Macquarie Infrastructure Company LLC Reports Third Quarter 2013 Financial Results, Declares Cash Dividend of $0.875 Per Share

  Macquarie Infrastructure Company LLC Reports Third Quarter 2013 Financial
  Results, Declares Cash Dividend of $0.875 Per Share

• Reported proportionately combined Free Cash Flow increases 78%

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

• Strong performance by Atlantic Aviation, new FBO acquisition announced

• 41% increase in growth investments

Business Wire

NEW YORK -- October 28, 2013

Macquarie Infrastructure Company LLC (NYSE:MIC) reported its financial results
for the third quarter of 2013 including the declaration of a quarterly cash
dividend of $0.875 per share. The dividend will be paid on November 14, 2013
to shareholders of record on November 11, 2013.

MIC’s businesses generated proportionately combined Free Cash Flow of $57.0
million or $1.08 per share during the quarter, compared with $32.1 million or
$0.69 per share in the comparable period in 2012. Excluding interest rate swap
breakage costs incurred by MIC’s Hawaii Gas business in the third quarter of
2012, underlying proportionately combined Free Cash Flow increased 40.0% in
the third quarter of 2013. Underlying proportionately combined Free Cash Flow
per share increased 18.9% to $3.28 for the nine months ended September 30,
2013 compared with $2.76 for the nine months ended September 30, 2012.

MIC’s proportionately combined Free Cash Flow per share in 2013 reflects an
approximate 6.4 million share (13.6%) increase in the weighted average number
of shares outstanding. The increase is associated primarily with a public
equity offering conducted by the Company in May 2013 as well as management and
performance fees settled in shares during the past year.

“The performance of our businesses in the third quarter was largely in line
with our expectations and positions us to deliver proportionately combined
free cash flow for the full year that is consistent with our guidance and
consistent with the generation of approximately $337.0 million in
proportionately combined EBITDA,” said James Hooke, Chief Executive Officer of
Macquarie Infrastructure Company LLC.

“We are reaffirming our guidance of $4.10 to $4.20 in proportionately combined
Free Cash Flow for calendar year 2013. On a trailing twelve month basis, MIC
has generated $4.09 per share in proportionately combined Free Cash Flow so
we’re already within sight of our guidance range as we end the third quarter,”
Hooke added.

Hooke noted that the improving outlook reflected better than anticipated
pricing on a refinancing of the long-term debt of MIC’s Atlantic Aviation
business in May as well as improvement in the operating performance of
Atlantic Aviation generally. “With 13.0% EBITDA growth at Atlantic Aviation
for the quarter, a substantial pipeline of new growth projects, and the
addition of the Hangar 10 aviation services facility at Kansas City Downtown
Airport to the Atlantic Aviation portfolio, the trends in the business have
been positive over the past several quarters,” he said.

On October 25, 2013, MIC’s Atlantic Aviation business entered into an
agreement to acquire Hangar 10 Aviation Services located on the Kansas City
Downtown Airport. The award-winning facility is expected to become the 63rd
facility in the Atlantic Aviation network. The acquisition is projected to
close in November 2013, subject to receipt of required airport approvals and
other consents customary for a transaction of this size and type.

MIC established a new line of business – MIC Solar - in the fourth quarter of
2012 with an investment in two contracted solar power generation facilities.
In the third quarter of 2013 MIC invested $14.7 million in two additional
facilities currently under construction. In October of 2013 the Company
invested $6.1 million in a fifth facility that is also under construction. MIC
has invested a total of $30.1 million in the five facilities. The Company
anticipates that the facilities will generate a total of between $1.6 million
and $1.8 million in Free Cash Flow in each of the next five years.

Located in the southwestern U.S., the Company’s photovoltaic facilities are
capable of generating a combined approximately 57 megawatts of electricity.
The electricity is sold to nearby utilities and a U.S. Air Force base pursuant
to long-term (20 and 25 year) power purchase agreements.

Hooke noted, “Year to date through September, 2013, MIC has deployed $14.7
million in solar contracted power, and $58.6 million in other growth projects
representing a 40.7% increase over the rate at which capital was put to work
in the first nine months of 2012. Collectively our businesses have committed
to another approximately $70.0 million of projects. In addition to this, we
are also exploring a pipeline of opportunities in excess of $100.0 million.”

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 Third Quarter and Nine Months

The Company reported net income, before tax, of $14.1 million for the third
quarter of 2013 compared with a net loss of $1.9 million for the third quarter
of 2012. For the nine months ended September 30, 2013, MIC reported net
income, before tax, of $23.2 million compared with net income of $40.8 million
for the comparable period in 2012. The decrease in the year to date result
versus the prior comparable period is primarily attributable to performance
fees incurred in 2013.

MIC’s consolidated revenue for the third quarter of 2013 increased 1.7% to
$263.7 million compared with $259.3 million in the third quarter of 2012.
Consolidated revenue was essentially flat for the nine-month period ended
September 30, 2013 versus the comparable period in 2012.

Reported gross profit – defined as revenue less cost of goods sold – removes
the volatility in revenue associated with fluctuations in energy costs such as
feedstock costs at Hawaii Gas. MIC’s consolidated gross profit rose 6.4% to
$108.0 million in the third quarter of 2013 from $101.5 million in the same
period in 2012. For the nine months ended September 30, 2013 the Company’s
gross profit increased 4.8% 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 where 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.

Free Cash Flow does not fully reflect MIC’s ability to freely deploy generated
cash, as it does not reflect required payments made on its 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 nine month periods ended
September 30, 2013 and the prior comparable periods.

                                                                                                                     
                  For the Quarter Ended September 30, 2013                                                                
($ in             IMTT     Hawaii     District   Atlantic   MIC         MIC         Proportionately     IMTT     District   MIC
Thousands)        50%     Gas       Energy    Aviation  Solar^(2)  Corporate  Combined^(1)        100%    Energy    Solar
(Unaudited)                           50.01%                                                                     100%       100%
                                                                                                         
Gross             35,438   17,239     2,942      82,645     1,488       N/A         139,752             70,875   5,883      2,253
profit
EBITDA
excluding         31,810   12,879     3,636      38,306     (470    )   (1,094  )   85,067              63,620   7,271      205
non-cash
items
Free cash         16,581  9,154    2,475     30,774    (1,083  )  (854    )  57,047              33,162  4,950     (689  )
flow
                                                                                                                            
                  For the Quarter Ended September 30, 2012                                                               
($ in             IMTT     Hawaii     District   Atlantic               MIC         Proportionately     IMTT     District   MIC
Thousands)        50%     Gas       Energy    Aviation  MIC Solar  Corporate  Combined^(1)       100%    Energy    Solar
(Unaudited)                           50.01%                                                                     100%       100%
                                                                                                                            
Gross             31,590   16,676     3,394      78,069     N/A         N/A         129,728             63,179   6,786      N/A
profit
EBITDA
excluding         27,955   12,632     4,019      33,893     N/A         (1,875  )   76,624              55,909   8,037      N/A
non-cash
items
Free cash         12,689  (440   )  2,675     17,679    N/A       (552    )  32,050             25,377  5,348     N/A   
flow

                                                                                                                      
                  For the Nine Months Ended September 30, 2013                                                            
($ in             IMTT      Hawaii   District   Atlantic   MIC           MIC         Proportionately     IMTT      District   MIC
Thousands)        50%      Gas     Energy    Aviation  Solar^(2)   Corporate  Combined^(1)        100%     Energy    Solar
(Unaudited)                          50.01%                                                                        100%       100%
                                                                              
Gross             109,756   54,803   6,609      240,118    3,864         N/A         415,150             219,511   13,216     6,109
profit
EBITDA
excluding         98,552    40,005   8,107      109,169    1,065         (4,463  )   252,435             197,104   16,210     3,157
non-cash
items
Free cash         45,926   25,583  5,315     85,761    (263      )  3,350     165,671             91,851   10,627    1,044
flow
                                                                                                                              
                                                                                                                              
                  For the Nine Months Ended September 30, 2012                                                            
($ in             IMTT      Hawaii   District   Atlantic                 MIC         Proportionately     IMTT      District   MIC
Thousands)        50%      Gas     Energy    Aviation  MIC Solar   Corporate  Combined^(1)        100%     Energy    Solar
(Unaudited)                          50.01%                                                                        100%       100%
                                                                                                                              
Gross             96,484    53,451   7,775      230,863    N/A           N/A         388,572             192,967   15,546     N/A
profit
EBITDA
excluding         86,127    41,262   9,141      99,379     N/A           (8,848  )   227,060             172,253   18,278     N/A
non-cash
items
Free cash         50,268   16,165  5,942     51,422    N/A         (4,224  )  119,573             100,535  11,882    N/A
flow


_____________________
N/A-Not applicable.
      Proportionately combined free cash flow is equal to the sum of free cash
(1)  flow attributable to MIC's ownership interest in each of its operating
      businesses and MIC Corporate.
      Proportionately combined free cash flow for MIC Solar is equal to the
(2)   sum of free cash flow attributable to MIC Solar's ownership interest in
      each of its operating projects.

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.

Historically, storage rates have generally included the provision of ancillary
services. More recently, IMTT’s customer contracts have unbundled a number of
these services, adding or increasing separate fees for ancillary services. As
such, MIC believes that terminal revenue is becoming a more relevant metric
for analyzing IMTT’s performance than storage rates.

Terminal revenue increased 8.1% and 8.8% for the quarter and nine months ended
September 30, 2013 as compared with 8.5% and 7.1% for the quarter and nine
months ended September 30, 2012, respectively.

While average storage rental rates increased by 2.1% and 5.1% for the quarter
and nine months ended September 30, 2013, respectively, as compared with 9.2%
and 6.9% for the quarter and nine months ended September 30, 2012, revenue
from ancillary services increased 19.4% and 15.1% for the quarter and nine
months ended September 30, 2013 as compared with 4.7% and 3.2% for the quarter
and nine months ended September 30, 2012. Ancillary services include
throughput, pumping, as well as some blending and infrastructure usage.

Capacity utilization was 92.9% in the third quarter of 2013 compared with
93.3% in the third quarter of 2012 driven primarily by a single large tank
being taken out of service for cleaning and inspection. That tank was returned
to service in October 2013 and a second tank of the same size was taken out of
service, also for cleaning and inspection.

After spiking in the second quarter of the year, maintenance capital
expenditures decreased to $14.5 million and increased to $60.5 million for the
quarter and year to date periods, respectively, in 2013 compared with $15.3
million and $30.7 million in the prior comparable periods. The majority of the
year to date increase in 2013 pertains to previously disclosed costs to repair
the damage from Hurricane Sandy at IMTT’s Bayonne, New Jersey facility and
higher costs related to tank cleaning and repair. 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 $13.0 million of
federal income taxes and $5.6 million of state income taxes for 2013. The
$13.8 million tax provision for the nine months ended September 30, 2013
includes $9.7 million for federal income taxes and $4.1 million for state
income taxes.

Free Cash Flow generated by IMTT increased 30.7% to $33.2 million and
decreased 8.6% to $91.9 million for the quarter and nine months ended
September 30, 2013, respectively, versus the prior comparable periods in 2012.
The growth in the quarter was driven primarily by the improved operating
results of the business. The decline in Free Cash Flow for the year to date
period stems from the higher maintenance capital expenditures incurred during
the second quarter of the year and an increased interest expense that more
than offset the increase in EBITDA excluding non-cash items.

IMTT declared a distribution of $20.5 million for the third quarter to each of
its two shareholders on October 24, 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 third quarter of 2013 compared with the third quarter of 2012:

  *Non-utility contribution margin increased 1.0% to $15.7 million from $15.5
    million
  *Utility contribution margin increased 1.2% to $9.4 million from $9.3
    million
  *The combined volume of utility and non-utility gas sold increased 0.9%

In July, Hawaii Gas entered into a new naphtha feedstock supply agreement for
its utility operations. The agreement provides the business with a supply of
naphtha for the period October 1, 2013 through March 31, 2014.

Hawaii Gas is progressing with initiatives related to the use of LNG
(“Liquefied Natural Gas”) as a back-up fuel for its customers. On August 12,
2013, Hawaii Gas filed an application with the Hawaiian Public Utilities
Commission seeking approval to use LNG as a back-up to its regulated SNG
(“Synthetic Natural Gas”) system. A decision by the HPUC on the matter is
expected before the end of the year. The cost of developing this project
continues to negatively impact EBITDA.

The Free Cash Flow generated by Hawaii Gas increased to $9.2 million in the
third quarter of 2013 from ($440,000) in the third quarter of 2012. Through
the nine months ended September 30, 2013, Free Cash Flow increased 58.3% to
$25.6 million from $16.2 million in the comparable period in 2012. The
increase reflects primarily interest rate swap breakage costs of $8.7 million
that were incurred in 2012 and not in 2013 and a decrease in the business’ tax
provision. Excluding the impact of the swap break costs, underlying Free Cash
Flow grew by 10.8% and 2.9% in the quarter and nine months ended September 30,
2013, respectively, versus the prior comparable periods.

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 third quarter of 2013 compared with the third quarter of 2012:

  *Cooling consumption revenue decreased 13.1% to $9.1 million from $10.5
    million in 2012; and,
  *Capacity revenue increased 3.0% 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 third quarter reflect lower average
temperatures in 2013 compared with 2012 and the loss of a customer (previously
disclosed) that reduced demand for cooling. The business is in dispute with
the customer that terminated its contract as the customer has refused to make
unamortized lease principal payments to which District Energy believes it is
entitled. The parties have agreed to mediate the matter in a process that is
expected to commence prior to year end.

MIC expects to commence a refinancing of the long-term debt at District Energy
in the fourth quarter of 2013. The refinancing is expected to be completed in
the first half of 2014 subject to market conditions remaining favorable.

Free Cash Flow generated by District Energy decreased 7.4% to $5.0 million for
the third quarter of 2013 and decreased 10.6% to $10.6 million for the nine
months ended September 30, 2013 versus the prior comparable periods. The
decreases reflect primarily the reduction in revenue noted above partially
offset by a decrease in maintenance capital expenditures.

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 third quarter of 2013 compared with the third quarter of 2012:

  *The volume of GA fuel sold increased by 3.5% and the average margin on GA
    fuel sales increased 1.2%; and,
  *Non-fuel gross profit increased 8.9% primarily due to an increase in
    hangar and office rental revenue of 6.1%.

The performance of Atlantic Aviation is, in general, more closely tied to
economic health 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,
market share gains and the popularity of the destinations in the portfolio
specifically.

Free Cash Flow generated by Atlantic Aviation increased 74.1% to $30.8 million
and 66.8% to $85.8 million for the quarter and nine months ended September 30,
2013, respectively, versus the comparable periods in 2012.  The increase in
cash generation reflects primarily the reduction in the amount and cost of the
business’ long-term debt outstanding versus 2012, the improved operating
results and lower maintenance capital expenditures.

Free Cash Flow gains at Atlantic Aviation year to date were partially offset
by an increase in the business’ provision for current income taxes of $5.6
million compared with $2.0 million through nine months in 2012. 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 at the MIC holding company level.

MIC Solar

At the quarter end September 30, 2013, MIC had invested in four contracted
solar power generation facilities located in the southwestern U.S., two of
which were in operation and two of which were under construction. The Company
invested in a fifth facility, also under construction, following the quarter
end. When completed, the combined generating capacity of the five facilities
is expected to be approximately 57 megawatts of electricity. The power will be
sold to nearby utilities and one U.S. Air Force base pursuant to long-term
power purchase agreements.

Effective with the third quarter of 2013 the four facilities that comprised
MIC Solar constituted a reportable segment under GAAP. MIC has certain rights
with respect to decisions involving the management and operations of the
projects in MIC Solar and has determined that it is appropriate to consolidate
the projects for financial reporting purposes with its co-investor’s interest
reflected as “noncontrolling interest” in the consolidated condensed financial
statements.

MIC Solar’s facilities, including the two operating facilities and the two
acquired in the period, performed as anticipated during the third quarter of
2013. The facilities generated a proportionately combined Free Cash Flow of
approximately ($689,000) and $1.0 million for the quarter and nine months
ended September 30, 2013, respectively.

MIC Solar incurred approximately $2.0 million of acquisition expenses in the
third quarter related to the three facilities currently under development.
These expenses contributed to the negative Free Cash Flow for the segment in
the period. The two facilities in operation were cash flow positive. Free Cash
Flow will be adversely affected in any quarter in which a new facility is
acquired given the expenses associated with such acquisitions that cannot be
capitalized.

MIC anticipates allocating approximately $35.0 million of additional capital
to MIC Solar over the upcoming 12 – 18 months.

Conference Call and WEBCAST

When: Management has scheduled a conference call for 8:00 a.m. Eastern Time on
Tuesday, October 29, 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 October 29, 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 October 29,
2013 through November 5, 2013, at +1(404) 537-3406, Passcode: 77570782. 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 interests in five 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)
                                                                   
                                                 September 30,   December 31,

                                                 2013            2012
ASSETS                                             (Unaudited)
Current assets:
Cash and cash equivalents                        $ 83,043        $ 141,376
Restricted cash                                    13,920          3,133
Accounts receivable, less allowance for
doubtful accounts
of $806 and $875, respectively                     65,115          56,553
Inventories                                        25,330          20,617
Prepaid expenses                                   9,473           8,908
Deferred income taxes                              6,456           6,803
Equipment lease receivables current                13,149          4,448
Other                                             9,766         12,072    
Total current assets                               226,252         253,910
Property, equipment, land and leasehold            777,067         708,031
improvements, net
Equipment lease receivables non-current            17,285          28,177
Investment in unconsolidated business              86,554          75,205
Goodwill                                           513,939         514,640
Intangible assets, net                             600,345         626,902
Deferred financing costs, net of                   22,030          7,845
accumulated amortization
Other                                             5,702         8,984     
Total assets                                     $ 2,249,174    $ 2,223,694 
                                                                   
LIABILITIES AND MEMBERS' EQUITY
Current liabilities:
Due to manager - related party                   $ 15,379        $ 50,253
Accounts payable                                   28,957          26,499
Accrued expenses                                   40,978          35,499
Current portion of long-term debt                  168,005         106,580
Fair value of derivative instruments               13,336          7,450
Other                                             18,187        19,049    
Total current liabilities                          284,842         245,330
Long-term debt, net of current portion             754,685         1,052,584
Deferred income taxes                              176,092         169,392
Fair value of derivative instruments               -               5,360
Other                                             53,733        53,463    
Total liabilities                                 1,269,352     1,526,129 
Commitments and contingencies                      -               -
Members’ equity:
LLC interests, no par value; 500,000,000
authorized; 53,469,879 LLC
interests issued and outstanding at
September 30, 2013 and 47,453,943 LLC
interests
issued and outstanding at December 31,             1,129,950       883,143
2012
Additional paid in capital                         21,447          21,447
Accumulated other comprehensive loss               (20,419   )     (20,801   )
Accumulated deficit                               (213,331  )    (228,761  )
Total members’ equity                              917,647         655,028
Noncontrolling interests                          62,175        42,537    
Total equity                                      979,822       697,565   
Total liabilities and equity                     $ 2,249,174    $ 2,223,694 
                                                                   

                                                                 
MACQUARIE INFRASTRUCTURE COMPANY LLC
                                                                          
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
($ In Thousands, Except Share and Per Share Data)
                                                                          
                     Quarter Ended                       Nine Months Ended
                     September 30,    September 30,      September        September
                                                         30,              30,
                      2013            2012             2013             2012
                                                                          
Revenue
Revenue from         $ 172,169        $ 166,385        $ 513,465        $ 508,468
product sales
Revenue from
product sales          32,981           35,535           104,095          110,656
- utility
Service                57,752           56,214           160,153          160,053
revenue
Financing and
equipment             817            1,119          2,779          3,448      
lease income
Total revenue         263,719        259,253        780,492        782,625    
Costs and
expenses
Cost of                113,974          111,677          340,122          346,778
product sales
Cost of
product sales          28,142           31,001           89,095           94,497
- utility
Cost of                13,584           15,044           37,030           41,489
services
Selling,
general and            53,669           51,571           154,998          157,301
administrative
Fees to
manager -              15,242           29,353           76,912           39,108
related party
Depreciation           10,039           7,596            28,730           22,704
Amortization           8,618            8,800            25,866           25,892
of intangibles
Loss from
customer               -                -                1,626            -
contract
termination
Loss (gain) on
disposal of           50             (1,706     )    226            (1,379     )
assets
Total
operating             243,318        253,336        754,605        726,390    
expenses
Operating              20,401           5,917            25,887           56,235
income
Other income
(expense)
Interest               39               110              182              116
income
Interest               (15,767    )     (15,144    )     (31,190    )     (39,076    )
expense^(1)
Loss on
extinguishment         -                -                (2,472     )     -
of debt
Equity in
earnings and
amortization           8,576            6,989            30,327           23,295
charges of
investee
Other income,         829            249            514            245        
net
Net income
(loss) before          14,078           (1,879     )     23,248           40,815
income taxes
(Provision)
benefit for           (5,829     )    1,758          (9,241     )    (14,698    )
income
taxes^(2)
Net income           $ 8,249          $ (121       )   $ 14,007         $ 26,117
(loss)
Less: net
(loss) income
attributable          (2,158     )    1,758          (1,423     )    2,766      
to
noncontrolling
interests
Net income
(loss)               $ 10,407        $ (1,879     )   $ 15,430        $ 23,351     
attributable
to MIC LLC
                                                                          
Basic income
(loss) per
share
attributable         $ 0.20          $ (0.04      )   $ 0.31          $ 0.50       
to MIC LLC
interest
holders
Weighted
average number
of shares             53,043,185     46,684,627     50,525,617     46,524,980 
outstanding:
basic
Diluted income
(loss) per
share
attributable         $ 0.20          $ (0.04      )   $ 0.31          $ 0.50       
to MIC LLC
interest
holders
Weighted
average number
of shares             53,056,095     46,684,627     50,541,513     46,545,903 
outstanding:
diluted
Cash dividends
declared per         $ 0.8750        $ 0.6875        $ 2.4375        $ 1.5125     
share
                                                                                     

_____________________
      Interest expense includes losses on derivative instruments of $8.0
      million and $9.6 million for the quarter and nine months ended September
      30, 2013, respectively, of which net losses of $344,000 and $1.2
      million, respectively, was reclassified from accumulated other
(1)  comprehensive income. For the quarter and nine months ended September
      30, 2012, interest expense includes losses on derivative instruments of
      $9.4 million and $20.3 million, respectively, of which net losses of
      $6.1 million and $14.6 million, respectively, was reclassified from
      accumulated other comprehensive income.
      Includes $137,000 and $463,000 of benefit for income taxes from
      accumulated other comprehensive income reclassifications for the quarter
(2)   and nine months ended September 30, 2013, respectively. The quarter and
      nine months ended September 30, 2012 includes benefit for income taxes
      of $3.1 million and $6.5 million from accumulated other comprehensive
      income reclassifications, respectively.

MACQUARIE INFRASTRUCTURE COMPANY LLC
                                                                
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
($ In Thousands)
                                                                
                                         Nine Months Ended
                                         September 30, 2013 September 30, 2012
                                                                
Operating activities
Net income                               $    14,007        $   26,117
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization of              33,751            27,740
property and equipment
Amortization of intangible assets             25,866            25,892
Loss (gain) on disposal of assets             106               (1,803     )
Loss from customer contract termination       1,626             -
Equity in earnings and amortization           (30,327   )       (23,295    )
charges of investee
Equity distributions from investee            19,025            77,920
Amortization of debt financing costs          2,892             3,290
Loss on extinguishment of debt                2,434             -
Adjustments to derivative instruments         1,160             (23,680    )
Base management fees to be                    23,524            15,599
settled/settled in LLC interests
Performance fees to be settled/settled        53,388            23,509
in LLC interests
Equipment lease receivable, net               2,814             2,595
Deferred rent                                 197               314
Deferred taxes                                6,567             10,459
Other non-cash (income) expenses, net         (743      )       2,340
Changes in other assets and liabilities:
Restricted cash                               (465      )       -
Accounts receivable                           (8,524    )       (8,882     )
Inventories                                   (3,535    )       2,232
Prepaid expenses and other current            1,026             395
assets
Due to manager - related party                2                 68
Accounts payable and accrued expenses         (13,794   )       4,622
Income taxes payable                          (819      )       727
Other, net                                   (2,418    )      (1,576     )
Net cash provided by operating               127,760         164,583    
activities
                                                                
Investing activities
Acquisitions of businesses and                (14,666   )       -
investments, net of cash acquired
Purchases of property and equipment           (51,435   )       (25,443    )
Proceeds from sale of assets                  -                 5,625
Return of investment in unconsolidated        -                 50,899
business
Other, net                                   64              72         
Net cash (used in) provided by investing     (66,037   )      31,153     
activities
                                                                
Financing activities
Proceeds from issuance of LLC interests       227,558           -
Proceeds from long-term debt                  499,960           191,142
Offering and equity raise costs paid          (11,041   )       -
Dividends paid to holders of LLC              (82,139   )       (47,716    )
interests
Contributions received from                   22,362            -
noncontrolling interests
Distributions paid to noncontrolling          (1,652    )       (4,286     )
interests
Payment of long-term debt                     (758,795  )       (203,428   )
Debt financing costs paid                     (18,973   )       (2,815     )
Change in restricted cash                     4,036             -
Payment of notes and capital lease           (1,372    )      (622       )
obligations
Net cash used in financing activities        (120,056  )      (67,725    )
Net change in cash and cash equivalents      (58,333   )      128,011    
                                                                
Cash and cash equivalents, beginning of      141,376         22,786     
period
Cash and cash equivalents, end of period $    83,043       $   150,797    
                                                                
Supplemental disclosures of cash flow
information
Non-cash investing and financing
activities:
Accrued purchases of property and        $    12,331       $   1,742      
equipment
Acquisition of equipment through capital $    1,320        $   2,624      
leases
Issuance of LLC interests to manager for $    21,487       $   13,977     
base management fees
Issuance of LLC interests to manager for $    90,302       $   -          
performance fees
Issuance of LLC interests to independent $    640          $   571        
directors
Taxes paid                               $    3,493        $   3,734      
Interest paid                            $    28,090       $   50,863     

                                                                                                      
CONSOLIDATED
CONDENSEDSTATEMENT
OF OPERATIONS-MD&A
                                                                                                              
                          Quarter Ended               Change                    Nine Months Ended             Change
                                                                                September 30,               
                          September 30,               Favorable/(Unfavorable)                                 Favorable/(Unfavorable)
                           2013       2012         $         %          2013       2012        $            %      
                          ($ In Thousands) (Unaudited)
Revenue                                               
Revenue from              $ 172,169     $ 166,385        5,784       3.5        $ 513,465     $ 508,468       4,997          1.0
product sales
Revenue from
product sales -             32,981        35,535         (2,554  )   (7.2   )     104,095       110,656       (6,561   )     (5.9   )
utility
Service revenue             57,752        56,214         1,538       2.7          160,153       160,053       100            0.1
Financing and
equipment lease            817         1,119        (302    )   (27.0  )    2,779       3,448       (669     )     (19.4  )
income
Total revenue              263,719     259,253      4,466      1.7         780,492     782,625     (2,133   )     (0.3   )
Costs and expenses
Cost of product             113,974       111,677        (2,297  )   (2.1   )     340,122       346,778       6,656          1.9
sales
Cost of product             28,142        31,001         2,859       9.2          89,095        94,497        5,402          5.7
sales - utility
Cost of services           13,584      15,044       1,460      9.7         37,030      41,489      4,459         10.7
Gross profit                108,019       101,531        6,488       6.4          314,245       299,861       14,384         4.8
Selling, general            53,669        51,571         (2,098  )   (4.1   )     154,998       157,301       2,303          1.5
and administrative
Fees to manager -           15,242        29,353         14,111      48.1         76,912        39,108        (37,804  )     (96.7  )
related party
Depreciation                10,039        7,596          (2,443  )   (32.2  )     28,730        22,704        (6,026   )     (26.5  )
Amortization of             8,618         8,800          182         2.1          25,866        25,892        26             0.1
intangibles
Loss from customer
contract                    -             -              -           -            1,626         -             (1,626   )     NM
termination
Loss (gain) on             50          (1,706  )     (1,756  )   (102.9 )    226         (1,379  )    (1,605   )     (116.4 )
disposal of assets
Total operating            87,618      95,614       7,996      8.4         288,358     243,626     (44,732  )     (18.4  )
expenses
Operating income            20,401        5,917          14,484      NM           25,887        56,235        (30,348  )     (54.0  )
Other income
(expense)
Interest income             39            110            (71     )   (64.5  )     182           116           66             56.9
Interest                    (15,767 )     (15,144 )      (623    )   (4.1   )     (31,190 )     (39,076 )     7,886          20.2
expense^(1)
Loss on
extinguishment of           -             -              -           -            (2,472  )     -             (2,472   )     NM
debt
Equity in earnings
and amortization            8,576         6,989          1,587       22.7         30,327        23,295        7,032          30.2
charges of investee
Other income, net          829         249          580        NM          514         245         269           109.8
Net income (loss)           14,078        (1,879  )      15,957      NM           23,248        40,815        (17,567  )     (43.0  )
before income taxes
(Provision) benefit        (5,829  )    1,758        (7,587  )   NM          (9,241  )    (14,698 )    5,457         37.1
for income taxes
Net income (loss)         $ 8,249       $ (121    )      8,370       NM         $ 14,007      $ 26,117        (12,110  )     (46.4  )
Less: net (loss)
income attributable        (2,158  )    1,758        3,916      NM          (1,423  )    2,766       4,189         151.4
to noncontrolling
interests
Net income (loss)
attributable to MIC       $ 10,407     $ (1,879  )     12,286     NM         $ 15,430     $ 23,351      (7,921   )     (33.9  )
LLC
                                                                                                                             

_____________________
NM - Not meaningful
       Interest expense includes losses on derivative instruments of $8.0
       million and $9.6 million for the quarter and nine months ended
(1)   September 30, 2013, respectively. For the quarter and nine months ended
       September 30, 2012, interest expense includes losses on derivative
       instruments of $9.4 million and $20.3 million, respectively.

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

                                                                                                              
                          Quarter Ended               Change                      Nine Months Ended           Change
                                                                                                         
                          September 30,               Favorable/(Unfavorable)     September 30,               Favorable/(Unfavorable)
                         2013       2012       $              %          2013       2012        $            %     
                        ($ In Thousands) (Unaudited)
                                                                                                                             
Net income (loss)
attributable to         $ 10,407      $ (1,879  )                               $ 15,430      $ 23,351
MIC LLC^(1)
Interest expense,         15,728        15,034                                    31,008        38,960
net^(2)
Provision
(benefit) for             5,829         (1,758  )                                 9,241         14,698
income taxes
Depreciation^(3)          10,039        7,596                                     28,730        22,704
Depreciation -
cost of                   1,620         1,685                                     5,021         5,036
services^(3)
Amortization of           8,618         8,800                                     25,866        25,892
intangibles^(4)
Loss from
customer contract         -             -                                         1,626         -
termination
Loss on
extinguishment of         -             -                                         2,434         -
debt
(Gain) loss on
disposal of               -             (1,850  )                                 106           (1,803  )
assets
Equity in
earnings and
amortization              2,570         -                                         (11,302 )     -
charges of
investee^(5)
Base management
fees to be                8,336         5,844                                     23,524        15,599
settled/settled
in LLC interests
Performance fees
to be                     6,906         23,509                                    53,388        23,509
settled/settled
in LLC interests
Other non-cash
(income) expense,        (1,340  )    2,695                                 (1,969  )    5,420        
net
EBITDA excluding        $ 68,713     $ 59,676      9,037           15.1      $ 183,103    $ 173,366      9,737         5.6
non-cash items
                                                                                                                             
EBITDA excluding        $ 68,713      $ 59,676                                  $ 183,103     $ 173,366
non-cash items
Interest expense,         (15,728 )     (15,034 )                                 (31,008 )     (38,960 )
net^(2)
Interest rate
swap breakage             -             (8,701  )                                 -             (8,701  )
fees - Hawaii
Gas^(2)
Interest rate
swap breakage             -             (95     )                                 -             (595    )
fees - Atlantic
Aviation^(2)
Adjustments to
derivative
instruments               4,449         (1,770  )                                 1,160         (14,384 )
recorded in
interest
expense^(2)
Amortization of
debt financing            995           1,347                                     2,892         3,290
costs^(2)
Cash
distributions
received in
excess of equity
in earnings and
amortization
charges of                -             -                                         -             54,625
investee^(6)
Equipment lease           740           885                                       2,814         2,595
receivables, net
Provision/benefit
for income taxes,         (799    )     (1,913  )                                 (2,674  )     (4,239  )
net of changes in
deferred taxes
Changes in               (7,707  )    5,357                                   (28,527 )    (2,414  )
working capital
Cash provided by
operating                 50,663        39,752                                    127,760       164,583
activities
Changes in                7,707         (5,357  )                                 28,527        2,414
working capital
Maintenance
capital                  (3,889  )    (5,371  )                              (10,897 )    (13,832 )     
expenditures
Free cash flow          $ 54,481     $ 29,024      25,457          87.7      $ 145,390    $ 153,165      (7,775   )     (5.1  )
                                                                                                                                   

_____________________
      Net income (loss) attributable to MIC LLC excludes net loss attributable
      to noncontrolling interests of $2.2 million and $1.4 million for the
(1)  quarter and nine months ended September 30, 2013, respectively, and net
      income attributable to noncontrolling interests of $1.8 million and $2.8
      million for the quarter and nine months ended September 30, 2012,
      respectively.
      Interest expense, net, includes adjustment to derivative instruments,
(2)   non-cash amortization of deferred financing fees and interest rate swap
      breakage fees at Hawaii Gas and Atlantic Aviation.
      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
(3)   step-up depreciation expense of $2.0 million and $5.9 million for the
      quarters and nine months ended September 30, 2013 and 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.
      Amortization of intangibles does not include acquisition-related step-up
      amortization expense of $85,000 and $256,000 for the quarters and nine
(4)   months ended September 30, 2013 and 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.
      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 nine months ended September 30, 2013, we recognized equity in
      earnings and amortization charges of investee income of $8.6 million and
(5)   $30.3 million, respectively, in the consolidated condensed statements of
      operations, which was offset by the cash distributions received of $19.0
      million during the nine months ended September 30, 2013. For the quarter
      and nine months ended September 30, 2012, we recognized equity in
      earnings and amortization charges of investee income of $7.0 million and
      $23.3 million, respectively, in the consolidated condensed statements of
      operations, which was fully offset by the cash distributions received
      during nine months ended September 30, 2012.
      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
(6)   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 $128.8 million distributions received
      during nine months September 30, 2012 was $77.9 million recorded in net
      cash provided by operating activities and $50.9 million recorded in net
      cash provided by investing activities, as a return on investment, on the
      consolidated condensed statements of cash flows.

                                                                                                       
                                                                                                                  
IMTT
                                                                                                                  
                       Quarter Ended                                       Nine Months Ended
                                                                                                
                       September 30,                                       September 30,
                                              Change                                             Change
                       2013       2012       Favorable/(Unfavorable)     2013       2012       Favorable/(Unfavorable)
                       $          $          $            %            $          $          $             %      
                     ($ In Thousands) (Unaudited)
Revenue
Terminal revenue       120,560     111,532     9,028         8.1           361,412     332,316     29,096         8.8
Environmental          5,887      7,069      (1,182  )     (16.7  )      22,341     18,052     4,289         23.8
response revenue
Total revenue          126,447     118,601     7,846         6.6           383,753     350,368     33,385         9.5
Costs and
expenses
Terminal               50,371      49,509      (862    )     (1.7   )      145,581     141,886     (3,695   )     (2.6   )
operating costs
Environmental
response               5,201      5,913      712          12.0          18,661     15,515     (3,146   )     (20.3  )
operating costs
Total operating        55,572      55,422      (150    )     (0.3   )      164,242     157,401     (6,841   )     (4.3   )
costs
Terminal gross         70,189      62,023      8,166         13.2          215,831     190,430     25,401         13.3
profit
Environmental
response gross         686        1,156      (470    )     (40.7  )      3,680      2,537      1,143         45.1
profit
Gross profit           70,875      63,179      7,696         12.2          219,511     192,967     26,544         13.8
General and
administrative         8,084       7,605       (479    )     (6.3   )      24,420      22,405      (2,015   )     (9.0   )
expenses
Depreciation and       19,051      16,992      (2,059  )     (12.1  )      56,109      51,016      (5,093   )     (10.0  )
amortization
Casualty losses,       200        -          (200    )     NM            6,700      -          (6,700   )     NM
net^(1)
Operating income       43,540      38,582      4,958         12.9          132,282     119,546     12,736         10.7
Interest               (9,376  )   (10,533 )   1,157         11.0          (17,099 )   (28,914 )   11,815         40.9
expense, net^(2)
Other income           620         417         203           48.7          1,804       1,680       124            7.4
Provision for          (15,181 )   (11,631 )   (3,550  )     (30.5  )      (48,894 )   (37,867 )   (11,027  )     (29.1  )
income taxes
Noncontrolling         (44     )   (451    )   407          90.2          (220    )   (636    )   416           65.4
interest
Net income             19,559     16,384     3,175        19.4          67,873     53,809     14,064        26.1
                                                                                                                  
Reconciliation
of net income to
EBITDA excluding
non-cash items:
Net income             19,559      16,384                                  67,873      53,809
Interest               9,376       10,533                                  17,099      28,914
expense, net^(2)
Provision for          15,181      11,631                                  48,894      37,867
income taxes
Depreciation and       19,051      16,992                                  56,109      51,016
amortization
Casualty losses,       200         -                                       6,700       -
net^(1)
Other non-cash         253        369                                   429        647        
expenses
EBITDA excluding       63,620     55,909     7,711        13.8          197,104    172,253    24,851        14.4
non-cash items
                                                                                                                  
EBITDA excluding       63,620      55,909                                  197,104     172,253
non-cash items
Interest               (9,376  )   (10,533 )                               (17,099 )   (28,914 )
expense, net^(2)
Adjustments to
derivative
instruments            (1,768  )   461                                     (15,784 )   98
recorded in
interest
expense^(2)
Amortization of
debt financing         824         805                                     1,990       2,419
costs^(2)
Provision for
income taxes,
net of changes         (5,624  )   (5,962  )                               (13,847 )   (14,565 )
in deferred
taxes
Changes in             9,119      5,382                                  4,035      17,680  
working capital
Cash provided by
operating              56,795      46,062                                  156,399     148,971
activities
Changes in             (9,119  )   (5,382  )                               (4,035  )   (17,680 )
working capital
Maintenance
capital                (14,514 )   (15,303 )                              (60,513 )   (30,756 )   
expenditures^(3)
Free cash flow         33,162     25,377     7,785        30.7          91,851     100,535    (8,684   )     (8.6   )
                                                                                                                  

_____________________
NM - Not meaningful
      Casualty losses, net, includes $2.5 million and $1.5 million related to
      the quarters ended December 31, 2012 and March 31, 2013, respectively,
(1)  which were recorded in terminal operating costs in those periods. These
      amounts have been included in the nine months ended September 30, 2013.

      
(2)   Interest expense, net, includes adjustments to derivative instruments
      and non-cash amortization of deferred financing fees.
      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
(3)   been included in the nine months ended September 30, 2013. The
      classification of capital expenditures as either growth or maintenance
      is the subject of ongoing review and discussions between MIC and its
      co-investor in IMTT.

                                                                                                  
Hawaii Gas
                                                                                                               
                       Quarter Ended                                     Nine Months Ended
                                                                                              
                       September 30,                                     September 30,
                                             Change                                              Change
                       2013      2012      Favorable/(Unfavorable)     2013       2012       Favorable/(Unfavorable)
                       $         $         $            %            $          $          $            %      
                     ($ In Thousands) (Unaudited)
Contribution
margin
Revenue -              28,488     26,894     1,594         5.9           88,993      88,271      722           0.8
non-utility
Cost of revenue        12,838    11,393    (1,445  )     (12.7  )      39,525     40,520     995          2.5
- non-utility
Contribution
margin -               15,650     15,501     149           1.0           49,468      47,751      1,717         3.6
non-utility
Revenue -              32,981     35,535     (2,554  )     (7.2   )      104,095     110,656     (6,561  )     (5.9   )
utility
Cost of revenue        23,534    26,202    2,668        10.2          74,914     81,568     6,654        8.2
- utility
Contribution           9,447      9,333      114           1.2           29,181      29,088      93            0.3
margin - utility
Total
contribution           25,097     24,834     263           1.1           78,649      76,839      1,810         2.4
margin
Production             2,737      2,819      82            2.9           8,119       6,952       (1,167  )     (16.8  )
Transmission and       5,121     5,339     218          4.1           15,727     16,436     709          4.3
distribution^(1)
Gross profit           17,239     16,676     563           3.4           54,803      53,451      1,352         2.5
Selling, general
and                    4,818      4,760      (58     )     (1.2   )      16,139      14,575      (1,564  )     (10.7  )
administrative
expenses
Depreciation and       2,160     1,965     (195    )     (9.9   )      6,508      5,808      (700    )     (12.1  )
amortization
Operating income       10,261     9,951      310           3.1           32,156      33,068      (912    )     (2.8   )
Interest               (2,097 )   (5,695 )   3,598         63.2          (5,040  )   (9,102  )   4,062         44.6
expense, net^(2)
Other expense          (146   )   (153   )   7             4.6           (251    )   (285    )   34            11.9
Provision for          (3,191 )   (1,631 )   (1,560  )     (95.6  )      (10,669 )   (9,343  )   (1,326  )     (14.2  )
income taxes
Net income^(3)         4,827     2,472     2,355        95.3          16,196     14,338     1,858        13.0
                                                                                                               
Reconciliation
of net income to
EBITDA excluding
non-cash items:
Net income^(3)         4,827      2,472                                  16,196      14,338
Interest               2,097      5,695                                  5,040       9,102
expense, net^(2)
Provision for          3,191      1,631                                  10,669      9,343
income taxes
Depreciation and       2,160      1,965                                  6,508       5,808
amortization
Other non-cash         604       869                                  1,592      2,671      
expenses^(1)
EBITDA excluding       12,879    12,632    247          2.0           40,005     41,262     (1,257  )     (3.0   )
non-cash items
                                                                                                               
EBITDA excluding       12,879     12,632                                 40,005      41,262
non-cash items
Interest               (2,097 )   (5,695 )                               (5,040  )   (9,102  )
expense, net^(2)
Interest rate
swap breakage          -          (8,701 )                               -           (8,701  )
fees^(2)
Adjustments to
derivative
instruments            269        4,386                                  (426    )   3,089
recorded in
interest
expense^(2)
Amortization of
debt financing         113        507                                    342         746
costs^(2)
Provision for
income taxes,
net of changes         (94    )   (1,513 )                               (3,961  )   (5,888  )
in deferred
taxes
Changes in             (3,023 )   4,822                                 (3,810  )   1,117   
working capital
Cash provided by
operating              8,047      6,438                                  27,110      22,523
activities
Changes in             3,023      (4,822 )                               3,810       (1,117  )
working capital
Maintenance
capital                (1,916 )   (2,056 )                              (5,337  )   (5,241  )   
expenditures
Free cash flow         9,154     (440   )   9,594        NM            25,583     16,165     9,418        58.3
                                                                                                                      

_____________________
NM - Not meaningful
       For the nine months ended September 30, 2013, transmission and
(1)   distribution includes non-cash income of $489,000 for asset retirement
       obligation credit. This non-cash income is excluded when calculating
       EBITDA excluding non-cash items.
       Interest expense, net, includes adjustments to derivative instruments,
(2)    non-cash amortization of deferred financing fees and interest rate swap
       breakage fees.
       Corporate allocation expense, intercompany fees and the tax effect have
(3)    been excluded from the above table as they are eliminated on
       consolidation at the MIC Inc. level.

District Energy                                                                                 
                                                                                                             
                       Quarter Ended                                     Nine Months Ended
                                                                                            
                       September 30,                                     September 30,
                                             Change                                            Change
                       2013      2012      Favorable/(Unfavorable)     2013      2012      Favorable/(Unfavorable)
                       $         $         $            %            $         $         $            %      
                     ($ In Thousands) (Unaudited)
                                                                                                             
Cooling capacity       5,780      5,613      167           3.0           17,197     16,675     522           3.1
revenue
Cooling
consumption            9,114      10,490     (1,376  )     (13.1  )      16,282     20,853     (4,571  )     (21.9  )
revenue
Other revenue          692        702        (10     )     (1.4   )      2,139      2,023      116           5.7
Finance lease          817       1,119     (302    )     (27.0  )      2,779     3,448     (669    )     (19.4  )
revenue
Total revenue          16,403    17,924    (1,521  )     (8.5   )      38,397    42,999    (4,602  )     (10.7  )
Direct expenses        5,733      5,901      168           2.8           10,360     12,587     2,227         17.7
— electricity
Direct expenses        4,787     5,237     450          8.6           14,821    14,866    45           0.3
— other^(1)
Direct expenses        10,520     11,138     618           5.5           25,181     27,453     2,272         8.3
— total
Gross profit           5,883      6,786      (903    )     (13.3  )      13,216     15,546     (2,330  )     (15.0  )
Selling, general
and                    935        823        (112    )     (13.6  )      2,698      2,675      (23     )     (0.9   )
administrative
expenses
Amortization of        329        345        16            4.6           997        1,027      30            2.9
intangibles
Loss from
customer               -         -         -            -             1,626     -         (1,626  )     NM
contract
termination
Operating income       4,619      5,618      (999    )     (17.8  )      7,895      11,844     (3,949  )     (33.3  )
Interest               (1,275 )   (2,065 )   790           38.3          (3,793 )   (6,521 )   2,728         41.8
expense, net^(2)
Other income           672        436        236           54.1          803        568        235           41.4
Provision for          (1,584 )   (1,560 )   (24     )     (1.5   )      (1,797 )   (2,171 )   374           17.2
income taxes
Noncontrolling         (174   )   (203   )   29           14.3          (545   )   (622   )   77           12.4
interest
Net income             2,258     2,226     32           1.4           2,563     3,098     (535    )     (17.3  )
                                                                                                             
Reconciliation
of net income to
EBITDA excluding
non-cash items:
Net income             2,258      2,226                                  2,563      3,098
Interest               1,275      2,065                                  3,793      6,521
expense, net^(2)
Provision for          1,584      1,560                                  1,797      2,171
income taxes
Depreciation^(1)       1,620      1,685                                  5,021      5,036
Amortization of        329        345                                    997        1,027
intangibles
Loss from
customer               -          -                                      1,626      -
contract
termination
Other non-cash         205       156                                  413       425       
expenses
EBITDA excluding       7,271     8,037     (766    )     (9.5   )      16,210    18,278    (2,068  )     (11.3  )
non-cash items
                                                                                                             
EBITDA excluding       7,271      8,037                                  16,210     18,278
non-cash items
Interest               (1,275 )   (2,065 )                               (3,793 )   (6,521 )
expense, net^(2)
Adjustments to
derivative
instruments            (1,371 )   (589   )                               (4,018 )   (1,458 )
recorded in
interest
expense^(2)
Amortization of
debt financing         177        177                                    531        522
costs^(2)
Equipment lease        740        885                                    2,814      2,595
receivable, net
Provision for
income taxes,
net of changes         (529   )   (619   )                               (805   )   (892   )
in deferred
taxes
Changes in             (192   )   419                                   (2,379 )   (1,453 )
working capital
Cash provided by
operating              4,821      6,245                                  8,560      11,071
activities
Changes in             192        (419   )                               2,379      1,453
working capital
Maintenance
capital                (63    )   (478   )                              (312   )   (642   )   
expenditures
Free cash flow         4,950     5,348     (398    )     (7.4   )      10,627    11,882    (1,255  )     (10.6  )
                                                                                                             

_____________________
NM - Not meaningful
       Includes depreciation expense of $1.6 million and $5.0 million for the
(1)   quarter and nine months ended September 30, 2013, respectively, and
       $1.7 million and $5.0 million for the quarter and nine months ended
       September 30, 2012, respectively.
(2)    Interest expense, net, includes adjustments to derivative instruments
       and non-cash amortization of deferred financing fees.

                                                                                                     
Atlantic
Aviation
                                                                                                                 
                                                                                                                 
                       Quarter Ended                                         Nine Months Ended     
                       2013       2012       Change                        2013       2012       Change
                       $          $          $         %                  $          $          $         %    
                     ($ In Thousands) (Unaudited)
Revenue
Fuel revenue           141,032     139,491     1,541      1.1                 417,305     420,197     (2,892 )   (0.7 )
Non-fuel revenue       42,166     39,409     2,757     7.0                 124,535    120,502    4,033     3.3
Total revenue          183,198     178,900     4,298      2.4                 541,840     540,699     1,141      0.2
Cost of revenue
Cost of                97,050      96,925      (125   )   (0.1   )            289,873     295,800     5,927      2.0
revenue-fuel
Cost of                3,503      3,906      403       10.3                11,849     14,036     2,187     15.6
revenue-non-fuel
Total cost of          100,553     100,831     278        0.3                 301,722     309,836     8,114      2.6
revenue
Fuel gross             43,982      42,566      1,416      3.3                 127,432     124,397     3,035      2.4
profit
Non-fuel gross         38,663     35,503     3,160     8.9                 112,686    106,466    6,220     5.8
profit
Gross profit           82,645     78,069     4,576     5.9                 240,118    230,863    9,255     4.0
Selling, general
and                    44,342      43,983      (359   )   (0.8   )            130,729     130,830     101        0.1
administrative
expenses
Depreciation and       14,072      14,086      14         0.1                 41,917      41,761      (156   )   (0.4 )
amortization
Loss (gain) on                                                   )
disposal of            50         (1,706  )   (1,756 )   (102.9 </*Story
assets                                                           too
                                                                 large*

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