MIC Issues Release on 2009 Financial Performance

Macquarie Infrastructure Company (NYSE: MIC) reported financial results for 2009 including an aggregate 22% increase in the amount of free cash flow generated by its energy-related businesses compared with 2008. A recovery in general aviation flight activity in the second half of 2009 generated improved gross profit and aided debt reduction efforts underway at MIC’s airport services business.

MIC reported consolidated revenue of $710.1 million for 2009, or a decrease of 27% compared with 2008. The majority of the decrease was attributable to lower energy costs incurred by Atlantic Aviation and The Gas Company. Energy costs are typically passed through to customers of these businesses and recovered in revenue.

An analysis of gross profit removes the volatility in revenue associated with fluctuations in energy costs. MIC’s consolidated gross profit was $361.4 million in 2009, a decrease of 10% compared with 2008. The decrease reflects primarily the reduced level of general aviation activity at Atlantic Aviation partially offset by increased demand for and prices of the services of MIC’s energy-related businesses and cost reductions.

MIC reported a net loss from continuing operations of $109.2 million, or $2.43 per share. The loss comprises primarily $102.0 million of non-cash asset impairment charges at Atlantic Aviation in the first half of the year, net non-cash losses on interest rate hedges for the year of $14.2 million (including MIC’s proportional interest in swap contracts of IMTT) and a non-cash income tax valuation allowance of $9.5 million booked in the fourth quarter. An additional $6.9 million of income tax valuation allowance was attributable to the discontinued airport parking operations.

"In 2009 we significantly reduced risks in MIC. We are debt free at our holding company and as of January 2010 we have divested our airport parking business,” said James Hooke, Chief Executive Officer of MIC. "Our energy-related businesses performed particularly well, reflecting the inherent strengths of these businesses. We combined the good performance of the energy businesses with effective operational management at the airport services business and execution against strategic priorities,” he added.

MIC’s airport services business, Atlantic Aviation, benefited from increased general aviation activity levels averaging 4% in the third and fourth quarters, sequentially. If the trend in activity continues, the business will remain in compliance with the provisions of its debt facility and will not require additional equity injections.

Atlantic Aviation offset a portion of the 16% year on year decline in the volume of fuel sold with:

• An increase in aggregate market share;
• Stable margins on fuel sales;
• A 12% reduction in selling, general and administrative expenses; and,
• Application of excess cash flows and an equity contribution from MIC to the repayment of 9% of the principal balance of its term loan facility.

Additional debt repayments of $15.5 million made since the end of 2009 have further reduced Atlantic Aviation’s leverage.

The cash generated by MIC’s three energy-related businesses increased as a result of:

• The successful rate case outcome and effective propane purchases achieved by The Gas Company;
• Continued strong demand for the bulk liquid storage services of International-Matex Tank Terminals ("IMTT”); and
• A net increase in the number of customers receiving chilled water for building cooling from District Energy.

MIC achieved one of its high priority objectives late in the fourth quarter of 2009 when it repaid the entirety of the outstanding balance on its holding company revolving credit facility. The repayment was funded with cash generated by the energy-related businesses during the year, combined with the proceeds from the sale of a non-controlling interest in District Energy in December.

MIC achieved another high priority objective when it announced in January that its airport parking business had entered into a sale and purchase agreement. Parking Company of America Airports ("PCAA”) entered into the agreement and filed for protection under Chapter 11 of the bankruptcy code on January 28, 2010. The sale of the business is expected to close in the first half of 2010. MIC had indicated in late summer 2009 that the airport parking business was likely to be sold. MIC has recorded the results for PCAA under discontinued operations in this press release and its report on Form 10-K for 2009.

The closing of the sale of a 49.99% non-controlling interest in District Energy on December 23, 2010 resulted in a taxable gain, although the gain was offset by a portion of MIC’s accumulated federal net operating loss ("NOL”) carry forward. MIC expects that operating losses generated in 2009, combined with existing NOLs and the impact of the sales of the interest in District Energy and of PCAA, will result in its having no consolidated federal income tax liability through at least 2012. IMTT and District Energy will each file stand-alone federal income tax returns, and all of MIC’s businesses file state and local tax returns in the jurisdictions in which they operate.

Cash Generation

MIC has reported EBITDA excluding non-cash items on a consolidated and operating segment basis and reconciled each to the corresponding financial statements. EBITDA excluding non-cash items is a metric relied upon by management in evaluating the performance of its businesses and investments. EBITDA excluding non-cash items is defined as earnings before interest, taxes, depreciation and amortization and non-cash items, which include impairments, derivative gains and losses and adjustments for other non-cash 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.

Effective this reporting period, MIC is also reporting free cash flow, as defined below, 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. MIC believes that reporting free cash flow will provide investors with additional insight into its ability to deploy cash in the future, as GAAP metrics such as net income and cash from operating activities do not reflect all of the items that management considers in estimating the amount of cash generated by its operating entities. Free cash flow replaces the previously reported estimated cash available before debt reduction ("CADR”).

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

MIC notes that free cash flow does not fully reflect its ability to freely deploy generated cash, as it does not reflect required principal payments on indebtedness, payments of dividends 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. Free cash flow, as defined by MIC, should be used as a supplemental measure and not in lieu of financial results reported under GAAP.

Proportionately combined free cash flow (including MIC’s 50% interest in IMTT and 100% interest in District Energy in 2009) totaled $98.9 million or $2.20 per share in 2009 excluding the impact of the discontinued airport parking business.

In 2008 MIC disclosed EBITDA only. The following tables, reflecting results of operations for MIC's businesses for the years ended December 31, 2009 and 2008, have been conformed to current periods’ presentation reflecting EBITDA excluding non-cash items and free cash flow.

Energy-Related Businesses

IMTT

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

($Millions)		2009		2008		%Change
Terminal Gross Profit		173.8		151.1		15.0
EBITDA ex. non-cash items*		147.7		136.6		8.1
Free Cash Flow*		77.1		66.8		15.5

($Millions)		4Q’09		4Q’08		%Change
Terminal Gross Profit		45.9		42.0		9.3
EBITDA ex. non-cash items*		39.2		36.0		9.0
Free Cash Flow*		19.8		21.1		(6.5	)

* See attached tables for a reconciliation of net income to EBITDA excluding non-cash items and cash from operating activities to free cash flow

Terminal gross profit grew during the fourth quarter and full-year periods as a result of increases in storage tank rental rates and the addition of tank storage capacity during the year. Storage rates increased by an average of 9.7% in 2009 compared with 2008. The business also constructed and/or refurbished 1.3 million barrels of additional tank storage in 2009.

The business generated an increase in free cash flow for the full year, although free cash flow in the fourth quarter of 2009 was down from the prior comparable period. The decrease primarily reflects larger maintenance capital expenditures in the fourth quarter of 2009 compared with the fourth quarter of 2008. Free cash flow generated by IMTT in 2009 was retained for reinvestment in growth projects.

Maintenance and environmental capital expenditures totaled $13.1 million and $40.0 million for the quarter and year to date 2009 periods, respectively. Expenditures were lower than previously forecast primarily as a result of the deferral of a number of tank cleanings and inspections as well as repairs and upgrades to some of the infrastructure at its Louisiana terminals originally anticipated to be completed in 2009. Total maintenance and environmental capital expenditures for 2010 are expected to be in a range of between $55.0 million and $65.0 million.

IMTT anticipates spending an additional $54.8 million to complete growth projects currently underway. Committed financing for these projects is in place. These projects are expected to produce an incremental $16.5 million of annualized gross profit of which $12.6 million should be recorded in 2010.

IMTT had $632.2 million of debt outstanding at December 31, 2009. The weighted average cost of the debt, including the cost of interest rate hedges and letter of credit fees, was 4.8%. Per the business’ debt agreement (primary facility), the ratio of debt to EBITDA cannot exceed 4.75x. At December 31, 2009 the ratio was 3.82x. The business’ revolving credit facility, representing $515.8 million of the total outstanding debt balance at December 31, 2009, matures in June of 2012. The debt of IMTT is not consolidated with that of MIC or its other operating businesses.

The Gas Company

The Gas Company is the owner and operator of the only regulated ("utility”) gas manufacturing 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.

($Millions)		2009		2008		%Change
Gross Profit		57.8		44.9		28.8
EBITDA ex, non-cash items*		37.6		27.9		35.1
Free Cash Flow*		20.3		12.7		59.3

($Millions)		4Q’09		4Q’08		%Change
Gross Profit		15.9		10.7		48.6
EBITDA ex. non-cash items*		10.2		6.1		68.0
Free Cash Flow*		3.7		2.2		63.2

* See attached tables for a reconciliation of net income to EBITDA excluding non-cash items and cash from operating activities to free cash flow

Financial results for The Gas Company reflect receipt of interim approval of a utility rate increase in early June 2009. The rate increase, which is subject to final approval by the Hawaii Public Utilities Commission, would produce a $9.5 million annualized increase in revenue, assuming a constant volume of gas sold.

Reductions in the cost of liquid petroleum gas resulted in a decline in revenue in the non-utility portion of the business. Gross profit, or revenue less cost of goods sold, is net of the change in input costs. Gross profit increased in both the utility and non-utility portions of the business in each of the fourth quarter and full-year periods.

The Gas Company had $179.0 million of debt outstanding at December 31, 2009. The weighted average cost of the debt, including the cost of interest rate hedges, was 4.62%. Per the business’ debt agreement, the ratio of 12-month forward looking and 12-month backward looking adjusted EBITDA to interest cannot be less than 3.5x. The ratios at December 31, 2009 were 7.9x forward and 7.7x backward. The debt of this business matures in June of 2013.

District Energy

MIC’s District Energy business produces chilled water that it distributes via underground pipelines to buildings in downtown Chicago for use in air conditioning and process cooling. The business also operates a site-specific operation in Las Vegas, Nevada that supplies both cooling and heating services to a hotel/casino complex and a shopping mall. The table and discussion below refers to results for 100% of District Energy, not just MIC’s 50.01% interest.

($Millions)		2009		2008		%Change
Gross Profit		16.6		16.4		1.0
EBITDA ex. non-cash items*		20.8		21.1		(1.4	)
Free Cash Flow*		12.9		12.8		0.9

($Millions)		4Q’09		4Q’08		%Change
Gross Profit		3.5		2.9		20.8
EBITDA ex. non-cash items*		4.8		5.4		(11.8	)
Free Cash Flow*		2.6		3.4		(21.8	)

* See attached tables for a reconciliation of net income to EBITDA excluding non-cash items and cash from operating activities to free cash flow

Gross profit improved versus the prior comparable periods, with an increase in the number of customers connected to the Chicago system and the step-up in inflation-linked rate escalators. The increases offset a decline in the consumption of chilled water resulting from cooler weather in Chicago in 2009 compared with 2008.

MIC completed the sale of a minority (49.99%) interest in District Energy in December 2009. The sale generated $29.5 million in proceeds that were used to repay a portion of MIC’s holding company level debt. For periods after the date of the sale, MIC will consolidate the results of the business and report its 50.01% proportionate interest in the EBITDA, excluding non-cash items, and free cash flow of the business. In addition, District Energy will no longer be a part of MIC’s consolidated federal income tax group.

District Energy had $170.0 million of debt outstanding at December 31, 2009. The weighted average cost of the debt, including the cost of interest rate hedges and letter of credit fees, is 5.30%. Per the business’ debt agreement, the ratio of funds from operations less interest expense to net debt during the preceding 12 months cannot be less than 6.0%. At December 31, 2009 the ratio was 8.6%. The business’ $150.0 million term loan debt facility and $20.0 million capital expenditure loan facility both mature in September of 2014.

Aviation-Related Business

Atlantic Aviation

Atlantic Aviation owns and operates a network of 72 fixed-base operations (FBO) that primarily provide fuel, terminal services, and aircraft hangar services to owners and operators of private (general aviation) jet aircraft. The network is the largest of its type in the U.S. air transportation industry.

($Millions)		2009		2008		%Change
Gross Profit		287.0		342.0		(16.1	)
EBITDA ex. non-cash items*		106.5		137.1		(22.3	)
Free Cash Flow*		36.9		61.1		(39.6	)

($Millions)		4Q’09		4Q’08		%Change
Gross Profit		71.8		76.8		(6.5	)
EBITDA ex. non-cash items*		26.7		28.4		(6.2	)
Free Cash Flow*		11.1		10.8		3.2

* See attached tables for a reconciliation of net income to EBITDA excluding non-cash items and cash from operating activities to free cash flow

Atlantic Aviation reported a decrease in gross profit and free cash flow in 2009 compared with 2008. The decrease was the result of an overall decline in the number of general aviation flight movements in the U.S. A portion of the decrease in free cash flow was offset by reduced expenses stemming from the integration of acquired sites and staffing reductions.

The volume of general aviation jet fuel sold by Atlantic Aviation declined by 16% in 2009 compared with 2008, although volume increased in each of the third and fourth quarters, sequentially, by an average of 3%. The increase reflects the gradual improvement in general aviation activity levels during the year. Average margins on fuel sales were essentially flat with 2008. Atlantic Aviation’s aggregate share of general aviation jet fuel sales at the airports at which it operates increased.

Atlantic Aviation generated cash in excess of its operating requirements that it used to reduce the outstanding principal on its term loan facility and pay related interest rate swap breakage costs. During the year, Atlantic Aviation used a total of $40.4 million in excess cash flow and $50.0 million in cash contributed by MIC to pay down a total of $81.6 million of debt and $8.8 million in swap breakage costs. The swap breakage costs are recorded in interest expense.

Per the business’ debt agreement, the ratio of debt to EBITDA (adjusted, as defined in the agreement) could not exceed 8.25x in 2009. At December 31, 2009, the ratio was 7.97x. The maximum allowable leverage ratio steps down to 8.00x at the end of March 2010. Including additional principal payments of $15.5 million made since the end of 2009, the ratio at December 31, 2009 would have been 7.82x. Assuming the level of flight activity continues to improve as it did in the second half of 2009 Atlantic Aviation will remain in compliance with its debt covenants, continue to reduce its debt balance, and will not require additional equity injections.

Atlantic Aviation had $863.3 million of debt outstanding at December 31, 2009. The weighted average cost of the debt, including the cost of interest rate hedges, was 6.37%. The business’ debt facilities mature in October of 2014.

Conference Call and WEBCAST

When: Management has scheduled a conference call for 11:00 a.m. Eastern Time on Thursday, February 25, 2010 to review the Company’s results.

How: To listen to the conference call please dial +1(913) 312-1516 at least 10 minutes prior to the scheduled start time. Interested parties can also listen to a live webcast of the call. The webcast will be accessible via the Company’s website at www.macquarie.com/mic. Please allow extra time prior to the call to visit the site and download the necessary software to listen to the webcast.

Slides: The Company will prepare materials in support of its conference call presentation. The materials will be available for downloading from the Company’s website the morning of February 25, 2010 prior to the conference call. A link to the materials will be located on the homepage of the MIC website.

Replay: For interested individuals unable to participate in the live conference call, a replay will be available after 2:00 p.m. on February 25, 2010 through March 11, 2010, at +1(719) 457-0820, Passcode: 8879404. An online archive of the webcast will be available on the Company’s website for one year following the call.

About Macquarie Infrastructure Company

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

Forward-Looking Statements

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

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

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

MACQUARIE INFRASTRUCTURE COMPANY LLC
CONSOLIDATED BALANCE SHEETS
		December 31, 2009				December 31, 2008 (1)
		($ in Thousands, Except Share Data)
ASSETS
Current assets:
Cash and cash equivalents		$	27,455		$	66,054
Accounts receivable, less allowance for doubtful accounts
of $1,629 and $2,141, respectively			47,256			60,874
Dividends receivable			-			7,000
Inventories			14,305			15,968
Prepaid expenses			6,688			7,954
Deferred income taxes			23,323			21,960
Income tax receivable			-			489
Other			10,839			13,591
Assets of discontinued operations held for sale			86,695			105,725
Total current assets			216,561			299,615
Property, equipment, land and leasehold improvements, net			580,087			592,435
Restricted cash			16,016			15,982
Equipment lease receivables			33,266			36,127
Investment in unconsolidated business			207,491			184,930
Goodwill			516,182			586,249
Intangible assets, net			751,081			811,973
Deferred financing costs, net of accumulated amortization			17,088			22,209
Other			1,449			2,916
Total assets		$	2,339,221		$	2,552,436
LIABILITIES AND MEMBERS' EQUITY
Current liabilities:
Due to manager - related party		$	1,977		$	3,521
Accounts payable			44,575			45,565
Accrued expenses			17,432			23,189
Current portion of notes payable and capital leases			235			1,914
Current portion of long-term debt			45,900			-
Fair value of derivative instruments			49,573			45,464
Customer deposits			5,617			5,457
Other			9,338			10,201
Liabilities of discontinued operations held for sale			220,549			224,888
Total current liabilities			395,196			360,199
Notes payable and capital leases, net of current portion			1,498			1,622
Long-term debt, net of current portion			1,166,379			1,327,800
Deferred income taxes			107,840			83,228
Fair value of derivative instruments			54,794			105,970
Other			38,746			39,356
Total liabilities			1,764,453			1,918,175
Commitments and contingencies			-			-
Members’ equity:
LLC interests, no par value; 500,000,000 authorized; 45,292,913 LLC interests issued and outstanding at December 31, 2009 and 44,948,694 LLC interests issued and outstanding at December 31, 2008			959,897			956,956
Additional paid in capital			21,956			-
Accumulated other comprehensive loss			(43,232)			(97,190)
Accumulated deficit			(360,095)			(230,928)
Total members’ equity			578,526			628,838
Noncontrolling interests			(3,758)			5,423
Total equity			574,768			634,261
Total liabilities and equity		$	2,339,221		$	2,552,436
(1) Reclassified to conform to current period presentation.

MACQUARIE INFRASTRUCTURE COMPANY LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
			Year Ended December 31, 2009				Year Ended December 31, 2008 (1)				Year Ended December 31, 2007 (1)
			($ in Thousands, Except Share and Per Share Data)
Revenue
Revenue from product sales		$	394,200			$	586,054			$	445,852
Revenue from product sales - utility			95,769				121,770				95,770
Service revenue			215,349				264,851				207,680
Financing and equipment lease income			4,758				4,686				4,912
Total revenue			710,076				977,361				754,214
Costs and expenses
Cost of product sales			231,139				406,997				302,283
Cost of product sales - utility			71,252				103,216				64,371
Cost of services			46,317				63,850				53,387
Selling, general and administrative			214,865				231,273				185,370
Fees to manager - related party			4,846				12,568				65,639
Goodwill impairment			71,200				52,000				-
Depreciation			36,813				40,140				20,502
Amortization of intangibles			60,892				61,874				32,356
Total operating expenses			737,324				971,918				723,908
Operating (loss) income			(27,248	)			5,443				30,306
Other income (expense)
Interest income			119				1,090				5,705
Interest expense			(91,154	)			(88,652	)			(65,356	)
Loss on extinguishment of debt			-				-				(27,512	)
Equity in earnings (losses) and amortization charges
of investee			22,561				1,324				(32	)
Loss on derivative instruments			(29,540	)			(2,843	)			(1,362	)
Other income (expense), net			760				(19	)			(1,088	)
Net loss from continuing operations before
income taxes and noncontrolling interests			(124,502	)			(83,657	)			(59,339	)
Benefit for income taxes			15,818				14,061				16,764
Net loss from continuing operations before noncontrolling interests			(108,684	)			(69,596	)			(42,575	)
Net income attributable to noncontrolling interests			486				585				554
Net loss from continuing operations		$	(109,170	)		$	(70,181	)		$	(43,129	)
Discontinued operations
Net loss from discontinued operations before
income taxes and noncontrolling interests			(23,647	)			(180,104	)			(9,679	)
Benefit (provision) for income taxes			1,787				70,059				(281	)
Net loss from discontinued operations before noncontrolling interests			(21,860	)			(110,045	)			(9,960	)
Net loss attributable to noncontrolling interests			(1,863	)			(1,753	)			(1,035	)
Net loss from discontinued operations		$	(19,997	)		$	(108,292	)		$	(8,925	)
Net loss		$	(129,167	)		$	(178,473	)		$	(52,054	)
Basic and diluted loss per share from continuing operations		$	(2.43	)		$	(1.56	)		$	(1.05	)
Basic and diluted loss per share from discontinued operations			(0.44	)			(2.41	)			(0.22	)
Basic and diluted loss per share:		$	(2.87	)		$	(3.97	)		$	(1.27	)
Weighted average number of shares
outstanding: basic and diluted			45,020,085				44,944,326				40,882,067
Cash distributions declared per share		$	-			$	2.125			$	2.385
(1) Reclassified to conform to current period presentation.

MACQUARIE INFRASTRUCTURE COMPANY LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
			Year Ended December 31, 2009				Year Ended December 31, 2008 (1)				Year Ended December 31, 2007 (1)
		($ in Thousands)
Operating activities
Net loss		$	(129,167	)		$	(178,473	)		$	(52,054	)
Adjustments to reconcile net loss net cash provided by operating activities:
Net loss from discontinued operations			19,997				108,292				8,925
Non-cash goodwill impairment			71,200				52,000				-
Depreciation and amortization of property and equipment			42,899				45,953				26,294
Amortization of intangible assets			60,892				61,874				32,356
Equity in (earnings) losses and amortization charges of investees			(22,561	)			(1,324	)			32
Equity distributions from investees			7,000				1,324				-
Amortization of debt financing costs			5,121				4,762				4,429
Non-cash derivative loss (gain), net of non-cash interest expense (income)			29,540				2,843				(2,693	)
Base management and performance fees settled/to be settled in LLC interests			4,384				-				43,962
Equipment lease receivable, net			2,610				2,372				2,531
Deferred rent			183				183				178
Deferred taxes			(17,923	)			(16,037	)			(22,536	)
Other non-cash expenses, net			2,601				4,700				4,243
Non-operating losses relating to foreign investments			-				-				3,437
Loss on extinguishment of debt			-				-				27,512
Changes in other assets and liabilities, net of acquisitions:
Restricted cash			-				-				264
Accounts receivable			13,020				16,392				(12,244	)
Inventories			1,233				2,698				(3,291	)
Prepaid expenses and other current assets			3,086				6,928				605
Due to manager - related party			(3,438	)			(2,216	)			1,453
Accounts payable and accrued expenses			(4,670	)			(17,132	)			22,923
Income taxes payable			535				(1,108	)			4,981
Other, net			(3,566	)			1,548				2,192
Net cash provided by operating activities from continuing operations			82,976				95,579				93,499
Investing activities
Acquisitions of businesses and investments, net of cash acquired			-				(41,804	)			(704,171	)
Proceeds from sale of equity investment			-				-				84,904
Proceeds from sale of investment			29,500				7,557				160
Settlements of non-hedging derivative instruments			-				-				(2,530	)
Purchases of property and equipment			(30,320	)			(49,560	)			(45,721	)
Return of investment in unconsolidated business			-				26,676				28,000
Other			304				415				505
Net cash used in investing activities from continuing operations			(516	)			(56,716	)			(638,853	)
Financing activities
Proceeds from issuance of LLC interests			-				-				252,739
Proceeds from long-term debt			10,000				5,000				1,356,625
Net (payments) proceeds on line of credit facilities			(45,400	)			96,150				11,560
Offering and equity raise costs paid			-				(65	)			(11,392	)
Distributions paid to holders of LLC interests			-				(95,509	)			(97,913	)
Distributions paid to noncontrolling interests			(583	)			(481	)			(395	)
Payment of long-term debt			(81,621	)			-				(904,500	)
Debt financing costs paid			-				(1,879	)			(26,234	)
Make -whole payment on debt refinancing			-				-				(14,695	)
Change in restricted cash			(33	)			(865	)			5,367
Payment of notes and capital lease obligations			(181	)			(653	)			(544	)
Net cash (used in) provided by financing activities from continuing operations			(117,818	)			1,698				570,618
Net change in cash and cash equivalents from continuing operations			(35,358	)			40,561				25,264
Cash flows (used in) provided by discontinued operations:
Net cash (used in) provided by operating activities			(4,732	)			(1,904	)			3,051
Net cash used in investing activities			(445	)			(26,684	)			(5,157	)
Net cash provided by (used in) financing activities			2,144				(1,215	)			(3,072	)
Cash used in discontinued operations			(3,033	)			(29,803	)			(5,178	)
Change in cash of discontinued operations held for sale (2)			(208	)			2,459				5,902
Effect of exchange rate changes on cash			-				-				(1	)
Net change in cash and cash equivalent			(38,599	)			13,217				25,987
Cash and cash equivalents, beginning of period			66,054				52,837				26,850
Cash and cash equivalents, end of period- continuing operations		$	27,455			$	66,054			$	52,837
Supplemental disclosures of cash flow information for continuing operations:
Non-cash investing and financing activities:
Accrued acquisition and equity offering costs		$	-			$	-			$	1,208
Accrued purchases of property and equipment		$	1,277			$	883			$	1,647
Acquisition of equipment through capital leases		$	-			$	-			$	30
Issuance of LLC interests to manager for base management and performance fees		$	2,490			$	-			$	43,962
Issuance of LLC interests to independent directors		$	450			$	450			$	450
Taxes paid		$	1,231			$	3,048			$	3,632
Interest paid		$	87,308			$	84,235			$	77,914
(1) Reclassified to conform to current period presentation.
(2) Cash of discontinued operations held for sale is reported in assets of discontinued operations held for sale in the accompanying consolidated
balance sheets. The cash used in discontinued operations is different than the change in cash of discontinued operations held for sale due to
intercompany transactions that are eliminated in consolidation.

CONSOLIDATED STATEMENT OF OPERATIONS – MD&A
		Quarter Ended December 31,								Change Favorable/(Unfavorable)						Year Ended December 31,								Change Favorable/(Unfavorable)
		2009				2008 (1)				$			%			2009				2008 (1)				$			%
		($ In Thousands) (Unaudited)
Revenue
Revenue from product sales		$	112,561			$	107,835			4,726			4.4			$	394,200			$	586,054			(191,854	)		(32.7	)
Revenue from product sales - utility			28,132				24,453			3,679			15.0				95,769				121,770			(26,001	)		(21.4	)
Service revenue			51,746				58,681			(6,935	)		(11.8	)			215,349				264,851			(49,502	)		(18.7	)
Financing and equipment lease income			1,171				1,149			22			1.9				4,758				4,686			72			1.5
Total revenue			193,610				192,118			1,492			0.8				710,076				977,361			(267,285	)		(27.3	)
Costs and expenses
Cost of product sales			70,515				69,178			(1,337	)		(1.9	)			231,139				406,997			175,858			43.2
Cost of product sales - utility			21,236				21,041			(195	)		(0.9	)			71,252				103,216			31,964			31.0
Cost of services			10,716				11,565			849			7.3				46,317				63,850			17,533			27.5
Gross profit			91,143				90,334			809			0.9				361,368				403,298			(41,930	)		(10.4	)
Selling, general and administrative			56,077				56,259			182			0.3				214,865				231,273			16,408			7.1
Fees to manager - related party			1,894				696			(1,198	)		(172.1	)			4,846				12,568			7,722			61.4
Goodwill impairment			-				52,000			52,000			NM				71,200				52,000			(19,200	)		(36.9	)
Depreciation			7,216				20,001			12,785			63.9				36,813				40,140			3,327			8.3
Amortization of intangibles			8,969				31,610			22,641			71.6				60,892				61,874			982			1.6
Total operating expenses			74,156				160,566			86,410			53.8				388,616				397,855			9,239			2.3
Operating income (loss)			16,987				(70,232	)		87,219			124.2				(27,248	)			5,443			(32,691	)		NM
Other income (expense)
Interest income			11				143			(132	)		(92.3	)			119				1,090			(971	)		(89.1	)
Interest expense			(20,974	)			(22,505	)		1,531			6.8				(91,154	)			(88,652	)		(2,502	)		(2.8	)
Equity in earnings (losses) and amortization																											NM
charges of investees			5,906				(9,279	)		15,185			163.6				22,561				1,324			21,237			NM
Gain (loss) on derivative instruments			495				(946	)		1,441			152.3				(29,540	)			(2,843	)		(26,697	)		NM
Other (expense) income, net			(535	)			(618	)		83			13.4				760				(19	)		779			NM
Net income (loss) from continuing operations before
income taxes and noncontrolling interests			1,890				(103,437	)		105,327			101.8				(124,502	)			(83,657	)		(40,845	)		(48.8	)
(Provision) benefit for income taxes			(20,585	)			20,154			(40,739	)		NM				15,818				14,061			1,757			12.5
Net loss from continuing operations before noncontrolling interests			(18,695	)			(83,283	)		64,588			77.6				(108,684	)			(69,596	)		(39,088	)		(56.2	)
Net (loss) income attributable to noncontrolling interests			(29	)			148			(177	)		(119.6	)			486				585			(99	)		(16.9	)
Net loss from continuing operations		$	(18,666	)		$	(83,431	)		64,765			77.6			$	(109,170	)		$	(70,181	)		(38,989	)		(55.6	)
Discontinued Operations
Net loss from discontinued operations before
income taxes and noncontrolling interests			(7,766	)			(169,849	)		162,083			95.4				(23,647	)			(180,104	)		156,457			86.9
(Provision) benefit for income taxes			(2,831	)			67,220			(70,051	)		(104.2	)			1,787				70,059			(68,272	)		(97.4	)
Net loss from discontinued operations before noncontrolling interests			(10,597	)			(102,629	)		92,032			(89.7	)			(21,860	)			(110,045	)		88,185			80.1
Net loss attributable to noncontrolling interests			(428	)			(741	)		(313	)		(42.2	)			(1,863	)			(1,753	)		(110	)		6.3
Net loss from discontinued operations		$	(10,169	)		$	(101,888	)		91,719			(90.0	)		$	(19,997	)		$	(108,292	)		88,295			81.5
Net loss		$	(28,835	)		$	(185,319	)		156,484			84.4			$	(129,167	)		$	(178,473	)		49,306			27.6
NM - Not meaningful
(1) Reclassified to conform to current period presentation.

MACQUARIE INFRASTRUCTURE COMPANY LLC RECONCILIATION OF CONSOLIDATED NET LOSS FROM CONTINUING OPERATIONS TO EBITDA EXCLUDING NON-CASH ITEMS AND CASH FROM OPERATING ACTIVITIES TO FREE CASH FLOW
		Quarter Ended December 31,								Change Favorable/(Unfavorable)				Year Ended December 31,								Change Favorable/(Unfavorable)
		2009				2008				$		%		2009				2008				$				%
		($ In Thousands) (Unaudited)
Net loss from continuing operations		$	(18,666	)		$	(83,431	)						$	(109,170	)		$	(70,181	)
Interest expense, net			20,963				22,362								91,035				87,562
Provision (benefit) for income taxes			20,585				(20,154	)							(15,818	)			(14,061	)
Depreciation (1)			7,216				20,001								36,813				40,140
Depreciation - cost of services (1)			1,580				1,459								6,086				5,813
Amortization of intangibles (2)			8,969				31,610								60,892				61,874
Goodwill impairment			-				52,000								71,200				52,000
(Gain) loss on derivative instruments			(495	)			946								29,540				2,843
Equity in earnings and amortization
charges of investees (3)			(5,906	)			-								(15,561	)			-
Base management and performance fees settled/to be settled in LLC interests			1,894				-								4,384				-
Other non-cash expense			1,715				3,074								2,784				4,883
EBITDA excluding non-cash items from continuing operations		$	37,855			$	27,867			9,988		35.8		$	162,185			$	170,873			(8,688	)			(5.1	)
EBITDA excluding non-cash items from continuing operations		$	37,855			$	27,867							$	162,185			$	170,873
Interest expense, net			(20,963	)			(22,362	)							(91,035	)			(87,562	)
Amortization of deferred financing costs			1,297				1,149								5,121				4,762
Equipment lease receivables, net			601				751								2,610				2,372
Provision/benefit for income taxes, net of changes in deferred taxes			(1,235	)			(626	)							(2,105	)			(1,976	)
Changes in working capital			1,277				12,576								6,200				7,110
Cash provided by operating activities			18,832				19,355								82,976				95,579
Changes in working capital			(1,277	)			(12,576	)							(6,200	)			(7,110	)
Maintenance capital expenditures			(3,469	)			(2,850	)							(9,453	)			(14,846	)
Free cash flow from continuing operations		$	14,086			$	3,929			10,157		NM		$	67,323			$	73,623			(6,300		)		(8.6		)
NM - Not meaningful
(1) Depreciation - cost of services includes depreciation expense for District Energy which is reported in cost of services in our consolidated statements of operations. Depreciation and Depreciation - cost of services do not include step-up depreciation expense of $1.7 million for each quarter and $6.9 million for each year in connection with our investment in IMTT, which is reported in equity in earnings and amortization charges of investees in our consolidated statements of operations.
(2) Amortization of intangibles does not include step-up amortization expense of $283,000 for each quarter and $1.1 million for each year related to intangible assets in connection with our investment in IMTT, which is reported in equity in earnings and amortization charges of investees in our consolidated statements of operations.
(3) Equity in (earnings) losses and amortization charges of investees in the above table includes our 50% share of IMTT's earnings offset by distributions we received only up to our share of the earnings recorded.

MACQUARIE INFRASTRUCTURE COMPANY LLC
RECONCILIATION OF SEGMENT NET INCOME (LOSS) TO EBITDA EXCLUDING NON-CASH ITEMS AND CASH FROM OPERATING ACTIVITIES TO FREE CASH FLOW
IMTT
		Quarter Ended December 31,								Change Favorable/(Unfavorable)						Year Ended December 31,								Change Favorable/(Unfavorable)
		2009				2008				$			%			2009				2008				$			%
		($ In Thousands) (Unaudited)
Revenue
Terminal revenue		$	87,856			$	82,918			4,938			6.0			$	330,380			$	306,103			24,277			7.9
Environmental response revenue			4,374				8,547			(4,173	)		(48.8	)			15,795				46,480			(30,685	)		(66.0	)
Total revenue			92,230				91,465			765			0.8				346,175				352,583			(6,408	)		(1.8	)
Costs and expenses
Terminal operating costs			41,975				40,939			(1,036	)		(2.5	)			156,552				155,000			(1,552	)		(1.0	)
Environmental response operating costs			3,033				7,199			4,166			57.9				14,792				34,658			19,866			57.3
Total operating costs			45,008				48,138			3,130			6.5				171,344				189,658			18,314			9.7
Terminal gross profit			45,881				41,979			3,902			9.3				173,828				151,103			22,725			15.0
Environmental response gross profit			1,341				1,348			(7	)		(0.5	)			1,003				11,822			(10,819	)		(91.5	)
Gross profit			47,222				43,327			3,895			9.0				174,831				162,925			11,906			7.3
General and administrative expenses			8,217				8,614			397			4.6				27,437				30,076			2,639			8.8
Depreciation and amortization			16,263				12,655			(3,608	)		(28.5	)			55,998				44,615			(11,383	)		(25.5	)
Operating income			22,742				22,058			684			3.1				91,396				88,234			3,162			3.6
Interest expense, net			(7,520	)			(6,739	)		(781	)		(11.6	)			(29,510	)			(23,540	)		(5,970	)		(25.4	)
Other income			350				280			70			25.0				522				2,141			(1,619	)		(75.6	)
Unrealized gains (losses) on derivative instruments			10,232				(41,775	)		52,007			124.5				30,686				(46,277	)		76,963			166.3
(Benefit) provision for income taxes			(11,807	)			9,422			21,229			NM				(38,842	)			(9,452	)		29,390			NM
Noncontrolling interest			180				561			(381	)		(67.9	)			332				1,003			(671	)		(66.9	)
Net income (loss)		$	14,177			$	(16,193	)		30,370			187.6			$	54,584			$	12,109			42,475			NM
Reconciliation of net income (loss) to free cash flow:
Net income (loss)			14,177				(16,193	)								$	54,584			$	12,109
Interest expense, net			7,520				6,739										29,510				23,540
Benefit (provision) for income taxes			11,807				(9,422	)									38,842				9,452
Depreciation and amortization			16,263				12,655										55,998				44,615
Unrealized (gains) losses on derivative instruments			(10,232	)			41,775										(30,686	)			46,277
Other non-cash (income) expenses			(299	)			428										(590	)			601
EBITDA excluding non-cash items			39,236				35,982			3,254			9.0				147,658				136,594			11,064			8.1
EBITDA excluding non-cash items			39,236				35,982										147,658				136,594
Interest expense, net			(7,520	)			(6,739	)									(29,510	)			(23,540	)
Amortization of debt financing costs			190				118										543				473
Benefit/provision for income taxes, net of changes in deferred taxes			974				465										(1,593	)			(4,053	)
Changes in working capital			7,831				(12,216	)									16,284				(15,387	)
Cash provided by operating activities			40,711				17,610										133,382				94,087
Changes in working capital			(7,831	)			12,216										(16,284	)			15,387
Maintenance capital expenditures			(13,113	)			(8,679	)									(39,977	)			(42,690	)
Free cash flow			19,767				21,147			(1,380	)		(6.5	)			77,121				66,784			10,337			15.5
________________________
NM - Not meaningful

THE GAS COMPANY
		Quarter Ended December 31,								Change Favorable/(Unfavorable)						Year Ended December 31,								Change Favorable/(Unfavorable)
		2009				2008				$			%			2009				2008				$			%
		($ In Thousands) (Unaudited)
Contribution margin
Revenue — utility		$	28,132			$	24,453			3,679			15.0			$	95,769			$	121,770			(26,001	)		(21.4	)
Cost of revenue — utility			18,362				17,964			(398	)		(2.2	)			60,227				91,978			31,751			34.5
Contribution margin — utility			9,770				6,489			3,281			50.6				35,542				29,792			5,750			19.3
Revenue — non-utility			21,452				21,067			385			1.8				79,597				91,244			(11,647	)		(12.8	)
Cost of revenue — non-utility			10,011				11,123			1,112			10.0				36,580				55,504			18,924			34.1
Contribution margin — non-utility			11,441				9,944			1,497			15.1				43,017				35,740			7,277			20.4
Total contribution margin			21,211				16,433			4,778			29.1				78,559				65,532			13,027			19.9
Production			1,447				1,666			219			13.1				5,467				5,717			250			4.4
Transmission and distribution			3,849				4,054			205			5.1				15,264				14,912			(352	)		(2.4	)
Gross profit			15,915				10,713			5,202			48.6				57,828				44,903			12,925			28.8
Selling, general and administrative expenses			5,879				5,094			(785	)		(15.4	)			21,802				18,374			(3,428	)		(18.7	)
Depreciation and amortization			1,694				1,730			36			2.1				6,829				6,739			(90	)		(1.3	)
Operating income			8,342				3,889			4,453			114.5				29,197				19,790			9,407			47.5
Interest expense, net			(2,232	)			(2,365	)		133			5.6				(8,941	)			(9,390	)		449			4.8
Other (expense) income			(97	)			(65	)		(32	)		(49.2	)			(165	)			148			(313	)		NM
Unrealized (losses) gains on derivative instruments			(244	)			2			(246	)		NM				(636	)			(221	)		(415	)		(187.8	)
Provision for income taxes			(2,260	)			(573	)		(1,687	)		NM				(7,619	)			(4,044	)		(3,575	)		(88.4	)
Net income (1)		$	3,509			$	888			2,621			NM			$	11,836			$	6,283			5,553			88.4
Reconciliation of net income to free cash flow:
Net income (1)		$	3,509			$	888									$	11,836			$	6,283
Interest expense, net			2,232				2,365										8,941				9,390
Provision for income taxes			2,260				573										7,619				4,044
Depreciation and amortization			1,694				1,730										6,829				6,739
Unrealized losses (gains) on derivative instruments			244				(2	)									636				221
Other non-cash expenses			246				508										1,771				1,180
EBITDA excluding non-cash items			10,185				6,062			4,123			68.0				37,632				27,857			9,775			35.1
EBITDA excluding non-cash items		$	10,185			$	6,062									$	37,632			$	27,857
Interest expense, net			(2,232	)			(2,365	)									(8,941	)			(9,390	)
Amortization of deferred financing costs			120				119										478				478
Provision for income taxes, net of changes in deferred taxes			(2,239	)			-										(4,936	)			-
Changes in working capital			3,249				8,000										1,327				8,133
Cash provided by operating activities			9,083				11,816										25,560				27,078
Changes in working capital			(3,249	)			(8,000	)									(1,327	)			(8,133	)
Maintenance capital expenditures			(2,182	)			(1,578	)									(3,939	)			(6,202	)
Free cash flow			3,652				2,238			1,414			63.2				20,294				12,743			7,551			59.3
________________________
NM - Not meaningful
(1) Corporate allocation expense, other intercompany fees and the federal tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.

DISTRICT ENERGY
		Quarter Ended December 31,								Change Favorable/(Unfavorable)						Year Ended December 31,								Change Favorable/(Unfavorable)
		2009				2008				$			%			2009				2008				$			%
		($ In Thousands) (Unaudited)
Cooling capacity revenue		$	5,199			$	4,866			333			6.8			$	20,430			$	19,350			1,080			5.6
Cooling consumption revenue			3,106				2,399			707			29.5				20,236				20,894			(658	)		(3.1	)
Other revenue			806				914			(108	)		(11.8	)			3,137				3,115			22			0.7
Finance lease revenue			1,171				1,149			22			1.9				4,758				4,686			72			1.5
Total revenue			10,282				9,328			954			10.2				48,561				48,045			516			1.1
Direct expenses — electricity			2,253				1,858			(395	)		(21.3	)			13,356				13,842			486			3.5
Direct expenses — other (1)			4,572				4,609			37			0.8				18,647				17,809			(838	)		(4.7	)
Direct expenses — total			6,825				6,467			(358	)		(5.5	)			32,003				31,651			(352	)		(1.1	)
Gross profit			3,457				2,861			596			20.8				16,558				16,394			164			1.0
Selling, general and administrative expenses			1,356				892			(464	)		(52.0	)			3,407				3,390			(17	)		(0.5	)
Amortization of intangibles			345				345			-			NM				1,368				1,372			4			0.3
Operating income			1,756				1,624			132			8.1				11,783				11,632			151			1.3
Interest expense, net			(2,564	)			(2,580	)		16			0.6				(10,153	)			(10,341	)		188			1.8
Other income			694				46			648			NM				1,235				201			1,034			NM
Unrealized gains (losses) on derivative instruments			419				(2	)		421			NM				(220	)			26			(246	)		NM
Income tax (provision) benefit			(52	)			274			(326	)		(118.8	)			(773	)			(242	)		(531	)		NM
Noncontrolling interest			(175	)			(148	)		(27	)		(18.2	)			(690	)			(585	)		(105	)		(17.9	)
Net income (loss) (2)		$	78			$	(786	)		864			110.0			$	1,182			$	691			491			71.0
Reconciliation of net income (loss) to free cash flow:
Net income (loss) (2)		$	78			$	(786	)								$	1,182			$	691
Interest expense, net			2,564				2,580										10,153				10,341
Provision (benefit) for income taxes			52				(274	)									773				242
Depreciation			1,580				1,459										6,086				5,813
Amortization of intangibles			345				345										1,368				1,372
Unrealized (gains) losses on derivative instruments			(419	)			2										220				(26	)
Other non-cash expenses			554				2,061										1,009				2,654
EBITDA excluding non-cash items			4,754				5,387			(633	)		(11.8	)			20,791				21,087			(296	)		(1.4	)
EBITDA excluding non-cash items			4,754				5,387										20,791				21,087
Interest expense, net			(2,564	)			(2,580	)									(10,153	)			(10,341	)
Amortization of deferred financing costs			170				170										681				682
Equipment lease receivable, net			601				751										2,610				2,372
Changes in working capital			1,924				2,265										519				3,966
Cash provided by operating activities			4,885				5,993										14,448				17,766
Changes in working capital			(1,924	)			(2,265	)									(519	)			(3,966	)
Maintenance capital expenditures			(337	)			(374	)									(1,001	)			(989	)
Free cash flow			2,624				3,354			(730	)		(21.8	)			12,928				12,811			117			0.9
__________________________
NM - Not meaningful
(1) Includes depreciation expense of $1.6 million and $1.5 million for the three months ended December 31, 2009 and December 31, 2008, respectively, and $6.1 million and $5.8 million for the years ended December 31, 2009 and 2008, respectively.
(2) Corporate allocation expense and the federal tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.

ATLANTIC AVIATION
		Quarter Ended December 31,								Change Favorable/(Unfavorable)						Year Ended December 31,								Change Favorable/(Unfavorable)
		2009				2008				$			%			2009				2008				$			%
		($ In Thousands) (Unaudited)
Revenue
Fuel revenue		$	91,109			$	86,768			4,341			5.0			$	314,603			$	494,810			(180,207	)		(36.4	)
Non-fuel revenue			42,635				50,502			(7,867	)		(15.6	)			171,546				221,492			(49,946	)		(22.5	)
Total revenue			133,744				137,270			(3,526	)		(2.6	)			486,149				716,302			(230,153	)		(32.1	)
Cost of revenue
Cost of revenue — fuel			58,081				55,412			(2,669	)		(4.8	)			184,853				342,102			157,249			46.0
Cost of revenue — non-fuel			3,891				5,097			1,206			23.7				14,314				32,198			17,884			55.5
Total cost of revenue			61,972				60,509			(1,463	)		(2.4	)			199,167				374,300			175,133			46.8
Fuel gross profit			33,028				31,356			1,672			5.3				129,750				152,708			(22,958	)		(15.0	)
Non-fuel gross profit			38,744				45,405			(6,661	)		(14.7	)			157,232				189,294			(32,062	)		(16.9	)
Gross profit			71,772				76,761			(4,989	)		(6.5	)			286,982				342,002			(55,020	)		(16.1	)
Selling, general and administrative expenses (1)			45,215				48,382			3,167			6.5				179,949				205,304			25,355			12.3
Goodwill impairment			-				52,000			52,000			NM				71,200				52,000			(19,200	)		(36.9	)
Depreciation and amortization			14,146				49,537			35,391			71.4				89,508				93,903			4,395			4.7
Operating income (loss)			12,411				(73,158	)		85,569			117.0				(53,675	)			(9,205	)		(44,470	)		NM
Interest expense, net			(15,431	)			(15,935	)		504			3.2				(67,983	)			(62,967	)		(5,016	)		(8.0	)
Other expense			(1,129	)			(524	)		(605	)		(115.5	)			(1,451	)			(241	)		(1,210	)		NM
Unrealized gains (losses) on derivative instruments			324				(738	)		1,062			143.9				(28,277	)			(1,871	)		(26,406	)		NM
Benefit for income taxes			1,542				36,412			(34,870	)		(95.8	)			61,009				29,936			31,073			103.8
Net loss(2)		$	(2,283	)		$	(53,943	)		51,660			95.8			$	(90,377	)		$	(44,348	)		(46,029	)		(103.8	)
Reconciliation of net loss to free cash flow:
Net loss (2)		$	(2,283	)		$	(53,943	)								$	(90,377	)		$	(44,348	)
Interest expense, net			15,431				15,935										67,983				62,967
Benefit for income taxes			(1,542	)			(36,412	)									(61,009	)			(29,936	)
Depreciation and amortization			14,146				49,537										89,508				93,903
Goodwill impairment			-				52,000										71,200				52,000
Unrealized (gains) losses on derivative instruments			(324	)			738										28,277				1,871
Other non-cash expenses			1,227				548										903				624
EBITDA excluding non-cash items		$	26,655			$	28,403			(1,748	)		(6.2	)		$	106,485			$	137,081			(30,596	)		(22.3	)
EBITDA excluding non-cash items			26,655				28,403										106,485				137,081
Interest expense, net			(15,431	)			(15,935	)									(67,983	)			(62,967	)
Amortization of deferred financing costs			803				654										3,144				2,613
Benefit for income taxes, net of changes in deferred taxes			63				(1,426	)									(190	)			(7,950	)
Changes in working capital			(5,185	)			2,318										9,474				4,351
Cash provided by operating activities			6,905				14,014										50,930				73,128
Changes in working capital			5,185				(2,318	)									(9,474	)			(4,351	)
Maintenance capital expenditures			(950	)			(898	)									(4,513	)			(7,655	)
Free Cash Flow			11,140				10,798			342			3.2				36,943				61,122			(24,179	)		(39.6	)
________________________
NM - Not meaningful
(1) Includes $2.4 million increase in bad debt reserve in the first quarter of 2009 due to the deterioration of accounts receivable aging.
(2) Corporate allocation expense and the federal tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.

MACQUARIE INFRASTRUCTURE COMPANY LLC RECONCILIATION OF PROPORTIONATELY COMBINED NET (LOSS) INCOME TO EBITDA EXCLUDING NON-CASH ITEMS AND CASH FROM OPERATING ACTIVITIES TO FREE CASH FLOW
		/-----------------------------FOR THE YEAR ENDED DECEMBER 31, 2009-------------------------------/
($ In Thousands)		MIC			The Gas Company			District Energy			Atlantic Aviation			IMTT			Proportionately Combined			IMTT
														50	%					100	%
Net (loss) income		(54,372	)		11,836			1,182			(90,377	)		27,292			(104,439	)		54,584
Interest expense, net		3,958			8,941			10,153			67,983			14,755			105,790			29,510
Provision (benefit) for income taxes		36,799			7,619			773			(61,009	)		19,421			3,603			38,842
Depreciation		-			5,991			6,086			30,822			27,999			70,898			55,998
Amortization of intangibles		-			838			1,368			58,686			-			60,892			-
Goodwill impairment		-			-			-			71,200			-			71,200			-
Loss (gain) on derivative instruments		407			636			220			28,277			(15,343	)		14,197			(30,686	)
Base management and performance fee paid in LLC interests		4,384			-			-			-			-			4,384			-
Other non-cash (income) expense		(899	)		1,771			1,009			903			(295	)		2,489			(590	)
EBITDA excluding non-cash items		(9,723	)		37,632			20,791			106,485			73,829			229,014			147,658
EBITDA excluding non-cash items		(9,723	)		37,632			20,791			106,485			73,829			229,014			147,658
Interest expense, net		(3,958	)		(8,941	)		(10,153	)		(67,983	)		(14,755	)		(105,790	)		(29,510	)
Amortization of deferred finance charges		818			478			681			3,144			272			5,393			543
Equipment lease receivables, net		-			-			2,610			-			-			2,610			-
Provision / benefit for income taxes, net of changes in deferred taxes		3,021			(4,936	)		-			(190	)		(796	)		(2,901	)		(1,593	)
Changes in working capital		(5,120	)		1,327			519			9,474			8,142			14,342			16,284
Cash (used in) provided by operating activities		(14,962	)		25,560			14,448			50,930			66,692			142,668			133,382
Maintenance capital expenditures		-			(3,939	)		(1,001	)		(4,513	)		(19,989	)		(29,442	)		(39,977	)
Changes in working capital		5,120			(1,327	)		(519	)		(9,474	)		(8,142	)		(14,342	)		(16,284	)
Free cash flow		(9,842	)		20,294			12,928			36,943			38,561			98,884			77,121
		/-----------------------------FOR THE QUARTER ENDED DECEMBER 31, 2009-------------------------------/
($ In Thousands)		MIC			The Gas Company			District Energy			Atlantic Aviation			IMTT			Proportionately Combined			IMTT
														50	%					100	%
Net (loss) income		(25,876	)		3,509			78			(2,283	)		7,089			(17,484	)		14,177
Interest expense, net		736			2,232			2,564			15,431			3,760			24,723			7,520
Provision (benefit) for income taxes		19,815			2,260			52			(1,542	)		5,904			26,489			11,807
Depreciation		-			1,488			1,580			5,728			8,132			16,928			16,263
Amortization of intangibles		-			206			345			8,418			-			8,969			-
Loss (gain) on derivative instruments		4			244			(419	)		(324	)		(5,116	)		(5,611	)		(10,232	)
Base management and performance fee paid in LLC interest		1,894			-			-			-			-			1,894			-
Other non-cash (income) expense		(312	)		246			554			1,227			(150	)		1,566			(299	)
EBITDA excluding non-cash items		(3,739	)		10,185			4,754			26,655			19,618			57,473			39,236
EBITDA excluding non-cash items		(3,739	)		10,185			4,754			26,655			19,618			57,473			39,236
Interest expense, net		(736	)		(2,232	)		(2,564	)		(15,431	)		(3,760	)		(24,723	)		(7,520	)
Amortization of deferred finance charges		204			120			170			803			95			1,392			190
Equipment lease receivables, net		-			-			601			-			-			601			-
Provision / benefit for income taxes, net of changes in deferred taxes		941			(2,239	)		-			63			488			(748	)		974
Changes in working capital		1,289			3,249			1,924			(5,185	)		3,916			5,193			7,831
Cash (used in) provided by operating activities		(2,041	)		9,083			4,885			6,905			20,356			39,188			40,711
Maintenance capital expenditures		-			(2,182	)		(337	)		(950	)		(6,557	)		(10,026	)		(13,113	)
Changes in working capital		(1,289	)		(3,249	)		(1,924	)		5,185			(3,916	)		(5,193	)		(7,831	)
Free cash flow		(3,330	)		3,652			2,624			11,140			9,884			23,970			19,767
		/-----------------------------FOR THE YEAR ENDED DECEMBER 31, 2008-------------------------------/
($ In Thousands)		MIC			The Gas Company			District Energy			Atlantic Aviation			IMTT			Proportionately Combined			IMTT
														(50	%)					(100	%)
Net (loss) income		(34,131	)		6,283			691			(44,348	)		6,055			(65,451	)		12,109
Interest expense, net		4,864			9,390			10,341			62,967			11,770			99,332			23,540
Provision (benefit) for income taxes		11,589			4,044			242			(29,936	)		4,726			(9,335	)		9,452
Depreciation		-			5,883			5,813			34,257			22,308			68,261			44,615
Amortization of intangibles		-			856			1,372			59,646			-			61,874			-
Goodwill impairment		-			-			-			52,000			-			52,000			-
Loss (gain) on derivative instruments		777			221			(26	)		1,871			23,139			25,982			46,277
Other non-cash expense		425			1,180			2,654			624			301			5,184			601
EBITDA excluding non-cash items		(16,476	)		27,857			21,087			137,081			68,297			237,846			136,594
EBITDA excluding non-cash items		(16,476	)		27,857			21,087			137,081			68,297			237,846			136,594
Interest expense, net		(4,864	)		(9,390	)		(10,341	)		(62,967	)		(11,770	)		(99,332	)		(23,540	)
Amortization of deferred finance charges		989			478			682			2,613			237			4,999			473
Equipment lease receivables, net		-			-			2,372			-			-			2,372			-
Provision / benefit for income taxes, net of changes in deferred taxes		5,974			-			-			(7,950	)		(2,027	)		(4,003	)		(4,053	)
Changes in working capital		(9,340	)		8,133			3,966			4,351			(7,694	)		(584	)		(15,387	)
Cash (used in) provided by operating activities		(23,717	)		27,078			17,766			73,128			47,044			141,299			94,087
Maintenance capital expenditures		-			(6,202	)		(989	)		(7,655	)		(21,345	)		(36,191	)		(42,690	)
Changes in working capital		9,340			(8,133	)		(3,966	)		(4,351	)		7,694			584			15,387
Free cash flow		(14,377	)		12,743			12,811			61,122			33,392			105,691			66,784
		/-----------------------------FOR THE QUARTER ENDED DECEMBER 31, 2008-------------------------------/
($ In Thousands)		MIC			The Gas Company			District Energy			Atlantic Aviation			IMTT			Proportionately Combined			IMTT
														(50	%)					(100	%)
Net (loss) income		(20,311	)		888			(786	)		(53,943	)		(8,097	)		(82,249	)		(16,193	)
Interest expense, net		1,482			2,365			2,580			15,935			3,370			25,732			6,739
Provision (benefit) for income taxes		15,959			573			(274	)		(36,412	)		(4,711	)		(24,865	)		(9,422	)
Depreciation		-			1,516			1,459			18,485			6,328			27,788			12,655
Amortization of intangibles		-			214			345			31,052			-			31,611			-
Goodwill impairment		-			-			-			52,000			-			52,000			-
Loss (gain) on derivative instruments		208			(2	)		2			738			20,888			21,834			41,775
Other non-cash (income) expense		(43	)		508			2,061			548			214			3,288			428
EBITDA excluding non-cash items		(2,705	)		6,062			5,387			28,403			17,991			55,138			35,982
EBITDA excluding non-cash items		(2,705	)		6,062			5,387			28,403			17,991			55,138			35,982
Interest expense, net		(1,482	)		(2,365	)		(2,580	)		(15,935	)		(3,370	)		(25,732	)		(6,739	)
Amortization of deferred finance charges		206			119			170			654			59			1,208			118
Equipment lease receivables, net		-			-			751			-			-			751			-
Provision / benefit for income taxes, net of changes in deferred taxes		800			-			-			(1,426	)		233			(394	)		465
Changes in working capital		(7	)		8,000			2,265			2,318			(6,108	)		6,468			(12,216	)
Cash (used in) provided by operating activities		(3,188	)		11,816			5,993			14,014			8,805			37,440			17,610
Maintenance capital expenditures		-			(1,578	)		(374	)		(898	)		(4,340	)		(7,190	)		(8,679	)
Changes in working capital		7			(8,000	)		(2,265	)		(2,318	)		6,108			(6,468	)		12,216
Free cash flow		(3,181	)		2,238			3,354			10,798			10,574			23,783			21,147