization
  Operating income             11,501      9,498       2,003          21.1
  Interest expense,            (1,891)     (2,014)     123            6.1
  net^(1)
  Other expense                (69)        (152)       83             54.6
  Provision for income         (3,799)     (2,902)     (897)          (30.9)
  taxes
  Net income^(2)               5,742       4,430       1,312          29.6
                                                                       
  Reconciliation of net
  income to EBITDA
  excluding non-cash
  items:
  Net income^(2)               5,742       4,430
  Interest expense,            1,891       2,014
  net^(1)
  Provision for income         3,799       2,902
  taxes
  Depreciation and             1,941       1,773
  amortization
  Other non-cash expenses      807         670          
  EBITDA excluding             14,180      11,789      2,391          20.3
  non-cash items
                                                                       
  EBITDA excluding             14,180      11,789
  non-cash items
  Interest expense,            (1,891)     (2,014)
  net^(1)
  Non-cash derivative
  gains recorded in            (465)       (276)
  interest expense^(1)
  Amortization of debt         120         119
  financing costs^(1)
  Provision for income
  taxes, net of changes in     (2,170)     (2,285)
  deferred taxes
  Changes in working           (2,858)     (4,415)
  capital
  Cash provided by             6,916       2,918
  operating activities
  Changes in working           2,858       4,415
  capital
  Maintenance capital          (1,764)     (2,260)      
  expenditures
  Free cash flow               8,010       5,073       2,937          57.9
  _____________________
  (1) Interest expense, net, includes non-cash gains on derivative instruments
  and non-cash amortization of deferred financing fees.
  (2) Corporate allocation expense, intercompany fees and the tax effect have
  been excluded from the above table as they are eliminated on consolidation
  at the MIC Inc. level.

  District Energy
                                                                   
                            Quarter Ended March 31,
                                                       Change
                            2012          2011     
                                                       Favorable/(Unfavorable)
                            $             $            $             %       
                            ($ In Thousands) (Unaudited)
                                                                      
  Cooling capacity          5,495         5,331        164           3.1
  revenue
  Cooling consumption       3,473         2,430        1,043         42.9
  revenue
  Other revenue             639           690          (51     )     (7.4   )
  Finance lease revenue     1,179         1,287        (108    )     (8.4   )
  Total revenue             10,786        9,738        1,048         10.8
  Direct expenses —         2,538         1,946        (592    )     (30.4  )
  electricity
  Direct expenses —         4,557         4,959        402           8.1
  other^(1)
  Direct expenses —         7,095         6,905        (190    )     (2.8   )
  total
  Gross profit              3,691         2,833        858           30.3
  Selling, general and
  administrative            891           923          32            3.5
  expenses
  Amortization of           341           337          (4      )     (1.2   )
  intangibles
  Operating income          2,459         1,573        886           56.3
  Interest expense,         (2,329  )     (2,259  )    (70     )     (3.1   )
  net^(2)
  Other income              57            56           1             1.8
  Benefit for income        10            347          (337    )     (97.1  )
  taxes
  Noncontrolling            (211    )     (213    )    2             0.9
  interest
  Net loss                  (14     )     (496    )    482           97.2
                                                                      
  Reconciliation of net
  loss to EBITDA
  excluding non-cash
  items:
  Net loss                  (14     )     (496    )
  Interest expense,         2,329         2,259
  net^(2)
  Benefit for income        (10     )     (347    )
  taxes
  Depreciation^(1)          1,674         1,647
  Amortization of           341           337
  intangibles
  Other non-cash            29            38            
  expenses
  EBITDA excluding          4,349         3,438        911           26.5
  non-cash items
                                                                      
  EBITDA excluding          4,349         3,438
  non-cash items
  Interest expense,         (2,329  )     (2,259  )
  net^(2)
  Non-cash derivative
  gains recorded in         (303    )     (361    )
  interest expense^(2)
  Amortization of debt      170           170
  financing costs^(2)
  Equipment lease           838           740
  receivable, net
  Benefit for income
  taxes, net of changes     47            (45     )
  in deferred taxes
  Changes in working        (1,825  )     1,323    
  capital
  Cash provided by          947           3,006
  operating activities
  Changes in working        1,825         (1,323  )
  capital
  Maintenance capital       (87     )     (66     )     
  expenditures
  Free cash flow            2,685         1,617        1,068         66.0
  _____________________
  (1) Includes depreciation expense of $1.7 million and $1.6 million for the
  quarters ended March 31, 2012 and 2011, respectively.
  (2)^Interest expense, net, includes non-cash gains on derivative instruments
  and non-cash amortization of deferred financing fees.

  Atlantic Aviation
                           Quarter Ended March 31,
                                                       Change
                              2012        2011       
                                                       Favorable/(Unfavorable)
                              $           $            $              %
                              ($ In Thousands) (Unaudited)
  Revenue
  Fuel revenue                141,325     125,713      15,612         12.4
  Non-fuel revenue            42,802      42,796       6              -
  Total revenue               184,127     168,509      15,618         9.3
  Cost of revenue
  Cost of revenue-fuel        100,308     86,054       (14,254)       (16.6)
  Cost of revenue-non-fuel    5,567       5,248        (319)          (6.1)
  Total cost of revenue       105,875     91,302       (14,573)       (16.0)
  Fuel gross profit           41,017      39,659       1,358          3.4
  Non-fuel gross profit       37,235      37,548       (313)          (0.8)
  Gross profit                78,252      77,207       1,045          1.4
  Selling, general and        43,944      45,051       1,107          2.5
  administrative expenses
  Depreciation and            13,815      13,819       4              -
  amortization
  Operating income            20,493      18,337       2,156          11.8
  Interest expense,           (8,785)     (10,193)     1,408          13.8
  net^(1)
  Other expense               (16)        (227)        211            93.0
  Provision for income        (4,710)     (3,175)      (1,535)        (48.3)
  taxes
  Net income^(2)              6,982       4,742        2,240          47.2
                                                                       
  Reconciliation of net
  income to EBITDA
  excluding non-cash
  items:
  Net income^(2)              6,982       4,742
  Interest expense,           8,785       10,193
  net^(1)
  Provision for income        4,710       3,175
  taxes
  Depreciation and            13,815      13,819
  amortization
  Other non-cash (income)     (141)       146           
  expenses
  EBITDA excluding            34,151      32,075       2,076          6.5
  non-cash items
                                                                       
  EBITDA excluding            34,151      32,075
  non-cash items
  Interest expense,           (8,785)     (10,193)
  net^(1)
  Interest rate swap          (248)       (1,105)
  breakage fees^(1)
  Non-cash derivative
  gains recorded in           (4,614)     (3,768)
  interest expense^(1)
  Amortization of debt        688         741
  financing costs^(1)
  Provision for income
  taxes, net of changes in    (207)       (495)
  deferred taxes
  Changes in working          340         223
  capital
  Cash provided by            21,325      17,478
  operating activities
  Changes in working          (340)       (223)
  capital
  Maintenance capital         (1,876)     (836)         
  expenditures
  Free cash flow              19,109      16,419       2,690          16.4
  _____________________
  (1)^Interest expense, net, includes non-cash gains on derivative
  instruments, non-cash amortization of deferred financing fees and interest
  rate swap breakage fees.
  (2) Corporate allocation expense, intercompany fees and the tax effect have
  been excluded from the above table as they are eliminated on consolidation
  at the MIC Inc. level.

MACQUARIE INFRASTRUCTURE COMPANY LLC
RECONCILIATION OF PROPORTIONATELY COMBINED NET INCOME (LOSS) TO EBITDA
EXCLUDING NON-CASH ITEMS AND CASH FROM OPERATING ACTIVITIES TO FREE
CASH FLOW
                                                                                              
                              For the Quarter Ended March 31, 2012
($ in Thousands)                       The Gas  District Atlantic  MIC       Proportionately             District
(Unaudited)                   IMTT 50% Company  Energy   Aviation  Corporate Combined^(1)      IMTT 100% Energy
                                                50.01%                                                   100%
                                                                                                          
Net income (loss)             10,705   5,742    (7     ) 6,982     (8,119  ) 15,303            21,409    (14    )
attributable to MIC LLC
Interest expense, net^(2)     3,296    1,891    1,165    8,785     -         15,136            6,591     2,329
Provision (benefit) for       7,184    3,799    (5     ) 4,710     (1,978  ) 13,709            14,367    (10    )
income taxes
Depreciation                  8,083    1,735    837      5,816     -         16,471            16,165    1,674
Amortization of intangibles   371      206      171      7,999     -         8,747             742       341
Base management fee paid in   -        -        -        -         4,995     4,995             -         -
LLC interests
Other non-cash expense        94       807      15       (141    ) 56        831               188       29      
(income), net
EBITDA excluding non-cash     29,731   14,180   2,175    34,151    (5,046  ) 75,191            59,462    4,349   
items
                                                                                                          
EBITDA excluding non-cash     29,731   14,180   2,175    34,151    (5,046  ) 75,191            59,462    4,349
items
Interest expense, net^(2)     (3,296 ) (1,891 ) (1,165 ) (8,785  ) -         (15,136    )      (6,591  ) (2,329 )
Interest rate swap breakage   -        -        -        (248    ) -         (248       )      -         -
fees^(2)
Non-cash derivative gains
recorded in interest          (1,340 ) (465   ) (152   ) (4,614  ) -         (6,570     )      (2,679  ) (303   )
expense, net^(2)
Amortization of deferred      403      120      85       688       -         1,296             805       170
finance charges^(2)
Equipment lease               -        -        419      -         -         419               -         838
receivables, net
(Provision) benefit for
income taxes, net of          (5,696 ) (2,170 ) 24       (207    ) 1,577     (6,472     )      (11,392 ) 47
changes in deferred taxes
Changes in working capital    7,087    (2,858 ) (913   ) 340       (1,989  ) 1,667             14,173    (1,825 )
Cash provided by (used in)    26,889   6,916    474      21,325    (5,458  ) 50,146            53,778    947
operating activities
Changes in working capital    (7,087 ) 2,858    913      (340    ) 1,989     (1,667     )      (14,173 ) 1,825
Maintenance capital           (4,059 ) (1,764 ) (44    ) (1,876  ) -         (7,743     )      (8,118  ) (87    )
expenditures
                                                                                                          
Free cash flow                15,744   8,010    1,343    19,109    (3,469  ) 40,736            31,487    2,685   
                                                                                                          
                                                                                                          
                              For the Quarter Ended March 31, 2011
($ in Thousands)                       The Gas  District Atlantic  MIC       Proportionately             District
(Unaudited)                   IMTT 50% Company  Energy   Aviation  Corporate Combined^(1)      IMTT 100% Energy
                                                50.01%                                                   100%
                                                                                                          
Net income (loss)             9,545    4,430    (248   ) 4,742     (5,873  ) 12,596            19,090    (496   )
attributable to MIC LLC
Interest expense, net^(2)     2,342    2,014    1,130    10,193    (1      ) 15,677            4,683     2,259
Provision (benefit) for       6,772    2,902    (174   ) 3,175     1,256     13,932            13,544    (347   )
income taxes
Depreciation                  7,573    1,567    824      5,643     -         15,607            15,146    1,647
Amortization of intangibles   265      206      169      8,176     -         8,815             529       337
Base management fee paid in   -        -        -        -         3,632     3,632             -         -
LLC interests
Other non-cash (income)       (4     ) 670      19       146       (408    ) 423               (8      ) 38      
expense, net
EBITDA excluding non-cash     26,492   11,789   1,719    32,075    (1,394  ) 70,681            52,984    3,438   
items
                                                                                                          
EBITDA excluding non-cash     26,492   11,789   1,719    32,075    (1,394  ) 70,681            52,984    3,438
items
Interest expense, net^(2)     (2,342 ) (2,014 ) (1,130 ) (10,193 ) 1         (15,677    )      (4,683  ) (2,259 )
Interest rate swap breakage   -        -        -        (1,105  ) -         (1,105     )      -         -
fees^(2)
Non-cash derivative gains
recorded in interest          (2,166 ) (276   ) (181   ) (3,768  ) -         (6,391     )      (4,332  ) (361   )
expense, net^(2)
Amortization of deferred      406      119      85       741       -         1,351             811       170
finance charges^(2)
Equipment lease               -        -        370      -         -         370               -         740
receivables, net
(Provision) benefit for
income taxes, net of          (3,944 ) (2,285 ) (23    ) (495    ) 1,893     (4,854     )      (7,888  ) (45    )
changes in deferred taxes
Changes in working capital    816      (4,415 ) 662      223       (2,360  ) (5,074     )      1,632     1,323   
Cash provided by (used in)    19,262   2,918    1,503    17,478    (1,860  ) 39,301            38,524    3,006
operating activities
Changes in working capital    (816   ) 4,415    (662   ) (223    ) 2,360     5,074             (1,632  ) (1,323 )
Maintenance capital           (4,257 ) (2,260 ) (33    ) (836    ) -         (7,386     )      (8,514  ) (66    )
expenditures
                                                                                                          
Free cash flow                14,189   5,073    809      16,419    500       36,990            28,378    1,617   
___________________________
(1) Proportionately combined free cash flow is equal to the sum of free cash flow
attributable to MIC's ownership interest in each of its operating businesses and MIC
Corporate.
(2) Interest expense, net, includes non-cash gains on derivative instruments, non-cash
amortization of deferred financing fees and interest rate swap breakage fees.

Contact:

Investor enquiries
Jay A. Davis
Investor Relations
Macquarie Infrastructure Company
(212) 231-1825
or
Media enquiries
Paula Chirhart
Corporate Communications
Macquarie Infrastructure Company
(212) 231-1310
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