Macquarie Infrastructure Company LLC Reports Second Quarter 2013 Financial Results, Increases Cash Dividend to $3.50 per Year

  Macquarie Infrastructure Company LLC Reports Second Quarter 2013 Financial
  Results, Increases Cash Dividend to $3.50 per Year

• Quarterly cash dividend increased 27% to $0.875 per share

• Proportionately combined Free Cash Flow increases 7.3%

• Free Cash Flow per share guidance of $4.10 to $4.20 in 2013 reaffirmed

• Proportionately combined leverage reduced to 3.5x from 4.3x

• Atlantic Aviation long-term debt refinanced

• Portfolio of contracted power facilities expanded

Business Wire

NEW YORK -- July 31, 2013

Macquarie Infrastructure Company LLC (NYSE: MIC) reported financial results
for the second quarter of 2013 including an announcement that the Company’s
Board approved an increase in MIC’s quarterly cash dividend to $0.875 per
share for the second quarter of 2013 from $0.6875 per share in the first
quarter of 2013. MIC is now expected to distribute $3.50 per share in
dividends on an annualized basis.

MIC’s businesses generated proportionately combined Free Cash Flow of $46.7
million or $0.92 per share during the quarter, compared with $43.5 million or
$0.93 per share in the comparable period in 2012. Per share amounts in 2013
reflect an approximately 4.4 million share (9.4%) increase in the weighted
average number of shares outstanding. The increase is associated primarily
with management and performance fees settled in shares during the past year
and with a public equity offering conducted by the Company in May 2013.
Proportionately combined Free Cash Flow per share increased 15.1% to $2.17 for
the six months ended June 30, 2013 compared with $1.88 for the six months
ended June 30, 2012.

The increase in MIC’s dividend was anticipated. Management had indicated in
its results release in May, that with the refinancing of its Atlantic Aviation
business and subject to the continued stability in the performance of MIC’s
businesses and the broader market, it expected the higher dividend would be
authorized for the second quarter. The refinancing of the long-term debt of
Atlantic Aviation was completed on May 31, 2013. The increased dividend will
be payable on August 15, 2013 to shareholders of record on August 12, 2013.

“The decision by our Board to increase our quarterly cash dividend reflects
confidence in the performance and prospects of our businesses and a belief
that the increase in MIC’s quarterly cash dividend to an annualized $3.50 per
share is prudent” said James Hooke, Chief Executive Officer of Macquarie
Infrastructure Company LLC.

“We are reaffirming our guidance for the full year 2013 with respect to the
Free Cash Flow of between $4.10 and $4.20 per share that we expect MIC to
generate. We finished the first half of 2013 with $2.17 per share and after
six months we are clearly at the higher end of that range. However, with a
2013 increase in maintenance capital expenditures at IMTT, we have decided not
to revise our guidance upwards. With the dividend at an annualized $3.50 per
share we are also delivering on our expectation of paying out between 80% and
85% of Free Cash Flow.”

MIC raised a net $217.8 million in an equity offering during the second
quarter and used the proceeds to repay a portion of the long-term debt of
Atlantic Aviation. A remaining $465.0 million of long-term debt at Atlantic
Aviation was then refinanced using a 7-year term loan. Following these
transactions and including MIC’s results for the second quarter, the Company’s
proportionately combined net debt/EBITDA was reduced to 3.5x from 4.3x at the
end of the first quarter.

At quarter end the weighted average duration of MIC’s debt increased to 5.7
years (excluding MIC Solar debt) from 2.1 years at the same point in 2012. MIC
also reported having more than $100.0 million of cash on hand. “With an
investment grade rating, a much stronger balance sheet, longer-dated and less
expensive debt, and a substantial cash balance, MIC is well positioned,” Hooke
added.

MIC established a new line of business in the fourth quarter of 2012 with an
investment of $5.7 million in two contracted solar power generation
facilities. The investment was made in a joint venture with a non-controlling
interest co-investor. Located in the southwestern U.S., these photovoltaic
facilities have the capacity to generate a combined approximately 30 megawatt
hours of electricity. The electricity is sold to nearby utilities pursuant to
long-term power purchase agreements.

Following the June quarter end, MIC invested an additional $7.9 million in a
third contracted solar power generating facility currently under construction.
Upon completion of the project, MIC expects to receive a return of capital
that will result in its having made a net investment of approximately $2.2
million. The Tucson, Arizona facility will have the capacity to produce
approximately 13 megawatt hours of renewable power and is expected to commence
commercial operations near the end of the year. MIC is also in advanced stages
of negotiation around the acquisition of a fourth facility.

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 entity
after holding company costs. See “Cash Generation” below for MIC’s definition
of Free Cash Flow and further information.

Consolidated Results for Second Quarter and Six Months

The Company reported a net loss, before tax, of $2.0 million for the second
quarter of 2013 compared with net income of $22.0 million for the second
quarter of 2012. For the six months ended June 30, 2013, MIC reported net
income, before tax, of $9.2 million compared with net income of $42.7 million
for the comparable period in 2012. The decrease versus the prior comparable
periods is primarily attributable to performance fees incurred in 2013 of
$22.0 million in the first quarter and $24.5 million in the second quarter.

MIC’s consolidated revenue for the second quarter of 2013 decreased 2.3% to
$252.6 million compared with $258.5 million in the second quarter of 2012.
Consolidated revenue decreased 1.3% for the six-month period ended June 30,
2013 versus with the comparable period in 2012. The decrease in revenue
reflects a decline in the volume of gas sold by Hawaii Gas and lower energy
costs, such as those for aviation fuel, which are passed through to customers
of MIC’s businesses, partially offset by revenue from MIC Solar, a business
line that was established in the fourth quarter of 2012.

Reported gross profit – defined as revenue less cost of goods sold – removes
the volatility in revenue associated with fluctuations in energy costs. MIC’s
consolidated gross profit rose 3.8% to $101.4 million in the second quarter of
2013 from $97.7 million in the same period in 2012. For the six months ended
June 30, 2013 the Company’s gross profit increased 4.0% versus the comparable
period in 2012.

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 may include impairments, gains and
losses on derivatives and adjustments for certain other items reflected in the
statement of operations.

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

MIC also reports Free Cash Flow, as defined below, on both a consolidated and
operating segment basis as a means of assessing the amount of cash generated
by its businesses and as a supplement to other information provided in
accordance with GAAP, and reconciles each to cash from operating activities.
MIC believes that reporting Free Cash Flow provides additional insight into
its ability to deploy cash, as GAAP measures, such as net income (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 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 may report certain financial metrics on a proportionately combined basis
including, proportionately combined gross 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 on the basis of its varied ownership
interests in its businesses and investments for the reporting period.

Proportionately combined metrics used by MIC may 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 in accordance with
GAAP.

The following table summarizes MIC’s financial performance on a
proportionately combined basis during the quarter and six month periods ended
June 30, 2013 and the prior comparable periods.

                                                                          
              For the Quarter Ended June 30, 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         37,671  17,147  2,086    77,839   2,279     137,022             75,342    4,171
profit
EBITDA
excluding     33,965  11,411  2,544    34,845   (193)     82,572              67,930    5,087
non-cash
items
Free cash     12,145  6,489   1,801    26,332   (104)     46,663              24,290   3,601
flow
                                                                              
              For the Quarter Ended June 30, 2012
              IMTT    Hawaii  District Atlantic MIC       Proportionately     IMTT      District
              50%     Gas     Energy   Aviation Corporate Combined^(1)        100%     Energy
                              50.01%                                                    100%
                                                                                        
Gross         31,706  18,076  2,535    74,542   -         126,859             63,412    5,069
profit
EBITDA
excluding     28,441  14,450  2,947    31,335   (1,927)   75,246              56,882    5,892
non-cash
items
Free cash     18,557  8,595   1,925    14,634   (203)     43,507              37,113   3,849
flow
                                                                                
Gross
profit        18.8%   (5.1)%  (17.7)%  4.4%     NM        8.0%                18.8%    (17.7)%
variance
EBITDA
excluding
non-cash      19.4%   (21.0)% (13.7)%  11.2%    90.0%     9.7%                19.4%    (13.7)%
items
variance
Free cash
flow          (34.6)% (24.5)% (6.4)%   79.9%    48.8%     7.3%                (34.6)%  (6.4)%
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.
              


             For the Six Months Ended June 30, 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         74,318  37,564 3,667    157,473  3,856     276,878           148,636 7,333
profit
EBITDA
excluding     66,742  27,126 4,470    70,863   (417)     168,784           133,484 8,939
non-cash
items
Free cash     29,345  16,429 2,839    53,424   4,807     106,844           58,689  5,677
flow
                                                                                   
                                                                                   
              For the Six Months Ended June 30, 2012
              IMTT    Hawaii District Atlantic MIC       Proportionately   IMTT    District
             50%     Gas    Energy   Aviation Corporate Combined^(1)      100%    Energy
                             50.01%                                                100%

Gross         64,894  36,775 4,381    152,794  -         258,844           129,788 8,760
profit
EBITDA
excluding     58,172  28,630 5,122    65,486   (6,973)   150,437           116,344 10,241
non-cash
items
Free cash     37,579  16,605 3,268    33,743   (3,672)   87,523            75,158  6,534
flow
                                                                           
Gross
profit        14.5%   2.1%   (16.3)%  3.1%     NM        7.0%              14.5%   (16.3)%
variance
EBITDA
excluding
non-cash      14.7%   (5.3)% (12.7)%  8.2%     94.0%     12.2%             14.7%   (12.7)%
items
variance
Free cash
flow          (21.9)% (1.1)% (13.1)%  58.3%    NM        22.1%             (21.9)% (13.1)%
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 International-Matex Tank Terminals (IMTT),
the operator of one of the largest independent bulk liquid storage terminal
businesses in the U.S. IMTT owns and operates 10 marine storage terminals in
the U.S. and is the part owner and operator of two terminals in Canada. The
terminals store and handle a wide variety of petroleum grades, chemicals and
vegetable and animal oils. To aid in meaningful analysis of the performance of
IMTT across periods, the table and discussion below refer to results for 100%
of the business, not MIC’s 50% interest.

For the second quarter of 2013 compared with the second quarter of 2012:

  *Terminal revenue increased 9.5%
  *Average storage rental rates increased 6.5%; MIC continues to believe that
    average storage rental rates will increase by between 5.0% and 7.0% for
    the full year
  *Capacity utilization was stable at 92.9%; utilization increased from 92.7%
    in the first quarter of 2013 but remains below historically normal levels,
    as expected, as a result of certain large tanks being out of service for
    cleaning and inspection and conversion to alternate product services

Maintenance capital expenditures increased to $26.9 and $46.0 million for the
quarter and year to date periods in 2013 compared with $7.3 and $15.5 million
in the prior comparable periods. The majority of the increase in 2013 pertains
to costs to repair the damage from Hurricane Sandy at IMTT’s Bayonne, New
Jersey facility, higher costs related to tank cleaning and repair, the upgrade
of fire protection equipment, dock improvements in California and a number of
projects that could not be completed in 2012 due to Hurricane Sandy.
Maintenance capital expenditures in 2014 are expected to return to the range
of levels observed in 2010 through 2012.

IMTT’s tax provision contemplates payment of approximately $11.4 million of
federal income taxes and $5.2 million of state income taxes for 2013. The $8.2
million provision for the six months ended June 30, 2013 includes $5.7 million
for federal income taxes and $2.5 million for state income taxes.

Free Cash Flow generated by IMTT decreased 34.6% to $24.3 million and 21.9% to
$58.7 million for the quarter and six months ended June 30, 2013,
respectively. The decline in Free Cash Flow stems from higher maintenance
capital expenditures and an increased tax provision that more than offset the
increase in EBITDA excluding non-cash items in each period.

IMTT made a distribution of $11.1 million for the second quarter to each of
its two shareholders on July 30, 2013.

Hawaii Gas

Hawaii Gas is the owner and operator of the only regulated (“utility”) gas
processing and pipeline 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.

For the second quarter of 2013 compared with the second quarter of 2012:

  *Non-utility contribution margin decreased 6.8% to $15.1 million from $16.2
    million
  *Utility contribution margin decreased 2.0% to $9.5 million from $9.7
    million
  *Selling, general and administrative expenses increased 31.4% to $6.0
    million from $4.6 million primarily as a result of expenses incurred in
    connection with the appointment of a new CEO to the business in May

The combined volume of utility and non-utility gas sold decreased 2.9% in the
second quarter of 2013 compared with the second quarter in 2012. The decrease
reflects reduced consumption resulting from a large commercial customer on
Kauai being off-line for a portion of the first half of the year and a
reduction in the average amount of customer inventory in 2013 versus 2012. The
change in distribution pertains to inventory management associated with
uncertainty in the timing of supplies of LPG leading up to and following the
closure of the Tesoro refinery. Excluding these two items, non-utility volume
increased.

Hawaii Gas expects that the potential for instability in the local supply of
LPG and the resultant need to import a larger percentage of the LPG it
distributes could cause increased volatility in non-utility contribution
margin and exaggerate movements in working capital over the medium term. The
business is constructing additional LPG storage facilities that it believes
will mitigate a portion of the volatility associated with this instability.

The decrease in the volume of gas sold was partially offset by successful
marketing efforts that resulted in an increase in the number of customers
being served by both utility and non-utility portions of the business. The
volume of gas sold year to date in 2013 was essentially flat with 2012.

The Free Cash Flow generated by Hawaii Gas decreased by 24.5% and 1.1% to $6.5
million and $16.4 million for the quarter and six months ended June 30, 2013,
respectively. The decline in Free Cash Flow reflects the reduced revenue and
higher operating expenses, including those associated with appointing a new
CEO of the business in the second quarter, partially offset by lower interest
and taxes.

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
facility in Las Vegas, Nevada that supplies both cooling and heating services
to three customers there. MIC has a 50.01% (controlling) interest in District
Energy. The table and discussion below refer to results for 100% of the
business, not MIC’s 50.01% interest.

For the second quarter of 2013 compared with the second quarter of 2012:

  *Cooling consumption revenue decreased 24.4% to $5.2 million from $6.9
    million in 2012; lower average temperatures in 2013 compared with 2012 and
    the expected loss of a customer (previously disclosed) reduced demand for
    cooling
  *Capacity revenue increased 3.4% to $5.8 million from $5.6 million;
    increases in the number of customers being served and inflation
    adjustments to existing contracts contributed to the improved performance

District Energy’s results for the second quarter reflect the termination of
service by one customer resulting in a reduction in cash EBITDA. In addition
to terminating its contract, the customer has refused to make unamortized
lease principalpayments to which District Energy believes it is entitled. The
parties have agreed to mediate the matter in a process that is expected to
commence in October.

Free Cash Flow generated by District Energy decreased 6.4% to $3.6 million for
the second quarter and decreased 13.1% to $5.7 million for the six months
ended June 30, 2013. The decreases reflect primarily the reduction in revenue
noted above.

Atlantic Aviation

Atlantic Aviation owns and operates a network of fixed-base operations (FBO)
that primarily provide fuel, terminal and aircraft hangar services to owners
and operators of general aviation (GA) aircraft at 62 airports in the U.S. The
network is the one of the largest in the U.S. air transportation industry.

For the second quarter of 2013 compared with the second quarter of 2012 (same
store basis):

  *Fuel related gross profit increased 5.0% on same store GA volume increases
    of 2.9% and average margin increases of 3.6%
  *Non-fuel gross profit increased primarily due to higher hangar rental
    revenue

The performance of Atlantic Aviation is, in general, more closely correlated
with the economic vitality of the U.S. as a whole than that of MIC’s other
businesses. MIC believes that the improvement in gross profit generated by
Atlantic Aviation is reflective of the ongoing improvement in the U.S. economy
broadly, as well as the popularity of the destinations in the portfolio
specifically.

Atlantic Aviation’s long term debt was refinanced in May. The refinancing
utilized $217.8 million in net proceeds from a public offering of
approximately 3.9 million shares of MIC and cash on hand, and a 7-year, $465.0
million term loan facility that bears interest at a rate of LIBOR+2.5%. As a
result of these transactions, Atlantic Aviation’s net debt/EBITDA decreased to
3.3x from 5.3x at March 31, 2013.

Effective July 31, 2013, Atlantic Aviation entered into a swap agreement
hedging the floating rate interest component (the LIBOR element) of the term
loan facility. The swap fixed the floating rate component at 2.2% resulting in
an all-in cost of 4.7% for the next six years.

As a part of the refinancing of the business’ long term debt, Atlantic
Aviation secured access to a $70.0 million revolving credit facility. The
facility will be used by the business to fund growth projects and working
capital needs. The revolving credit facility bears interest at a rate of
LIBOR+2.5%. The floating rate exposure is not expected to be hedged and the
facility is undrawn at this time.

Free Cash Flow generated by Atlantic Aviation increased 79.9% to $26.3 million
and 58.3% to $53.4 million for the quarter and six month periods ended June
30, 2013, respectively.  The increase in cash generation reflects primarily
the reduction in the amount and cost of the business’ long-term debt
outstanding versus 2012 and the improved operating results.

Free Cash Flow gains at Atlantic Aviation were partially offset by an increase
in the business’ provision for current income taxes of $359,000 and $4.2
million in the quarter and six month periods ending June 30, 2013,
respectively. The federal portion of Atlantic Aviation’s current income taxes
for 2013 is expected to be wholly offset in consolidation by the application
of Net Operating Loss carryforwards.

MIC Solar

MIC has invested a total of $5.7 million in two contracted solar power
generation facilities located in the southwestern U.S. Together these
facilities are capable of generating approximately 30 megawatt hours of
electricity that is sold to nearby utilities pursuant to long-term power
purchase agreements. At June 30, 2013, MIC’s investment in solar power
generation is reported as a component of its Corporate and Other segment. The
power generation assets alone do not constitute a reportable segment under
GAAP.

MIC’s solar investments performed as anticipated during the second quarter of
2013. The combined operations generated $390,000 and $679,000 in distributions
to MIC in the quarter and year to date periods ended June 30, 2013.

Following the June quarter end, MIC invested an additional $7.9 million in a
third contracted solar power generating facility currently under construction.
Upon completion of the project, MIC expects to receive a return of capital
that will result in a net investment of approximately $2.2 million. The
Tucson, Arizona facility will have the capacity to produce approximately 13
megawatt hours of renewable power and is expected to commence commercial
operations near the end of the year. MIC is also in advanced stages of
negotiation around the acquisition of a fourth facility.

Business Outlook

MIC reaffirmed its full year 2013 guidance for proportionately combined free
cash flow of between approximately $4.10 and $4.20 per share. Through the six
months ended June 30, 2013 MIC’s businesses generated $2.17 per share in
proportionately combined Free Cash Flow.

  *MIC continues to expect that IMTT will generate EBITDA of between $260.0
    and $270.0 million for the full year 2013. Full year increases in average
    storage rates are expected to be between 5.0% and 7.0%. Utilization is
    expected to remain lower than historical norms as a result of the cleaning
    and inspection of certain large tanks in 2013. Maintenance capital
    expenditures are now expected to be in a range of approximately $80.0
    million to $85.0 million for the full year.
  *Hawaii Gas is expected to generate EBITDA of between $57.0 and $63.0
    million in 2013 including the impact of costs associated with appointing a
    new CEO of the business.
  *District Energy is expected to generate EBITDA of approximately $20.0
    million in 2013. Cooling demand is typically at its highest during the
    third quarter of the year.
  *Atlantic Aviation is expected to generate EBITDA in a range between $137.0
    and $145.0 million in 2013. The expectation reflects the year to date
    improvement in gross profit.
  *The MIC Solar portfolio is expected to produce distributable cash totaling
    approximately $1.0 million in 2013.

Conference Call and WEBCAST

When: Management has scheduled a conference call for 8:00 a.m. Eastern Time on
Thursday, August 1, 2013 during which it will review the Company’s results and
answer questions from analysts and investors.

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 August 1, 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 August 1, 2013
through August 8, 2013, at +1(404) 537-3406, Passcode: 93685696. 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 three 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 press 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 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)

                                                  June 30,        December 31,
                                                               
                                                  2013            2012
ASSETS                                              (Unaudited)
Current assets:
Cash and cash equivalents                         $ 106,768       $  141,376
Restricted cash^(1)                                 12,623           3,133
Accounts receivable, less allowance for
doubtful accounts
of $695 and $875, respectively                      63,651           56,553
Inventories                                         23,623           20,617
Prepaid expenses                                    6,091            8,908
Deferred income taxes                               6,447            6,803
Equipment lease receivables - current               12,739           4,448
Other                                              9,942           12,072
Total current assets                                241,884          253,910
Property, equipment, land and leasehold             728,845          708,031
improvements, net
Equipment lease receivables - non-current           18,335           28,177
Investment in unconsolidated business               89,109           75,205
Goodwill                                            513,939          514,640
Intangible assets, net                              608,963          626,902
Deferred financing costs, net of accumulated        22,549           7,845
amortization
Other                                              4,707           8,984
Total assets                                      $ 2,228,331     $  2,223,694
                                                                     
LIABILITIES AND MEMBERS' EQUITY
Current liabilities:
Due to manager - related party                    $ 32,659        $  50,253
Accounts payable                                    29,068           26,499
Accrued expenses                                    31,555           35,499
Current portion of long-term debt                   22,404           106,580
Fair value of derivative instruments                7,401            7,450
Other                                              17,535          19,049
Total current liabilities                           140,622          245,330
Long-term debt, net of current portion              876,475          1,052,584
Deferred income taxes                               170,911          169,392
Fair value of derivative instruments                1,736            5,360
Other                                              52,981          53,463
Total liabilities                                  1,242,725       1,526,129
Commitments and contingencies                       -                -
Members’ equity:
LLC interests, no par value; 500,000,000
authorized; 52,865,943 LLC
interests issued and outstanding at June 30,
2013 and 47,453,943 LLC                             1,143,738        883,143
interests issued and outstanding at December
31, 2012
Additional paid in capital                          21,447           21,447
Accumulated other comprehensive loss                (20,532)         (20,801)
Accumulated deficit                                (223,738)       (228,761)
Total members’ equity                               920,915          655,028
Noncontrolling interests                           64,691          42,537
Total equity                                       985,606         697,565
Total liabilities and equity                      $ 2,228,331     $  2,223,694
                                                                     

(1) Restricted cash current balance at June 30, 2013 represents the balance
from MIC Solar.
                                                                     


MACQUARIE INFRASTRUCTURE COMPANY LLC

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

                  Quarter Ended                  Six Months Ended
                   June 30,       June 30,       June 30,     June 30,
                   2013             2012             2013           2012
                                               
Revenue
Revenue from       $ 167,181      $ 169,129        $ 341,296      $ 342,083
product sales
Revenue from
product sales -      34,193         36,807           71,114         75,121
utility
Service revenue      50,286         51,430           102,401        103,839
Financing and
equipment lease     907           1,150          1,962         2,329
income
Total revenue       252,567       258,516        516,773       523,372
Costs and
expenses
Cost of product      109,155        115,720          226,148        235,101
sales
Cost of product      29,464         31,324           60,953         63,496
sales - utility
Cost of              12,512         13,784           23,446         26,445
services
Selling,
general and          52,120         50,467           101,329        105,730
administrative
Fees to manager      32,493         4,760            61,670         9,755
- related party
Depreciation         9,436          7,557            18,691         15,108
Amortization of      8,620          8,546            17,248         17,092
intangibles
Loss from
customer             1,626          -                1,626          -
contract
termination
Loss on
disposal of         3             327             176           327
assets
Total operating     255,429       232,485         511,287       473,054
expenses
Operating            (2,862)        26,031           5,486          50,318
(loss) income
Other income
(expense)
Interest income      49             4                143            6
Interest             (7,737)        (10,925)         (15,423)       (23,932)
expense^(1)
Loss on
extinguishment       (2,472)        -                (2,472)        -
of debt
Equity in
earnings and
amortization         11,289         6,805            21,751         16,306
charges of
investee
Other (expense)     (313)         48              (315)         (4)
income, net
Net (loss)
income before        (2,046)        21,963           9,170          42,694
income taxes
Benefit
(provision) for     1,090         (9,935)         (3,412)       (16,456)
income
taxes^(2)
Net (loss)         $ (956)        $ 12,028         $ 5,758        $ 26,238
income
Less: net
(loss) income
attributable to     (108)         890             735           1,008
noncontrolling
interests
Net (loss)
income             $ (848)        $ 11,138         $ 5,023        $ 25,230
attributable to
MIC LLC
                                                                    
Basic (loss)
income per
share
attributable to    $ (0.02)       $ 0.24           $ 0.10         $ 0.54
MIC LLC
interest
holders
Weighted
average number
of shares           50,889,021    46,532,402      49,245,969    46,444,280
outstanding:
basic
Diluted (loss)
income per
share
attributable to    $ (0.02)       $ 0.24           $ 0.10         $ 0.54
MIC LLC
interest
holders
Weighted
average number
of shares           50,889,021    46,553,858      49,263,383    46,466,575
outstanding:
diluted
Cash dividends
declared per       $ 0.875        $ 0.625          $ 1.5625       $ 0.825
share
                                                                    
(1) Interest expense includes losses on derivative instruments of $487,000 and
$1.5 million for the quarter and six months ended June 30, 2013, respectively,
of which net losses of $423,000 and $821,000, respectively, was reclassified
from accumulated other comprehensive income. For the quarter and six months
ended June 30, 2012, interest expense includes losses on derivative
instruments of $4.6 million and $10.9 million, respectively, of which net
losses of $4.0 million and $8.4 million, respectively, was reclassified from
accumulated other comprehensive income.
(2) Includes $168,000 and $326,000 of benefit for income taxes from
accumulated other comprehensive income reclassifications for the quarter and
six months ended June 30, 2013, respectively. For the quarter and six months
ended June 30, 2012, benefit for income taxes includes $1.7 million and $3.4
million from accumulated other comprehensive income reclassifications,
respectively.



MACQUARIE INFRASTRUCTURE COMPANY LLC

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
($ In Thousands)

                                                Six Months Ended
                                                 June 30, 2013  June 30, 2012
                                                                     
Operating activities
Net income                                       $  5,758        $   26,238
Adjustments to reconcile net income to net
cash provided by operating
activities:
Depreciation and amortization of property and       22,092           18,459
equipment
Amortization of intangible assets                   17,248           17,092
Loss on disposal of assets                          106              47
Loss from customer contract termination             1,626            -
Equity in earnings and amortization charges of      (21,751)         (16,306)
investee
Equity distributions from investee                  7,879            70,931
Amortization of debt financing costs                1,897            1,943
Loss on extinguishment of debt                      2,434            -
Adjustments to derivative instruments               (3,289)          (13,114)
Base management fees to be settled/settled in       15,188           9,755
LLC interests
Performance fees to be settled/settled in LLC       46,482           -
interests
Equipment lease receivable, net                     2,074            1,710
Deferred rent                                       128              185
Deferred taxes                                      1,537            14,130
Other non-cash (income) expenses, net               (1,492)          1,532
Changes in other assets and liabilities:
Restricted cash                                     (9,490)          -
Accounts receivable                                 (6,865)          (8,656)
Inventories                                         (2,338)          1,734
Prepaid expenses and other current assets           4,081            1,486
Due to manager - related party                      31               33
Accounts payable and accrued expenses               (2,960)          (472)
Income taxes payable                                (845)            (66)
Other, net                                         (2,434)         (1,830)
Net cash provided by operating activities          77,097          124,831
                                                                     
Investing activities
Purchases of property and equipment                 (38,450)         (15,333)
Proceeds from sale of assets                        -                375
Return of investment in unconsolidated              -                39,648
business
Other, net                                         (10)            146
Net cash (used in) provided by investing           (38,460)        24,836
activities
                                                                     
Financing activities
Proceeds from issuance of LLC interests             227,558          -
Proceeds from long-term debt                        471,752          10,000
Offering and equity raise costs paid                (11,006)         -
Dividends paid to holders of LLC interests          (35,881)         (18,562)
Contributions received from noncontrolling          22,362           -
interests
Distributions paid to noncontrolling interests      (1,189)          (2,133)
Payment of long-term debt                           (732,037)        (15,845)
Debt financing costs paid                           (18,906)         (66)
Change in restricted cash                           5,009            -
Payment of notes and capital lease obligations     (907)           (273)
Net cash used in financing activities              (73,245)        (26,879)
                                                                     
Net change in cash and cash equivalents             (34,608)         122,788
Cash and cash equivalents, beginning of period     141,376         22,786
Cash and cash equivalents, end of period         $  106,768      $   145,574
                                                                     
Supplemental disclosures of cash flow
information
Non-cash investing and financing activities:
Accrued equity offering costs                    $  11           $   -
Accrued refinancing costs                        $  93           $   -
Accrued purchases of property and equipment      $  2,739        $   2,064
Acquisition of equipment through capital         $  1,135        $   2,624
leases
Issuance of LLC interests to manager for base    $  13,434       $   9,217
management fees
Issuance of LLC interests to manager for         $  65,862       $   -
performance fees
Issuance of LLC interests to independent         $  640          $   571
directors
Taxes paid                                       $  2,720        $   2,613
Interest paid                                    $  16,184       $   34,972



CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS - MD&A


                                            Change                                                  Change
                Quarter Ended June 30,                             Six Months Ended June 30,   
                                            Favorable/(Unfavorable)                                 Favorable/(Unfavorable)
                 2013       2012          $              %          2013      2012             $             %
                 ($ In Thousands) (Unaudited)
Revenue                                                                                     
Revenue from     $ 167,181   $ 169,129         (1,948)      (1.2)     $ 341,296    $ 342,083        (787)          (0.2)
product sales
Revenue from
product sales      34,193      36,807          (2,614)      (7.1)       71,114       75,121         (4,007)        (5.3)
- utility
Service            50,286      51,430          (1,144)      (2.2)       102,401      103,839        (1,438)        (1.4)
revenue
Financing and
equipment         907        1,150         (243)        (21.1)     1,962       2,329        (367)          (15.8)
lease income
Total revenue     252,567    258,516       (5,949)      (2.3)      516,773     523,372      (6,599)        (1.3)
Costs and
expenses
Cost of            109,155     115,720         6,565        5.7         226,148      235,101        8,953          3.8
product sales
Cost of
product sales      29,464      31,324          1,860        5.9         60,953       63,496         2,543          4.0
- utility
Cost of           12,512     13,784        1,272        9.2        23,446      26,445       2,999          11.3
services
Gross profit       101,436     97,688          3,748        3.8         206,226      198,330        7,896          4.0
Selling,
general and        52,120      50,467          (1,653)      (3.3)       101,329      105,730        4,401          4.2
administrative
Fees to
manager -          32,493      4,760           (27,733)     NM          61,670       9,755          (51,915)       NM
related party
Depreciation       9,436       7,557           (1,879)      (24.9)      18,691       15,108         (3,583)        (23.7)
Amortization       8,620       8,546           (74)         (0.9)       17,248       17,092         (156)          (0.9)
of intangibles
Loss from
customer           1,626       -               (1,626)      NM          1,626        -              (1,626)        NM
contract
termination
Loss on
disposal of       3          327           324          99.1       176         327          151            46.2
assets
Total
operating         104,298    71,657        (32,641)     (45.6)     200,740     148,012      (52,728)       (35.6)
expenses
Operating          (2,862)     26,031          (28,893)     (111.0)     5,486        50,318         (44,832)       (89.1)
(loss) income
Other income
(expense)
Interest           49          4               45           NM          143          6              137            NM
income
Interest           (7,737)     (10,925)        3,188        29.2        (15,423)     (23,932)       8,509          35.6
expense^(1)
Loss on
extinguishment     (2,472)     -               (2,472)      NM          (2,472)      -              (2,472)        NM
of debt
Equity in
earnings and
amortization       11,289      6,805           4,484        65.9        21,751       16,306         5,445          33.4
charges of
investee
Other
(expense)         (313)      48            (361)        NM         (315)       (4)          (311)          NM
income, net
Net (loss)
income before      (2,046)     21,963          (24,009)     (109.3)     9,170        42,694         (33,524)       (78.5)
income taxes
Benefit
(provision)       1,090      (9,935)       11,025       111.0      (3,412)     (16,456)     13,044         79.3
for income
taxes
Net (loss)       $ (956)     $ 12,028          (12,984)     (107.9)   $ 5,758      $ 26,238         (20,480)       (78.1)
income
Less: net
(loss) income
attributable      (108)      890            998          112.1      735         1,008        273            27.1
to
noncontrolling
interests
Net (loss)
income           $ (848)     $ 11,138        (11,986)     (107.6)   $ 5,023      $ 25,230       (20,207)       (80.1)
attributable
to MIC LLC

NM - Not meaningful
(1) Interest expense includes losses on derivative instruments of $487,000 and $1.5 million for the quarter and six months
ended June 30, 2013, respectively. For the quarter and six months ended June 30, 2012, interest expense includes losses on
derivative instruments of $4.6 million and $10.9 million, respectively.



MACQUARIE INFRASTRUCTURE COMPANY LLC
RECONCILIATION OF CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO MIC LLC TO EBITDA EXCLUDING NON-CASH ITEMS AND CASH
FROM OPERATING ACTIVITIES TO FREE CASH FLOW

                                             Change                    Six Months Ended June     Change
                  Quarter Ended June 30,                            30,                     
                                             Favorable/(Unfavorable)                             Favorable/(Unfavorable)
                  2013        2012        $             %          2013         2012       $             %
                  ($ In Thousands) (Unaudited)
                                                                                         
Net (loss) income
attributable to   $ (848)     $ 11,138                                 $ 5,023      $ 25,230
MIC LLC^(1)
Interest expense,   7,688       10,921                                   15,280       23,926
net^(2)
(Benefit)
provision for       (1,090)     9,935                                    3,412        16,456
income taxes
Depreciation^(3)    9,436       7,557                                    18,691       15,108
Depreciation -
cost of             1,703       1,677                                    3,401        3,351
services^(3)
Amortization of     8,620       8,546                                    17,248       17,092
intangibles^(4)
Loss from
customer contract   1,626       -                                        1,626        -
termination
Loss on
extinguishment of   2,434       -                                        2,434        -
debt
Loss on disposal    -           47                                       106          47
of assets
Equity in
earnings and
amortization        (3,410)     9,501                                    (13,872)     -
charges of
investee^(5)
Base management
fees to be          8,053       4,760                                    15,188       9,755
settled/settled
in LLC interests
Performance fees
to be               24,440      -                                        46,482       -
settled/settled
in LLC interests
Other non-cash
expense (income),  377        1,974                                 (629)       2,725      
net
EBITDA excluding  $ 59,029    $ 66,056      (7,027)        (10.6)     $ 114,390    $ 113,690    700            0.6
non-cash items
                                                                                                                
EBITDA excluding  $ 59,029    $ 66,056                                 $ 114,390    $ 113,690
non-cash items
Interest expense,   (7,688)     (10,921)                                 (15,280)     (23,926)
net^(2)
Interest rate
swap breakage       -           (252)                                    -            (500)
fees^(2)
Adjustments to
derivative
instruments         (1,950)     (7,232)                                  (3,289)      (12,614)
recorded in
interest
expense^(2)
Amortization of
debt financing      950         965                                      1,897        1,943
costs^(2)
Cash
distributions
received in
excess of equity
in earnings and
amortization
charges of          -           54,625                                   -            54,625
investee^(6)
Equipment lease     1,107       872                                      2,074        1,710
receivables, net
Benefit/provision
for income taxes,   (443)       (1,573)                                  (1,875)      (2,326)
net of changes in
deferred taxes
Changes in         (7,577)    (1,439)                                 (20,820)    (7,771)
working capital
Cash provided by
operating           43,428      101,101                                  77,097       124,831
activities
Changes in          7,577       1,439                                    20,820       7,771
working capital
Adjustment to
free cash flow      (854)       -                                        (1,130)      -
for MIC Solar^(7)
Maintenance
capital            (5,954)    (4,734)                               (8,571)     (8,461)    
expenditures
Free cash flow    $ 44,197    $ 97,806      (53,609)       (54.8)     $ 88,216     $ 124,141    (35,925)       (28.9)

(1) Net (loss) income attributable to MIC LLC excludes net loss attributable to noncontrolling interests of $108,000 and
net income attributable to noncontrolling interests of $735,000 for the quarter and six months ended June 30, 2013,
respectively, and net income attributable to noncontrolling interests of $890,000 and $1.0 million for the quarter and
six months ended June 30, 2012, respectively.
(2) Interest expense, net, includes adjustment 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 and $3.9 million for the quarter and six
months ended June 30, 2013, respectively, and $2.0 million and $3.9 million for the quarter and six months ended June
30, 2012, respectively, in connection with our investment in IMTT, which is reported in equity in earnings and
amortization charges of investee in our consolidated condensed statements of operations.
(4) Amortization of intangibles does not include acquisition-related step-up amortization expense of $85,000 and
$171,000 for the quarter and six months ended June 30, 2013, respectively, and $85,000 and $171,000 for the quarter and
six months ended June 30, 2012, respectively, in connection with our investment in IMTT, which is reported in equity in
earnings and amortization charges of investee in our consolidated condensed statements of operations.
(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 six months ended June 30, 2013, we recognized equity in earnings
and amortization charges of investee income of $11.3 million and $21.8 million, respectively, in the consolidated
condensed statements of operations, which was offset by the cash distributions received of $7.9 million during the
quarter ended June 30, 2013. For the quarter and six months ended June 30, 2012, we recognized equity in earnings and
amortization charges of investee income of $6.8 million and $16.3 million, respectively, in the consolidated condensed
statements of operations, which was fully offset by the cash distributions received in June of 2012. The $9.5 million
for the quarter ended June 30, 2012 represents the excess cash distributions received from IMTT over $16.3 million that
was applied on the equity in earnings and amortization charges of investee income recognized during the quarter.
(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 (loss) attributable to MIC LLC to EBITDA excluding
non-cash items above. The cumulative allocation of the $110.6 million distributions received in June of 2012 was $70.9
million recorded in net cash provided by operating activities and $39.6 million recorded in net cash provided by
investing activities, as a return on investment, on the consolidated condensed statements of cash flows.
(7) 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 and six months ended June 30, 2013, MIC
Solar generated $390,000 and $679,000, respectively, 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                                     Six Months Ended
                                                                                                
                   June 30,                                          June 30,

                                         Change                                            Change
                   2013      2012                                  2013      2012     
                                         Favorable/(Unfavorable)                           Favorable/(Unfavorable)
                   $          $          $              %            $          $          $              %
                  ($ In Thousands) (Unaudited)
Revenue            
Terminal revenue   119,520    109,167    10,353         9.5          240,852    220,784    20,068         9.1
Environmental      6,301      4,596      1,705          37.1         16,454     10,983     5,471          49.8
response revenue
Total revenue      125,821    113,763    12,058         10.6         257,306    231,767    25,539         11.0
Costs and
expenses
Terminal           44,906     45,905     999            2.2          95,210     92,377     (2,833)        (3.1)
operating costs
Environmental
response           5,573      4,446      (1,127)        (25.3)       13,460     9,602      (3,858)        (40.2)
operating costs
Total operating    50,479     50,351     (128)          (0.3)        108,670    101,979    (6,691)        (6.6)
costs
Terminal gross     74,614     63,262     11,352         17.9         145,642    128,407    17,235         13.4
profit
Environmental
response gross     728        150        578            NM           2,994      1,381      1,613          116.8
profit
Gross profit       75,342     63,412     11,930         18.8         148,636    129,788    18,848         14.5
General and
administrative     7,854      7,341      (513)          (7.0)        16,336     14,800     (1,536)        (10.4)
expenses
Depreciation and   18,636     17,117     (1,519)        (8.9)        37,058     34,024     (3,034)        (8.9)
amortization
Casualty losses,   6,500      -          (6,500)        NM           6,500      -          (6,500)        NM
net^(1)
Operating income   42,352     38,954     3,398          8.7          88,742     80,964     7,778          9.6
Interest           (1,117)    (11,790)   10,673         90.5         (7,723)    (18,381)   10,658         58.0
expense, net^(2)
Other income       442        807        (365)          (45.2)       1,184      1,263      (79)           (6.3)
Provision for      (16,592)   (11,869)   (4,723)        (39.8)       (33,713)   (26,236)   (7,477)        (28.5)
income taxes
Noncontrolling     (101)      (86)       (15)           (17.4)       (176)      (185)      9              4.9
interest
Net income         24,984     16,016     8,968          56.0         48,314     37,425     10,889         29.1
                                                                                                          
Reconciliation
of net income to
EBITDA excluding
non-cash items:
Net income         24,984     16,016                                 48,314     37,425
Interest           1,117      11,790                                 7,723      18,381
expense, net^(2)
Provision for      16,592     11,869                                 33,713     26,236
income taxes
Depreciation and   18,636     17,117                                 37,058     34,024
amortization
Casualty losses,   6,500      -                                      6,500      -
net^(1)
Other non-cash     101        90                                    176        278        
expenses
EBITDA excluding   67,930     56,882     11,048         19.4         133,484    116,344    17,140         14.7
non-cash items
                                                                                                          
EBITDA excluding   67,930     56,882                                 133,484    116,344
non-cash items
Interest           (1,117)    (11,790)                               (7,723)    (18,381)
expense, net^(2)
Adjustments to
derivative
instruments        (9,607)    2,316                                  (14,016)   (363)
recorded in
interest
expense^(2)
Amortization of
debt financing     500        809                                    1,166      1,614
costs^(2)
Provision for
income taxes,
net of changes     (6,538)    (3,769)                                (8,223)    (8,603)
in deferred
taxes
Changes in         12,303     4,683                                  (5,084)    12,298
working capital
Cash provided by
operating          63,471     49,131                                 99,604     102,909
activities
Changes in         (12,303)   (4,683)                                5,084      (12,298)
working capital
Maintenance
capital            (26,878)   (7,335)                               (45,999)   (15,453)   
expenditures^(3)
Free cash flow     24,290     37,113     (12,823)       (34.6)       58,689     75,158     (16,469)       (21.9)

NM - Not meaningful
(1) Casualty losses, net, includes $2.5 million and $1.5 million related to the quarters ended December 31, 2012
and March 31, 2013, respectively, which were recorded in terminal operating costs in those periods. These amounts
have been included in the quarter and six months ended June 30, 2013.
(2) Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of deferred
financing fees.
(3) Maintenance capital expenditures includes a reclassification from growth capital expenditures in the quarters
ended December 31, 2012 and March 31, 2013 of $1.2 million and $509,000, respectively. These amounts have been
included in the quarter and six months ended June 30, 2013.



Hawaii Gas

                                                                              
                   Quarter Ended                                 Six Months Ended
                                                                                    
                   June 30,                                      June 30,
                                       Change                                        Change
                   2013     2012                                2013     2012
                                       Favorable/(Unfavorable)                       Favorable/(Unfavorable)
                  $         $         $             %          $         $         $             %
                  ($ In Thousands) (Unaudited)
Contribution                 
margin
Revenue -          28,420    29,748    (1,328)        (4.5)      60,505    61,377    (872)          (1.4)
non-utility
Cost of revenue    13,333    13,554    221            1.6        26,687    29,127    2,440          8.4
- non-utility
Contribution
margin -           15,087    16,194    (1,107)        (6.8)      33,818    32,250    1,568          4.9
non-utility
Revenue -          34,193    36,807    (2,614)        (7.1)      71,114    75,121    (4,007)        (5.3)
utility
Cost of revenue    24,726    27,149    2,423          8.9        51,380    55,366    3,986          7.2
- utility
Contribution       9,467     9,658     (191)          (2.0)      19,734    19,755    (21)           (0.1)
margin - utility
Total
contribution       24,554    25,852    (1,298)        (5.0)      53,552    52,005    1,547          3.0
margin
Production         2,667     2,127     (540)          (25.4)     5,382     4,133     (1,249)        (30.2)
Transmission and   4,740     5,649     909            16.1       10,606    11,097    491            4.4
distribution^(1)
Gross profit       17,147    18,076    (929)          (5.1)      37,564    36,775    789            2.1
Selling, general
and                5,989     4,558     (1,431)        (31.4)     11,321    9,815     (1,506)        (15.3)
administrative
expenses
Depreciation and   2,190     1,902     (288)          (15.1)     4,348     3,843     (505)          (13.1)
amortization
Operating income   8,968     11,616    (2,648)        (22.8)     21,895    23,117    (1,222)        (5.3)
Interest           (1,238)   (1,516)   278            18.3       (2,943)   (3,407)   464            13.6
expense, net^(2)
Other expense      (73)      (63)      (10)           (15.9)     (105)     (132)     27             20.5
Provision for      (2,995)   (3,913)   918            23.5       (7,478)   (7,712)   234            3.0
income taxes
Net income^(3)     4,662     6,124     (1,462)        (23.9)     11,369    11,866    (497)          (4.2)
                                                                                                    
Reconciliation
of net income to
EBITDA excluding
non-cash items:
Net income^(3)     4,662     6,124                               11,369    11,866
Interest           1,238     1,516                               2,943     3,407
expense, net^(2)
Provision for      2,995     3,913                               7,478     7,712
income taxes
Depreciation and   2,190     1,902                               4,348     3,843
amortization
Other non-cash     326       995                                988       1,802     
expenses^(1)
EBITDA excluding   11,411    14,450    (3,039)        (21.0)     27,126    28,630    (1,504)        (5.3)
non-cash items
                                                                                                    
EBITDA excluding   11,411    14,450                              27,126    28,630
non-cash items
Interest           (1,238)   (1,516)                             (2,943)   (3,407)
expense, net^(2)
Adjustments to
derivative
instruments        (617)     (832)                               (695)     (1,297)
recorded in
interest
expense^(2)
Amortization of
debt financing     123       119                                 229       239
costs^(2)
Provision for
income taxes,
net of changes     (775)     (2,205)                             (3,867)   (4,375)
in deferred
taxes
Changes in         9,780     (847)                               (787)     (3,705)
working capital
Cash provided by
operating          18,684    9,169                               19,063    16,085
activities
Changes in         (9,780)   847                                 787       3,705
working capital
Maintenance
capital            (2,415)   (1,421)                            (3,421)   (3,185)   
expenditures
Free cash flow     6,489     8,595     (2,106)        (24.5)     16,429    16,605    (176)          (1.1)

(1) For the quarter and six months ended June 30, 2013, transmission and distribution includes non-cash
income of $518,000 for asset retirement obligation credit that is not expected to recur. This non-cash
income is excluded when calculating EBITDA excluding non-cash items.
(2) Interest expense, net, adjustments to derivative instruments and non-cash amortization of deferred
financing fees.
(3) 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                                 Six Months Ended
                                                                                  
                    June 30,                                      June 30,
                                                                                   
                                        Change                                        Change
                    2013      2012                                2013      2012
                                        Favorable/(Unfavorable)                       Favorable/(Unfavorable)
                    $         $         $            %           $         $         $             %
                   ($ In Thousands) (Unaudited)
                                                                                                     
Cooling capacity    5,757     5,567     190           3.4         11,417    11,062    355            3.2
revenue
Cooling
consumption         5,207     6,890     (1,683)       (24.4)      7,168     10,363    (3,195)        (30.8)
revenue
Other revenue       749       682       67            9.8         1,447     1,321     126            9.5
Finance lease       907       1,150     (243)         (21.1)      1,962     2,329     (367)          (15.8)
revenue
Total revenue       12,620    14,289    (1,669)       (11.7)      21,994    25,075    (3,081)        (12.3)
Direct expenses —   3,231     4,148    917           22.1        4,627     6,686     2,059          30.8
electricity
Direct expenses —   5,218     5,072     (146)         (2.9)       10,034    9,629     (405)          (4.2)
other^(1)
Direct expenses —   8,449     9,220     771           8.4         14,661    16,315    1,654          10.1
total
Gross profit        4,171     5,069     (898)         (17.7)      7,333     8,760     (1,427)        (16.3)
Selling, general
and                 874       961       87            9.1         1,763     1,852     89             4.8
administrative
expenses
Amortization of     331       341       10            2.9         668       682       14             2.1
intangibles
Loss from
customer contract   1,626     -         (1,626)       NM          1,626     -         (1,626)        NM
termination
Operating income    1,340     3,767     (2,427)       (64.4)      3,276     6,226     (2,950)        (47.4)
Interest expense,   (1,233)   (2,127)   894           42.0        (2,518)   (4,456)   1,938          43.5
net^(2)
Other income        72        75        (3)           (4.0)       131       132       (1)            (0.8)
Benefit
(provision) for     1         (621)     622           100.2       (213)     (611)     398            65.1
income taxes
Noncontrolling      (182)     (208)     26            12.5        (371)     (419)     48             11.5
interest
Net (loss) income   (2)       886       (888)         (100.2)     305       872       (567)          (65.0)
                                                                                                     
Reconciliation of
net (loss) income
to EBITDA
excluding non-
cash items:
Net (loss) income   (2)       886                                 305       872
Interest expense,   1,233     2,127                               2,518     4,456
net^(2)
(Benefit)
provision for       (1)       621                                 213       611
income taxes
Depreciation^(1)    1,703     1,677                               3,401     3,351
Amortization of     331       341                                 668       682
intangibles
Loss from
customer contract   1,626     -                                   1,626     -
termination
Other non-cash      197       240                                208       269       
expenses
EBITDA excluding    5,087     5,892     (805)         (13.7)      8,939     10,241    (1,302)        (12.7)
non-cash items
                                                                                                     
EBITDA excluding    5,087     5,892                               8,939     10,241
non-cash items
Interest expense,   (1,233)   (2,127)                             (2,518)   (4,456)
net^(2)
Adjustments to
derivative
instruments         (1,361)   (566)                               (2,647)   (869)
recorded in
interest
expense^(2)
Amortization of
debt financing      177       175                                 354       345
costs^(2)
Equipment lease     1,107     872                                 2,074     1,710
receivable, net
Benefit/provision
for income taxes,   (73)      (320)                               (276)     (273)
net of changes in
deferred taxes
Changes in          (1,771)   (47)                                (2,187)   (1,872)
working capital
Cash provided by
operating           1,933     3,879                               3,739     4,826
activities
Changes in          1,771     47                                  2,187     1,872
working capital
Maintenance
capital             (103)     (77)                               (249)     (164)     
expenditures
Free cash flow      3,601     3,849     (248)         (6.4)       5,677     6,534     (857)          (13.1)

NM - Not meaningful
(1) Includes depreciation expense of $1.7 million and $3.4 million for the quarter and six months ended June
30, 2013, respectively, and $1.7 million and $3.4 million for the quarter and six months ended June 30, 2012,
respectively.
(2) ^ Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of
deferred financing fees.



Atlantic Aviation


                   Quarter Ended                                 Six Months Ended
                                                                                  
                   June 30,                                      June 30,
                                       Change                                          Change
                   2013     2012                               2013      2012     
                                       Favorable/(Unfavorable)                         Favorable/(Unfavorable)
                   $         $         $           %           $          $          $            %
                  ($ In Thousands) (Unaudited)
Revenue
Fuel revenue       135,929   139,381   (3,452)      (2.5)        276,273    280,706    (4,433)       (1.6)
Non-fuel revenue   38,573    38,291    282          0.7          82,369     81,093     1,276         1.6
Total revenue      174,502   177,672   (3,170)      (1.8)        358,642    361,799    (3,157)       (0.9)
Cost of revenue
Cost of            93,038    98,567    5,529        5.6          192,823    198,875    6,052         3.0
revenue-fuel
Cost of            3,625     4,563     938          20.6         8,346      10,130     1,784         17.6
revenue-non-fuel
Total cost of      96,663    103,130   6,467        6.3          201,169    209,005    7,836         3.7
revenue
Fuel gross         42,891    40,814    2,077        5.1          83,450     81,831     1,619         2.0
profit
Non-fuel gross     34,948    33,728    1,220        3.6          74,023     70,963     3,060         4.3
profit
Gross profit       77,839    74,542    3,297        4.4          157,473    152,794    4,679         3.1
Selling, general
and                42,910    42,903    (7)          -            86,387     86,847     460           0.5
administrative
expenses
Depreciation and   13,974    13,860    (114)        (0.8)        27,845     27,675     (170)         (0.6)
amortization
Loss on disposal   3         327       324          99.1         176        327        151           46.2
of assets
Operating income   20,952    17,452    3,500        20.1         43,065     37,945     5,120         13.5
Interest           (4,626)   (7,282)   2,656        36.5         (8,725)    (16,067)   7,342         45.7
expense, net^(1)
Loss on
extinguishment     (2,472)   -         (2,472)      NM           (2,472)    -          (2,472)       NM
of debt
Other income       4         64        (60)         (93.8)       -          48         (48)          (100.0)
Provision for      (5,426)   (4,574)   (852)        (18.6)       (12,824)   (9,284)    (3,540)       (38.1)
income taxes
Net income^(2)     8,432     5,660     2,772        49.0         19,044     12,642     6,402         50.6
                                                                                                     
Reconciliation
of net income to
EBITDA excluding
non-cash items:
Net income^(2)     8,432     5,660                               19,044     12,642
Interest           4,626     7,282                               8,725      16,067
expense, net^(1)
Provision for      5,426     4,574                               12,824     9,284
income taxes
Depreciation and   13,974    13,860                              27,845     27,675
amortization
Loss on
extinguishment     2,434     -                                   2,434      -
of debt
Loss on disposal   -         47                                  106        47
of assets
Other non-cash     (47)      (88)                               (115)      (229)      
income
EBITDA excluding   34,845    31,335    3,510        11.2         70,863     65,486     5,377         8.2
non-cash items
                                                                                                     
EBITDA excluding   34,845    31,335                              70,863     65,486
non-cash items
Interest           (4,626)   (7,282)                             (8,725)    (16,067)
expense, net^(1)
Interest rate
swap breakage      -         (252)                               -          (500)
fees^(1)
Adjustments to
derivative
instruments        28        (5,834)                             53         (10,448)
recorded in
interest
expense^(1)
Amortization of
debt financing     648       671                                 1,309      1,359
costs^(1)
Provision for
income taxes,
net of changes     (1,127)   (768)                               (5,175)    (975)
in deferred
taxes
Changes in         1,735     305                                 4,893      645
working capital
Cash provided by
operating          31,503    18,175                              63,218     39,500
activities
Changes in         (1,735)   (305)                               (4,893)    (645)
working capital
Maintenance
capital            (3,436)   (3,236)                            (4,901)    (5,112)    
expenditures
Free cash flow     26,332    14,634    11,698       79.9         53,424     33,743     19,681        58.3

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 and                                                                                  
Other
                                                                                                            
                                                                                                            
                    Quarter Ended                                      Six Months Ended
                                                                                        
                    June 30,                                           June 30,
                                         Change                                              Change
                    2013       2012                                  2013       2012
                                         Favorable/(Unfavorable)                             Favorable/(Unfavorable)
                    $          $         $              %              $          $          $              %
                    ($ In Thousands) (Unaudited)
                                                                                                            
Contracted          2,832      -         2,832          NM             4,518      -          4,518          NM
revenue
Cost of revenue     553        -         (553)          NM             662        -          (662)          NM
Gross profit        2,279      -         2,279          NM             3,856      -          3,856          NM
                                                                                                            
Base management     8,053      4,760     (3,293)        (69.2)         15,188     9,755      (5,433)        (55.7)
fees
Performance fees    24,440     -         (24,440)       NM             46,482     -          (46,482)       NM
Selling, general
and                 2,346      2,045     (301)          (14.7)         4,288      7,216      2,928          40.6
administrative
expenses
Depreciation        1,561      -         (1,561)        NM             3,078     -          (3,078)        NM
Operating loss      (34,121)   (6,805)   (27,316)       NM             (65,180)   (16,971)   (48,209)       NM
Interest
(expense) income,   (591)      4         (595)          NM             (1,094)    4          (1,098)        NM
net^(1)
Other (expense)     (317)      (28)      (289)          NM             2,089      (52)       2,141          NM
income, net
Benefit
(provision) for     9,510      (827)     10,337         NM             17,103     1,151      15,952         NM
income taxes
Noncontrolling      290        (681)     971            142.6          (364)      (588)      224            38.1
interest
Net loss^(2)        (25,229)   (8,337)   (16,892)       NM             (47,446)   (16,456)   (30,990)       (188.3)
                                                                                                            
Reconciliation of
net loss to
EBITDA excluding
non-cash items:
Net loss^(2)        (25,229)   (8,337)                                 (47,446)   (16,456)
Interest expense    591        (4)                                     1,094      (4)
(income), net^(1)
(Benefit)
provision for       (9,510)    827                                     (17,103)   (1,151)
income taxes
Depreciation        1,561      -                                       3,078      -
Base management
fees to be          8,053      4,760                                   15,188     9,755
settled/settled
in LLC interests
Performance fees
to be               24,440     -                                       46,482     -
settled/settled
in LLC interests
Other non-cash      (99)       827                                    (1,710)    883        
(income) expense
EBITDA excluding    (193)      (1,927)   1,734          90.0           (417)      (6,973)    6,556          94.0
non-cash items
                                                                                                            
EBITDA excluding    (193)      (1,927)                                 (417)      (6,973)
non-cash items
Interest
(expense) income,   (591)      4                                       (1,094)    4
net^(1)
Amortization of
debt financing      2          -                                       5          -
costs^(1)
Benefit/provision
for income taxes,   1,532      1,720                                   7,443      3,297
net of changes in
deferred taxes
Changes in          (17,321)   (850)                                   (22,739)   (2,839)
working capital
Cash used in
operating           (16,571)   (1,053)                                 (16,802)   (6,511)
activities
Changes in          17,321     850                                     22,739     2,839
working capital
Adjustment to
free cash flow      (854)      -                                      (1,130)    -          
for MIC Solar^(3)
Free cash flow      (104)      (203)     99             48.8           4,807      (3,672)    8,479          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 include only the
cash distributions generated during the reporting period, if any. During the quarter and six months ended June 30,
2013, MIC Solar generated $390,000 and $679,000, respectively, of distributable cash.


<td class="bwpadl0 b*Story too large*
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 June 30, 2013
($ in Thousands)               Hawaii   District Atlantic MIC       Proportionately               District
(Unaudited)          IMTT 50%  Gas      Energy   Aviation Corporate Combined^(1)      IMTT 100%  Energy
                                        50.01%                                                    100%
                                                                                                  
Net income
(loss)               12,492    4,662    (1     ) 8,432    (25,229 ) 356               24,984      (2     )
attributable to
MIC LLC
Interest             559       1,238    617      4,626    591       7,630             1,117       1,233
expense, net^(2)
Provision
(benefit) for        8,296     2,995    (1     ) 5,426    (9,510  ) 7,206             16,592      (1     )
income taxes
Depreciation         9,076     1,878    852      5,997    1,561     19,363            18,151      1,703
Amortization of      243       312      166      7,977    -         8,697             485         331
intangibles
Loss from
customer             -         -        813      -        -         813               -           1,626
contract
termination
Casualty losses,     3,250     -        -        -        -         3,250             6,500       -
net^(3)
Loss on
extinguishment       -         -        -        2,434    -         2,434             -           -
of debt
Base management
fee paid in LLC      -         -        -        -        8,053     8,053             -           -
interests
Performance fee
paid in LLC          -         -        -        -        24,440    24,440            -           -
interests
Other non-cash       51       326     99      (47    ) (99     ) 329              101       197    
expense (income)
EBITDA excluding     33,965   11,411  2,544   34,845  (193    ) 82,572           67,930    5,087  
non-cash items
                                                                                                  
EBITDA excluding     33,965    11,411   2,544    34,845   (193    ) 82,572            67,930      5,087
non-cash items
Interest             (559    ) (1,238 ) (617   ) (4,626 ) (591    ) (7,630     )      (1,117  )   (1,233 )
expense, net^(2)
Adjustments to
derivative
instruments          (4,804  ) (617   ) (681   ) 28       -         (6,073     )      (9,607  )   (1,361 )
recorded in
interest
expense, net^(2)
Amortization of
deferred finance     250       123      89       648      2         1,112             500         177
charges^(2)
Equipment lease      -         -        554      -        -         554               -           1,107
receivables, net
Provision for
income taxes,
net of changes       (3,269  ) (775   ) (37    ) (1,127 ) 1,532     (3,676     )      (6,538  )   (73    )
in deferred
taxes
Changes in           6,152    9,780   (886   ) 1,735   (17,321 ) (540       )      12,303    (1,771 )
working capital
Cash provided by
(used in)            31,736    18,684   967      31,503   (16,571 ) 66,318            63,471      1,933
operating
activities
Changes in           (6,152  ) (9,780 ) 886      (1,735 ) 17,321    540               (12,303 )   1,771
working capital
Maintenance
capital              (13,439 ) (2,415 ) (52    ) (3,436 ) -         (19,342    )      (26,878 )   (103   )
expenditures^(4)
Adjustments to
Free Cash Flow       -        -       -       -       (854    ) (854       )      -         -      
for MIC
Solar^(5)
Free cash flow       12,145   6,489   1,801   26,332  (104    ) 46,663           24,290    3,601  
                                                                                                  
                     For the Quarter Ended June 30, 2012
($ in Thousands)               Hawaii   District Atlantic MIC       Proportionately               District
(Unaudited)          IMTT 50%  Gas      Energy   Aviation Corporate Combined^(1)      IMTT 100%  Energy
                                        50.01%                                                    100%
                                                                                                  
Net income
(loss)               8,008     6,124    443      5,660    (8,337  ) 11,898            16,016      886
attributable to
MIC LLC
Interest expense
(income),            5,895     1,516    1,064    7,282    (4      ) 15,753            11,790      2,127
net^(2)
Provision for        5,935     3,913    311      4,574    827       15,559            11,869      621
income taxes
Depreciation         8,174     1,697    839      5,860    -         16,570            16,348      1,677
Amortization of      385
intangibles

[TRUNCATED]
 
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