Macquarie Infrastructure Company Reports 2012 Financial Results, Highlights Increase in Free Cash Flow

  Macquarie Infrastructure Company Reports 2012 Financial Results, Highlights
  Increase in Free Cash Flow

  *Reports 9.3% growth in proportionately combined free cash flow per share
  *Announces early Q4 distribution from IMTT, successful refinance of IMTT
    revolving credit facility and amendment of Shareholders’ Agreement
  *Intends to seek refinance of Atlantic Aviation in the first half of 2013
  *Announces introduction of Direct Stock Purchase Plan
  *Adds solar power generation to portfolio of operating companies
  *Forecasts 13% growth in proportionately combined free cash flow in 2013

Business Wire

NEW YORK -- February 20, 2013

Macquarie Infrastructure Company LLC (NYSE: MIC) reported improved financial
results for 2012 including a 9.3% year on year increase in proportionately
combined free cash flow per share. Including the effect of refinancing and
acquisition related expenses proportionately combined free cash flow totaled
$3.45 per share in 2012 compared with $3.16 per share in 2011.

Underlying proportionately combined free cash flow improved to $3.66,
reflecting improved operating results at each of MIC’s businesses. The
improvement was partially offset by $0.19 per share of refinancing related
expenses incurred by Hawaii Gas in the third quarter of 2012, and $0.02 per
share of costs associated with the acquisition of two solar power generating
facilities in the fourth quarter.

“Operations at each of our businesses produced financial performance in line
with our expectations for the year. At $3.66 per share in underlying
proportionately combined free cash flow, we ended the year just about where we
expected to given that the impact of Hurricane Sandy was at least $0.10 per
share,” said James Hooke, Chief Executive Officer of MIC.

MIC regards free cash flow as an important tool in assessing the performance
of its capital intensive, cash generative businesses. 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.

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. See “Cash Generation” below for MIC’s
definition of free cash flow and further information.

MIC has a 50% stake in IMTT, one of the largest bulk liquid storage
terminalling businesses in the U.S. The Company received a distribution of
$12.0 million from IMTT in December 2012. The distribution for the fourth
quarter would ordinarily have been paid in early 2013 but was accelerated into
2012 in light of the legislative stalemate in Washington, D.C. late in the
year. All of the distributions due MIC and its co-investor in IMTT through and
including the fourth quarter of 2012 have been paid.

The Company facilitated the successful closing of a refinancing of IMTT’s
revolving credit facility on February 15, 2013. Under the terms of the
refinancing, IMTT’s debt maturity was extended to February 2018 from June 2014
and the size of the facility was increased to $1.04 billion. At closing the
drawn balance on the facility was $752.2 million.

MIC shares ownership and control of IMTT with a trust representing the family
of the founder of the business. The joint ownership is subject to a
Shareholders’ Agreement between the parties. In February the parties agreed to
amend the Shareholders’ Agreement and replaced a provision that required the
maintenance of reserves equal to the “normal requirements of the business and
approved unexpended capital expenditures” with one that specifies reserves of
$185.0 million.

The Shareholders’ Agreement was also amended to grant either party the right
to seek injunctive relief to enforce the payment of a dividend consistent with
the requirements of the Shareholders’ Agreement.

MIC owns and operates Atlantic Aviation, a nationwide network of 62 fixed
based operations, or FBOs, that provide primarily fuel services to owners and
operators of private jet aircraft. Atlantic Aviation is capitalized in part
with a debt package that matures in October of 2014. Prior to the maturity or
earlier refinance of the debt, a significant portion of the excess cash
generated by Atlantic Aviation is being applied to the repayment of debt
principal.

MIC anticipates seeking to refinance the Atlantic Aviation debt package in the
first half of 2013. The Company expects that, following the refinancing of the
debt package, it will have access to the excess cash generated by Atlantic
Aviation. A portion of the excess cash is expected to be used to supplement
MIC’s quarterly cash dividend.

Reflecting a heightened level of interest from shareholders, MIC is preparing
to implement a direct stock purchase plan. The Company anticipates making the
program available to investors around the end of the first quarter. “We’re
listening to our investors and providing them with an economical means of
reinvesting our quarterly cash dividend. We hope that this will improve the
attractiveness of MIC to retail shareholders,” said Hooke.

Commenting on trading to date in 2013 and the Company’s forecast for the full
year Hooke said, “Our businesses, generally, have been and continue to be
remarkably stable performers. We expect this to continue to be the case in
2013 and to supplement our results with the contribution from our MIC Solar
operations.”

Hooke said that he expects year on year growth in proportionately combined
free cash flow, excluding the Hawaii Gas refinancing costs and costs related
to the solar acquisitions, to be approximately 13% in 2013. MIC has provided
guidance on proportionately combined free cash flow per share in 2013 of
between $4.10 and $4.20 per share.

MIC invested $9.4 million in two solar power generating (photovoltaic)
facilities in the fourth quarter of 2012 in partnership with Chevron Energy
Solutions. The facilities have a combined generating capacity of approximately
30 megawatts. Located in the U.S. southwest, in Tucson, Arizona and Presidio,
Texas, the operations are capable of producing enough clean electricity to
power 6,200 homes. The power being produced has been sold to regional
utilities pursuant to 20 and 25 year power purchase agreements.

MIC reported consolidated revenue of $1.03 billion for 2012 compared with
$988.8 million in 2011. The 4.6% growth in revenue reflects primarily higher
energy prices, such as the cost of jet fuel and gas feedstock that typically
are passed through to customers of MIC’s businesses and a higher volume of
products sold.

Reported gross profit - defined as revenue less cost of goods sold - removes
the volatility in revenue associated with fluctuations in energy prices that
typically are passed through to customers. MIC’s consolidated gross profit
totaled $397.0 million in 2012, an increase of 3.8% over 2011. The year on
year growth is the result of increases in both the volume of product sold, and
the margins on sales, generally, at each of MIC’s businesses.

MIC’s net income from continuing operations, after tax, was $14.3 million and
$28.9 million for years ended December 31, 2012 and 2011, respectively. The
Company’s net income declined in 2012 compared with 2011 primarily as a result
of its incurring pre-tax performance fees of $67.3 million. The performance
fees were generated as a result of MIC having produced a total shareholder
return significantly in excess of its benchmark index. The fee is recorded as
an expense even though it was reinvested in additional shares of MIC. The
reinvestment renders the payment a non-cash expense.

MIC’s accumulated net operating loss carry forward (NOL) was used to offset
its consolidated federal income tax liability for 2012. At year-end 2012 MIC’s
federal NOL balance was $192.2 million. The Company expects utilization of
this NOL balance will offset any current federal income tax liability, other
than Alternative Minimum Tax, through the 2015 tax year and into 2016.

Cash Generation

MIC reports EBITDA excluding non-cash items on a consolidated and operating
segment basis and reconciles each to consolidated net income (loss). 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 non-cash items reflected in
the statement of operations including base and performance fees settled in
shares.

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, 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 (loss) 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 except with respect to MIC Solar for which free cash flow is defined
as distributions received from the business.

                                                                                                           
                                                                                                                      
                             For the Year Ended December 31, 2012
($ in Thousands)                         Hawaii     District    Atlantic    MIC         Proportionately               District
(Unaudited)                  IMTT 50%   Gas       Energy     Aviation   Corporate  Combined^(1)     IMTT 100%  Energy
                                                    50.01%                                                            100%
                                                                                                                      
Gross profit                 130,415     72,439     9,365       305,434     355         518,008           260,830     18,726
EBITDA excluding             115,843     56,305     11,087      130,755     (15,999 )   297,991           231,686     22,169
non-cash items
Free cash flow               59,566    34,551   7,034     74,065    (14,367 )  160,849        119,132   14,066 
                                                                                                                      
                                                                                                                      
                             For the Year Ended December 31, 2011
($ in Thousands)                         Hawaii     District    Atlantic    MIC         Proportionately               District
(Unaudited)                  IMTT 50%   Gas       Energy     Aviation   Corporate  Combined^(1)     IMTT 100%  Energy
                                                    50.01%                                                            100%
                                                                                                                      
Gross profit                 117,929     62,998     8,921       301,749     N/A         491,596           235,857     17,838
EBITDA excluding             103,195     49,032     11,350      126,680     (8,529  )   281,728           206,390     22,695
non-cash items
Free cash flow               54,298    28,508   7,168     61,714    (6,550  )  145,137        108,595   14,333 
                                                                                                       
Gross profit variance        10.6    %  15.0   %  5.0    %   1.2     %  N/A       5.4       %     10.6    %  5.0    %
EBITDA excluding
non-cash items               12.3    %  14.8   %  (2.3   )%  3.2     %  87.6    %  5.8       %     12.3    %  (2.3   )%
variance
Free cash flow               9.7     %  21.2   %  (1.9   )%  20.0    %  119.3   %  10.8      %     9.7     %  (1.9   )%
variance
_____________________
(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.



                                                                                                   
                              For the Quarter Ended December 31, 2012
($ in Thousands)              IMTT      Hawaii   District   Atlantic   MIC         Proportionately   IMTT      District
(Unaudited)                   50%      Gas     Energy    Aviation  Corporate  Combined^(1)     100%     Energy
                                                 50.01%                                                        100%
                                                                                                               
Gross profit                  33,932    18,988   1,590      74,571     355         129,436           67,863    3,180
EBITDA excluding              29,717    15,043   1,946      31,376     (7,151)     70,930            59,433    3,891
non-cash items
Free cash flow                9,299    18,386  1,092     22,643    (10,143)   41,277          18,597   2,184
                                                                                                               
                              For the Quarter Ended December 31, 2011
($ in Thousands)              IMTT      Hawaii   District   Atlantic   MIC         Proportionately   IMTT      District
(Unaudited)                   50%      Gas     Energy    Aviation  Corporate  Combined^(1)     100%     Energy
                                                 50.01%                                                        100%
                                                                                                               
Gross profit                  29,999    16,794   1,805      77,119     N/A         125,717           59,997    3,610
EBITDA excluding              26,431    13,791   2,311      32,834     (3,305)     72,062            52,862    4,622
non-cash items
Free cash flow                14,562   10,284  1,401     15,821    (4,514)    37,554          29,124   2,801
                                                                                                
Gross profit variance         13.1%    13.1%   (11.9)%   (3.3)%    N/A        3.0%            13.1%    (11.9)%
EBITDA excluding
non-cash items                12.4%    9.1%    (15.8)%   (4.4)%    116.4%     (1.6)%          12.4%    (15.8)%
variance
Free cash flow                (36.1)%  78.8%   (22.0)%   43.1%     124.7%     9.9%            (36.1)%  (22.0)%
variance
_____________________
(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
discussion below refer to results for 100% of the business, not MIC’s 50%
interest.

For the quarter and year ended December 31, 2012 compared with the comparable
periods in 2011:

  *Terminal revenue increased 9.7% and 7.8% respectively, primarily as a
    result of growth in average storage rates and an increase in storage
    capacity.
  *Average storage rental rates increased 7.6% and 7.0% respectively - the
    increase was at the higher end of the forecast range primarily as a result
    of strong demand in the Lower Mississippi River and New York Harbor
    markets.
  *Terminal operating costs increased 4.5% and 1.9% respectively, with the
    majority of the increase attributable to $4.2 million in repairs and
    maintenance related to the effects of Hurricanes Isaac and Sandy (largely
    property insurance deductibles) in the second half of the year as well as
    the planned conversion of certain tanks in Bayonne from residual to
    distillate service.
  *Terminal gross profit increased 14.0% and 12.6% respectively, reflecting
    the construction of additional storage capacity during the year, the full
    year effect of rate increases implemented in the prior year and the
    part-year effect of rate increases implemented in 2012.

Capacity utilization was 92.8% and 94.1% in the fourth quarter and full year
periods, respectively. Capacity utilization for the full year 2011 was 94.3%.
A larger portion of total capacity, including a 500,000 barrel tank taken
offline for cleaning and inspection, was out of service in the fourth quarter
of 2012.

“IMTT’s results for 2012 highlight the strength of its position in its two key
markets, New York Harbor and the Lower Mississippi River, and the
supply/demand imbalance in those markets in particular,” said Hooke.

EBITDA excluding non-cash items grew by 12.4% and 12.3% in each of the fourth
quarter and full year ended December 31, 2012, respectively, compared with the
same periods in 2011. The improvement was principally the result of growth in
terminal gross profit in 2012 compared with 2011, partially offset by an
increase in selling, general and administrative expenses.

Free cash flow generated by IMTT decreased 36.1% in the fourth quarter of 2012
compared with the fourth quarter of 2011. The decline reflects primarily an
increase in taxes and costs incurred in connection with repairs and
maintenance at the business’ Bayonne, New Jersey facility. These relate
principally to the effects of hurricane Sandy and expenses not yet reimbursed
by property insurance coverage and planned tank cleaning and conversions at
the same location.

For the full year IMTT’s free cash flow increased 9.7% compared with 2011. The
growth in free cash flow year on year reflects the business’ improved
operating results, primarily increased terminal gross profit, partially offset
by increases in taxes, higher maintenance capital expenditures and a smaller
contribution from IMTT’s environmental response subsidiary.

Hawaii Gas

Hawaii Gas is the owner and operator of the only regulated (“utility”) gas
processing and pipeline transmission and distribution network on the islands
of Hawaii. The business is also the owner and operator of the largest
unregulated (“non-utility”) gas distribution operation on the islands.

The performance of Hawaii Gas during 2012 reflects the ongoing recovery of the
Hawaiian economy, notably the tourism industry. Aggregate gas sales increased
1.9% for the full-year period compared with 2011. Aggregate sales of gas
decreased 2.0% for the fourth quarter of 2012 compared with the comparable
period in 2011. The decline in the fourth quarter was primarily attributable
to a single commercial customer of the non-utility business being off-line for
repairs for most of the period.

Aggregate gross profit at Hawaii Gas – revenue less the cost of feedstock,
production and transmission, and distribution – increased 13.1% and 15.0%,
respectively, for the fourth quarter and full-year periods ended December 31,
2012 compared with the same periods in 2011. The improvement reflects the
growth in the volume of gas sold as noted above, and improvement in the
margins on sales in the non-utility portion of the business. The growth was
partially offset by higher costs, particularly overtime, those related to
medical and benefits programs and costs associated with re-branding the
business as Hawaii Gas.

“The strong performance of Hawaii Gas in 2012 can be attributed in part to the
recovery in the Hawaiian economy but also to the hard work of the Hawaii Gas
team attracting new business based on the many benefits of gas in the Hawaiian
energy complex,” said Hooke.

EBITDA excluding non-cash items at Hawaii Gas increased 9.1% and 14.8% for the
quarter and full-year ended December 31, 2012. The primary driver of the
improvement was the increase in gross profit generated by the business,
partially offset by an increase in selling, general and administrative
expenses and costs associated with rebranding of the business from The Gas
Company to Hawaii Gas.

Hawaii Gas generated $18.4 million and $34.6 million in free cash flow for the
fourth quarter and full-year periods ended December 31, 2012. The 78.8% and
21.2% increases versus the prior comparable periods, respectively, reflect the
improved operating results, a lower tax burden and differences in the timing
of certain purchases, particularly shipments of foreign-sourced propane and
the refinancing related expenses noted above.

District Energy

MIC’s District Energy business produces chilled water that it distributes via
underground pipelines to buildings in downtown Chicago. The cold energy is
used in air conditioning and process cooling applications. The business also
operates a site-specific facility in Las Vegas, Nevada that supplies both
cooling and heating services to a resort/casino complex, a condominium and a
shopping mall. MIC has a 50.01% interest in District Energy.

District Energy’s gross profit declined 11.9% in the fourth quarter of 2012
compared with the fourth quarter in 2011 as a result of relatively cooler
weather at the end of 2012 that reduced demand for cooling services. However,
full-year gross profit increased 5.0% compared with 2011 primarily as a result
of contractual rate increases and the overall warmer temperatures in Chicago
in 2012 compared with 2011.

EBITDA excluding non-cash items declined for the fourth quarter and full year
periods ending December 31, 2012 by 15.8% and 2.3%, respectively. The decrease
in full year EBITDA was the result of higher selling, general and
administrative expenses and a reduction in payments under agreements to manage
the business’ energy consumption during periods of peak demand partially
offset by an increase in gross profit.

Free cash flow generated by District Energy in the fourth quarter totaled $2.2
million, down 22.0% compared with 2011 largely as a result of the reduction in
gross profit for the period. For the full year 2012, District Energy generated
$14.1 million in free cash flow, down 1.9% compared with 2011, principally as
a result of the increased maintenance capital expenditures.

From the third quarter of 2012 the free cash flow generated by District Energy
is being used to reduce the principal balance on the business’ debt facilities
in advance of the maturity of these facilities in third quarter of 2014.
Including a payment made in January 2013 District Energy has repaid $9.0
million in debt principal.

Atlantic Aviation

Atlantic Aviation owns and operates a network of fixed base operations (FBOs)
located at 62 airports in the U.S. Atlantic Aviation’s FBOs provide primarily
fuel, terminal services, and aircraft hangar services to owners and operators
of private (general aviation or GA) jet aircraft. The network is one of the
largest of its type in the U.S. air transportation industry.

Atlantic Aviation reported a decrease in gross profit of 3.3% for the fourth
quarter of 2012 compared with 2011, but an increase of 1.2% for full year. The
full year increase in gross profit reflected an increase in GA fuel gross
profit of 1.4% in the aggregate and 2.7% on a same-store basis. The quarterly
decline is largely attributable to the interruption of GA activity in the wake
of Hurricane Sandy. The same-store basis is adjusted for acquisitions and
divestitures of certain facilities during the prior year. Average GA fuel
margins increased by 1.2% in 2012 compared with 2011.

Overall gross profit growth was constrained by a 55.2% decrease in de-icing
gross profit in 2012 compared with 2011. The decrease was the result of the
unseasonably mild winter across the northern tier of the U.S. in 2012.

A portion of the value in Atlantic Aviation is derived from the average length
of the leases underlying its portfolio of FBOs. Along with the leasehold from
the relevant airport authorities comes the right to sell fuel on those
airports and the potential to generate cash flows in the process. The longer
Atlantic has that right, the higher the present value of those cash flows, all
else being unchanged.

“The management at Atlantic Aviation has done an excellent job extending the
average lease maturity of the portfolio. The remaining average lease life
increased from 17.8 years at December 2011 to 19.0 years at December 2012
including the passing of another year and this has created substantial value
for MIC,” said Hooke.

Free cash flow generated by Atlantic Aviation increased to $22.6 million and
$74.1million, respectively, in the fourth quarter and full-year period in 2012
compared with 2011. The 43.1% and 20.0% increases reflect primarily a
reduction in interest expense associated with an approximately 400 basis point
reduction in interest rates associated with Atlantic Aviation’s primary debt
facility and changes in the timing of certain payments, particularly those
related to wholesale fuel purchases.

The interest rate reduction was the result of the expiration of interest rate
hedges that had been used to swap floating rate interest for fixed. From the
fourth quarter of 2012 through to the maturity of Atlantic Aviation’s debt
facilities in October 2014, or the earlier refinance of the facilities, the
majority of the excess cash generated by the business will be used to repay
debt principal of those facilities.

MIC believes, based on the current performance of the business and debt market
conditions that it will seek to refinance the debt of Atlantic Aviation in the
first half of 2013.

MIC Solar

MIC completed an investment in two utility-scale solar (photovoltaic) power
generation facilities in the fourth quarter of 2012. The facilities, one each
in Arizona and Texas, are capable of generating a combined 30 megawatts of
electric power. The power has been sold to regional utilities pursuant to 20
and 25 year power purchase agreements.

The Arizona facility is currently in operation. The facility in Texas is
expected to commence operations in the second quarter of 2013.

The Company’s $9.4 million investment has been contributed through a structure
from which it will receive a disproportionate share of the cash flows produced
by the business. MIC’s co-investor in the facilities, Chevron Energy
Solutions, will receive a disproportionate share of the tax benefits produced
by the investment.

MIC Solar does not meet the threshold for treatment as a reportable segment
within MIC’s financial reports. For the fourth quarter of 2012, MIC recorded
an expense of $3.8 million as a component of its corporate segment in
connection with its investment in MIC Solar.

Business Outlook

MIC has provided the following guidance on the financial performance of its
businesses and the Company in total in 2013. Among other things, the guidance
reflects the benefit of the 50% bonus depreciation for assets placed in
service in 2013 provided for in the American Taxpayer Relief Act of 2012. The
capital intensity of MIC’s businesses, and the significant depreciation and
amortization of their assets provides significant shelter from federal income
taxes. MIC does not expect to generate a federal income tax liability in
consolidation at least through the end of 2015.

IMTT – MIC expects IMTT to generate between $260.0 and $270.0 million of
EBITDA in 2013. The anticipated increase relative to 2012 reflects the
addition of new storage capacity and the impact of storage rate increases,
partially offset by expected reductions in capacity resulting from two large
tanks being taken off line for cleaning and inspection.

Storage rates are expected to increase in a range of between 5% and 7%, on
average, in 2013. Approximately 25% of all storage contracts are expected to
renew in 2013.

The additional storage capacity brought on line at the end of 2012 combined
with that expected to be commissioned in 2013 is forecast to produce an
incremental annualized $22.9 million in gross profit and EBITDA in 2013 over
2012. In addition, MIC expects IMTT to deploy approximately $60.0 million in
maintenance capital expenditures over the full year.

Hawaii Gas is expected to generate between $57.0 and $63.0 million of EBITDA
in 2013. The increase over 2012 is tied to the continued recovery in the
Hawaiian economy and the ability of the business to increase the volume of gas
it sells. Maintenance capital expenditures are anticipated to be approximately
$8.3 million for the full year, in line with 2012.

District Energy is expected to generate approximately $20.0 million of EBITDA
in 2013. Maintenance capital expenditures are expected to be approximately
$1.0 million for the full year. MIC anticipates that all of the excess cash
generated by District Energy will be swept to the reduction of the business’
debt principal. MIC does not expect to refinance District Energy prior to the
fourth quarter of 2013.

Atlantic Aviation is expected to generate between $137.0 and $145.0 million of
EBITDA in 2013. Maintenance capital expenditures are expected to be
approximately $11.4 million for the full year.

MIC anticipates refinancing Atlantic Aviation’s debt facilities prior to the
anniversary of those facilities in early October. In order to achieve a target
leverage level of 4x trailing EBITDA or less ahead of the refinancing, MIC may
use a portion of its holding company level cash to accelerate the repayment of
Atlantic Aviation’s debt principal.

MIC Solar – The second of the two solar power generation facilities that MIC
acquired in the fourth quarter of 2012 is expected to be commissioned in 2013.
The two facilities are expected to produce a total of approximately $1.0
million in distributable cash flow in 2013. In addition, the Company expects
to receive approximately $3.8 million as a return of capital in 2013.

The forecast results for the Company’s operating businesses, including the
expenses of the holding company, are expected to produce proportionately
combined free cash flow in a range of between $4.10 and $4.20 per share in
2013.

Conference Call and WEBCAST

When: Management has scheduled a conference call for 8:00 a.m. Eastern Time on
Thursday, February 21, 2013 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 February 21, 2013 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 February 21,
2013 through February 28, 2013, at +1(404) 537-3406, Passcode: 94587428. 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 a gas processing and distribution
business, Hawaii Gas, 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 airport
services business, Atlantic Aviation and two solar power generation
facilities, collectively MIC Solar. 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 release 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 release
are subject to a number of risks and uncertainties, some of which are beyond
MIC’s control and which are described in the Company’s filings with the
Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K. These risks
and uncertainties include, 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 BALANCE SHEETS
($ in Thousands, Except Share Data)
                                                                   
                                           December 31,          December 31,

                                           2012                  2011
ASSETS
Current assets:
Cash and cash equivalents                    $ 141,376           $ 22,786
Accounts receivable, less
allowance for doubtful accounts
of $875 and $445, respectively                 56,553              56,458
Inventories                                    20,617              23,106
Prepaid expenses                               8,908               7,338
Deferred income taxes                          6,803               19,102
Other                                         19,653            14,523    
Total current assets                           253,910             143,313
Property, equipment, land and                  708,031             561,022
leasehold improvements, net
Restricted cash                                7,326               12,769
Equipment lease receivables                    28,177              32,189
Investment in unconsolidated                   75,205              230,401
business
Goodwill                                       514,640             516,175
Intangible assets, net                         626,902             662,135
Deferred financing costs, net of               7,845               8,845
accumulated amortization
Other                                         1,658             1,784     
Total assets                                 $ 2,223,694        $ 2,168,633 
                                                                   
LIABILITIES AND MEMBERS' EQUITY
Current liabilities:
Due to manager - related party               $ 50,253            $ 4,300
Accounts payable                               26,499              29,199
Accrued expenses                               35,499              23,827
Current portion of notes payable               1,667               1,952
and capital leases
Current portion of long-term debt              106,580             34,535
Fair value of derivative                       7,450               39,339
instruments
Customer deposits                              4,650               4,679
Other                                         12,732            11,071    
Total current liabilities                      245,330             148,902
Notes payable and capital leases,              2,303               2,026
net of current portion
Long-term debt, net of current                 1,052,584           1,086,053
portion
Deferred income taxes                          169,392             177,262
Fair value of derivative                       5,360               15,576
instruments
Other                                         51,160            44,954    
Total liabilities                             1,526,129         1,474,773 
Commitments and contingencies                  -                   -
Members’ equity:
LLC interests, no par value;
500,000,000 authorized; 47,453,943
LLC
interests issued and outstanding
at December 31, 2012 and
46,338,225 LLC                                 883,143             951,729

interests issued and outstanding
at December 31, 2011
Additional paid in capital                     21,447              21,447
Accumulated other comprehensive                (20,801   )         (27,412   )
loss
Accumulated deficit                           (228,761  )        (242,082  )
Total members’ equity                          655,028             703,682
Noncontrolling interests                      42,537            (9,822    )
Total equity                                  697,565           693,860   
Total liabilities and equity                 $ 2,223,694        $ 2,168,633 
                                                                             
                                                                             

                                                       
                                                                  
MACQUARIE INFRASTRUCTURE COMPANY LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in Thousands, Except Share and Per Share Data)
                                                                  
                                                                  
                            Year Ended         Year Ended         Year Ended

                           December 31,      December 31,      December 31,

                            2012               2011               2010
Revenue
Revenue from              $ 677,164          $ 639,521          $ 514,344
product sales
Revenue from
product sales -             144,439            140,746            113,752
utility
Service revenue             207,907            203,532            204,852
Financing and
equipment lease            4,536            4,992            7,843      
income
Total revenue              1,034,046        988,791          840,791    
Costs and
expenses
Cost of product             462,229            437,049            326,734
sales
Cost of product             122,254            116,413            90,542
sales - utility
Cost of                     52,609             52,744             53,088
services
Selling, general
and                         213,372            202,486            201,787
administrative
Fees to manager             89,227             15,475             10,051
- related party
Depreciation                31,587             33,815             29,721
Amortization of             34,601             42,107             34,898
intangibles
(Gain) loss on
disposal of                (1,358     )      1,522            17,869     
assets
Total operating            1,004,521        901,611          764,690    
expenses
Operating                   29,525             87,180             76,101
income
Other income
(expense)
Interest income             222                112                29
Interest                    (46,623    )       (59,361    )       (106,834   )
expense^(1)
Equity in
earnings and
amortization                32,327             22,763             31,301
charges of
investee
Other income,              1,085            912              712        
net
Net income from
continuing
operations                  16,536             51,606             1,309
before income
taxes
(Provision)
benefit for                (2,285     )      (22,718    )      8,697      
income taxes
Net income from
continuing                $ 14,251           $ 28,888           $ 10,006
operations
Net income from
discontinued               -                -                81,323     
operations, net
of taxes
Net income                $ 14,251           $ 28,888           $ 91,329
Less: net income
attributable to            930              1,545            659        
noncontrolling
interests
Net income
attributable to           $ 13,321          $ 27,343          $ 90,670     
MIC LLC
Basic income per
share from
continuing
operations
attributable
to MIC LLC                $ 0.29             $ 0.59             $ 0.21
interest holders
Basic income per
share from
discontinued
operations
attributable
to MIC LLC                 -                -                1.78       
interest holders
Basic income per
share
attributable to           $ 0.29            $ 0.59            $ 1.99       
MIC LLC interest
holders
Weighted average
number of shares           46,635,049       45,995,207       45,549,803 
outstanding:
basic
Diluted income
per share from
continuing
operations
attributable
to MIC LLC                $ 0.29             $ 0.59             $ 0.21
interest holders
Diluted income
per share from
discontinued
operations
attributable to
MIC LLC interest           -                -                1.78       
holders
Diluted income
per share
attributable to           $ 0.29            $ 0.59            $ 1.99       
MIC LLC interest
holders
Weighted average
number of shares           46,655,289       46,021,015       45,631,610 
outstanding:
diluted
Cash dividends
declared per              $ 2.20            $ 0.80            $ -          
share

(1) Interest expense includes non-cash losses on derivative instruments of
$21.6 million, $35.0 million and $81.3 million for the years ended December
31, 2012, 2011 and 2010, respectively.


                                                                
                                                                



MACQUARIE INFRASTRUCTURE COMPANY LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in Thousands)
                                                      
                             Year                Year               Year
                             Ended               Ended              Ended

                            December          December         December 
                             31,                 31,                31,

                             2012                2011               2010
Operating
activities
Net income               $   14,251          $   28,888         $   91,329
Adjustments to
reconcile net
income to net
cash provided by
operating
activities from
continuing
operations:
Net income from
discontinued
operations                   -                   -                  (81,323  )
before
noncontrolling
interests
Depreciation and
amortization of              38,314              40,454             36,276
property and
equipment
Amortization of
intangible                   34,601              42,107             34,898
assets
(Gain) loss on
disposal of                  (1,979    )         617                17,869
assets
Equity in
earnings and
amortization                 (32,327   )         (22,763  )         (31,301  )
charges of
investees
Equity
distributions                86,952              -                  15,000
from investees
Amortization of
debt financing               4,232               4,086              4,347
costs
Adjustments to
derivative                   (26,428   )         (18,244  )         23,410
instruments
Base management
fees settled in              21,898              15,475             5,403
LLC interests
Performance fees
settled in LLC               67,329              -                  -
interests
Equipment lease              3,548               3,105              2,761
receivable, net
Deferred rent                421                 385                413
Deferred taxes               (1,580    )         19,209             (11,729  )
Other non-cash               2,036               2,748              1,817
expenses, net
Changes in other
assets and
liabilities, net
of acquisitions:
Restricted                   -                   -                  50
cash
Accounts                     (933      )         (4,633   )         (2,424   )
receivable
Inventories                  3,087               (5,061   )         (2,833   )
Prepaid expenses
and other                    (3,461    )         (3,602   )         453
current assets
Due to manager -             57                  10                 (15      )
related party
Accounts payable
and accrued                  6,479               (9,696   )         (4,821   )
expenses
Income taxes                 (414      )         668                1,051
payable
Other, net                  1,828             (2,711   )        (2,076   )
Net cash
provided by
operating                    217,911             91,042             98,555
activities from
continuing
operations
                                                                             
Investing
activities
Acquisitions of
businesses and               (64,817   )         (23,149  )         -
investments, net
of cash acquired
Proceeds from                5,625               17,006             -
sale of assets
Purchases of
property and                 (39,288   )         (33,764  )         (22,690  )
equipment
Investment in
capital leased               -                   (24      )         (2,976   )
assets
Return of
investment in                101,110             -                  -
unconsolidated
business
Other                       (153      )        249              892      
Net cash
provided by
(used in)
investing                    2,477               (39,682  )         (24,774  )
activities from
continuing
operations
                                                                             
Financing
activities
Proceeds from                192,570             13,406             141
long-term debt
Net proceeds on
line of credit               -                   4,600              500
facilities
Dividends paid
to holders of                (112,487  )         (27,618  )         -
LLC interests
Contributions
received from                55,473              -                  300
noncontrolling
interests
Distributions
paid to                      (4,781    )         (8,077   )         (5,346   )
noncontrolling
interests
Payment of                   (237,240  )         (36,330  )         (74,036  )
long-term debt
Debt financing               (2,942    )         (4       )         (186     )
costs paid
Change in                    8,663               1,010              2,236
restricted cash
Payment of notes
and capital                 (1,054    )        (124     )        (137     )
lease
obligations
Net cash used in
financing
activities from            (101,798  )      (53,137  )      (76,528  )
continuing
operations
                                                                     
Net change in
cash and cash
equivalents from            118,590           (1,777   )        (2,747   )
continuing
operations
                                                                             
                                                                             

                                                       
                                                                   
MACQUARIE INFRASTRUCTURE COMPANY LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS- continued
($ in Thousands)
                                                                   
                             Year Ended        Year Ended          Year Ended

                             December          December 31,       December
                             31,                                   31,
                                               2011
                             2012                                  2010
                                                                   
Cash flows (used
in) provided by
discontinued
operations:
Net cash used in
operating                    $  -              $  -             $  (12,703   )
activities
Net cash
provided by                     -                 -                134,356
investing
activities
Net cash used in
financing                      -                -              (124,183  )
activities
Cash used in
discontinued                    -                 -                (2,530    )
operations^(1)
Change in cash
of discontinued                 -                 -                2,385
operations held
for sale^(1)
Net change in
cash and cash                   118,590           (1,777  )        (2,892    )
equivalents
Cash and cash
equivalents,                   22,786           24,563         27,455    
beginning of
period
Cash and cash
equivalents, end
of period-                   $  141,376        $  22,786       $  24,563    
continuing
operations
                                                                   
Supplemental
disclosures of
cash flow
information for
continuing
operations:
Non-cash
investing and
financing
activities:
Accrued
purchases of                 $  9,623          $  3,201        $  3,593     
property and
equipment
Acquisition of
equipment                    $  3,117          $  2,663        $  139       
through capital
leases
Issuance of LLC
interests to                 $  23,509         $  -            $  -         
manager for
performance fees
Issuance of LLC
interests to                 $  19,821         $  14,467       $  4,083     
manager for base
management fees
Issuance of LLC
interests to                 $  571            $  450          $  450       
independent
directors
Taxes paid                   $  4,870          $  2,913        $  1,655     
Interest paid                $  58,916         $  72,949       $  78,718    

(1) Cash of discontinued operations held for sale is reported in assets of
discontinued operations held for sale in the accompanying consolidated balance
sheets. The cash used in discontinued operations is different than the change
in cash of discontinued operations held for sale due to intercompany
transactions that are eliminated in consolidation.
                                                                   
                                                                   



Macquarie Infrastructure Company LLC
                                                                                                                 
                                                                                                                                    
CONSOLIDATED STATEMENT OF OPERATIONS – MD&A
                                                                                                                                    
                         Quarter Ended                 Change                       Year Ended                      Change
                       
                         December 31,                  Favorable/(Unfavorable)      December 31,                    Favorable/(Unfavorable)
                       2012            2011            $             %            2012              2011            $               %
                       ($ In Thousands) (Unaudited)
Revenue
                                                                                                                                          
Revenue from           $ 168,696       $ 165,041       3,655         2.2          $ 677,164         $ 639,521       37,643          5.9
product sales
Revenue from
product sales            33,783          34,964        (1,181  )     (3.4   )       144,439           140,746       3,693           2.6
- utility
Service                  47,854          48,942        (1,088  )     (2.2   )       207,907           203,532       4,375           2.1
revenue
Financing and
equipment               1,088         1,208        (120    )     (9.9   )      4,536           4,992        (456     )      (9.1  )
lease income
Total revenue           251,421       250,155      1,266        0.5           1,034,046       988,791      45,255         4.6
Costs and
expenses
Cost of                  115,451         111,023       (4,428  )     (4.0   )       462,229           437,049       (25,180  )      (5.8  )
product sales
Cost of
product sales            27,757          29,571        1,814         6.1            122,254           116,413       (5,841   )      (5.0  )
- utility
Cost of                 11,120        12,040       920          7.6           52,609          52,744       135            0.3
services
Gross profit             97,093          97,521        (428    )     (0.4   )       396,954           382,585       14,369          3.8
Selling,
general and              56,071          51,801        (4,270  )     (8.2   )       213,372           202,486       (10,886  )      (5.4  )
administrative
Fees to
manager -                50,119          4,222         (45,897 )     NM             89,227            15,475        (73,752  )      NM
related party
Depreciation             8,883           7,910         (973    )     (12.3  )       31,587            33,815        2,228           6.6
Amortization
of                       8,709           8,707         (2      )     (0.0   )       34,601            42,107        7,506           17.8
intangibles
Loss (gain) on
disposal of             21            (221    )     (242    )     (109.5 )      (1,358    )      1,522        2,880          189.2
assets
Total
operating               123,803       72,419       (51,384 )     (71.0  )      367,429         295,405      (72,024  )      (24.4 )
expenses
Operating                (26,710 )       25,102        (51,812 )     NM             29,525            87,180        (57,655  )      (66.1 )
(loss) income
Other income
(expense)
Interest                 106             8             98            NM             222               112           110             98.2
income
Interest                 (7,547  )       (10,388 )     2,841         27.3           (46,623   )       (59,361 )     12,738          21.5
expense^(1)
Equity in
earnings and
amortization             9,032           8,695         337           3.9            32,327            22,763        9,564           42.0
charges of
investees
Other income,           840           107          733          NM            1,085           912          173            19.0
net
Net (loss)
income before            (24,279 )       23,524        (47,803 )     NM             16,536            51,606        (35,070  )      (68.0 )
income taxes
Benefit
(provision)             12,413        (11,083 )     23,496       NM            (2,285    )      (22,718 )     20,433         89.9
for income
taxes
Net (loss)             $ (11,866 )     $ 12,441        (24,307 )     (195.4 )     $ 14,251          $ 28,888        (14,637  )      (50.7 )
income
Less: net
(loss) income
attributable            (1,836  )      149          1,985        NM            930             1,545        615            39.8
to
noncontrolling
interests
Net (loss)
income                 $ (10,030 )     $ 12,292       (22,322 )     (181.6 )     $ 13,321         $ 27,343       (14,022  )      (51.3 )
attributable
to MIC LLC

NM - Not
meaningful

(1) Interest expense includes non-cash losses on derivative instruments of $1.3 million and $21.6 million for the quarter and year ended
December 31, 2012, respectively, and non-cash losses on derivative instruments of $3.8 million and $35.0 million for the quarter and year
ended December 31, 2011, respectively.





                      Quarter Ended                              Year Ended
                                             Change                                    Change
                      December 31,                               December 31,
                    2012         2011         $       %     2012         2011          $       %
                    ($ In Thousands) (Unaudited)
Net (loss) income
attributable to     $ (10,030 )   $ 12,292                     $ 13,321      $ 27,343
MIC LLC^(1)
Interest expense,     7,441         10,380                       46,401        59,249
net^(2)
(Benefit)
provision for         (12,413 )     11,083                       2,285         22,718
income taxes
Depreciation^(3)      8,883         7,910                        31,587        33,815
Depreciation -
cost of               1,691         1,670                        6,727         6,639
services^(3)
Amortization of       8,709         8,707                        34,601        42,107
intangibles^(4)
(Gain) loss on
disposal of           (176    )     (332    )                    (1,979  )     617
assets
Equity in
earnings and
amortization          -             (8,695  )                    -             (22,763 )
charges of
investees^(5)
Base management
fees settled/to       6,299         4,222                        21,898        15,475
be settled in LLC
interests
Perfromance fees
settled/to be         43,820        -                            67,329        -
settled in LLC
interests
Other non-cash
(income) expense,    (2,033  )    705                       3,387       4,678      
net
EBITDA excluding    $ 52,191     $ 47,942     4,249    8.9   $ 225,557    $ 189,878    35,679   18.8
non-cash items
EBITDA excluding    $ 52,191      $ 47,942                     $ 225,557     $ 189,878
non-cash items
Interest expense,     (7,441  )     (10,380 )                    (46,401 )     (59,249 )
net^(2)
Interest rate
swap breakage fee     -             -                            (8,701  )     -
- Hawaii Gas^(2)
Interest rate
swap breakage fee     -             (80     )                    (595    )     (2,327  )
- Atlantic
Aviation^(2)
Adjustments to
derivative
instruments           (2,748  )     (8,591  )                    (17,132 )     (15,917 )
recorded in
interest
expense^(2)
Amortization of
debt financing        942           1,012                        4,232         4,086
costs^(2)
Cash distribution
recevied in                                                                 
excess of equity
in earning and
amortization
charges of            -             -                            54,625        -
investee^(6)
Equipment lease       953           834                          3,548         3,105
receivables, net
Provision/benefit
for income taxes,     374           (554    )                    (3,865  )     (3,509  )
net of changes in
deferred taxes
Changes in           9,057       (6,306  )                   6,643       (25,025 )
working capital
Cash provided by
operating             53,328        23,877                       217,911       91,042
activities
Changes in            (9,057  )     6,306                        (6,643  )     25,025
working capital
Adjustment to
free cash flow        3,850         -                            3,850         -
for MIC Solar^(7)
Maintenance
capital              (6,019  )    (5,791  )                  (19,851 )    (18,062 )   
expenditures
Free cash flow      $ 42,102     $ 24,392     17,710   72.6  $ 195,267    $ 98,005     97,262   99.2

(1) Net (loss) income attributable to MIC LLC excludes net loss of $1.8
million and net income of $930,000 attributable to noncontrolling interests
for the quarter and year ended December 31, 2012, respectively, and net income
of $149,000 and $1.5 million attributable to noncontrolling interests for the
quarter and year ended December 31, 2011, respectively.
(2) Interest expense, net, includes adjustments to derivative instruments,
non-cash amortization of deferred financing fees and interest rate swap
breakage fees at Hawaii Gas and Atlantic Aviation.
(3) Depreciation - cost of services includes depreciation expense for District
Energy, which is reported in cost of services in our consolidated statements
of operations. Depreciation and Depreciation - cost of services does not
include acquisition- related step-up depreciation expense of $2.0 million and
$7.8 million for the quarter and year ended December 31, 2012, respectively,
and $2.0 million and $7.5 million for the quarter and year ended December 31,
2011, respectively, in connection with our investment in IMTT, which is
reported in equity in earnings and amortization charges of investees in our
consolidated statements of operations.
(4) Amortization of intangibles does not include acquisition-related step-up
amortization expense of $85,000 and $342,000 for the quarter and year ended
December 31, 2012, respectively, and $85,000 and $606,000 for the quarter and
year ended December 31, 2011, respectively, in connection with our investment
in IMTT, which is reported in equity in earnings and amortization charges of
investees in our consolidated 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 the distributions we
received only up to our share of the earnings recorded in the calculation for
EBITDA excluding non-cash items. For the quarter and year ended December 31,
2012, we recognized equity in earnings and amortization charges of investee
income of $9.0 million and $32.3 million, respectively, in the consolidated
condensed statement of operations, which was fully offset by the cash
distributions received during the year ended December 31, 2012.
(6) Cash distributions received in excess of equity in earnings and
amortization charges of investee in the above table is the excess cumulative
distributions received to the cumulative earnings recorded in equity in
earnings and amortization charges of investee, since our investment in IMTT,
adjusted for the current periods equity in earnings and amortization charges
of investee in the calculation from net income attributable to MIC LLC to
EBITDA excluding non-cash items above. The cumulative allocation of the $188.1
million distributions received during the year ended December 31, 2012 was
$87.0 million recorded in net cash provided by operating activities and $101.1
million recorded in net cash provided by investing activities, as a return of
investment, on the consolidated statements of cash flows.
(7) Adjustment to free cash flow for MIC Solar represents the net loss and the
cash distribution received, if any, from this business for the quarter and
year ended December 31, 2012. No cash distributions were received during the
quarter and year ended December 31, 2012.

IMTT                                                                                                    
                                                                                                                 
                                                                                                                 
                        Quarter Ended                                      Year Ended
                                                                                                 
                        December 31,                                       December 31,
                                               Change                                             Change
                        2012       2011                                  2012       2011    
                                               Favorable/(Unfavorable)                            Favorable/(Unfavorable)
                        $          $         $             %           $          $         $             %      
                        ($ In Thousands) (Unaudited)
Revenue
Terminal revenue        117,611     107,177    10,434         9.7          449,927     417,422    32,505         7.8
Environmental           6,409      7,565     (1,156   )     (15.3  )     24,461     29,670    (5,209   )     (17.6  )
response revenue
Total revenue           124,020     114,742    9,278          8.1          474,388     447,092    27,296         6.1
Costs and expenses
Terminal operating      49,905      47,763     (2,142   )     (4.5   )     191,791     188,222    (3,569   )     (1.9   )
costs
Environmental
response operating      6,252      6,982     730           10.5         21,767     23,013    1,246         5.4
costs
Total operating costs   56,157      54,745     (1,412   )     (2.6   )     213,558     211,235    (2,323   )     (1.1   )
Terminal gross profit   67,706      59,414     8,292          14.0         258,136     229,200    28,936         12.6
Environmental           157        583       (426     )     (73.1  )     2,694      6,657     (3,963   )     (59.5  )
response gross profit
Gross profit            67,863      59,997     7,866          13.1         260,830     235,857    24,973         10.6
General and
administrative          8,645       7,401      (1,244   )     (16.8  )     31,050      30,976     (74      )     (0.2   )
expenses
Depreciation and        19,000     16,383    (2,617   )     (16.0  )     70,016     64,470    (5,546   )     (8.6   )
amortization
Operating income        40,218      36,213     4,005          11.1         159,764     140,411    19,353         13.8
Interest expense,       (6,330  )   (6,944  )  614            8.8          (35,244 )   (52,257 )  17,013         32.6
net^(1)
Other income            210         272        (62      )     (22.8  )     1,890       1,486      404            27.2
Provision for income    (13,426 )   (9,836  )  (3,590   )     (36.5  )     (51,293 )   (34,820 )  (16,473  )     (47.3  )
taxes
Noncontrolling          (203    )   (48     )  (155     )     NM           (839    )   137       (976     )     NM
interests
Net income              20,469     19,657    812           4.1          74,278     54,957    19,321        35.2
                                                                                                                 
Reconciliation of net
income to EBITDA
excluding non-cash
items:
Net income              20,469      19,657                                 74,278      54,957
Interest expense,       6,330       6,944                                  35,244      52,257
net^(1)
Provision for income    13,426      9,836                                  51,293      34,820
taxes
Depreciation and        19,000      16,383                                 70,016      64,470
amortization
Other non-cash          208        42                                   855        (114    )  
expense (income)
EBITDA excluding        59,433     52,862    6,571         12.4         231,686    206,390   25,296        12.3
non-cash items
                                                                                                                 
EBITDA excluding        59,433      52,862                                 231,686     206,390
non-cash items
Interest expense,       (6,330  )   (6,944  )                              (35,244 )   (52,257 )
net^(1)
Adjustments to
derivative
instruments recorded    (4,369  )   (1,998  )                              (4,271  )   16,655
in interest
expense^(1)
Amortization of debt    802         807                                    3,221       3,233
financing costs^(1)
Provision for income
taxes, net of changes   (3,320  )   5,596                                  (17,885 )   (8,169  )
in deferred taxes
Changes in working      (4,044  )   (6,233  )                              13,636     (36,701 )
capital
Cash provided by        42,172      44,090                                 191,143     129,151
operating activities
Changes in working      4,044       6,233                                  (13,636 )   36,701
capital
Maintenance capital     (27,619 )   (21,199 )                             (58,375 )   (57,257 )  
expenditures
Free cash flow          18,597     29,124    (10,527  )     (36.1  )     119,132    108,595   10,537        9.7
_____________________
NM - Not meaningful
(1) ^ Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of deferred
financing fees.

Hawaii Gas                                                                                      
                                                                                                         
                                                                                                         
                        Quarter Ended      Change                    Year Ended           Change

                        December 31,       Favorable/(Unfavorable)   December 31,         Favorable/(Unfavorable)
                        2012      2011                            2012       2011                   
                        $         $        $             %           $          $         $              %
                        ($ In Thousands) (Unaudited)
Contribution margin
Revenue - non-utility   27,828    29,678   (1,850)       (6.2)       116,099    112,020   4,079          3.6
Cost of revenue -       11,571    14,956   3,385         22.6        52,091     60,369    8,278          13.7
non-utility
Contribution margin -   16,257    14,722   1,535         10.4        64,008     51,651    12,357         23.9
non-utility
Revenue - utility       33,783    34,964   (1,181)       (3.4)       144,439    140,746   3,693          2.6
Cost of revenue -       24,155    25,455   1,300         5.1         105,723    102,213   (3,510)        (3.4)
utility
Contribution margin -   9,628     9,509    119           1.3         38,716     38,533    183            0.5
utility
Total contribution      25,885    24,231   1,654         6.8         102,724    90,184    12,540         13.9
margin
Production              1,617     2,089    472           22.6        8,569      7,410     (1,159)        (15.6)
Transmission and        5,280     5,348    68            1.3         21,716     19,776    (1,940)        (9.8)
distribution
Gross profit            18,988    16,794   2,194         13.1        72,439     62,998    9,441          15.0
Selling, general and
administrative          4,062     3,353    (709)         (21.1)      18,637     16,025    (2,612)        (16.3)
expenses
Depreciation and        2,173     1,800    (373)         (20.7)      7,981      7,218     (763)          (10.6)
amortization
Operating income        12,753    11,641   1,112         9.6         45,821     39,755    6,066          15.3
Interest expense,       (1,758)   (1,226)  (532)         (43.4)      (10,860)   (9,138)   (1,722)        (18.8)
net^(1)
Other expense           (152)     (11)     (141)         NM          (437)      (220)     (217)          (98.6)
Provision for income    (4,561)   (4,324)  (237)         (5.5)       (13,904)   (12,225)  (1,679)        (13.7)
taxes
Net income^(2)          6,282     6,080    202           3.3         20,620     18,172    2,448          13.5
                                                                                                         
Reconciliation of net
income to EBITDA
excluding non-cash
items:
Net income^(2)          6,282     6,080                              20,620     18,172
Interest expense,       1,758     1,226                              10,860     9,138
net^(1)
Provision for income    4,561     4,324                              13,904     12,225
taxes
Depreciation and        2,173     1,800                              7,981      7,218
amortization
Other non-cash          269       361                               2,940      2,279     
expense
EBITDA excluding        15,043    13,791   1,252         9.1         56,305     49,032    7,273          14.8
non-cash items
                                                                                                         
EBITDA excluding        15,043    13,791                             56,305     49,032
non-cash items
Interest expense,       (1,758)   (1,226)                            (10,860)   (9,138)
net^(1)
Interest rate swap      -         -                                  (8,701)    -
breakage fees^(1)
Adjustments to
derivative
instruments recorded    (51)      (1,157)                            3,038      (225)
in interest
expense^(1)
Amortization of debt    112       120                                858        478
financing costs^(1)
Provision for income
taxes, net of changes   7,862     971                                1,974      (3,136)
in deferred taxes
Changes in working      (7,829)   (1,871)                            (6,712)    (9,350)
capital
Cash provided by        13,379    10,628                             35,902     27,661
operating activities
Changes in working      7,829     1,871                              6,712      9,350
capital
Maintenance capital     (2,822)   (2,215)                           (8,063)    (8,503)   
expenditures
Free cash flow          18,386    10,284   8,102         78.8        34,551     28,508    6,043          21.2
_____________________
NM - Not meaningful
(1) Interest expense, net, includes adjustments to 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.

District Energy                                                                                
                                                                                                       
                       Quarter Ended      Change                    Year Ended          Change

                       December 31,       Favorable/(Unfavorable)   December 31,        Favorable/(Unfavorable)
                       2012      2011                            2012      2011                   
                       $         $        $            %            $         $         $              %
                       ($ In Thousands) (Unaudited)
                                                                                                       
Cooling capacity       5,636     5,502    134          2.4          22,311    21,784    527            2.4
revenue
Cooling consumption    2,816     3,262    (446)        (13.7)       23,669    22,707    962            4.2
revenue
Other revenue          759       676      83           12.3         2,782     2,957     (175)          (5.9)
Finance lease revenue  1,088     1,208    (120)        (9.9)        4,536     4,992     (456)          (9.1)
Total revenue          10,299    10,648   (349)        (3.3)        53,298    52,440    858            1.6
Direct expenses —      1,907     2,323    416          17.9         14,494    14,641    147            1.0
electricity
Direct expenses —      5,212     4,715    (497)        (10.5)       20,078    19,961    (117)          (0.6)
other^(1)
Direct expenses —      7,119     7,038    (81)         (1.2)        34,572    34,602    30             0.1
total
Gross profit           3,180     3,610    (430)        (11.9)       18,726    17,838    888            5.0
Selling, general and
administrative         1,166     925      (241)        (26.1)       3,841     3,374     (467)          (13.8)
expenses
Amortization of        345       345      -            -            1,372     1,368     (4)            (0.3)
intangibles
Operating income       1,669     2,340    (671)        (28.7)       13,513    13,096    417            3.2
Interest expense,      (1,191)   (1,458)  267          18.3         (7,712)   (13,208)  5,496          41.6
net^(2)
Other income           83        166      (83)         (50.0)       651       1,478     (827)          (56.0)
Provision for income   (151)     (344)    193          56.1         (2,322)   (212)     (2,110)        NM
taxes
Noncontrolling         (195)     (212)    17           8.0          (817)     (850)     33             3.9
interests
Net income             215       492      (277)        (56.3)       3,313     304       3,009          NM
                                                                                                       
Reconciliation of net
income to EBITDA
excluding non-cash
items:
Net income             215       492                                3,313     304
Interest expense,      1,191     1,458                              7,712     13,208
net^(2)
Provision for income   151       344                                2,322     212
taxes
Depreciation^(1)       1,691     1,670                              6,727     6,639
Amortization of        345       345                                1,372     1,368
intangibles
Other non-cash         298       313                               723       964       
expense
EBITDA excluding       3,891     4,622    (731)        (15.8)       22,169    22,695    (526)          (2.3)
non-cash items
                                                                                                       
EBITDA excluding       3,891     4,622                              22,169    22,695
non-cash items
Interest expense,      (1,191)   (1,458)                            (7,712)   (13,208)
net^(2)
Adjustments to
derivative instruments (1,448)   (1,221)                            (2,906)   2,587
recorded in interest
expense^(2)
Amortization of debt   177       170                                699       681
financing costs^(2)
Equipment lease        953       834                                3,548     3,105
receivable, net
Provision for income
taxes, net of changes  51        224                                (841)     (868)
in deferred taxes
Changes in working     2,346     1,128                              893       520
capital
Cash provided by       4,779     4,299                              15,850    15,512
operating activities
Changes in working     (2,346)   (1,128)                            (893)     (520)
capital
Maintenance capital    (249)     (370)                             (891)     (659)     
expenditures
Free cash flow         2,184     2,801    (617)        (22.0)       14,066    14,333    (267)          (1.9)
_____________________
NM - Not meaningful
(1) Includes depreciation expense of $1.7 million and $6.7 million for the quarter and year ended December 31,
2012, respectively, and $1.7 million and $6.6 million for the quarter and year ended December 31, 2011,
respectively.
(2) Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of deferred
financing fees.

Atlantic                                                                                  
Aviation
                                                                                                  
                  Quarter Ended      Change                    Year Ended         Change

                  December 31,       Favorable/(Unfavorable)   December 31,       Favorable/(Unfavorable)
                  2012      2011                            2012      2011                   
                  $         $        $             %           $         $        $               %
                  ($ In Thousands) (Unaudited)
Revenue
Fuel revenue      140,513   135,363  5,150         3.8         560,710   527,501  33,209          6.3
Non-fuel revenue  38,643    39,502   (859)         (2.2)       159,145   156,084  3,061           2.0
Total revenue     179,156   174,865  4,291         2.5         719,855   683,585  36,270          5.3
Cost of revenue
Cost of           100,584   92,745   (7,839)       (8.5)       396,384   363,694  (32,690)        (9.0)
revenue-fuel
Cost of           4,001     5,001    1,000         20.0        18,037    18,142   105             0.6
revenue-non-fuel
Total cost of     104,585   97,746   (6,839)       (7.0)       414,421   381,836  (32,585)        (8.5)
revenue
Fuel gross        39,929    42,618   (2,689)       (6.3)       164,326   163,807  519             0.3
profit
Non-fuel gross    34,642    34,501   141           0.4         141,108   137,942  3,166           2.3
profit
Gross profit      74,571    77,119   (2,548)       (3.3)       305,434   301,749  3,685           1.2
Selling, general
and               43,209    44,043   834           1.9         174,039   174,148  109             0.1
administrative
expenses
Depreciation and  14,920    14,472   (448)         (3.1)       56,681    67,336   10,655          15.8
amortization
*Story too
large*

[TRUNCATED]
 
Press spacebar to pause and continue. Press esc to stop.