Macquarie Infrastructure Company LLC Reports First Quarter 2013 Financial Results, Continued Growth in Cash Generation

  Macquarie Infrastructure Company LLC Reports First Quarter 2013 Financial
  Results, Continued Growth in Cash Generation

  *Proportionately combined Free Cash Flow per share increases 33.2% to $1.26
    per share
  *$0.6875 ($2.75 annualized) per share cash dividend for first quarter to be
    paid mid-May
  *Quarterly dividend projected to increase to $0.875 ($3.50 annualized) per
    share for the second quarter of 2013 (payable in August) following
    expected refinancing of Atlantic Aviation and subject to continued stable
    business performance and prevailing economic conditions
  *Refinancing of Atlantic Aviation launched with underwritten debt

Business Wire

NEW YORK -- April 29, 2013

Macquarie Infrastructure Company LLC (NYSE: MIC) reported financial results
for the first quarter of 2013 including proportionately combined Free Cash
Flow of $1.26 per share compared with $0.95 per share in the first quarter of
2012. The 33.2% increase reflects improved operating results at MIC’s airport
services and gas processing and distribution businesses and lower costs,
particularly at the MIC holding company level.

MIC’s investment in a bulk liquid storage terminal business generated a
slightly lower amount of Free Cash Flow in the first quarter of 2013 than it
did in the first quarter of 2012. Results for the bulk liquid storage business
included repairs and maintenance and maintenance capital expenditures incurred
in connection with Hurricane Sandy. Excluding the impact of the Hurricane
Sandy related items, IMTT’s EBITDA would have increased by 12.8% in the first
quarter of 2013 compared with the first quarter of 2012.

MIC also reported that its Board of Directors approved the distribution of a
cash dividend of $0.6875, or $2.75 annualized, per share for the first quarter
of 2013. The cash dividend will be payable on May 16, 2013 to shareholders of
record on May 13, 2013.

MIC owns and has invested in a portfolio of infrastructure businesses based in
the U.S. The businesses include: a 50% (unconsolidated) interest in a bulk
liquid storage terminalling business, International-Matex Tank Terminals
(“IMTT”); a gas processing and distribution business, Hawaii Gas; a 50.01%
(controlling) interest in a district cooling business, District Energy; an
airport services business, Atlantic Aviation; and an interest in a contracted
solar power generation business, MIC Solar.

Proportionately combined Free Cash Flow – the cash generated by each of MIC’s
businesses in proportion to the Company’s equity interest in the businesses,
after holding company costs - increased to $60.2 million in the first quarter
of 2013 from $44.0 million in the first quarter of 2012 (Note: the reported
result for the first quarter of 2012 was revised higher by approximately $3.3
million in the second quarter of 2012 as a result of an adjustment to the
calculation of a tax provision at IMTT).

Atlantic Aviation’s contribution to MIC’s Free Cash Flow increased 41.8% with
the benefit of a lower cost of debt, lower debt balance and improved operating
results in 2013 compared with 2012. The volume of general aviation jet fuel
sold through Atlantic Aviation increased by 3.2% on a same store basis and
EBITDA increased by 6.9% on a same store basis. Cash interest expense,
excluding interest rate swap break costs, declined to $3.3 million in the
first quarter of 2013 compared with $12.6 million in the first quarter of
2012. The decrease was the result of the expiration of interest rate hedging
agreements (swaps) in October of 2012 and a lower principal balance.

MIC’s gas processing and distribution business grew its Free Cash Flow for the
period by 24.1% on improved margins, 1.9% growth in the aggregate volume of
gas sold, a reduction in maintenance capital expenditures and lower interest
expense resulting from the successful refinancing of the business in the third
quarter of 2012.

In addition, proportionately combined Free Cash Flow increased as a result of
lower expenses at the MIC holding company level. The reduction reflects
primarily the absence of expenses associated with an arbitration in which the
Company was involved in the first quarter of 2012 but not in the first quarter
of 2013.

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, including cash paid for interest
and taxes, less maintenance capital expenditures and changes in working
capital, except for MIC Solar for which Free Cash Flow is defined as
distributions received or receivable from the business. 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. See “Cash Generation” below for further information.

“We’re pleased with our overall results for the first quarter and reiterate
our previously provided guidance for EBITDA at each of our businesses for the
full year,” said James Hooke, Chief Executive Officer of Macquarie
Infrastructure Company. “There is a bit of noise in our results related to
activity at IMTT having to do with the recovery from Hurricane Sandy and from
the artificially low interest expense at Atlantic Aviation in particular;
however, we’re confident in the underlying positive trends in our operating
entities generally.”

Refinancing of Atlantic Aviation

MIC expects to complete the refinancing of the long-term debt of its Atlantic
Aviation business in the second quarter of 2013. On April 29, 2013 the Company
entered into a commitment letter for the refinancing and anticipates
completion by the middle of May.

The Board and management of MIC have considered a variety of refinancing
options including a two-tier debt structure at the operating company. However,
the Board and management now believe that raising equity to refinance a
portion of Atlantic Aviation’s long-term debt is the preferred path. MIC
believes that the lower leverage that can be achieved with an equity
contribution to Atlantic Aviation has two primary benefits over the pure debt
strategies.

1. It increases the distributable free cash flow generated from the business –
as a result of lower overall debt service costs resulting from lower net debt
and disproportionately lower interest rates; and,

2. It creates a more resilient capitalization of the business in the event
there is a downturn in general aviation flight activity similar to that which
occurred in 2008 – 2009.

“This is a slightly different, but better strategy than we have been pursuing
to this point. The state of the credit markets is such that we are able to
secure debt for Atlantic Aviation - up to a certain level of leverage - on
attractive terms and at an all-in cost that is historically low,” said Hooke.
“By adding equity in the refinancing of Atlantic Aviation we should be able to
lock in very competitive, long-dated debt for the business and enhance our
flexibility with respect to MIC’s quarterly cash dividend.”

Dividend Policy

In determining the MIC dividend for the first quarter of 2013, MIC’s Board
considered the continued strong performance of the Company’s operating
businesses, the recovering U.S. economy and the generally stable equity and
credit markets, among other things.

Reflecting confidence in the Company’s ability to successfully refinance the
long-term debt of its Atlantic Aviation business, MIC has indicated that it
anticipates, subject to the completion of the refinancing, the continued
stable performance of the Company’s businesses and prevailing economic
conditions, increasing the Company’s quarterly cash dividend to $0.875 per
share ($3.50 per share annualized) for the second quarter of 2013.

Consolidated Results for First Quarter

MIC’s consolidated revenue for the first quarter of 2013 was flat with the
first quarter in 2012. The result reflects an increased contribution from MIC
Solar offset by a decline in energy costs, particularly jet fuel distributed
by Atlantic Aviation and the feedstock for synthetic natural gas distributed
by Hawaii Gas, both of which are passed through to customers of MIC’s
businesses.

Gross profit – defined as revenue less cost of goods sold – removes the
volatility in revenue associated with fluctuations in energy costs and
illustrates underlying trends in aggregate volume and margins. MIC’s
consolidated gross profit grew to $104.8 million in the first quarter of 2013,
up 4.1% compared with the first quarter in 2012.

MIC reported $11.2 million of net income, before taxes, in the first quarter
of 2013 compared with net income of $20.7 million in the first quarter of
2012. Net income declined primarily as a result of the Company incurring
performance fees for the quarter of $22.0 million. Performance fees are
payable to MIC’s Manager when the total return generated by the Company
exceeds the total return of its benchmark indices over the same quarter. The
fee is a period cost for accounting purposes even though it will be satisfied
with the issuance of new primary shares and are a non-cash item.

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, including cash paid for interest and taxes, 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 or
receivable from the business.

Free Cash Flow does not fully reflect MIC’s ability to freely deploy generated
cash, as it does not reflect required payments to be made on MIC’s
indebtedness and other fixed obligations or the other cash items excluded when
calculating Free Cash Flow. Free Cash Flow may be calculated in a different
manner by other companies, which limits its usefulness as a comparative
measure. Therefore, Free Cash Flow should be used as a supplemental measure
and not in lieu of MIC’s financial results as reported under GAAP.

MIC reports certain financial metrics on a proportionately combined basis
including, proportionately combined grow profit, proportionately combined
EBITDA excluding non-cash items, proportionately combined cash interest,
proportionately combined cash taxes, proportionately combined maintenance
capital expenditures, proportionately combined free cash flow, proportionately
combined free cash flow per share, proportionately combined growth capital
expenditures and proportionately combined net debt. The Company believes that
such measures provide investors and management with additional insight into
the financial results and cash generated by the combined ownership interest in
its businesses and investments for the reporting period.

Proportionately combined metrics used by MIC be calculated in a different
manner by other companies and may limit their usefulness as a comparative
measure. Therefore, proportionately combined metrics should be used as a
supplement to and not in lieu of, financial results reported under in
accordance with GAAP.

The following table summarizes MIC’s financial performance on a
proportionately combined basis during the quarter ended March 31, 2013 and the
prior comparable quarter.

                                                                      
            For the Quarter Ended March 31, 2013                        
($ in       IMTT   Hawaii District Atlantic MIC       Proportionately   IMTT   District
Thousands)  50%    Gas    Energy   Aviation Corporate Combined^(1)      100%   Energy
(Unaudited)               50.01%                                               100%
                                                                               
Gross       36,647 20,417 1,581    79,634   1,577     139,856           73,294 3,162
profit
EBITDA
excluding   32,777 15,715 1,926    36,018   (224)     86,212            65,554 3,852
non-cash
items
Free cash   17,200 9,940  1,038    27,092   4,911     60,181            34,399 2,076
flow
                                                                               
                                                                               
            For the Quarter Ended March 31, 2012                              
($ in       IMTT   Hawaii District Atlantic MIC       Proportionately   IMTT   District
Thousands)  50%    Gas    Energy   Aviation Corporate Combined^(1)      100%   Energy
(Unaudited)               50.01%                                               100%
                                                                               
Gross       33,188 18,699 1,846    78,252   -         131,985           66,376 3,691
profit
EBITDA
excluding   29,731 14,180 2,175    34,151   (5,046)   75,191            59,462 4,349
non-cash
items
Free cash   19,023 8,010  1,343    19,109   (3,469)   44,015            38,045 2,685
flow
                                                                        
Gross
profit      10.4%  9.2%   (14.3)%  1.8%     NM        6.0%              10.4%  (14.3)%
variance
EBITDA
excluding
non-cash    10.2%  10.8%  (11.4)%  5.5%     95.6%     14.7%             10.2%  (11.4)%
items
variance
Free cash
flow        (9.6)% 24.1%  (22.7)%  41.8%    NM        36.7%             (9.6)% (22.7)%
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
discussion below refer to results for 100% of the business, not MIC’s 50%
interest.

Terminal revenue increased 8.7% in the first quarter of 2013 compared with the
first quarter of 2012. The increase reflects an increase in average storage
rental rates of 6.8% versus the prior comparable period and the impact of
additional storage capacity placed in service over the past year. MIC
continues to expect average storage rates to increase in a range between 5.0%
and 7.0% over the full year.

As anticipated, capacity utilization decreased in the first quarter of 2013 to
92.7% compared with 95.9% in the first quarter of 2012. Utilization rates were
lower as a result of a higher percentage of storage being out of service for
cleaning and inspection this year versus last. MIC expects utilization rates
at IMTT will remain below 2012 levels for the majority of the year as a result
of these efforts.

Terminal operating costs increased in the first quarter of 2013 relative to
the prior comparable period as a result of higher repair and maintenance
expenses and increased healthcare costs. The increased repair and maintenance
expenses related principally to restoration and improvement of IMTT’s Bayonne
facility in the wake of Hurricane Sandy. As noted above, excluding the effects
of the hurricane-related costs, EBITDA would have increased by 12.8%.

Environmental response gross profit generated in the first quarter of 2013
increased to $2.3 million from $1.2 million in the first quarter of 2012 on a
slightly higher level of spill response activity this year versus last.

Free Cash Flow generated by IMTT decreased to $34.4 million in the first
quarter of 2013 from $38.0 million in 2012 primarily as a result of the
increased repairs and maintenance expenses noted above and an increase in the
level of maintenance capital expenditures. The heightened level of maintenance
capital expenditures were also primarily related to recovery from Hurricane
Sandy. MIC continues to expect that maintenance capital expenditures for the
full year 2013 will be approximately $60.0 million. Excluding the Hurricane
Sandy related items, Free Cash Flow would have increased by approximately
9.8%.

As anticipated, management at IMTT secured additional debt funding for the
business during the first quarter. Additional lenders have been added to the
previously announced $1.04 billion revolving credit facility raising the total
amount of debt available to $1.205 billion. The undrawn balance on the
facility is approximately $450.0 million.

On April 26, 2013, the Board of IMTT unanimously declared a distribution for
the first quarter of 2013 in the amount $15.8 million, or $7.9 million per
shareholder. The distribution to shareholders of IMTT is expected to be made
on or about April 30, 2013.

Hawaii Gas

Hawaii Gas 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.

The volume of gas sold by both the utility and non-utility portions of the
business increased by an aggregate 1.9% in the first quarter of 2013 compared
with the first quarter of 2012. The volume increase reflects the continued
strength of the Hawaiian economy generally and the tourism industry in
particular. Aggregate contribution margin generated in the quarter increased
10.9% over the prior comparable period.

Hawaii Gas generated $9.9 million of Free Cash Flow in the first quarter of
2013; a 24.1% increase over the Free Cash Flow generated in first quarter of
2012. The improvement reflects the improvement in operating results, a
reduction in maintenance capital expenditures and lower cash interest as a
result of the successful refinancing of the Hawaii Gas’ long-term debt in the
third quarter of 2012. These were partially offset by higher taxes paid in the
first quarter of 2013 versus the prior comparable quarter.

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.

Winter temperatures in Chicago were closer to historical norms in the first
quarter of 2013 compared with the unusually warm first quarter of 2012. As a
result, gross profit decreased 14.3% at District Energy on reduced demand for
cooling services. The business also undertook a larger portion of its
offseason maintenance work in the first quarter of 2013 than it did in the
first quarter of 2012.

Effective April 30, 2013, District Energy will no longer provide site specific
cooling and heating services to a customer outside downtown Chicago for which
fees and lease payments were being received. The business is seeking to
recover the unamortized lease principal of approximately $8.6 million.

Free Cash Flow generated by District Energy decreased 22.7% to $2.1 million in
the first quarter of 2013 compared with the first quarter of 2012 primarily
due to the decrease in consumption revenue noted above and the timing of the
payment of taxes in the first quarter of 2013 compared with the first quarter
of 2012.

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 62 airports in the
U.S. The network is one of the largest of its type in the U.S. air
transportation industry.

Gross profit for the first quarter of 2013 increased 1.8% (4.1% taking into
account the impact of sites sold during the past year and the Leap Year day in
February 2012) compared with the first quarter of 2012 primarily as a result
of an increase in hangar rental revenue and improved de-icing activity versus
last year. The same store volume of GA jet fuel sold increased 3.2% and
margins were essentially flat with the prior comparable period.

Selling, general and administrative expenses were 1.1% lower in the first
quarter of 2013 compared with the first quarter of 2012 primarily as a result
of the divestitures noted above. EBITDA grew by 6.9% on a same store basis.

Free Cash Flow generated by Atlantic Aviation during the first quarter of 2013
increased 41.8% to $27.1 million from $19.1 million in the first quarter of
2012. The increase was primarily the result of lower cash interest expense
associated with the expiration of interest rate hedges on Atlantic Aviation’s
term loan facility in October of 2012. Cash interest paid in the first quarter
of 2013, excluding interest rate swap break fees, declined to $3.3 million
from $12.6 million paid in the first quarter of 2012. An increase in cash
taxes of $3.8 million in the first quarter of this year the prior comparable
period partially offset the gains associated with the lower interest expense.

As of April 29, 2013, Atlantic Aviation had a debt balance of $699.9 million
including the impact of a debt principal payment of $7.0 million made on April
25, 2013. Using the trailing twelve month EBITDA through the quarter ended
March 31, 2013, the business had a pro-forma leverage ratio of 5.25 times net
debt/EBITDA. MIC intends to refinance Atlantic Aviation to approximately 3.5
times net debt/EBITDA.

MIC Solar

In the fourth quarter of 2012, MIC made a modest investment in two contracted
solar power generating facilities located in the U.S. southwest. The
investment performed as expected in the first quarter of 2013 and MIC earned
distributions totaling $0.3 million. In addition, the Company received $3.4
million as a return of capital. The distributions are included as a component
of MIC’s Corporate and Other segment.

Conference Call and WEBCAST

When: Management has scheduled a conference call for 8:00 a.m. Eastern Time on
Tuesday, April 30, 2013 during which it will review and comment on the
Company’s results for the first quarter.

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 April 30, 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 April 30, 2013
through May 7, 2013, at +1(404) 537-3406, Passcode: 34468730. 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 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,
                                              2013                2012
ASSETS                                          (Unaudited)
Current assets:
Cash and cash equivalents                     $ 154,447           $  141,376
Accounts receivable, less allowance for
doubtful accounts
of $716 and $875, respectively                  62,861               56,553
Inventories                                     23,091               20,617
Prepaid expenses                                7,829                8,908
Deferred income taxes                           6,450                6,803
Other                                          22,009              19,653
Total current assets                            276,687              253,910
Property, equipment, land and leasehold         718,631              708,031
improvements, net
Equipment lease receivables                     27,090               28,177
Investment in unconsolidated business           85,682               75,205
Goodwill                                        514,640              514,640
Intangible assets, net                          618,274              626,902
Other                                          16,730              16,829
Total assets                                  $ 2,257,734         $  2,223,694
                                                                     
LIABILITIES AND MEMBERS' EQUITY
Current liabilities:
Due to manager - related party                $ 29,301            $  50,253
Accounts payable                                29,513               26,499
Accrued expenses                                35,636               35,499
Current portion of long-term debt               109,353              106,580
Fair value of derivative instruments            7,439                7,450
Other                                          17,886              19,049
Total current liabilities                       229,128              245,330
Long-term debt, net of current portion          1,042,954            1,052,584
Deferred income taxes                           172,273              169,392
Fair value of derivative instruments            3,608                5,360
Other                                          53,912              53,463
Total liabilities                              1,501,875           1,526,129
Commitments and contingencies                   -                    -
Members’ equity:
LLC interests, no par value;
500,000,000 authorized; 48,434,327 LLC
interests issued and outstanding at
March 31, 2013 and 47,453,943 LLC               932,934              883,143
interests issued and outstanding at
December 31, 2012
Additional paid in capital                      21,447               21,447
Accumulated other comprehensive loss            (20,671)             (20,801)
Accumulated deficit                            (222,890)           (228,761)
Total members’ equity                           710,820              655,028
Noncontrolling interests                       45,039              42,537
Total equity                                   755,859             697,565
Total liabilities and equity                  $ 2,257,734         $  2,223,694
                                                                     


MACQUARIE INFRASTRUCTURE COMPANY LLC
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
($ In Thousands, Except Share and Per Share Data)

                                              Quarter Ended   Quarter Ended
                                               March 31, 2013   March 31, 2012
Revenue
Revenue from product sales                     $   174,115      $   172,954
Revenue from product sales - utility               36,921           38,314
Service revenue                                    52,115           52,409
Financing and equipment lease income              1,055           1,179
Total revenue                                     264,206         264,856
Costs and expenses
Cost of product sales                              116,993          119,381
Cost of product sales - utility                    31,489           32,172
Cost of services                                   10,934           12,661
Selling, general and administrative                49,209           55,263
Fees to manager - related party                    29,177           4,995
Depreciation                                       9,255            7,551
Amortization of intangibles                        8,628            8,546
Loss on disposal of assets                        173             -
Total operating expenses                          255,858         240,569
Operating income                                   8,348            24,287
Other income (expense)
Interest income                                    94               2
Interest expense^(1)                               (7,686)          (13,007)
Equity in earnings and amortization charges        10,462           9,501
of investee
Other expense, net                                (2)             (52)
Net income before income taxes                     11,216           20,731
Provision for income taxes^(2)                    (4,502)         (6,521)
Net income                                     $   6,714        $   14,210
Less: net income attributable to                  843             118
noncontrolling interests
Net income attributable to MIC LLC             $   5,871        $   14,092
                                                                    
Basic income per share attributable to MIC     $   0.12         $   0.30
LLC interest holders
Weighted average number of shares                 47,584,661      46,356,157
outstanding: basic
                                                                    
Diluted income per share attributable to MIC   $   0.12         $   0.30
LLC interest holders
Weighted average number of shares                 47,603,257      46,379,291
outstanding: diluted
Cash dividends declared per share              $   0.6875       $   0.20


(1) Interest expense includes non-cash losses on derivative instruments of
$1.1 million and $6.3 million for the quarters ended March 31, 2013 and 2012,
respectively, of which net loss of $398,000 and $4.4 million, respectively,
was reclassified from accumulated other comprehensive income.
(2) Includes $158,000 and $1.7 million of benefit for income taxes from
accumulated other comprehensive income reclassifications for the quarters
ended March 31, 2013 and 2012, respectively.

                                                            
MACQUARIE INFRASTRUCTURE COMPANY LLC
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
($ In Thousands)
                                                                     
                                              Quarter Ended          Quarter
                                                                     Ended
                                              March 31, 2013         March 31,
                                                                     2012
                                                                     
Operating activities
Net income                                  $ 6,714                $ 14,210
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization of              10,953                 9,225
property and equipment
Amortization of intangible assets             8,628                  8,546
Loss on disposal of assets                    106                    -
Equity in earnings and amortization           (10,462)               (9,501)
charges of investee
Amortization of debt financing costs          947                    978
Adjustments to derivative instruments         (1,339)                (5,630)
Base management fees to be                    7,135                  4,995
settled/settled in LLC interests
Performance fees to be settled in LLC         22,042                 -
interests
Equipment lease receivable, net               967                    838
Deferred rent                                 64                     74
Deferred taxes                                3,070                  5,768
Other non-cash (income) expenses, net         (1,913)                559
Changes in other assets and
liabilities:
Accounts receivable                           (6,238)                (8,227)
Inventories                                   (2,394)                1,510
Prepaid expenses and other current            (2,462)                (1,695)
assets
Due to manager - related party                (11)                   11
Accounts payable and accrued expenses         (2,001)                3,080
Income taxes payable                          94                     (113)
Other, net                                   (231)                 (898)
Net cash provided by operating                33,669                 23,730
activities
                                                                     
Investing activities
Purchases of property and equipment           (14,834)               (7,069)
Proceeds from sale of investment              -                      390
Other                                        (41)                  26
Net cash used in investing activities         (14,875)               (6,653)
                                                                     
Financing activities
Proceeds from long-term debt                  21,192                 10,000
Dividends paid to holders of LLC              -                      (9,268)
interests
Contributions received from                   2,000                  -
noncontrolling interests
Distributions paid to noncontrolling          (247)                  (1,525)
interests
Payment of long-term debt                     (28,050)               (6,583)
Payment of notes and capital lease            (485)                  (97)
obligations
Other                                        (133)                 -
Net cash used in financing activities        (5,723)               (7,473)
                                                                     
Net change in cash and cash                   13,071                 9,604
equivalents
Cash and cash equivalents, beginning         141,376               22,786
of period
Cash and cash equivalents, end of           $ 154,447              $ 32,390
period
                                                                     
                                                                     
Supplemental disclosures of cash flow
information
Non-cash investing and financing
activities:
Accrued equity offering costs               $ 195                  $ -
Accrued refinancing costs                   $ 665                  $ -
Accrued purchases of property and           $ 5,755                $ 1,478
equipment
Acquisition of equipment through            $ 1,135                $ 916
capital leases
Issuance of LLC interests to manager        $ 43,820                -
for performance fees
Issuance of LLC interests to manager        $ 6,299                $ 4,222
for base management fees
Taxes paid                                  $ 1,338                $ 865
Interest paid                               $ 8,471                $ 17,530
                                                                     

                                                                 
MACQUARIE INFRASTRUCTURE COMPANY LLC
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS – MD&A
                                                                       
                          Quarter Ended March 31,      Change
                          2013          2012           $            %
                           ($ In Thousands) (Unaudited)
Revenue
Revenue from            $  174,115     $  172,954         1,161        0.7
product sales
Revenue from product       36,921         38,314          (1,393)      (3.6)
sales - utility
Service revenue            52,115         52,409          (294)        (0.6)
Financing and equipment   1,055         1,179          (124)        (10.5)
lease income
Total revenue             264,206       264,856        (650)        (0.2)
Costs and expenses
Cost of product            116,993        119,381         2,388        2.0
sales
Cost of product            31,489         32,172          683          2.1
sales - utility
Cost of services          10,934        12,661         1,727        13.6
Gross profit               104,790        100,642         4,148        4.1
Selling, general and       49,209         55,263          6,054        11.0
administrative
Fees to manager -          29,177         4,995           (24,182)     NM
related party
Depreciation               9,255          7,551           (1,704)      (22.6)
Amortization of            8,628          8,546           (82)         (1.0)
intangibles
Loss on disposal of       173           -              (173)        NM
assets
Total operating           96,442        76,355         (20,087)     (26.3)
expenses
Operating income           8,348          24,287          (15,939)     (65.6)
Other income
(expense)
Interest income            94             2               92           NM
Interest                   (7,686)        (13,007)        5,321        40.9
expense^(1)
Equity in earnings and
amortization charges of    10,462         9,501           961          10.1
investee
Other expense, net        (2)           (52)           50           96.2
Net income before          11,216         20,731          (9,515)      (45.9)
income taxes
Provision for             (4,502)       (6,521)        2,019        31.0
income taxes
Net income              $  6,714       $  14,210          (7,496)      (52.8)
Less: net income
attributable to           843           118            (725)        NM
noncontrolling
interests
Net income attributable $  5,871       $  14,092         (8,221)      (58.3)
to MIC LLC
                   
NM - Not meaningful
(1) Interest expense includes non-cash losses on derivative instruments of
$1.1 million and $6.3 million for the quarters ended March 31, 2013 and 2012,
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
                                                             
                            Quarter Ended March 31,      Change
                            2013         2012           $         %
                             ($ In Thousands) (Unaudited)
                                                                          
Net income
attributable to MIC        $ 5,871          $ 14,092
LLC^(1)
Interest expense,            7,592            13,005
net^(2)
Provision for                4,502            6,521
income taxes
Depreciation^(3)             9,255            7,551
Depreciation - cost          1,698            1,674
of services^(3)
Amortization of              8,628            8,546
intangibles^(4)
Loss on disposal of          106              -
assets
Equity in earnings
and amortization             (10,462)         (9,501)
charges of
investee^(5)
Base management fees
settled/to be                7,135            4,995
settled in LLC
interests
Performance fees
settled/to be                22,042           -
settled in LLC
interests
Other non-cash
(income) expense,           (1,006)         751            
net
EBITDA excluding           $ 55,361         $ 47,634         7,727        16.2
non-cash items
                                                                          
EBITDA excluding           $ 55,361         $ 47,634
non-cash items
Interest expense,            (7,592)          (13,005)
net^(2)
Interest rate swap           -                (248)
breakage fees^(2)
Adjustment to
derivative
instruments recorded         (1,339)          (5,382)
in interest
expense^(2)
Amortization of debt         947              978
financing costs^(2)
Equipment lease              967              838
receivables, net
Provision for income
taxes, net of                (1,432)          (753)
changes in deferred
taxes
Changes in working          (13,243)        (6,332)
capital
Cash provided by             33,669           23,730
operating activities
Changes in working           13,243           6,332
capital
Adjustment to free
cash flow for MIC            (276)            -
Solar^(6)
Maintenance capital         (2,617)         (3,727)        
expenditures
Free cash flow             $ 44,019         $ 26,335         17,684       67.2
                                                                          

(1) Net income attributable to MIC LLC excludes net income attributable to
noncontrolling interests of $843,000 and $118,000 for the quarters ended March
31, 2013 and 2012, respectively.
(2) Interest expense, net, includes adjustments to 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 for each of the quarters ended March 31, 2013 and 2012 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 for each of the quarters ended March 31, 2013
and 2012 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 in the calculation for EBITDA
excluding non-cash items.
(6) Adjustment to free cash flow for MIC Solar adjusts the free cash flow from
this business to include only the cash distributions generated during the
reporting period, if any. During the quarter ended March 31, 2013, MIC Solar
generated $289,000 of distributable cash.


                                                              
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
                          2013           2012         Favorable/(Unfavorable)
                          $              $            $              %
                          ($ In Thousands) (Unaudited)
Revenue
Terminal revenue          121,332        111,617      9,715          8.7
Environmental             10,153         6,387        3,766          59.0
response revenue
Total revenue             131,485        118,004      13,481         11.4
Costs and expenses
Terminal operating        50,304         46,472       (3,832)        (8.2)
costs
Environmental
response operating        7,887          5,156        (2,731)        (53.0)
costs
Total operating costs     58,191         51,628       (6,563)        (12.7)
Terminal gross profit     71,028         65,145       5,883          9.0
Environmental             2,266          1,231        1,035          84.1
response gross profit
Gross profit              73,294         66,376       6,918          10.4
General and
administrative            8,482          7,459        (1,023)        (13.7)
expenses
Depreciation and          18,422         16,907       (1,515)        (9.0)
amortization
Operating income          46,390         42,010       4,380          10.4
Interest expense,         (6,606)        (6,591)      (15)           (0.2)
net^(1)
Other income              742            456          286            62.7
Provision for income      (17,121)       (14,367)     (2,754)        (19.2)
taxes
Noncontrolling            (75)           (99)         24             24.2
interest
Net income                23,330         21,409       1,921          9.0
                                                                     
Reconciliation of net
income to EBITDA
excluding non-cash
items:
Net income                23,330         21,409
Interest expense,         6,606          6,591
net^(1)
Provision for income      17,121         14,367
taxes
Depreciation and          18,422         16,907
amortization
Other non-cash            75             188          
expenses
EBITDA excluding          65,554         59,462       6,092          10.2
non-cash items
                                                                     
EBITDA excluding          65,554         59,462
non-cash items
Interest expense,         (6,606)        (6,591)
net^(1)
Adjustments to
derivative
instruments recorded      (4,409)        (2,679)
in interest
expense^(1)
Amortization of debt      666            805
financing costs^(1)
Provision for income
taxes, net of changes     (1,685)        (4,834)
in deferred taxes
Changes in working        (17,387)       7,615
capital
Cash provided by          36,133         53,778
operating activities
Changes in working        17,387         (7,615)
capital
Maintenance capital       (19,121)       (8,118)      
expenditures
Free cash flow            34,399         38,045       (3,646)        (9.6)

(1) Interest expense, net, includes adjustments to derivative instruments and
non-cash amortization of deferred financing fees.
                                                                     
Hawaii Gas
                                                                     
                          Quarter Ended March 31,
                                                      Change
                          2013           2012         Favorable/(Unfavorable)
                          $              $            $              %
                          ($ In Thousands) (Unaudited)
Contribution margin
Revenue - non-utility     32,085         31,629       456            1.4
Cost of revenue -         13,354         15,573       2,219          14.2
non-utility
Contribution margin -     18,731         16,056       2,675          16.7
non-utility
Revenue - utility         36,921         38,314       (1,393)        (3.6)
Cost of revenue -         26,654         28,217       1,563          5.5
utility
Contribution margin -     10,267         10,097       170            1.7
utility
Total contribution        28,998         26,153       2,845          10.9
margin
Production                2,715          2,006        (709)          (35.3)
Transmission and          5,866          5,448        (418)          (7.7)
distribution
Gross profit              20,417         18,699       1,718          9.2
Selling, general and
administrative            5,332          5,257        (75)           (1.4)
expenses
Depreciation and          2,158          1,941        (217)          (11.2)
amortization
Operating income          12,927         11,501       1,426          12.4
Interest expense,         (1,705)        (1,891)      186            9.8
net^(1)
Other expense             (32)           (69)         37             53.6
Provision for income      (4,483)        (3,799)      (684)          (18.0)
taxes
Net income^(2)            6,707          5,742        965            16.8
                                                                     
Reconciliation of net
income to EBITDA
excluding non-cash
items:
Net income^(2)            6,707          5,742
Interest expense,         1,705          1,891
net^(1)
Provision for income      4,483          3,799
taxes
Depreciation and          2,158          1,941
amortization
Other non-cash            662            807          
expenses
EBITDA excluding          15,715         14,180       1,535          10.8
non-cash items
                                                                     
EBITDA excluding          15,715         14,180
non-cash items
Interest expense,         (1,705)        (1,891)
net^(1)
Adjustments to
derivative
instruments recorded      (78)           (465)
in interest
expense^(1)
Amortization of debt      106            120
financing costs^(1)
Provision for income
taxes, net of changes     (3,092)        (2,170)
in deferred taxes
Changes in working        (10,567)       (2,858)
capital
Cash provided by          379            6,916
operating activities
Changes in working        10,567         2,858
capital
Maintenance capital       (1,006)        (1,764)      
expenditures
Free cash flow            9,940          8,010        1,930          24.1

(1) Interest expense, net, includes adjustments to 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 in consolidation at
the MIC Inc. level.
                                                                     
District Energy
                                                                     
                          Quarter Ended March 31,
                                                      Change
                          2013           2012         Favorable/(Unfavorable)
                          $              $            $              %
                          ($ In Thousands) (Unaudited)
                                                                     
Cooling capacity          5,660          5,495        165            3.0
revenue
Cooling consumption       1,961          3,473        (1,512)        (43.5)
revenue
Other revenue             698            639          59             9.2
Finance lease revenue     1,055          1,179        (124)          (10.5)
Total revenue             9,374          10,786       (1,412)        (13.1)
Direct expenses —         1,396          2,538        1,142          45.0
electricity
Direct expenses —         4,816          4,557        (259)          (5.7)
other^(1)
Direct expenses —         6,212          7,095        883            12.4
total
Gross profit              3,162          3,691        (529)          (14.3)
Selling, general and
administrative            889            891          2              0.2
expenses
Amortization of           337            341          4              1.2
intangibles
Operating income          1,936          2,459        (523)          (21.3)
Interest expense,         (1,285)        (2,329)      1,044          44.8
net^(2)
Other income              59             57           2              3.5
(Provision) benefit       (214)          10           (224)          NM
for income taxes
Noncontrolling            (189)          (211)        22             10.4
interest
Net income (loss)         307            (14)         321            NM
.
Reconciliation of net
income (loss) to
EBITDA excluding non-
cash items:
Net income (loss)         307            (14)
Interest expense,         1,285          2,329
net^(2)
Provision (benefit)       214            (10)
for income taxes
Depreciation^(1)          1,698          1,674
Amortization of           337            341
intangibles
Other non-cash            11             29           
expenses
EBITDA excluding          3,852          4,349        (497)          (11.4)
non-cash items
                                                                     
EBITDA excluding          3,852          4,349
non-cash items
Interest expense,         (1,285)        (2,329)
net^(2)
Adjustments to
derivative
instruments recorded      (1,286)        (303)
in interest
expense^(2)
Amortization of debt      177            170
financing costs^(2)
Equipment lease           967            838
receivable, net
Provision/benefit for
income taxes, net of      (203)          47
changes in deferred
taxes
Changes in working        (416)          (1,825)
capital
Cash provided by          1,806          947
operating activities
Changes in working        416            1,825
capital
Maintenance capital       (146)          (87)         
expenditures
Free cash flow            2,076          2,685        (609)          (22.7)

NM - Not meaningful
(1) Includes depreciation expense of $1.7 million for each of the quarters
ended March 31, 2013 and 2012.
(2) Interest expense, net, includes adjustments to derivative instruments and
non-cash amortization of deferred financing fees.
                                                                     
Atlantic Aviation
                                                                     
                          Quarter Ended March 31,
                                                      Change
                          2013           2012         Favorable/(Unfavorable)
                          $              $            $              %
                          ($ In Thousands) (Unaudited)
Revenue
Fuel revenue              140,344        141,325      (981)          (0.7)
Non-fuel revenue          43,796         42,802       994            2.3
Total revenue             184,140        184,127      13             0.0
Cost of revenue
Cost of revenue-fuel      99,785         100,308      523            0.5
Cost of                   4,721          5,567        846            15.2
revenue-non-fuel
Total cost of revenue     104,506        105,875      1,369          1.3
Fuel gross profit         40,559         41,017       (458)          (1.1)
Non-fuel gross profit     39,075         37,235       1,840          4.9
Gross profit              79,634         78,252       1,382          1.8
Selling, general and
administrative            43,477         43,944       467            1.1
expenses
Depreciation and          13,871         13,815       (56)           (0.4)
amortization
Loss on disposal of       173            -            (173)          NM
assets
Operating income          22,113         20,493       1,620          7.9
Interest expense,         (4,099)        (8,785)      4,686          53.3
net^(1)
Other expense             (4)            (16)         12             75.0
Provision for income      (7,398)        (4,710)      (2,688)        (57.1)
taxes
Net income^(2)            10,612         6,982        3,630          52.0
                                                                     
Reconciliation of net
income to EBITDA
excluding non-cash
items:
Net income^(2)            10,612         6,982
Interest expense,         4,099          8,785
net^(1)
Provision for income      7,398          4,710
taxes
Depreciation and          13,871         13,815
amortization
Loss on disposal of       106            -
assets
Other non-cash income     (68)           (141)        
EBITDA excluding          36,018         34,151       1,867          5.5
non-cash items
                                                                     
EBITDA excluding          36,018         34,151
non-cash items
Interest expense,         (4,099)        (8,785)
net^(1)
Interest rate swap        -              (248)
breakage fees^(1)
Adjustments to
derivative
instruments recorded      25             (4,614)
in interest
expense^(1)
Amortization of debt      661            688
financing costs^(1)
Provision for income
taxes, net of changes     (4,048)        (207)
in deferred taxes
Changes in working        3,158          340
capital
Cash provided by          31,715         21,325
operating activities
Changes in working        (3,158)        (340)
capital
Maintenance capital       (1,465)        (1,876)      
expenditures
Free cash flow            27,092         19,109       7,983          41.8

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.
                                                                     
Corporate & Other
                                                                     
                          Quarter Ended March 31,
                                                      Change
                          2013           2012         Favorable/(Unfavorable)
                          $              $            $              %
                          ($ In Thousands) (Unaudited)
                                                                     
Contracted revenue        1,686          -            1,686          NM
Cost of revenue           109            -            (109)          NM
Gross profit              1,577          -            1,577          NM
                                                                     
Base management fees      7,135          4,995        (2,140)        (42.8)
Performance fees          22,042         -            (22,042)       NM
Selling, general and
administrative            1,942          5,171        3,229          62.4
expenses
Depreciation              1,517          -            (1,517)        NM
Operating loss            (31,059)       (10,166)     (20,893)       NM
Interest expense,         (503)          -            (503)          NM
net^(1)
Other income              2,406          (24)         2,430          NM
(expense), net
Benefit for income        7,593          1,978        5,615          NM
taxes
Noncontrolling            (654)          93           (747)          NM
interest
Net loss^(2)              (22,217)       (8,119)      (14,098)       (173.6)
                                                                     
Reconciliation of net
loss to EBITDA
excluding non-cash
items:
Net loss^(2)              (22,217)       (8,119)
Interest expense,         503            -
net^(1)
Benefit for income        (7,593)        (1,978)
taxes
Depreciation              1,517          -
Base management to be
settled/settled in        7,135          4,995
LLC interests
Performance fees to
be settled in LLC         22,042         -
interests
Other non-cash            (1,611)        56           
(income) expense
EBITDA excluding          (224)          (5,046)      4,822          95.6
non-cash items
                                                                     
EBITDA excluding          (224)          (5,046)
non-cash items
Interest expense,         (503)          -
net^(1)
Amortization of debt      3              -
financing costs^(1)
Benefit for income
taxes, net of changes     5,911          1,577
in deferred taxes
Changes in working        (5,418)        (1,989)
capital
Cash used in              (231)          (5,458)
operating activities
Changes in working        5,418          1,989
capital
Adjustment to free
cash flow for MIC         (276)          -            
Solar^(3)
Free cash flow            4,911          (3,469)      8,380          NM

NM - Not meaningful
(1) Interest expense, net, includes 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.
(3) Adjustment to free cash flow for MIC Solar adjusts the free cash flow from
this business to includes only the cash distributions generated during the
reporting period, if any. During the quarter ended March 31, 2013, MIC Solar
generated $289,000 of distributable cash.
                          

                                                                           
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, 2013                                   
($ in          IMTT    Hawaii   District Atlantic MIC       Proportionately   IMTT     District
Thousands)     50%     Gas      Energy   Aviation Corporate Combined^(1)      100%     Energy
(Unaudited)                     50.01%                                                 100%
                                                                                       
Net income
(loss)         11,665  6,707    154      10,612   (22,217)  6,921             23,330   307
attributable
to MIC LLC
Interest
expense,       3,303   1,705    643      4,099    503       10,253            6,606    1,285
net^(2)
Provision
(benefit)      8,561   4,483    107      7,398    (7,593)   12,956            17,121   214
for income
taxes
Depreciation   9,118   1,846    849      5,892    1,517     19,222            18,235   1,698
Amortization
of             94      312      169      7,979    -         8,553             187      337
intangibles
Loss on
disposal of    -       -        -        106      -         106               -        -
assets
Base
management
fee paid in    -       -        -        -        7,135     7,135             -        -
LLC
interests
Performance
fee paid in    -       -        -        -        22,042    22,042            -        -
LLC
interests
Other
non-cash
expense        38      662      6        (68)     (1,611)   (974)             75       11
(income),
net
EBITDA
excluding      32,777  15,715   1,926    36,018   (224)     86,212            65,554   3,852
non-cash
items
                                                                                       
EBITDA
excluding      32,777  15,715   1,926    36,018   (224)     86,212            65,554   3,852
non-cash
items
Interest
expense,       (3,303) (1,705)  (643)    (4,099)  (503)     (10,253)          (6,606)  (1,285)
net^(2)
Adjustments
to
derivative
instruments    (2,205) (78)     (643)    25       -         (2,901)           (4,409)  (1,286)
recorded in
interest
expense,
net^(2)
Amortization
of deferred    333     106      89       661      3         1,192             666      177
finance
charges^(2)
Equipment
lease          -       -        484      -        -         484               -        967
receivables,
net
(Provision)
benefit for
income
taxes, net     (843)   (3,092)  (102)    (4,048)  5,911     (2,173)           (1,685)  (203)
of changes
in deferred
taxes
Changes in
working        (8,694) (10,567) (208)    3,158    (5,418)   (21,729)          (17,387) (416)
capital
Cash
provided by
(used in)      18,067  379      903      31,715   (231)     50,833            36,133   1,806
operating
activities
Changes in
working        8,694   10,567   208      (3,158)  5,418     21,729            17,387   416
capital
Adjustment
to free cash   -       -        -        -        (276)     (276)             -        -
flow for MIC
Solar^(3)
Maintenance
capital        (9,561) (1,006)  (73)     (1,465)  -         (12,105)          (19,121) (146)
expenditures
                                                                                       
Free cash      17,200  9,940    1,038    27,092   4,911     60,181            34,399   2,076
flow
                                                                                       
                                                                                       
               For the Quarter Ended March 31, 2012                                   
($ in          IMTT    Hawaii   District Atlantic MIC       Proportionately   IMTT     District
Thousands)     50%     Gas      Energy   Aviation Corporate Combined^(1)      100%     Energy
(Unaudited)                     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,       3,296   1,891    1,165    8,785    -         15,136            6,591    2,329
net^(2)
Provision
(benefit)      7,184   3,799    (5)      4,710    (1,978)   13,709            14,367   (10)
for income
taxes
Depreciation   8,083   1,735    837      5,816    -         16,471            16,165   1,674
Amortization
of             371     206      171      7,999    -         8,747             742      341
intangibles
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      29,731  14,180   2,175    34,151   (5,046)   75,191            59,462   4,349
non-cash
items
                                                                                       
EBITDA
excluding      29,731  14,180   2,175    34,151   (5,046)   75,191            59,462   4,349
non-cash
items
Interest
expense,       (3,296) (1,891)  (1,165)  (8,785)  -         (15,136)          (6,591)  (2,329)
net^(2)
Interest
rate swap      -       -        -        (248)    -         (248)             -        -
breakage
fees^(2)
Adjustments
to
derivative
instruments    (1,340) (465)    (152)    (4,614)  -         (6,570)           (2,679)  (303)
recorded in
interest
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     (2,417) (2,170)  24       (207)    1,577     (3,193)           (4,834)  47
of changes
in deferred
taxes
Changes in
working        3,808   (2,858)  (913)    340      (1,989)   (1,612)           7,615    (1,825)
capital
Cash
provided by
(used in)      26,889  6,916    474      21,325   (5,458)   50,146            53,778   947
operating
activities
Changes in
working        (3,808) 2,858    913      (340)    1,989     1,612             (7,615)  1,825
capital
Maintenance
capital        (4,059) (1,764)  (44)     (1,876)  -         (7,743)           (8,118)  (87)
expenditures
                                                                                       
Free cash      19,023  8,010    1,343    19,109   (3,469)   44,015            38,045   2,685
flow

(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 adjustments to derivative instruments, non-cash
amortization of deferred financing fees and interest rate swap breakage fees.
(3) Adjustment to free cash flow for MIC Solar adjusts the free cash flow from this business to
includes only the cash distributions generated during the reporting period, if any. During the
quarter ended March 31, 2013, MIC Solar generated $289,000 of distributable cash.

Contact:

Macquarie Infrastructure Company
Investors:
Jay A. Davis, 212-231-1825
Investor Relations
or
Media:
Paula Chirhart, 212-231-1310
Corporate Communications
 
Press spacebar to pause and continue. Press esc to stop.