macquarie

FOURTH QUARTER AND FULL YEAR 2011 EARNINGS CONFERENCE CALLMacquarie Infrastructure Company LLC

February 2012

Macquarie Infrastructure Company LLC

Di l iDisclaimer

This presentation by Macquarie Infrastructure Company LLC (MIC) is proprietary and all rights arereserved. Any reproduction, in whole or in part, without the prior written consent of MacquarieInfrastructure Company is prohibitedInfrastructure Company is prohibited.

This presentation is based on information generally available to the public and does not contain anymaterial, non-public information. The presentation has been prepared solely for information purposes,it is not a solicitation of any offer to buy or sell any security or instrument.y y y y

This presentation contains forward-looking statements. Forward-looking statements in thispresentation are subject to a number of risks and uncertainties, some of which are beyond ourcontrol. Our actual results, performance, prospects or opportunities could differ materially from those

d i i li d b th f d l ki t t t A d i ti f k i k th t ldexpressed in or implied by the forward-looking statements. A description of known risks that couldcause our actual results to differ appears under the caption “Risk Factors” in our Form 10-K filed withthe Securities and Exchange Commission on February 22, 2012. Additional risks of which we are notcurrently aware could also cause our actual results to differ.

These forward-looking statements are made as of the date of this presentation. We undertake noobligation to publicly update or revise any forward-looking statements whether as a result of newinformation, future events or otherwise, except as required by law.

“Macquarie Group” consists of Macquarie Group Limited and its worldwide subsidiaries and affiliates.

MIC is not an authorised deposit-taking institution for the purposes of the Banking Act 1959(Commonwealth of Australia) and its obligations do not represent deposits or other liabilities ofM i B k Li it d ABN 46 008 583 542 M i B k Li it d d t t

2

Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee orotherwise provide assurance in respect of the obligations of MIC.

MIC C h G tiMIC – Cash Generation

Fourth Quarter and Full Year Proportionately Combined Free Cash Flow1

Proportionately Combined Free Cash

145.7 145.1140.0

160.0

Combined Free Cash Flow:

$3.16 / share in 2011100.0

120.0

$3.16 / share in 2011 vs.

$3.19 / share in 201037 6

60.0

80.0

2010 included non-recurring contribution

related to oil spill clean-

27.737.6

0 0

20.0

40.0

related to oil spill clean-up activity of $0.52 /

share

0.04Q'10 / 4Q'11 YTD'10 / YTD'11

3

1. Includes 50% equity interest in IMTT and 50.01% controlling interest in District Energy


Proportionately Combined Net Income, EBITDA Excluding Non-Cash Items and Free Cash Flow

$ Millions 4Q 2011 4Q 2010 FY 2011 FY 2010

Net Income $ 13.2 $ 4.1 $ 31.9 $ 15.6EBITDA ex Non-cash Items $ 72.1 $ 68.0 $281.7 $280.5

Free Cash Flow $ 37.6 $ 27.7 $145.1 $145.7

Consolidated Net Income, EBITDA Excluding Non-Cash Items and Free Cash Flow

$ Millions 4Q 2011 4Q 2010 FY 2011 FY 2010Net Income1 $ 12.3 $ 4.1 $ 27.3 $ 9.5EBITDA ex NonEBITDA ex Non-cash Items

$ 47.9 $ 44.5 $189.9 $188.5

Free Cash Flow $ 24.4 $ 16.1 $ 98.0 $ 94.7

4

1. Net income attributable to MIC LLC from continuing operations excludes net income attributable to noncontrolling interests of $149,000 and $1.5 million for the quarter and year ended December 31, 2011, respectively, and net income attributable to noncontrolling interests of $2.0 million and $523,000 for the quarter and year ended December 31, 2010, respectively


Full Year 2011 Proportionately Combined Free Cash Flow1, by Segment

The Gas Company

19%

International-MatexTank Terminals2

36%District Energy2

5%

36%

Atlantic Aviation40%

5

1. Continuing operations only; excludes non-operating holding company results. See 2011 reconciliation of net income (loss) to EBITDA, excluding non-cash items and EBITDA excluding non-cash items to free cash flow, by operating segment.

2. Represents MIC’s 50% interest in IMTT and 50.01% interest in District Energy


Proportionately Combined Free Cash Flow / Share Bridge$4.00 $3.50 - $3.60

$3.19

TGC$DE $0 16

DE $0.16$0.52 $0.70

$0.21 $0.44

$0.10

$3.00

$3.50

$2.67

$3.16

$3.50 $3.60

AAAA

$1 34

TGC$0.55

$0.62DE $0.16

$2.00

$2.50

IMTT

AA$1.06

$1.34

$1.00

$1.50

IMTT$1.09

IMTT$1.18

MIC ($0 19) MIC ($0.14)

$0.00

$0.50

MIC ($0.19) ($ )-$0.50

2010 Full Year

(Actual)

OMI 2010 Adjusted

2011 Growth (Actual)

2011 Accel. Capex (Actual)

2011 Full Year

(Actual)

2012 Growth (Estimate)

2012 Accel. Capex

(Estimate)

2012 full Year

(Estimate)

6

1. includes unusual contribution to FCF from OMI related to BP oil spill in 2010 plus impact of management fees reinvested in additional shares

MIC P f O iMIC – Performance Overview

4Q’11 Key Factors

48 2% Increase in Proportionately Combined Free Cash Flow excluding cash48.2% Increase in Proportionately Combined Free Cash Flow, excluding cash

generated by environmental services business in the fourth quarters of 2010 and

2011

– Includes impact of increased maintenance capex in 4Q’11

Cash dividend of $0.20 per share declared

– Record date March 5, 2012

– Payable date March 8, 2012

Consistent improvement in quarterly performance of all businessesConsistent improvement in quarterly performance of all businesses

− 5.0% increase in gross profit at Atlantic Aviation

− 12.6% increase in average storage rates at IMTTg g

− 4.9% increase in volume of gas sold by The Gas Company

− 13.1% increase in consumption revenue at District Energy

7

MIC P f O iMIC – Performance Overview

FY 2011 Key Factors

17 7% increase in Proportionately Combined Free Cash Flow excluding cash17.7% increase in Proportionately Combined Free Cash Flow, excluding cash

generated by environmental services business in 2010 and 2011

– Includes impact of increased maintenance capex in 2011

Cash dividends of $0.80 per share declared, $0.60 per share paid to date

– Distributions characterized as dividends, reported in Box 1 on Form 1099

All b sinesses performed at or abo e e pectations for f ll earAll businesses performed at or above expectations for full year

− 3.5% increase in gross profit driven by 5.5% same store GA volume and

2.5% same store GA fuel margin expansion at Atlantic Aviationg p

− 13.3% increase in average storage rates at IMTT, slight increase in

utilization rates

− 2.1% increase in the volume of gas products sold by The Gas Company

− EBITDA flat at District Energy in spite of cooler weather on lower real estate

taxes improved capacity revenue

8

taxes, improved capacity revenue

MIC 4Q and FY’11 – IMTTMIC 4Q and FY 11 IMTTOperations

Good Top Line Growth in 4Q

Terminal revenue increased 13.9% on average storage rate growth of 12.6%Terminal revenue increased 13.9% on average storage rate growth of 12.6%

Terminal operating costs increased 8.9% reflecting higher repairs and

maintenance, a substantial portion involving repair of construction defects

Pipeline of new growth opportunities expanded by more than $20 million

Strong Full Year Result

T i l i d 12 1% t t th f 13 3%Terminal revenue increased 12.1% on average storage rate growth of 13.3%

Capacity utilization increased to 94.3% from 93.6%

90 4% decline in environmental response gross profit reflects that OMI90.4% decline in environmental response gross profit reflects that OMI

Environmental Services was not involved in major spill clean-up activities in 2011

2012 GuidanceFull year 2012 EBITDA expected to be between $220 and $235 million– Assumes modest price improvement, forecast maintenance capex of $50m

9

MIC 4Q and FY’11 - The Gas CompanyMIC 4Q and FY 11 The Gas CompanyOperations

Economic Recovery Continues in 4Q

Volume of gas products sold increases 4 9%Volume of gas products sold increases 4.9%

Strong growth in non-utility contribution margin partially offset by higher

production, transmission and distribution costsp

Solid Full Year Financial Result

Number of visitors to Hawaii increased by 3.8%1

Volume of gas products sold increase by 2.1%

Gross profit increases by 7.1%

Free cash flow increases 13 4% in spite of increased maintenance capex andFree cash flow increases 13.4% in spite of increased maintenance capex and

higher state taxes

2012 GuidanceFull year 2012 EBITDA expected be between $50m and $55m – Assumes continued recovery in Hawaiian economy, no material supply

disruptions

10

disruptions

1. Through December 31, 2011 compared with 2010

MIC 4Q and FY’11 - District EnergyMIC 4Q and FY 11 District EnergyOperations

Warm Fall Extends Consumption Revenue into 4Q

Consumption revenue up 13 1%Consumption revenue up 13.1%

Capacity revenue increases with CPI escalators, new customers

Decline in total revenue reflects life-to-date re-class of lease interest in 2010

Full 2011 Performance Meets Expectations

Consumption revenue down on slightly cooler summer temperatures in 2011

compared with 2010Free cash flow down slightly as a result of higher state taxes

2021 Guidance2021 GuidanceFull year 2012 EBITDA expected to be between $21m and $22m – Assumes no significant variation in weather in Chicago

11

MIC 4Q and FY’11 - Atlantic AviationMIC 4Q and FY 11 Atlantic AviationOperations

Positive Trends Continue in 4Q

Fuel revenue up strongly at 16 9%Fuel revenue up strongly at 16.9%

Gross profit increases 5.0%

Full Year 2011 Results Reflect Ongoing Recoveryg g y

Gross profit rises 3.5% on 5.5% increase in same store GA volume and 2.5%

increase in same store GA fuel margin offset by decrease in non-fuel gross profit

Leverage ratio reduced to 5.98x at year end 2011– Exits cash flow lock-up during fourth quarter, makes $6.5 million debt pre-

payment and $6.5 million payment to MIC in Februarypayment and $6.5 million payment to MIC in February

2012 GuidanceFull year 2012 EBITDA expected to be between $130m and $140m

A ti d i l i ti fli ht ti it– Assumes continued recovery in general aviation flight activity

12

MIC D bt P filMIC – Debt Profile

$1,000,000 Atlantic Aviation1,2,3

$750,000

$1,000,000

)

The Gas CompanyDistrict EnergyIMTT

1,3

1,3

1,3

$500,000

($ 0

00

$-

$250,000

$2012 2013 2014 2015

13

1. Assumes current balance on all facilities at December 31, 2011, does not reflect future draws or mandatory repayments with excess cash flow2. Reflects impact of debt pre-payments year to date through December 31, 20113. Reflects maturity dates of primary facilities


Debt Balance

Weighted AverageBusiness Maturity1 Amount ($000)

Weighted Average All-in Rate3

Atlantic Aviation October 16, 2014 780,5882 6.49%The Gas Company June 7, 2013 170,000 5.16%District Energy September 27, 2014 170,000 5.54%IMTT June 7, 2014 639,757 5.05%IMTT June 7, 2014 639,757 5.05%

1. Reflects maturity dates of primary facilities2 Reflects impact of primary debt facility pre payments year to date through December 31 2011 capex facility with drawn balance of $50 0 million and $3 4 stand

14

2. Reflects impact of primary debt facility pre-payments year to date through December 31, 2011, capex facility with drawn balance of $50.0 million and $3.4 stand-alone facility related to new FBO at Oklahoma City

3. Reflects annualized costs associated with interest on all facilities, letters of credit, commitment fees (excludes non-cash deferred financing costs and swap break fees)


RequiredActual Ratio at December

Percentage of Headroom Available at December

Business/Investment Debt Facility Maturity Type of Ratio (1)Required Ratio (2)

at December 31, 2011

December 31, 2011

Energy-Related Businesses:IMTT(3) Revolver June 2014 Leverage < 4.75x 2.70x 76%

Interest Coverage > 3.00x 6.12x 104%

The Gas Company(4) Term Loan and Revolver June 2013 Forward Interest Coverage > 3.50x 10.07x 188%Backward Interest

Coverage > 3.50x 6.95x 99%Coverage > 3.50x 6.95x 99%

District Energy(4) Term Loan September 2014 Leverage > 6.00% 8.73% 46%Interest Coverage > 1.50x 2.27x 51%

A i ti R l t d B iAviation-Related Business:Atlantic Aviation(4) Term Loan October 2014 Leverage < 7.50x 5.98x 25%

Debt Service Coverage > 1.20x 2.12x 77%

__________(1) Ratio as per the debt agreement(2) Maximum leverage permitted, or minimum coverage required as per debt agreement(3) For a description and material terms of IMTT's debt facilities, see "Management's Discussion and Analysis of Financial Condition and Results of Operations-

Liquidity and Capital Resources - IMTT" in Part II, Item 7(4) F d i ti d t i l t f lid t d b i ' d bt f iliti N t 10 "L T D bt" i lid t d fi i l t t t

15

(4) For a description and material terms of our consolidated businesses' debt facilities, see Note 10, "Long-Term Debt", in our consolidated financial statements "Financial Statements and Supplementary Data" in Part II, Item 8, of this Form 10-K

Appendix: Reconciliation of Segment Financial Data Fourth Quarter and Full

16

Year 2011

Energy Related:Energy Related: Bulk Liquid Storage Terminals

2011 2010 2011 2010$ $ $ % $ $ $ %

Quarter Ended December 31, Change

Favorable/(Unfavorable)

Year Ended December 31, Change

Favorable/(Unfavorable) $ $ $ $ $ $

RevenueTerminal revenue 107,177 94,083 13,094 13.9 417,422 372,205 45,217 12.1 Environmental response revenue 7,565 15,626 (8,061) (51.6) 29,670 184,979 (155,309) (84.0)

Total revenue 114,742 109,709 5,033 4.6 447,092 557,184 (110,092) (19.8)Costs and expenses

($ In Thousands) (Unaudited)

Costs and expensesTerminal operating costs 47,763 43,867 (3,896) (8.9) 188,222 168,713 (19,509) (11.6)Environmental response operating costs 6,982 7,738 756 9.8 23,013 115,937 92,924 80.2

Total operating costs 54,745 51,605 (3,140) (6.1) 211,235 284,650 73,415 25.8 Terminal gross profit 59,414 50,216 9,198 18.3 229,200 203,492 25,708 12.6 Environmental response gross profit 583 7,888 (7,305) (92.6) 6,657 69,042 (62,385) (90.4)

G fi 9 99 8 104 1 893 3 3 23 8 2 2 34 (36 6 ) (13 ) Gross profit 59,997 58,104 1,893 3.3 235,857 272,534 (36,677) (13.5)General and administrative expenses 7,401 7,323 (78) (1.1) 30,976 37,125 6,149 16.6 Depreciation and amortization 16,383 15,141 (1,242) (8.2) 64,470 61,277 (3,193) (5.2)

Operating income 36,213 35,640 573 1.6 140,411 174,132 (33,721) (19.4)Interest (expense) income, net(1) (6,944) 8,150 (15,094) (185.2) (52,257) (50,335) (1,922) (3.8)Other income 272 372 (100) (26.9) 1,486 1,953 (467) (23.9)( ) ( ) ( ) ( )Provision for income taxes (9,836) (17,619) 7,783 44.2 (34,820) (53,521) 18,701 34.9 Noncontrolling interests (48) 82 (130) (158.5) 137 (165) 302 183.0

Net income 19,657 26,625 (6,968) (26.2) 54,957 72,064 (17,107) (23.7)

17

Energy Related:Energy Related: Bulk Liquid Storage Terminals (Cont.)

2011 2010 2011 2010$ $ $ % $ $ $ %





Reconciliation of net income to EBITDA excluding non-cash items:Net income 19,657 26,625 54,957 72,064 Interest expense (income), net(1) 6,944 (8,150) 52,257 50,335 Provision for income taxes 9,836 17,619 34,820 53,521

$ $ $ $ $ $($ In Thousands) (Unaudited)

Depreciation and amortization 16,383 15,141 64,470 61,277 Other non-cash income (expense) 42 (88) (114) (361)EBITDA excluding non-cash items 52,862 51,147 1,715 3.4 206,390 236,836 (30,446) (12.9)

EBITDA excluding non-cash items 52,862 51,147 206,390 236,836 Interest (expense) income, net(1) (6,944) 8,150 (52,257) (50,335)Interest (expense) income, net ( , ) , ( , ) ( , )

Non-cash derivative (gains) losses recorded in interest expense(1) (1,998) (17,441) 16,655 15,653

Amortization of debt financing costs(1) 807 683 3,233 2,011 Provision for income taxes, net of changes in deferred taxes 5,596 (1,702) (8,169) (12,514)Changes in working capital (6,233) 24,229 (36,701) 4,536 Cash provided by operating activities 44,090 65,066 129,151 196,187 Ch i ki it l 6 233 (24 229) 36 701 (4 536)Changes in working capital 6,233 (24,229) 36,701 (4,536)Maintenance capital expenditures (21,199) (15,826) (57,257) (44,995)

Free cash flow 29,124 25,011 4,113 16.4 108,595 146,656 (38,061) (26.0)_____________________(1) Interest expense, net, includes non-cash gains (losses) on derivative instruments and non-cash amortization of deferred financing fees.

18

Energy Related:Energy Related: The Gas Company

2011 2010 2011 2010 $ $ $ % $ $ $ %





Contribut ion marginRevenue - non-utility 29,678 24,095 5,583 23.2 112,020 96,855 15,165 15.7 Cost of revenue - non-utility 14,956 11,872 (3,084) (26.0) 60,369 48,896 (11,473) (23.5)

Contribution margin - non-utility 14,722 12,223 2,499 20.4 51,651 47,959 3,692 7.7 Revenue - utility 34,964 30,235 4,729 15.6 140,746 113,752 26,994 23.7


y , , , , , ,Cost of revenue - utility 25,455 20,713 (4,742) (22.9) 102,213 76,891 (25,322) (32.9)

Contribution margin - utility 9,509 9,522 (13) (0.1) 38,533 36,861 1,672 4.5 Tota l contribut ion margin 24,231 21,745 2,486 11.4 90,184 84,820 5,364 6.3

Production 2,089 1,599 (490) (30.6) 7,410 6,725 (685) (10.2)Transmission and distribution 5,348 4,219 (1,129) (26.8) 19,776 19,269 (507) (2.6)

Gross profit 16 794 15 927 867 5 4 62 998 58 826 4 172 7 1 Gross profit 16,794 15,927 867 5.4 62,998 58,826 4,172 7.1 Selling, general and administrative expenses 3,353 4,127 774 18.8 16,025 16,684 659 3.9 Depreciation and amortization 1,800 1,723 (77) (4.5) 7,218 6,649 (569) (8.6)

Operat ing income 11,641 10,077 1,564 15.5 39,755 35,493 4,262 12.0 Interest expense, net(1) (1,226) (725) (501) (69.1) (9,138) (16,505) 7,367 44.6 Other expense (11) (80) 69 86.3 (220) (90) (130) (144.4)P i i f i ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )Provision for income taxes (4,324) (3,631) (693) (19.1) (12,225) (7,400) (4,825) (65.2)Net income(2) 6,080 5,641 439 7.8 18,172 11,498 6,674 58.0

19

Energy Related:Energy Related: The Gas Company (Cont.)

2011 2010 2011 2010$ $ $ % $ $ $ %




Favorable/(Unfavorable) $ $ $ $ $ $


Reconciliation of net income to EBITDA excluding non-cash items:Net income(2) 6,080 5,641 18,172 11,498

Interest expense, net (1) 1,226 725 9,138 16,505 Provision for income taxes 4,324 3,631 12,225 7,400 Depreciation and amortization 1,800 1,723 7,218 6,649 Other non-cash expense 361 785 2,279 2,384 EBITDA excluding non-cash items 13,791 12,505 1,286 10.3 49,032 44,436 4,596 10.3

EBITDA excluding non-cash items 13,791 12,505 49,032 44,436EBITDA excluding non cash items 13,791 12,505 49,032 44,436 Interest expense, net (1) (1,226) (725) (9,138) (16,505)

Non-cash derivative (gains) losses recorded in interest expense(1) (1,157) (1,611) (225) 7,334

Amortization of debt financing costs(1) 120 119 478 478 Provision for income taxes, net of changes in deferred taxes 971 (3,057) (3,136) (4,333)Changes in working capital (1,871) (759) (9,350) (2,079)Cash provided by operating activities 10,628 6,472 27,661 29,331 Changes in working capital 1,871 759 9,350 2,079 Maintenance capital expenditures (2,215) (4,267) (8,503) (6,275)

Free cash flow 10,284 2,964 7,320 NM 28,508 25,135 3,373 13.4 _____________________NM - Not meaningfulg(1) Interest expense, net, includes non-cash gains (losses) on derivative instruments and non-cash amortization of deferred financing fees.(2) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.

20

Energy Related:Energy Related: District Energy

2011 2010 2011 2010 $ $ $ % $ $ $ %





Cooling capacity revenue 5,502 5,327 175 3.3 21,784 21,162 622 2.9 Cooling consumption revenue 3,262 2,883 379 13.1 22,707 24,386 (1,679) (6.9)Other revenue 676 881 (205) (23.3) 2,957 3,371 (414) (12.3)Finance lease revenue 1 208 4 076 (2 868) (70 4) 4 992 7 843 (2 851) (36 4)


Finance lease revenue 1,208 4,076 (2,868) (70.4) 4,992 7,843 (2,851) (36.4)Total revenue 10,648 13,167 (2,519) (19.1) 52,440 56,762 (4,322) (7.6)

Direct expenses — electricity 2,323 2,154 (169) (7.8) 14,641 16,343 1,702 10.4 Direct expenses — other(1) 4,715 5,471 756 13.8 19,961 20,349 388 1.9

Direct expenses — total 7,038 7,625 587 7.7 34,602 36,692 2,090 5.7 Gross profit 3,610 5,542 (1,932) (34.9) 17,838 20,070 (2,232) (11.1)

S lli l d d i i i 925 867 (58) (6 7) 3 374 3 217 (157) (4 9)Selling, general and administrative expenses 925 867 (58) (6.7) 3,374 3,217 (157) (4.9)Amortization of intangibles 345 345 - - 1,368 1,368 - -

Operating income 2,340 4,330 (1,990) (46.0) 13,096 15,485 (2,389) (15.4)Interest (expense) income, net(2) (1,458) 195 (1,653) NM (13,208) (20,671) 7,463 36.1 Other income 166 268 (102) (38.1) 1,478 1,804 (326) (18.1)(Provision) benefit for income taxes (344) (1,620) 1,276 78.8 (212) 1,844 (2,056) (111.5)Noncontrolling interests (212) (694) 482 69.5 (850) (1,284) 434 33.8

Net income (loss) 492 2,479 (1,987) (80.2) 304 (2,822) 3,126 110.8

21

Energy Related:Energy Related: District Energy (Cont.)

2011 2010 2011 2010$ $ $ % $ $ $ %






Reconciliation of net income (loss) to EBITDA excluding non-cash items:Net income (loss) 492 2,479 304 (2,822)Interest expense (income), net(2) 1,458 (195) 13,208 20,671 Provision (benefit) for income taxes 344 1,620 212 (1,844)

(1)Depreciation(1) 1,670 1,645 6,639 6,555 Amortization of intangibles 345 345 1,368 1,368 Other non-cash expense (income) 313 (1,734) 964 (1,082)EBITDA excluding non-cash items 4,622 4,160 462 11.1 22,695 22,846 (151) (0.7)

EBITDA excluding non-cash items 4,622 4,160 22,695 22,846EBITDA excluding non cash items 4,622 4,160 22,695 22,846 Interest (expense) income, net(2) (1,458) 195 (13,208) (20,671)

Non-cash derivative (gains) losses recorded in interest expense(2) (1,221) (2,870) 2,587 10,136

Amortization of debt financing costs(2) 170 170 681 681 Equipment lease receivable, net 834 559 3,105 2,761

224 - (868) - Provision/benefit for income taxes, net of changes in deferred taxesChanges in working capital 1,128 2,867 520 (794)Cash provided by operating activities 4,299 5,081 15,512 14,959 Changes in working capital (1,128) (2,867) (520) 794 Maintenance capital expenditures (370) (394) (659) (1,207)

Free cash flow 2,801 1,820 981 53.9 14,333 14,546 (213) (1.5)_____________________NM - Not meaningful

December 31, 2010, respectively.(1) Includes depreciation expense of $1.7 million and $6.6 million for the quarter and year ended December 31, 2011, respectively, and $1.6 million and $6.6 million for the quarter and year ended

(2) Interest expense, net, includes non-cash gains (losses) on derivative instruments and non-cash amortization of deferred financing fees.

22

Aviation Related:Aviation Related: Atlantic Aviation

2011 2010 2011 2010$ $ $ % $ $ $ %





RevenueFuel revenue 135,363 115,837 19,526 16.9 527,501 417,489 110,012 26.4 Non-fuel revenue 39,502 38,163 1,339 3.5 156,084 155,933 151 0.1

Total revenue 174,865 154,000 20,865 13.5 683,585 573,422 110,163 19.2 Cost of revenue


Cost of revenueCost of revenue-fuel 92,745 76,156 (16,589) (21.8) 363,694 265,493 (98,201) (37.0)Cost of revenue-non-fuel 5,001 4,376 (625) (14.3) 18,142 16,397 (1,745) (10.6)

Total cost of revenue 97,746 80,532 (17,214) (21.4) 381,836 281,890 (99,946) (35.5)Fuel gross profit 42,618 39,681 2,937 7.4 163,807 151,996 11,811 7.8 Non-fuel gross profit 34,501 33,787 714 2.1 137,942 139,536 (1,594) (1.1)Gross profit 77 119 73 468 3 651 5 0 301 749 291 532 10 217 3 5Gross profit 77,119 73,468 3,651 5.0 301,749 291,532 10,217 3.5

Selling, general and administrative expenses 44,043 44,764 721 1.6 174,148 174,526 378 0.2 Depreciation and amortization 14,472 14,500 28 0.2 67,336 56,602 (10,734) (19.0)(Gain) loss on disposal of assets (221) 17,869 18,090 101.2 1,522 17,869 16,347 91.5 Operating income (loss) 18,825 (3,665) 22,490 NM 58,743 42,535 16,208 38.1 Interest expense, net(1) (7,696) (7,797) 101 1.3 (36,905) (69,409) 32,504 46.8 pOther expense (49) (272) 223 82.0 (244) (917) 673 73.4 (Provision) benefit for income taxes (7,716) 3,026 (10,742) NM (11,952) 9,497 (21,449) NM Net income (loss)(2 ) 3,364 (8,708) 12,072 138.6 9,642 (18,294) 27,936 152.7

23

Aviation Related:Aviation Related: Atlantic Aviation (Cont.)

2011 2010 2011 2010$ $ $ % $ $ $ %






Reconciliation of net income (loss) to EBITDA excluding non-cash items:Net income (loss)(2) 3,364 (8,708) 9,642 (18,294)

Interest expense, net(1) 7,696 7,797 36,905 69,409 Provision (benefit) for income taxes 7,716 (3,026) 11,952 (9,497)Depreciation and amortization 14,472 14,500 67,336 56,602 (Gain) loss on disposal of assets (332) 17,869 617 17,869 Other non-cash (income) expense (82) 634 228 1,388 EBITDA excluding non-cash items 32,834 29,066 3,768 13.0 126,680 117,477 9,203 7.8

EBITDA excluding non-cash items 32,834 29,066 126,680 117,477 Interest expense, net(1) (7,696) (7,797) (36,905) (69,409)

Interest rate swap breakage fees(1) (80) (839) (2,327) (5,528)

Non-cash derivative (gains) losses recorded in interest expense(1) (6,214) (6,764) (18,280) 11,473

Amortization of debt financing costs(1) 722 759 2,927 2,984

Provision/benefit for income taxes, net of changes in deferred taxes (539) (1,188) (1,481) (1,486)Changes in working capital (7,825) (1,612) (15,307) (1,476)Cash provided by operating activities 11,202 11,625 55,307 54,035 Changes in working capital 7,825 1,612 15,307 1,476 Maintenance capital expenditures (3,206) (3,046) (8,900) (7,027)

Free cash flow 15,821 10,191 5,630 55.2 61,714 48,484 13,230 27.3 15,821 10,191 5,630 55.2 61,714 48,484 13,230 27.3

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NM - Not meaningful(1) Interest expense, net, includes non-cash gains (losses) on derivative instruments, non-cash amortization of deferred financing fees and interest rate swap breakage fees.(2) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.

24

macquarie

Business

cash itemsfree cash

combined free cash

free cash flow1

free cash flow share

ebitdaexcluding noncash

mic llc

net income attributable

consolidated net income