8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 25, 2010

MACQUARIE INFRASTRUCTURE COMPANY LLC
(Exact name of registrant as specified in its charter)

Delaware	001-32384	43-2052503
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

125 West 55th Street, New York, New York	10019
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 231-1000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

“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.

Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition.

Attached as Exhibit 99.1 hereto is a press release issued February 25, 2010 by Macquarie Infrastructure Company LLC regarding its financial results for the quarter and year ended December 31, 2009.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, is deemed to be furnished and not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is not otherwise subject to the liabilities of that Section and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

 (d) Exhibits

            99.1         Press release

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			MACQUARIE INFRASTRUCTURE COMPANY LLC
Date:	February 25, 2010	By:	/s/ James Hooke
			Name: James Hooke
			Title: Chief Executive Officer

EX-99.1

Exhibit 99.1

MIC Issues Release on 2009 Financial Performance

• Strong Demand and Pricing Drive Increased Cash Generation at Energy-Related Businesses
• Aviation Services Continues to Recover, Reduce Leverage
• Holding Company Debt Fully Repaid
• Airport Parking a “Discontinued Operation” as a Result of January Sale Announcement

NEW YORK--(BUSINESS WIRE)--February 25, 2010--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

CONTACT:
Macquarie Infrastructure Company
Investor enquiries:
Jay A. Davis, 212-231-1825
Investor Relations
or
Media enquiries:
Alex Doughty, 212-231-1310
Corporate Communications