NEW YORK, Feb 22, 2012 (BUSINESS WIRE) –
–Proportionately combined free cash flow of $3.16 per share exceeds expectations

–Atlantic Aviation exits cash flow lockup, expected to distribute approximately $25 million to MIC during 2012

–Proportionately combined free cash flow of $3.50 – $3.60 per share expected in 2012

Macquarie Infrastructure Company LLC


/quotes/zigman/1507157/quotes/nls/mic MIC
-0.14%



reported financial
results for 2011 including $3.16 per share in proportionately combined
free cash flow. MIC generated $3.19 per share in proportionately
combined free cash flow in 2010. Excluding the free cash flow generated
in connection with the cleanup of the BP oil spill in 2010, the 2011
result reflects an approximately 18% year on year increase in
proportionately combined free cash flow.

With the continued strong cash generation, MIC’s board of directors
authorized the payment of a $0.20 per share cash dividend for the fourth
quarter of 2011. The dividend will be payable on March 8, 2012 to
shareholders of record on March 5, 2012.

“Our energy-related businesses generally, and The Gas Company in Hawaii
in particular, produced very good results for the fourth quarter and
full year 2011,” said James Hooke, Chief Executive Officer of MIC. “Each
of these businesses performed at or above the level of our expectations.”

In addition to The Gas Company, MIC’s energy-related businesses include
a 50.01% (controlling) interest in District Energy in Chicago and a 50%
(unconsolidated) interest in International-Matex Tank Terminals (“IMTT”)
headquartered in New Orleans. MIC also owns 100% of an aviation-related
business, Atlantic Aviation, based in Plano, Texas.

“Atlantic Aviation’s financial performance outpaced the improvement in
industry fundamentals and reflects the operational leverage that exists
in that business,” Hooke noted. “As a result, Atlantic Aviation’s debt
levels decreased to the point where we expect the business to pay
distributions totaling approximately $25 million to MIC for the fourth
quarter of 2011 and the first three quarters of 2012.”

Hooke said that he expects MIC’s businesses to produce additional free
cash flow in the year ahead. “The stable performance and predictable
requirements of our businesses provide us with reasonable visibility
into their cash generating capacity. As a result, we expect to report
proportionately combined free cash flow for the full year 2012 in a
range between $3.50 and $3.60 per share,” he said.

The estimate assumes that MIC’s manager continues to reinvest base
management fees in additional shares. Similar reinvestment of base
management fees in 2011 enhanced proportionately combined free cash flow
by approximately $0.32 per share.

MIC reported consolidated revenue of $988.8 million for 2011 compared
with $840.8 million in 2010. The 17.6% growth in revenue reflects
primarily higher energy commodity prices, such as the cost of jet fuel
and gas products that typically are passed through to its customers.

Reported gross profit – defined as revenue less cost of goods sold –
removes the volatility in revenue associated with fluctuations in energy
costs. MIC’s consolidated gross profit totaled $382.6 million in 2011,
an increase of 3.3% over 2010. The year on year growth is the result of
increases in the volume of product sold, combined with a modest increase
in margins on those sales.

MIC’s net income from continuing operations, after tax, was $28.9
million and $10.0 million for years ended December 31, 2011 and 2010,
respectively. The increase reflects primarily improved operating results
generally, lower interest expense and net gains on derivatives (interest
rate hedges), partially offset by lower net income generated by its
investment in IMTT. The reduced interest expense stems from Atlantic
Aviation having paid down a portion of its long term debt during the
year.

IMTT’s net income declined on lower revenue from its environmental
emergency response services subsidiary. The environmental emergency
response business generated unusually large revenues in 2010 as a result
of its involvement in the clean-up of the BP oil spill on the Gulf of
Mexico.

MIC utilized a portion of its accumulated net operating loss carry
forwards (NOL) to offset its consolidated federal income tax liability
for 2011, other than an Alternative Minimum Tax payment of less than
$250,000. At year-end MIC’s remaining federal NOL balance was $135.2
million. The Company expects utilization of this NOL balance will offset
any current federal income tax liability, other than an Alternative
Minimum Tax, through the 2013 tax year.

Cash Generation

MIC reports EBITDA excluding non-cash items on a consolidated and
operating segment basis and reconciles each to consolidated net income
(loss) from continuing operations. EBITDA excluding non-cash items is a
measure relied upon by management in evaluating the performance of its
businesses and investments. EBITDA excluding non-cash items is defined
as earnings before interest, taxes, depreciation and amortization and
non-cash items, which include impairments, gains and losses on
derivatives and adjustments for certain other items reflected in the
statement of operations.

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

MIC also reports free cash flow, as defined below, on both a
consolidated and operating segment basis as a means of assessing the
amount of cash generated by its businesses and as a supplement to other
information provided in accordance with GAAP, and reconciles each to
cash from operating activities. MIC believes that reporting free cash
flow provides additional insight into its ability to deploy cash as GAAP
measures, such as net income and cash from operating activities, do not
reflect all of the items that management considers in estimating the
amount of cash generated by its operating businesses.

MIC defines free cash flow as cash from operating activities, less
maintenance capital expenditures and changes in working capital. Working
capital movements are excluded on the basis that these are largely
timing differences in payables and receivables, and are therefore not
reflective of MIC’s 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, potential growth
capital expenditures and other fixed obligations or the other cash items
excluded when calculating free cash flow. Free cash flow may be
calculated differently 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.

                                                                                                 For the Year Ended December 31, 2011
                                                    ------------------------------------------------------------------------------------------------------
        ($ in Thousands) (Unaudited)                  IMTT 50%      The Gas    District Energy  Atlantic Aviation  MIC Corporate   Proportionately    IMTT 100%    District Energy
                                                                    Company        50.01%                                            Combined(1)                        100%
                                                    -----------   ---------   --------------   ----------------   -------------   --------------    -----------   --------------
        Gross profit                                117,929       62,998        8,921           301,749               N/A         491,596           235,857        17,838
        EBITDA excluding non-cash items             103,195       49,032       11,350           126,680            (8,529)       281,728           206,390        22,695
        Free cash flow                               54,298       28,508        7,168            61,714            (6,550)       145,137           108,595        14,333
                                                    -------       ------      -------          --------           ------- ------  -------           -------       -------
                                                                                                 For the Year Ended December 31, 2010
                                                    ------------------------------------------------------------------------------------------------------
        ($ in Thousands) (Unaudited)                  IMTT 50%      The Gas    District Energy  Atlantic Aviation  MIC Corporate   Proportionately    IMTT 100%    District Energy
                                                                    Company        50.01%                                            Combined(1)                        100%
                                                    -----------   ---------   --------------   ----------------   -------------   --------------    -----------   --------------
        Gross profit                                136,267       58,826       10,037           291,532               N/A         496,662           272,534        20,070
        EBITDA excluding non-cash items             118,418       44,436       11,425           117,477           (11,270)       280,486           236,836        22,846
        Free cash flow                               73,328       25,135        7,274            48,484            (8,504)       145,717           146,656        14,546
                                                    -------       ------      -------          --------           ------- ------  -------           -------       -------
        Gross profit variance                         (13.5)%       7.1 %      (11.1)%            3.5 %             N/A            (1.0)%          (13.5)%      (11.1)%
                                                    ------- ----  ------ ---  ------- -------  -------- --------  -------         ------- -------   ------- ----  ------- -------
        EBITDA excluding non-cash items variance      (12.9)%      10.3 %       (0.7)%            7.8 %            24.3 %           0.4 %           (12.9)%       (0.7)%
                                                    ------- ----  ------ ---  ------- -------  -------- --------  ------- ------  ------- -------   ------- ----  ------- -------
        Free cash flow variance                       (26.0)%      13.4 %       (1.5)%           27.3 %            23.0 %          (0.4)%          (26.0)%       (1.5)%
                                                    ------- ----  ------ ---  ------- -------  -------- --------  ------- ------  ------- -------   ------- ----  ------- -------
        _____________________
        (1) Proportionately combined free cash flow is equal to the sum of
        free cash flow attributable to MIC's ownership interest in each of
        its operating businesses and MIC Corporate.
                                                                                                For the Quarter Ended December 31, 2011
                                                    ------------------------------------------------------------------------------------------------------
        ($ in Thousands) (Unaudited)                  IMTT 50%      The Gas    District Energy  Atlantic Aviation  MIC Corporate   Proportionately    IMTT 100%    District Energy
                                                                    Company        50.01%                                            Combined(1)                        100%
                                                    -----------   ---------   --------------   ----------------   -------------   --------------    -----------   --------------
        Gross profit                                 29,999       16,794        1,805            77,119               N/A         125,717            59,997         3,610
        EBITDA excluding non-cash items              26,431       13,791        2,311            32,834            (3,305)        72,062            52,862         4,622
        Free cash flow                               14,562       10,284        1,401            15,821            (4,514)        37,554            29,124         2,801
                                                    -------       ------      -------          --------           ------- ------  -------           -------       -------
                                                                                                For the Quarter Ended December 31, 2010
                                                    ------------------------------------------------------------------------------------------------------
        ($ in Thousands) (Unaudited)                  IMTT 50%      The Gas    District Energy  Atlantic Aviation  MIC Corporate   Proportionately    IMTT 100%    District Energy
                                                                    Company        50.01%                                            Combined(1)                        100%
                                                    -----------   ---------   --------------   ----------------   -------------   --------------    -----------   --------------
        Gross profit                                 29,052       15,927        2,772            73,468               N/A         121,219            58,104         5,542
        EBITDA excluding non-cash items              25,574       12,505        2,080            29,066            (1,199)        68,026            51,147         4,160
        Free cash flow                               12,506        2,964          910            10,191             1,160          27,731            25,011         1,820
                                                    -------       ------      -------          --------           -------         -------           -------       -------
        Gross profit variance                           3.3 %        5.4 %      (34.9)%            5.0 %             N/A             3.7 %             3.3 %       (34.9)%
                                                    ------- ----  ------ ---  ------- -------  -------- --------  -------         ------- -------   ------- ----  ------- -------
        EBITDA excluding non-cash items variance        3.4 %       10.3 %       11.1 %            13.0 %          (175.6)%          5.9 %             3.4 %        11.1 %
                                                    ------- ----  ------ ---  ------- -------  -------- --------  ------- ------  ------- -------   ------- ----  ------- -------
        Free cash flow variance                        16.4 %         NM         53.9 %            55.2 %              NM            35.4 %            16.4 %        53.9 %
                                                    ------- ----  ------      ------- -------  -------- --------  -------         ------- -------   ------- ----  ------- -------
        _____________________
        NM- Not meaningful
        (1) Proportionately combined free cash flow is equal to the sum of
        free cash flow attributable to MIC's ownership interest in each of
        its operating businesses and MIC Corporate.

Energy-Related Businesses

IMTT

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

In addition to its liquid storage and related services business, IMTT
also owns and operates an environmental emergency response, industrial,
waste transportation and disposal services business known as OMI
Environmental Solutions (“OMI”). OMI generated significant revenue and
EBITDA for IMTT in 2010 as a result of its participation in the clean-up
of the BP oil spill in the Gulf of Mexico. Contributions from OMI to
IMTT’s financial results in 2011 returned to historic levels and were
not material to the business’ overall results.

Terminal gross profit (excludes OMI) increased 12.6% in 2011 compared
with 2010. The improvement was driven by a 13.3% increase in average
storage rental rates and a slight increase in storage utilization from
93.6% to 94.3%.

IMTT generated free cash flow of $108.6 million in 2011, the majority of
which was used to reduce debt facility balances.

Maintenance and environmental capital expenditures totaled $57.3 million
in 2011, an increase of 27.3% compared with 2010. MIC forecasts
maintenance and environmental capital expenditures to be approximately
$50.0 million in 2012.

Each of MIC’s businesses, including IMTT, deployed an above average
amount of capital during the year to take advantage of the tax
incentives created under the Tax Relief, Unemployment Insurance
Reauthorization and Job Creation Act of 2010. The legislation provided
for 100% tax depreciation of capital projects completed in 2011.
Currently, this same legislation provides for 50% tax depreciation of
capital projects completed in 2012.

President Obama’s proposed budget for 2012 includes an extension of the
100% tax depreciation for certain fixed assets. There is some
congressional support for this proposal, although there can be no
certainty that any extension will be approved. Such approval, if made,
may result in MIC accelerating a portion of its business’ maintenance
capital expenditures into 2012 in order to capture the associated tax
benefit.

IMTT continues to grow via the construction of additional tank storage
capacity. In 2011 the business deployed approximately $72.9 million in
construction of new or refurbishment of existing tanks. IMTT has $241.2
million of growth projects underway of which a total of $77.6 million
has already been spent. The business expects the projects to generate an
aggregate $41.2 million in gross profit and EBITDA.

IMTT had $639.8 million of debt outstanding at December 31, 2011
including $28.7 million in shareholder loans. The weighted average cost
of the debt, including the cost of interest rate hedges and letter of
credit fees, was 5.05%.

The business’ debt agreement (primary facility) contains a covenant that
limits IMTT’s ratio of debt to EBITDA to not more than 4.75 times. At
December 31, 2011 the ratio was 2.70 times and the business had undrawn
capacity on its existing debt facility of $669.9 million. All but $75.0
million of the $1,100.0 million revolving credit facility matures in
June 2014. The facility contains no restrictions on the payment of
dividends provided that the borrower is not in default.

Distribution of Funds from IMTT

Distribution of cash flows from IMTT is governed by a Shareholders’
Agreement between MIC and its co-investor in the business. The
co-investor has refused to vote in favor of distributing certain of
these funds and the Company believes that such refusal violates the
Shareholders’ Agreement.

MIC has been unable to resolve this dispute with the co-investor
regarding distributions, despite efforts to do so in accordance with the
Shareholders’ Agreement. Accordingly, on April 18, 2011, MIC initiated
formal arbitration proceedings with the co-investor under the auspices
of the American Arbitration Association. MIC believes the defenses and
claims of the co-investor are without merit. MIC currently expects a
decision by the arbitrators in the first quarter of 2012, or soon after.

The Gas Company

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

The Gas Company’s financial results for 2011 reflect a recovery in the
Hawaiian economy, and the tourism industry in particular, that drove a
2.1% increase in the demand for gas products across both the utility and
non-utility portions of the business.

Aggregate gross profit — revenue less the cost of feedstock, production
and transmission, and distribution — grew by 7.1% in 2011 compared with
2010. EBITDA excluding non-cash items and free cash flow increased by
10.3% and 13.4%, respectively.

The Gas Company generated $28.5 million in free cash flow in 2011. The
majority of the free cash flow was distributed to MIC.

The Gas Company had $170.0 million of debt outstanding at December 31,
2011 including $160.0 million in term loan facilities and $10.0 million
in a revolving credit facility. The weighted average cost of the debt,
including the cost of interest rate hedges, was 5.16%. The Gas Company’s
primary debt facilities mature in June 2013 although a refinancing of
these facilities may be undertaken in 2012 subject to debt market
conditions.

District Energy

MIC’s District Energy business produces chilled water that it
distributes via underground pipelines to buildings in downtown Chicago.
The cold energy is used in air conditioning and process cooling
applications. The business also operates a site-specific facility in Las
Vegas, Nevada that supplies both cooling and heating services to a
resort/casino complex, a condominium and a shopping mall.

MIC has a 50.01% interest in District Energy and consolidates its
financial results with those of The Gas Company and Atlantic Aviation.
The business is not a part of MIC’s consolidated tax group.

The gross profit produced by District Energy declined 11.1% in 2011
compared with 2010. The decrease reflects a reduction in finance lease
revenue partially offset by higher capacity revenue on contractual rate
increases and the addition of new customers. The decrease in finance
lease revenue of $2.9 million includes a $2.5 million re-class of
previously booked lease principal to lease interest in 2010 and the
decline in interest as the lease amortizes. Lease principal payments
received increased by a approximately $350,000 and were recorded in the
statement of cash flows.

Effective management of operating expenses, combined with lower real
estate taxes, resulted in flat EBITDA excluding non-cash items and a
modest 1.5% decline in free cash flow generated by District Energy.

Free cash flow generated by District Energy in 2011 totaled $14.3
million with 50.01% or $7.1 million paid as a distribution to MIC.

District Energy had $170.0 million of debt outstanding at December 31,
2011 including a $150.0 million term loan facility and a $20.0 million
capital expenditure facility. The weighted average cost of the debt,
including the cost of interest rate hedges and letter of credit fees,
was 5.5%. Both of the business’ debt facilities mature in September
2014. Commencing with the third quarter 2012, per the terms of its loan
agreement, District Energy expects to direct all free cash flow to the
pre-payment of the principal balance on its term loan facility.

Aviation-Related Business

Atlantic Aviation

Atlantic Aviation owns and operates a network of fixed base operations
(FBOs) located at 65 airports in the U.S. FBOs provide primarily 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.

Atlantic Aviation reported an increase in gross profit of 3.5% in 2011
compared with 2010. The increase was the result of overall growth in the
number of general aviation flight movements in the U.S. which led to a
higher volume of fuel sold and, in certain instances, higher margins on
those sales. Adjusting for acquisitions and divestitures of certain
sites in 2011, the volume of general aviation jet fuel sold increased
5.5% and the average margin on those sales increased 2.5%.

EBITDA excluding non-cash items generated by Atlantic Aviation increased
7.8% and free cash flow grew 27.3% to $61.7 million in 2011 versus 2010.
$36.2 million of free cash flow was used to repay term loan principal
and pay $2.3 million in related swap breakage costs. In February 2012,
Atlantic Aviation made an additional prepayment of loan principal in the
amount of $6.5 million and incurred $248,000 in swap breakage costs.

Atlantic Aviation completed a number of small acquisitions and
divestitures of FBOs during the year. These transactions increased the
proportion of airports at which it is the sole provider of FBO services.
The transactions, along with a lease extension at an existing facility,
increased the weighted average remaining life of all leases in the
portfolio to 17.8 years at December 31, 2011 from 16.8 years at December
31, 2010.

Atlantic Aviation had $777.2 million of debt outstanding at December 31,
2011, including balances on term loan and capital expenditure
facilities. The business also has a separate $3.4 million facility used
to capitalize a single FBO. The weighted average cost of the debt,
including the cost of interest rate hedges, was 6.49%.

The business’ primary debt facilities mature in October 2014, although
interest rates hedges covering the majority of the debt expire in
October 2012. The expiration of the hedges is expected to reduce the
interest expense paid by the business by approximately $30.0 million per
year. Management is evaluating hedging strategies for this debt for
periods beyond October 2012.

Under the terms of its debt agreement, Atlantic Aviation is required to
use its free cash flow to repay debt principal so long as its ratio of
debt to EBITDA over a trailing twelve month period is above 6.0 times.
As of the end of the fourth quarter of 2011 that ratio fell to 5.98
times and the business is able to pay 50% of its free cash flow as a
distribution to MIC so long as the ratio remains below 6.0 times. In
February 2012, Atlantic Aviation made a distribution to MIC in the
amount of $6.5 million representing 50% of the free cash flow generated
in the fourth quarter of 2011. Regardless of the leverage ratio, the
business will again be required to apply all free cash flow to debt
repayment beginning with the fourth quarter in 2012 through to the
maturity of the debt in 2014.

Business Outlook

Management at MIC has provided the following guidance regarding its
expectations for the performance of the Company’s operating businesses
in 2012.

IMTT — MIC expects the business to generate between $220 and $235
million of EBITDA. MIC expects maintenance capital expenditures to be
approximately $50 million for the full year. The most significant
variable potentially affecting the full year result involves the
contract rates achieved on storage contracts that are renewing in 2012.
MIC intends to update the market as information on storage contracts
renewals becomes available. Additionally the financial results at IMTT
are subject to the timing of completion of growth projects currently
underway.

The Gas Company — the business is expected to generate between $50 and
$55 million of EBITDA. Maintenance capital expenditures are anticipated
be approximately $6.7 million for the full year or down by about one
third on 2011. Potential upside and downside in the EBITDA forecast
includes better than planned improvement in the Hawaiian economy and any
unforeseen supply disruption.

District Energy — the business is expected to generate between $21 and
$22 million of EBITDA. Maintenance capital expenditures are expected to
be approximately $1 million for the full year. Potential upside and
downside in the EBITDA forecast includes variations in temperature —
either warmer than average or cooler than average — in Chicago.

Atlantic Aviation — the business is expected to generate between $130
and $140 million of EBITDA. Maintenance capital expenditures are
expected to be approximately $13.1 million for the full year. Potential
upside and downside in the EBITDA forecast includes variation in the
planned recovery in general aviation flight activity — either more or
fewer take-offs and landings — compared with the business’ plan.

The forecast results of the Company’s operating businesses, combined
with the expenses of the holding company, produce an aggregate range of
proportionately combined free cash flow of between $3.50 and $3.60 per
share in 2012.

Conference Call and WEBCAST

When: Management has scheduled a conference call for 8:00 a.m.
Eastern Time on Thursday, February 23, 2012 to review the Company’s
results.

How: To listen to the conference call please dial +1(650)
521-5252 at least 10 minutes prior to the scheduled start time. A
webcast of the call will be accessible via the Company’s website at
www.macquarie.com/mic .
Please allow extra time prior to the call to visit the site and download
the necessary software to listen to the webcast.

Slides: The Company will prepare materials in support of its
conference call presentation. The materials will be available for
downloading from the Company’s website the morning of February 23, 2012
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 23, 2012 through March 8, 2012, at +1(404) 537-3406, Passcode:
44746709. An online archive of the webcast will be available on the
Company’s website for one year following the call. MIC-G

About Macquarie Infrastructure Company

Macquarie Infrastructure Company owns, operates and invests in a
diversified group of infrastructure businesses providing basic services
to customers in the United States. Its businesses consist of three
energy-related businesses including a gas processing and distribution
business in Hawaii, The Gas Company, and a controlling interest in a
District Energy business in Chicago, as well as 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 release contains forward-looking statements. MIC may, in some
cases, use words such as “project”, “believe”, “anticipate”, “plan”,
“expect”, “estimate”, “intend”, “should”, “would”, “could”,
“potentially”, or “may” or other words that convey uncertainty of future
events or outcomes to identify these forward-looking statements.
Forward-looking statements in this release are subject to a number of
risks and uncertainties, some of which are beyond MIC’s control and
which are described in the Company’s filings with the Securities and
Exchange Commission on Forms 10-K, 10-Q and 8-K. These risks and
uncertainties include, 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
                                              ($ in Thousands, Except Share Data)
                                                                                       December 31,       December 31,
                                                                                           2011              2010(1)
                                                                                       ------------       ------------
                                        ASSETS
        Current assets:
        Cash and cash equivalents                                                    $       22,786     $       24,563
        Accounts receivable, less allowance for doubtful accounts
          of $445 and $613, respectively                                                     56,458             47,845
        Inventories                                                                          23,106             17,063
        Prepaid expenses                                                                      7,338              6,321
        Deferred income taxes                                                                19,102             19,030
        Other                                                                                14,523             10,605
                                                                                       ------------       ------------
        Total current assets                                                                143,313            125,427
        Property, equipment, land and leasehold improvements, net                           561,022            563,451
        Restricted cash                                                                      12,769             13,780
        Equipment lease receivables                                                          32,189             35,663
        Investment in unconsolidated business                                               230,401            223,792
        Goodwill                                                                            516,175            514,253
        Intangible assets, net                                                              662,135            705,862
        Deferred financing costs, net of accumulated amortization                             8,845             12,927
        Other                                                                                 1,784              1,587
                                                                                       ------------       ------------
        Total assets                                                                 $    2,168,633     $    2,196,742
                                                                                  ==== ============  ==== ============
                            LIABILITIES AND MEMBERS' EQUITY
        Current liabilities:
        Due to manager - related party                                               $        4,300     $        3,282
        Accounts payable                                                                     29,199             36,036
        Accrued expenses                                                                     23,827             23,047
        Current portion of notes payable and capital leases                                   1,952              1,075
        Current portion of long-term debt                                                    34,535             49,325
        Fair value of derivative instruments                                                 39,339             43,496
        Customer deposits                                                                     4,679              4,635
        Other                                                                                11,071             10,390
                                                                                       ------------       ------------
        Total current liabilities                                                           148,902            171,286
        Notes payable and capital leases, net of current portion                              2,026                420
        Long-term debt, net of current portion                                            1,086,053          1,089,559
        Deferred income taxes                                                               177,262            156,328
        Fair value of derivative instruments                                                 15,576             51,729
        Other                                                                                44,954             40,725
                                                                                       ------------       ------------
        Total liabilities                                                                 1,474,773          1,510,047
                                                                                       ------------       ------------
        Commitments and contingencies                                                             -                  -
        Members' equity:
        LLC interests, no par value; 500,000,000 authorized; 46,338,225 LLC
        interests issued and
          outstanding at December 31, 2011 and 45,715,448 LLC interests issued              951,729            964,430
          and outstanding at December 31, 2010
        Additional paid in capital                                                           21,447             21,956
        Accumulated other comprehensive loss                                               (27,412)           (25,812)
        Accumulated deficit                                                               (242,082)          (269,425)
                                                                                       ------------       ------------
        Total members' equity                                                               703,682            691,149
        Noncontrolling interests                                                            (9,822)            (4,454)
                                                                                       ------------       ------------
        Total equity                                                                        693,860            686,695
                                                                                       ------------       ------------
        Total liabilities and equity                                                 $    2,168,633     $    2,196,742
                                                                                  ==== ============  ==== ============
        ___________________________________
        (1) Reclassified to conform to current period presentation.

                                                     MACQUARIE INFRASTRUCTURE COMPANY LLC
                                                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                               ($ in Thousands, Except Share and Per Share Data)
                                                                                      Year Ended        Year Ended        Year Ended
                                                                                     December 31,      December 31,      December 31,
                                                                                         2011              2010              2009
                                                                                     -----------       -----------       -----------
        Revenue
        Revenue from product sales                                                 $    639,521      $    514,344      $    394,200
        Revenue from product sales - utility                                            140,746           113,752            95,769
        Service revenue                                                                 203,532           204,852           215,349
        Financing and equipment lease income                                              4,992             7,843             4,758
                                                                                     ----------        ----------        ----------
        Total revenue                                                                   988,791           840,791           710,076
                                                                                     ----------        ----------        ----------
        Costs and expenses
        Cost of product sales                                                           437,049           326,734           233,376
        Cost of product sales - utility                                                 116,413            90,542            73,907
        Cost of services                                                                 52,744            53,088            46,317
        Selling, general and administrative                                             202,486           201,787           209,783
        Fees to manager - related party                                                  15,475            10,051             4,846
        Goodwill impairment                                                                   -                 -            71,200
        Depreciation                                                                     33,815            29,721            36,813
        Amortization of intangibles                                                      42,107            34,898            60,892
        Loss on disposal of assets                                                        1,522            17,869                 -
                                                                                     ----------        ----------        ----------
        Total operating expenses                                                        901,611           764,690           737,134
                                                                                     ----------        ----------        ----------
        Operating income (loss)                                                          87,180            76,101           (27,058)
        Other income (expense)
        Interest income                                                                     112                29               119
        Interest expense(1)                                                             (59,361)        (106,834)         (95,456)
        Equity in earnings and amortization charges of investee                          22,763            31,301            22,561
        Loss on derivative instruments                                                        -                 -           (25,238)
        Other income, net                                                                   912               712               570
                                                                                     ----------        ----------        ----------
        Net income (loss) from continuing operations before income taxes                 51,606             1,309          (124,502)
        (Provision) benefit for income taxes                                            (22,718)           8,697            15,818
                                                                                     ---------- -      ----------        ----------
        Net income (loss) from continuing operations                               $     28,888      $     10,006      $   (108,684)
        Net income (loss) from discontinued operations, net of taxes                          -            81,323           (21,860)
                                                                                     ----------        ----------        ---------- -
        Net income (loss)                                                          $     28,888      $     91,329      $   (130,544)
          Less: net income (loss) attributable to noncontrolling interests                1,545               659            (1,377)
                                                                                     ----------        ----------        ---------- -
        Net income (loss) attributable to MIC LLC                                  $     27,343      $     90,670      $   (129,167)
                                                                                 === ==========    === ==========    === ========== =
        Basic income (loss) per share from continuing operations attributable
          to MIC LLC interest holders                                              $       0.59      $       0.21      $      (2.43)
        Basic income (loss) per share from discontinued operations
        attributable
          to MIC LLC interest holders                                                         -              1.78             (0.44)
                                                                                     ----------        ----------        ---------- -
        Basic income (loss) per share attributable to MIC LLC interest             $       0.59      $       1.99      $      (2.87)
        holders
                                                                                 --- ----------    --- ----------    --- ---------- -
        Weighted average number of shares outstanding: basic                         45,995,207        45,549,803        45,020,085
                                                                                     ==========        ==========        ==========
        Diluted income (loss) per share from continuing operations
        attributable
          to MIC LLC interest holders                                              $       0.59      $       0.21      $      (2.43)
        Diluted income (loss) per share from discontinued operations
          attributable to MIC LLC interest holders                                            -              1.78             (0.44)
                                                                                     ----------        ----------        ---------- -
        Diluted income (loss) per share attributable to MIC LLC interest           $       0.59      $       1.99      $      (2.87)
        holders
                                                                                 --- ----------    --- ----------    --- ---------- -
        Weighted average number of shares outstanding: diluted                       46,021,015        45,631,610        45,020,085
                                                                                     ==========        ==========        ==========
        Cash distributions declared per share                                      $       0.80      $          -      $          -
                                                                                 --- ----------    --- ----------    --- ----------

        _____________________
        (1)      Interest expense includes non-cash gains on derivative instruments
                 of $18.2 million for the year ended December 31, 2011. For the
                 years ended December 31, 2010 and 2009, interest expense includes
                 non-cash losses on derivative instruments of $23.4 million and
                 $4.3 million, respectively.

                                                    MACQUARIE INFRASTRUCTURE COMPANY LLC
                                                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                              ($ in Thousands)
                                                                                       Year Ended       Year Ended       Year Ended
                                                                                      December 31,     December 31,     December 31,
                                                                                          2011             2010             2009
                                                                                      -----------      -----------      -----------
        Operating activities
        Net income (loss)                                                           $  28,888        $  91,329        $ (130,544)
        Adjustments to reconcile net income (loss) to net cash provided by
        operating
         activities from continuing operations:
           Net (income) loss from discontinued operations before noncontrolling             -          (81,323)          21,860
           interests
           Non-cash goodwill impairment                                                     -                -            71,200
           Depreciation and amortization of property and equipment                     40,454           36,276            42,899
           Amortization of intangible assets                                           42,107           34,898            60,892
           Loss on disposal of assets                                                     617           17,869                 -
           Equity in earnings and amortization charges of investees                   (22,763)        (31,301)         (22,561)
           Equity distributions from investees                                              -           15,000             7,000
           Amortization of debt financing costs                                         4,086            4,347             5,121
           Non-cash derivative (gains) losses                                         (18,244)         23,410            29,540
           Base management fees settled in LLC interests                               15,475            5,403             4,384
           Equipment lease receivable, net                                              3,105            2,761             2,752
           Deferred rent                                                                  385              413               183
           Deferred taxes                                                              19,209          (11,729)         (17,923)
           Other non-cash expenses, net                                                 2,748            1,817             2,115
           Changes in other assets and liabilities, net of acquisitions:
             Restricted cash                                                                -               50                 -
             Accounts receivable                                                       (4,633)         (2,424)          13,020
             Inventories                                                               (5,061)         (2,833)           1,233
             Prepaid expenses and other current assets                                 (3,602)            453             2,944
             Due to manager - related party                                                10              (15)          (3,438)
             Accounts payable and accrued expenses                                     (9,696)         (4,821)          (4,670)
             Income taxes payable                                                         668            1,051               535
             Other, net                                                                (2,711)         (2,076)          (3,566)
                                                                                      ------- ----     ------- ----     -------- ---
        Net cash provided by operating activities from continuing operations           91,042           98,555            82,976
        Investing activities
        Acquisitions of businesses and investments, net of cash acquired              (23,149)              -                 -
        Proceeds from sale of assets                                                   17,006                -                 -
        Proceeds from sale of investment                                                    -                -            29,500
        Purchases of property and equipment                                           (33,764)        (22,690)         (30,320)
        Investment in capital leased assets                                               (24)         (2,976)               -
        Other                                                                             249              892               304
                                                                                      -------          -------          --------
        Net cash used in investing activities from continuing operations              (39,682)        (24,774)            (516)
        Financing activities
        Proceeds from long-term debt                                                   13,406              141            10,000
        Net proceeds (payments) on line of credit facilities                            4,600              500           (45,400)
        Dividends paid to holders of LLC interests                                    (27,618)              -                 -
        Contributions received from noncontrolling interests                                -              300                 -
        Distributions paid to noncontrolling interests                                 (8,077)         (5,346)            (583)
        Payment of long-term debt                                                     (36,330)        (74,036)         (81,621)
        Debt financing costs paid                                                          (4)           (186)               -
        Change in restricted cash                                                       1,010            2,236               (33)
        Payment of notes and capital lease obligations                                   (124)           (137)            (181)
                                                                                      ------- ----     ------- ----     -------- ---
        Net cash used in financing activities from continuing                         (53,137)        (76,528)        (117,818)
         operations
        Net change in cash and cash equivalents from continuing operations             (1,777)         (2,747)         (35,358)
                                                                                      ------- ----     ------- ----     -------- ---

                                                  MACQUARIE INFRASTRUCTURE COMPANY LLC
                                            CONSOLIDATED STATEMENTS OF CASH FLOWS- continued
                                                            ($ in Thousands)
                                                                                 Year Ended        Year Ended        Year Ended
                                                                                December 31,      December 31,      December 31,
                                                                                    2011              2010              2009
                                                                                -----------       -----------       -----------
        Cash flows (used in) provided by discontinued operations:
        Net cash used in operating activities                                        -             (12,703)         (4,732)
        Net cash provided by (used in) investing activities                          -             134,356             (445)
        Net cash (used in) provided by financing activities                          -            (124,183)          2,144
                                                                                ------            -------- ---      -------
        Cash used in discontinued operations(1)                                      -              (2,530)         (3,033)
        Change in cash of discontinued operations held for sale(1)                   -               2,385             (208)
        Net change in cash and cash equivalents                                 (1,777)            (2,892)        (38,599)
        Cash and cash equivalents, beginning of period                          24,563              27,455           66,054
                                                                                ------            --------          -------
        Cash and cash equivalents, end of period- continuing operations       $ 22,786          $   24,563        $  27,455
                                                                            === ======        === ========      === =======
        Supplemental disclosures of cash flow information for continuing
          operations:
        Non-cash investing and financing activities:
          Accrued purchases of property and equipment                         $    767          $      431        $   1,277
                                                                            === ======        === ========      === =======
          Acquisition of equipment through capital leases                     $  2,663          $      139        $       -
                                                                            === ======        === ========      === =======
          Issuance of LLC interests to manager for base management fees       $ 14,467          $    4,083        $   2,491
                                                                            === ======        === ========      === =======
          Issuance of LLC interests to independent directors                  $    450          $      450        $     450
                                                                            === ======        === ========      === =======
        Taxes paid                                                            $  2,913          $    1,655        $   1,231
                                                                            === ======        === ========      === =======
        Interest paid                                                         $ 72,949          $   78,718        $  87,308
                                                                            === ======        === ========      === =======

        ______________________
        (1)      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.

        MACQUARIE INFRASTRUCTURE COMPANY LLC
        CONSOLIDATED STATEMENT OF OPERATIONS - MDA
                                                                             Quarter Ended                 Change                    Year Ended                     Change
                                                                             December 31,          Favorable/(Unfavorable)          December 31,            Favorable/(Unfavorable)
                                                                      --------------------------  -------------------------  ---------------------------  --------------------------
                                                                          2011          2010            $            %           2011          2010             $             %
                                                                      ------------  ------------  ------------  -----------  ------------  -------------  -------------  -----------
                                                                                                                ($ In Thousands) (Unaudited)
        Revenue
        Revenue from product sales                                    $ 165,041     $ 139,932      25,109         17.9       $ 639,521     $  514,344      125,177         24.3
        Revenue from product sales - utility                             34,964        30,235       4,729         15.6         140,746        113,752       26,994         23.7
        Service revenue                                                  48,942        47,254       1,688          3.6         203,532        204,852       (1,320)       (0.6)
        Financing and equipment lease income                              1,208         4,076      (2,868)      (70.4)         4,992          7,843       (2,851)      (36.4)
                                                                        -------       -------     ------- ---                  -------       --------     -------- ---
        Total revenue                                                   250,155       221,497      28,658         12.9         988,791        840,791      148,000         17.6
                                                                        -------       -------     -------                      -------       --------     --------
        Costs and expenses
        Cost of product sales                                           111,023        90,950     (20,073)      (22.1)       437,049        326,734     (110,315)      (33.8)
        Cost of product sales - utility                                  29,571        23,611      (5,960)      (25.2)       116,413         90,542      (25,871)      (28.6)
        Cost of services                                                 12,040        12,000         (40)       (0.3)        52,744         53,088          344          0.6
                                                                        -------       -------     ------- ---                  -------       --------     --------
           Gross profit                                                  97,521        94,936       2,585          2.7         382,585        370,427       12,158          3.3
        Selling, general and administrative                              51,801        51,045        (756)       (1.5)       202,486        201,787         (699)       (0.3)
        Fees to manager - related party                                   4,222         3,214      (1,008)      (31.4)        15,475         10,051       (5,424)      (54.0)
        Depreciation                                                      7,910         7,824         (86)       (1.1)        33,815         29,721       (4,094)      (13.8)
        Amortization of intangibles                                       8,707         8,744          37          0.4          42,107         34,898       (7,209)      (20.7)
        (Gain) loss on disposal of assets                                  (221)      17,869      18,090        101.2           1,522         17,869       16,347         91.5
                                                                        ------- -     -------     -------                      -------       --------     --------
        Total operating expenses                                         72,419        88,696      16,277         18.4         295,405        294,326       (1,079)       (0.4)
                                                                        -------       -------     -------                      -------       --------     -------- ---
        Operating income                                                 25,102         6,240      18,862           NM          87,180         76,101       11,079         14.6
        Other income (expense)
        Interest income                                                       8             7           1         14.3             112             29           83           NM
        Interest expense(1)                                             (10,388)      (8,329)    (2,059)      (24.7)       (59,361)     (106,834)     47,473         44.4
        Equity in earnings and amortization charges of investees          8,695        12,130      (3,435)      (28.3)        22,763         31,301       (8,538)      (27.3)
        Other income (expense), net                                         107          (109)       216        198.2             912            712          200         28.1
                                                                        -------       ------- -   -------                      -------       --------     --------
        Net income from continuing operations before income taxes        23,524         9,939      13,585        136.7          51,606          1,309       50,297           NM
        (Provision) benefit for income taxes                            (11,083)      (3,844)    (7,239)     (188.3)       (22,718)        8,697      (31,415)         NM
                                                                        ------- -     ------- -   ------- ---                  ------- -     --------     -------- ---
        Net income from continuing operations                         $  12,441     $   6,095       6,346        104.1       $  28,888     $   10,006       18,882        188.7
        Net income from discontinued operations, net of taxes                 -           124        (124)     (100.0)             -         81,323      (81,323)     (100.0)
                                                                        -------       -------     ------- ---                  -------       --------     -------- ---
        Net income                                                    $  12,441     $   6,219       6,222        100.0       $  28,888     $   91,329      (62,441)      (68.4)
           Less: net income attributable to noncontrolling interests        149         1,976       1,827         92.5           1,545            659         (886)     (134.4)
                                                                        -------       -------     -------                      -------       --------     -------- ---
        Net income attributable to MIC LLC                            $  12,292     $   4,243       8,049        189.7       $  27,343     $   90,670      (63,327)      (69.8)
                                                                      = =======     = =======     =======                    = =======     = ========     ======== ===

        NM - Not meaningful
        (1)     Interest expense includes non-cash gains on derivative instruments
                of $8.7 million and $18.2 million for the quarter and year ended
                December 31, 2011, respectively, and non-cash gains of $12.1
                million and non-cash losses of $23.4 million for the quarter and
                year ended December 31, 2010, respectively.

                                                                        MACQUARIE INFRASTRUCTURE COMPANY LLC
                                                          RECONCILIATION OF CONSOLIDATED NET INCOME (LOSS) FROM CONTINUING
                                                                                     OPERATIONS
                                                             TO EBITDA EXCLUDING NON-CASH ITEMS AND CASH FROM OPERATING
                                                                                 ACTIVITIES TO FREE
                                                                                      CASH FLOW
                                                                                       Quarter Ended                  Change                     Year Ended                   Change
                                                                                       December 31,           Favorable/(Unfavorable)           December 31,          Favorable/(Unfavorable)
                                                                               ----------------------------- ------------------------    --------------------------- ------------------------
                                                                                    2011           2010          $           %             2011           2010           $           %
                                                                               -------------- -------------- -------  --------------  -------------- --------------- -------  --------------
                                                                                                                        ($ In Thousands) (Unaudited)
        Net income attributable to MIC LLC from continuing operations(1)        $  12,292      $   4,119                               $  27,343      $    9,483
        Interest expense, net(2)                                                   10,380          8,322                                  59,249         106,805
        Provision (benefit) for income taxes                                       11,083          3,844                                  22,718          (8,697)
        Depreciation(3)                                                             7,910          7,824                                  33,815          29,721
        Depreciation - cost of services(3)                                          1,670          1,645                                   6,639           6,555
        Amortization of intangibles(4)                                              8,707          8,744                                  42,107          34,898
        (Gain) loss on disposal of assets                                            (332)       17,869                                     617          17,869
        Equity in earnings and amortization charges of investees(5)                (8,695)      (12,130)                               (22,763)       (16,301)
        Base management fees settled in LLC interests                               4,222          3,214                                  15,475           5,403
        Other non-cash expense, net                                                   705          1,081                                   4,678           2,753
                                                                                  -------        -------                                 -------        --------
        EBITDA excluding non-cash items from continuing operations              $  47,942      $  44,532       3,410             7.7   $ 189,878      $  188,489       1,389             0.7
                                                                               == =======     == =======     =======                  == =======     == ========     =======
        EBITDA excluding non-cash items from continuing operations              $  47,942      $  44,532                               $ 189,878      $  188,489
        Interest expense, net(2)                                                  (10,380)       (8,322)                               (59,249)      (106,805)
           Interest rate swap breakage fees(2)                                        (80)         (839)                                (2,327)        (5,528)
           Non-cash derivative (gains) losses recorded in interest expense(2)      (8,591)      (11,248)                               (15,917)        28,938
           Amortization of debt financing costs(2)                                  1,012          1,048                                   4,086           4,347
        Equipment lease receivables, net                                              834            559                                   3,105           2,761
        Provision/benefit for income taxes, net of changes in deferred taxes         (554)       (1,888)                                (3,509)        (3,032)
        Changes in working capital                                                 (6,306)       (5,269)                               (25,025)       (10,615)
                                                                                  ------- --     ------- --                              ------- --     -------- --
        Cash provided by operating activities                                      23,877         18,573                                  91,042          98,555
        Changes in working capital                                                  6,306          5,269                                  25,025          10,615
        Maintenance capital expenditures                                           (5,791)       (7,707)                               (18,062)       (14,509)
                                                                                  ------- --     ------- --                              ------- --     -------- --
        Free cash flow from continuing operations                               $  24,392      $  16,135       8,257            51.2   $  98,005      $   94,661       3,344             3.5
                                                                               == =======     == =======     =======                  == =======     == ========     =======

        (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.
        (2)  Interest expense, net, includes non-cash gains (losses) on
             derivative instruments, non-cash amortization of deferred
             financing fees and interest rate swap breakage fees.
        (3)  Depreciation - cost of services includes depreciation expense for
             District Energy, which is reported in cost of services in our
             consolidated statements of operations. Depreciation and
             Depreciation - cost of services does not include
             acquisition-related step-up depreciation expense of $2.0 million
             and $7.5 million for the quarter and year ended December 31, 2011,
             respectively, and $1.7 million and $6.9 million for the quarter
             and year ended December 31, 2010, respectively, 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.
        (4)  Amortization of intangibles does not include acquisition-related
             step-up amortization expense of $85,000 and $606,000 for the
             quarter and year ended December 31, 2011, respectively, and
             $283,000 and $1.1 million for the quarter and year ended December
             31, 2010, respectively, 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.
        (5)  Equity in earnings 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                                         Year Ended
                                                                                     December 31,                                         December 31,
                                                                              ----------------------                                 ------------------
                                                                                2011          2010                  Change             2011        2010                Change
                                                                                                            Favorable/(Unfavorable)                            Favorable/(Unfavorable)
                                                                              -------       -------       ---------------------      -------     -------     ---------------------
                                                                                  $             $             $            %             $           $           $             %
                                                                              -------       -------       -------       ------       -------     -------     --------       -----
                                                                                                                    ($ In Thousands) (Unaudited)
        Revenue
        Terminal 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
        Terminal 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)
                                                                              -------       -------       ------- ----               -------     -------     -------- ----
         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)
                                                                              =======       =======       ======= ====               =======     =======     ======== ====
        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
        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)
        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
        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.

        The Gas Company
        ------------------------------------------------------------------
                                                                                  Quarter Ended                                    Year Ended
                                                                                  December 31,                                    December 31,
                                                                              ----------------                               ------------------
                                                                               2011       2010               Change            2011        2010                Change
                                                                                                     Favorable/(Unfavorable)                           Favorable/(Unfavorable)
                                                                              ------     ------     -------------------      -------     -------     ---------------------
                                                                                 $          $          $            %            $           $           $            %
                                                                              ------     ------     ------       -----       -------     -------     -------       ------
                                                                                                                ($ In Thousands) (Unaudited)
        Contribution margin
        Revenue - 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
        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
         Total contribution 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
        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)
                                                                              ------     ------     ------ ----              -------     -------     ------- ----
         Operating 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)
        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
                                                                              ======     ======     ======                   =======     =======     =======
        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      44,436
        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 meaningful
        (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.

        District Energy
        ----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                     Quarter Ended                Change                  Year Ended                  Change
                                                                                     December 31,         Favorable/(Unfavorable)        December 31,         Favorable/(Unfavorable)
                                                                                ----------------                                   ------------------
                                                                                   2011        2010                                   2011         2010
                                                                                ----------  ----------  --------------------       -----------  -----------  --------------------
                                                                                     $           $           $             %            $            $             $            %
                                                                                ----------  ----------  ----------- -------------- -----------  -----------  ------------ ------------
                                                                                                                     ($ In Thousands) (Unaudited)
        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)
                                                                                ------      ------      ------ ---                 -------      -------      ------ ----
          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)
        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
                                                                                ------ --   ------ --   ------                     ------- --   ------- --   ------
                                                                                   492       2,479      (1,987)    (80.2)            304       (2,822)     3,126        110.8
          Net income (loss)
                                                                                ====== ==   ====== ==   ====== ===                 ======= ==   ======= ==   ====== ====
        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)
        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       22,846
        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
        Provision/benefit for income taxes, net of changes in deferred taxes       224           -                                    (868)          -
        Changes 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
        (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
                   December 31, 2010, respectively.
        (2)        Interest expense, net, includes non-cash gains (losses) on
                   derivative instruments and non-cash amortization of deferred
                   financing fees.

        Atlantic Aviation
        -------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                     Quarter Ended                 Change                   Year Ended                  Change
                                                                                     December 31,          Favorable/(Unfavorable)         December 31,         Favorable/(Unfavorable)
                                                                               ------------------                                    ------------------
                                                                                  2011         2010                                     2011         2010
                                                                               -----------  -----------  ---------------------       -----------  -----------  --------------------
                                                                                    $            $             $             %            $            $             $            %
                                                                               -----------  -----------  ------------ -------------- -----------  -----------  ------------- -----------
                                                                                                                     ($ In Thousands) (Unaudited)
        Revenue
        Fuel 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 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         3.5
                                                                               =======      =======      =======                     =======      =======      =======
        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
        Other 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
                                                                               =======      ======= ==   =======                     =======      ======= ==   =======
        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
                                                                               =======      =======      =======                     =======      =======      =======

        _____________________
        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.

                                                                                     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, 2011--------------------------------------/
                                                                                      ----------------------------------------------------------------------------------------
        ($ in Thousands) (Unaudited)                                                    IMTT 50%       The Gas     District      Atlantic     MIC Corporate  Proportionately    IMTT       District
                                                                                                       Company      Energy       Aviation                      Combined(1)      100%        Energy
                                                                                                                    50.01%                                                                   100%
                                                                                      -----------   ----------   -----------   -----------   ------------   -------------    ---------   -----------
        Net income (loss) attributable to MIC LLC from continuing operations           27,479        18,172          152         9,642       (23,538)        31,907          54,957         304
        Interest expense (income), net(2)                                              26,129         9,138        6,605        36,905            (2)        78,775          52,257      13,208
        Provision (benefit) for income taxes                                           17,410        12,225          106        11,952        (1,671)        40,022          34,820         212
        Depreciation                                                                   30,978         6,395        3,320        27,420             -          68,113          61,955       6,639
        Amortization of intangibles                                                     1,258           823          684        39,916             -          42,681           2,515       1,368
        Loss on disposal of assets                                                          -             -            -           617             -             617               -           -
        Base management fee paid in LLC interests                                           -             -            -             -        15,475          15,475               -           -
        Other non-cash (income) expense                                                   (57)       2,279          482           228         1,207           4,139            (114)       964
                                                                                      ------- ----  -------      -------       -------       -------        --------         ------- --  -------
        EBITDA excluding non-cash items                                               103,195        49,032       11,350       126,680        (8,529)       281,728         206,390      22,695
                                                                                      -------       -------      -------       -------       ------- -----  --------         -------     -------
        EBITDA excluding non-cash items                                               103,195        49,032       11,350       126,680        (8,529)       281,728         206,390      22,695
        Interest (expense) income, net(2)                                             (26,129)      (9,138)     (6,605)     (36,905)           3         (78,774)       (52,257)   (13,208)
           Interest rate swap breakage fees(2)                                              -             -            -        (2,327)           -          (2,327)             -           -
           Non-cash derivative losses (gains) recorded in interest expense, net(2)      8,328          (225)      1,294       (18,280)           -          (8,884)        16,655       2,587
           Amortization of deferred finance charges(2)                                  1,617           478          341         2,927             -           5,362           3,233         681
        Equipment lease receivables, net                                                    -             -        1,553             -             -           1,553               -       3,105
        Provision/benefit for income taxes, net of changes in deferred taxes           (4,085)      (3,136)       (434)      (1,481)       1,976          (7,160)        (8,169)      (868)
        Changes in working capital                                                    (18,351)      (9,350)        260       (15,307)        (888)       (43,635)       (36,701)       520
                                                                                      ------- ----  ------- ---  -------       ------- ----  ------- -----  -------- -       ------- --  -------
        Cash provided by (used in) operating activities                                64,576        27,661        7,758        55,307        (7,438)       147,863         129,151      15,512
        Changes in working capital                                                     18,351         9,350         (260)      15,307           888          43,635          36,701        (520)
        Maintenance capital expenditures                                              (28,629)      (8,503)       (330)      (8,900)           -         (46,361)       (57,257)      (659)
                                                                                      ------- ----  ------- ---  ------- ----  ------- ----  -------        -------- -       ------- --  ------- ----
        Free cash flow                                                                 54,298        28,508        7,168        61,714        (6,550)       145,137         108,595      14,333
                                                                                      =======       =======      =======       =======       ======= =====  ========         =======     =======
                                                                                                               /-----------------------------------For the Year Ended December
                                                                                                                       31, 2010-------------------------------------/
                                                                                      ----------------------------------------------------------------------------------------
        ($ in Thousands) (Unaudited)                                                    IMTT 50%       The Gas     District      Atlantic     MIC Corporate  Proportionately    IMTT       District
                                                                                                       Company      Energy       Aviation                      Combined(1)      100%        Energy
                                                                                                                    50.01%                                                                   100%
                                                                                      -----------   ----------   -----------   -----------   ------------   -------------    ---------   -----------
        Net income (loss) attributable to MIC LLC from continuing operations           36,032        11,498       (1,411)     (18,294)     (12,200)        15,625          72,064      (2,822)
        Interest expense, net(2)                                                       25,168        16,505       10,338        69,409           220         121,639          50,335      20,671
        Provision (benefit) for income taxes                                           26,761         7,400         (922)      (9,497)      (4,756)        18,985          53,521      (1,844)
        Depreciation                                                                   29,746         5,826        3,278        23,895             -          62,745          59,492       6,555
        Amortization of intangibles                                                       893           823          684        32,707             -          35,107           1,785       1,368
        Loss on disposal of assets                                                          -             -            -        17,869             -          17,869               -           -
        Base management fee paid in LLC interests                                           -             -            -             -         5,403           5,403               -           -
        Other non-cash (income) expense                                                  (181)       2,384         (541)       1,388            63           3,113            (361)    (1,082)
                                                                                      ------- ----  -------      ------- ----  -------       -------        --------         ------- --  ------- ----
        EBITDA excluding non-cash items                                               118,418        44,436       11,425       117,477       (11,270)       280,486         236,836      22,846
                                                                                      -------       -------      -------       -------       ------- -----  --------         -------     -------
        EBITDA excluding non-cash items                                               118,418        44,436       11,425       117,477       (11,270)       280,486         236,836      22,846
        Interest expense, net(2)                                                      (25,168)     (16,505)    (10,338)     (69,409)        (220)      (121,639)       (50,335)   (20,671)
           Interest rate swap breakage fees(2)                                              -             -            -        (5,528)           -          (5,528)             -           -
           Non-cash derivative losses (gains) recorded in interest expense, net(2)      7,827         7,334        5,069        11,473            (5)        31,698          15,653      10,136
           Amortization of deferred finance charges(2)                                  1,006           478          341         2,984           204           5,012           2,011         681
        Equipment lease receivables, net                                                    -             -        1,381             -             -           1,381               -       2,761
        Provision/benefit for income taxes, net of changes in deferred taxes           (6,257)      (4,333)          -        (1,486)       2,787          (9,289)       (12,514)         -
        Changes in working capital                                                      2,268        (2,079)       (397)      (1,476)      (6,266)        (7,950)         4,536        (794)
                                                                                      -------       ------- ---  ------- ----  ------- ----  ------- -----  -------- -       -------     ------- ----
        Cash provided by (used in) operating activities                                98,094        29,331        7,481        54,035       (14,770)       174,171         196,187      14,959
        Changes in working capital                                                     (2,268)       2,079          397         1,476         6,266           7,950          (4,536)       794
        Maintenance capital expenditures                                              (22,498)      (6,275)       (604)      (7,027)           -         (36,403)       (44,995)    (1,207)
                                                                                      ------- ----  ------- ---  ------- ----  ------- ----  -------        -------- -       ------- --  ------- ----
        Free cash flow                                                                 73,328        25,135        7,274        48,484        (8,504)       145,717         146,656      14,546
                                                                                      =======       =======      =======       =======       ======= =====  ========         =======     =======

        ___________________________
        (1)           Proportionately combined free cash flow is equal to the sum of
                      free cash flow attributable to MIC's ownership interest in each of
                      its operating businesses and MIC Corporate.
        (2)           Interest expense (income), net, includes non-cash (losses) gains
                      on derivative instruments, non-cash amortization of deferred
                      financing fees and interest rate swap breakage fees.

                                                                                                      /------------------------------For the Quarter Ended December 31,
                                                                                                                     2011------------------------------/
                                                                                -------------------------------------------------------------------------------------
        ($ in Thousands) (Unaudited)                                              IMTT 50%      The Gas     District     Atlantic    MIC Corporate  Proportionately    IMTT       District
                                                                                                Company      Energy      Aviation                     Combined(1)      100%        Energy
                                                                                                             50.01%                                                                 100%
                                                                                -----------   ---------   ----------   ----------   ------------   --------------   ---------   ----------
        Net income (loss) attributable to MIC LLC from continuing operations      9,829        6,080         246        3,364       (6,339)        13,180           19,657        492
        Interest expense, net(2)                                                  3,472        1,226         729        7,696            -          13,123            6,944      1,458
        Provision (benefit) for income taxes                                      4,918        4,324         172        7,716       (1,301)        15,829            9,836        344
        Depreciation                                                              7,821        1,594         835        6,316            -          16,566           15,641      1,670
        Amortization of intangibles                                                 371          206         173        8,156            -           8,906              742        345
        Gain on disposal of assets                                                    -            -           -         (332)          -            (332)              -          -
        Base management fee paid in LLC interests                                     -            -           -            -        4,222           4,222                -          -
        Other non-cash expense (income)                                              21          361         157          (82)        113             570               42        313
                                                                                -------       ------      ------       ------ ----  ------         -------          -------     ------
        EBITDA excluding non-cash items                                          26,431       13,791       2,311       32,834       (3,305)        72,062           52,862      4,622
                                                                                -------       ------      ------       ------       ------ ------  -------          -------     ------
        EBITDA excluding non-cash items                                          26,431       13,791       2,311       32,834       (3,305)        72,062           52,862      4,622
        Interest expense, net(2)                                                 (3,472)     (1,226)      (729)     (7,696)          1         (13,122)         (6,944)   (1,458)
           Interest rate swap breakage fees(2)                                        -            -           -          (80)          -             (80)              -          -
           Non-cash derivative gains recorded in interest expense, net(2)          (999)     (1,157)      (611)     (6,214)          -          (8,981)         (1,998)   (1,221)
           Amortization of deferred finance charges(2)                              404          120          85          722            -           1,331              807        170
        Equipment lease receivables, net                                              -            -         417            -            -             417                -        834
        Provision/benefit for income taxes, net of changes in deferred taxes      2,798          971         112         (539)     (1,210)         2,132            5,596        224
        Changes in working capital                                               (3,117)     (1,871)       564       (7,825)      2,262          (9,986)         (6,233)    1,128
                                                                                ------- ----  ------ ---  ------       ------ ----  ------         ------- -------  ------- --  ------
        Cash provided by (used in) operating activities                          22,045       10,628       2,150       11,202       (2,252)        43,773           44,090      4,299
        Changes in working capital                                                3,117        1,871        (564)      7,825       (2,262)         9,986            6,233     (1,128)
        Maintenance capital expenditures                                        (10,600)     (2,215)      (185)     (3,206)          -         (16,206)        (21,199)     (370)
                                                                                ------- ----  ------ ---  ------ ----  ------ ----  ------         ------- -------  ------- --  ------ ----
        Free cash flow                                                           14,562       10,284       1,401       15,821       (4,514)        37,554           29,124      2,801
                                                                                =======       ======      ======       ======       ====== ======  =======          =======     ======
                                                                                                       /--------------------------------For the Quarter Ended December
                                                                                                                  31, 2010--------------------------------/
                                                                                -------------------------------------------------------------------------------------
        ($ in Thousands) (Unaudited)                                              IMTT 50%      The Gas     District     Atlantic    MIC Corporate  Proportionately    IMTT       District
                                                                                                Company      Energy      Aviation                     Combined(1)      100%        Energy
                                                                                                             50.01%                                                                 100%
                                                                                -----------   ---------   ----------   ----------   ------------   --------------   ---------   ----------
        Net income (loss) attributable to MIC LLC from continuing operations     13,313        5,641       1,240       (8,708)     (7,423)         4,062           26,625      2,479
        Interest (income) expense, net(2)                                        (4,075)        725         (97)      7,797           (5)         4,345           (8,150)     (195)
        Provision (benefit) for income taxes                                      8,810        3,631         810       (3,026)      1,619          11,844           17,619      1,620
        Depreciation                                                              7,335        1,517         823        6,307            -          15,981           14,669      1,645
        Amortization of intangibles                                                 236          206         172        8,193            -           8,807              472        345
        Loss on disposal of assets                                                    -            -           -       17,869            -          17,869                -          -
        Base management fee paid in LLC interests                                     -            -           -            -        3,214           3,214                -          -
        Other non-cash (income) expense                                             (44)        785        (867)        634        1,396           1,904              (88)   (1,734)
                                                                                ------- ----  ------      ------ ----  ------       ------         -------          ------- --  ------ ----
        EBITDA excluding non-cash items                                          25,574       12,505       2,080       29,066       (1,199)        68,026           51,147      4,160
                                                                                -------       ------      ------       ------       ------ ------  -------          -------     ------
        EBITDA excluding non-cash items                                          25,574       12,505       2,080       29,066       (1,199)        68,026           51,147      4,160
        Interest income (expense), net(2)                                         4,075         (725)        97       (7,797)          5          (4,345)          8,150        195
           Interest rate swap breakage fees(2)                                        -            -           -         (839)          -            (839)              -          -
           Non-cash derivative gains recorded in interest expense, net(2)        (8,721)     (1,611)    (1,435)     (6,764)         (3)       (18,534)        (17,441)   (2,870)
           Amortization of deferred finance charges(2)                              342          119          85          759            -           1,305              683        170
        Equipment lease receivables, net                                              -            -         280            -            -             280                -        559
        Provision/benefit for income taxes, net of changes in deferred taxes       (851)     (3,057)         -       (1,188)      2,357          (2,739)         (1,702)        -
        Changes in working capital                                               12,115         (759)     1,434       (1,612)     (5,765)         5,412           24,229      2,867
                                                                                -------       ------ ---  ------       ------ ----  ------ ------  -------          -------     ------
        Cash provided by (used in) operating activities                          32,533        6,472       2,541       11,625       (4,605)        48,566           65,066      5,081
        Changes in working capital                                              (12,115)        759      (1,434)      1,612        5,765          (5,412)        (24,229)   (2,867)
        Maintenance capital expenditures                                         (7,913)     (4,267)      (197)     (3,046)          -         (15,423)        (15,826)     (394)
                                                                                ------- ----  ------ ---  ------ ----  ------ ----  ------         ------- -------  ------- --  ------ ----
        Free cash flow                                                           12,506        2,964         910       10,191        1,160          27,731           25,011      1,820
                                                                                =======       ======      ======       ======       ======         =======          =======     ======

        ___________________________
        (1) Proportionately combined free cash flow is equal to the sum of
        free cash flow attributable to MIC's ownership interest in each of
        its operating businesses and MIC Corporate.
        (2) Interest (expense) income, net, includes non-cash gains on
        derivative instruments, non-cash amortization of deferred financing
        fees and interest rate swap breakage fees.

SOURCE: Macquarie Infrastructure Company LLC

        Investor enquiries
        Macquarie Infrastructure Company
        Jay A. Davis, 212-231-1825
        Investor Relations
        or
        Media enquiries
        Macquarie Infrastructure Company
        Paula Chirhart, 212-231-1310
        Corporate Communications

Copyright Business Wire 2012

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MIC

By Jennifer Smith

We bring you some sad news for the California legal community, particularly for those involved in the battle over that state’s voter initiative banning same-sex marriage.

On Friday, M. Katherine Baird Darmer, a Chapman University School of Law professor and an active campaigner for marriage equality, died after falling from a building in Irvine. Officials said Tuesday that her death was a suicide, according to the Orange County Register.

A memorial service will be held on Saturday, Feb. 25, in Newport Beach, according to the Orange County Equality Coalition, an organization that Darmer helped found after the passage of Proposition 8 in 2008.

Words of Darmer’s death triggered an online outpouring of remembrances from colleagues, students and activists who called her a remarkable scholar, mentor and champion of civil liberties.

Here’s a selection:

“Katherine was our rock; she was the person who we turned to in our hour of need. She spoke out for us when we didn’t have a voice, and she made everyone listen. Her fearlessness gave us the courage to stand up, and for that we will be eternally grateful.”- Cas Gregory, former board chair, Orange County Equality Coalition

“Katherine was a truly wonderful person. She was a terrific teacher and scholar and a deeply committed activist who used her knowledge to make a real difference. Most of all, she was a terrific human being.”- Erwin Chemerinsky, Dean, UC Irvine Law School

“This is a tragedy. Katherine Darmer was one of the most inspirational teachers I ever had…  She changed my life.”- Mike Labeda, former student

A 1989 Columbia University law graduate, Darmer clerked for U.S. District Judge Kimba Wood in the Southern District of New York and for the late Judge William H. Timbers in the U.S. Court of Appeals for the Second Circuit. She spent four years as a litigation associate at Davis Polk Wardwell, then worked as an assistant U.S. attorney in the Southern District from 1995 to 1999 prosecuting public corruption, gang and narcotics cases, according to her faculty biography.

In 1999, Darmer married fellow lawyer Roman Ernest Darmer II, according to a New York Times wedding announcement. Her husband is a partner at the Irvine office of Jones Day.

She arrived at Chapman in 2000, where she specialized in criminal and constitutional law.  Darmer co-edited the books “Civil Liberties vs. National Security in a Post-9/11 World” and “Morality and the Law.” Her legal writings included pieces on torture, civil rights and the legal landscape after Proposition 8.

“Her students, staff and faculty colleagues remember her as a passionate advocate for marriage equality and a vigorous opponent of discrimination based on gender or orientation,” Chapman University Chancellor Daniele C. Struppa said in a statement.  “She was a very effective teacher, because she brought her legal experiences, as well as her passion for justice, to the classroom.  I know I interpret the sentiment of all of you when I say that we will all miss her.”

Gov. Rick Scott hosted a rally backing charter schools Wednesday. Scott wants the power to flip failing public schools into private hands.

A handful of new laws are aimed at making it easier for charter schools to get up and running.

Wendy Howard and her daughter, Jessica, from Pasco County want lawmakers to pass a bill that would allow parents, not the school board, to vote to turn a failing public school into a charter.

“Every boundary, every hoop that parents have to jump through, to remove those hoops, so that way parents can just have fair and equal access,” Howard said. “Or, if there was a buffet of options that they could pick and choose from, the parents could do what’s best for their child and their child would be successful.”

Letting parents decide by a majority vote what’s best for their kids sounds simple enough but, Rep. Darryl Rouson (D) says he’ll be voting no on the bill.

He thinks more effort should to be put into improving the public schools we have now instead of converting them to privately-run campuses.

“I think that there are educational professionals that should be able to make the decision about a school’s transformation from an F to an A or from a public to a charter, and I’m not sure if we should give that type of power wielding to just parents on a 51 percent margin,” said Rouson.

To that, Davenport charter school teacher Sandy Kaplan says why not, especially if the power comes directly from the taxes the parents pay.

“It’s up to the parent to figure out what’s the best fit for their child and to be able to send them there at the public’s expense,” Kaplan said.

Critics say if you want to talk failing schools, look no further than charters. They got half of all the ‘F’ grades Florida handed out last year.

Charter school advocates are also pressing local school districts to sign off on letting virtual charters open their doors.

They say out of the 53 virtual charter school applications submitted in Florida last year, only three were approved.

By Michael Molinski

SAN FRANCISCO (MarketWatch) — Banking is back in Latin America. While most of the rest of the world is still recovering from the global financial crisis of 2008, Latin American banks have recovered.

Five factors have fueled that growth: a growing middle class, access to banks for the previously “unbanked” population, growth in deposits, a broader and expanding loan portfolio, and greater efficiency by Latin American banks.

Brazilian banks have led the surge, occupying the top five spots on The Banker’s list of the best Latin American banks. They’ve done this mainly by focusing on the growth of the middle class. The middle class in Latin America has grown to 51% of the population in the major economies in 2011, from just 41% in 2001. That growth in the middle class has pushed per capita income to $11,900 from $7,600 a decade ago.

It has also increased the demand for consumer loans: be they mortgages, car loans, or small business or industry loans.

Itau Unibanco Holdings SA


/quotes/zigman/541871/quotes/nls/itub ITUB
-1.30%



, has focused on reducing costs and streamlining efficiency since the two banks merged in November 2008 to form Brazil’s largest bank. “But I can guarantee that we will not reduce our investment plans as part of that effort,” CEO Roberto Setubal said. Itau Unibanco has been rapidly expanding both within Brazil and across Latin America, capitalizing on success in consumer banking.

Regional growth

Itau Unibanco is just one of several banks with eyes on the rest of Latin America. “The flow of investments among the region’s various countries is increasing strongly,” said Andre Esteves, BancoBTG Pactual’s chief executive, in a statement. “Capital markets are developing at a fast pace in Colombia and Peru. Even the more mature markets, such as Brazil and Chile, continue to have high growth rates. We are very optimistic about the perspectives for Latin America.”

With money from Abu Dhabi, Singapore and China, BTG Pactual has grown to become one of Brazil’s top-10 banks. It recently expanded into Chile, Colombia and Peru and has reportedly been meeting with investment banks to launch its own shares over the next few months.

Recent analyst reports have suggested the major banks in Latin America, such as Itau Unibanco and BancoBradesco


/quotes/zigman/343267/quotes/nls/bbd BBD
-0.93%



, are losing market share to smaller, regional banks. We don’t see this as a reason not to invest in the larger banks. While they may end up losing share nationally, we believe the bigger banks will gain from their cross-border initiatives and from the rapid overall growth of banking in Latin America. Even if they did lose market share, that doesn’t mean their growth will slow. Like elsewhere, being bigger is a plus in Latin America’s banking industry.

There has been some backlash in Latin America as a result of the global financial crisis. Latin American countries have been more apt to approve regulations to protect consumers against fraud since 2008, and these same rules have not just protected consumers, but also shielded the local banking industry from foreign predators.

Even without better regulations, we expect you will start to see more intra-Latin America mergers and fewer acquisitions from developed countries. Already Latin American banks have pushed foreign banks from the top positions, in businesses including retail banking and investment banking. Last year, Itau Unibanco pushed Citigroup


/quotes/zigman/5065548/quotes/nls/c C
-3.00%



 and Credit Suisse Group


/quotes/zigman/172227/quotes/nls/cs CS
-1.20%



 


/quotes/zigman/280038 CH:CSGN
-1.47%



 from their top positions in investment banking.

But retail banking remains the key that most banks are after. In a survey for the Economist Intelligence Unit, most executives (27%) expect the greatest increase in competition in retail banking, compared with 17% in investment banking, 15% in corporate banking and 12% in consumer finance and cards.

The one country in Latin America where foreign banks have held onto their positions, and in some cases increased, is Mexico. Indeed, Spain’s Banco Santander


/quotes/zigman/205154 ES:SAN
-2.66%



 has amplified its penetration in Mexico, while also actively playing a large role in banking in Argentina, Uruguay, Chile and, to a lesser extent, in Brazil. Citibank, with its control of Banamex, has also benefited from its Mexico operations by penetrating retail banking and issuing more than a million credit cards per year.

Unbanked

And that brings us back to one of the strongest reasons to invest in Latin American banks: reaching the unbanked population. Half of the population in Latin America still does not use banks. In Brazil, 58% still use cash at supermarkets, with just 15% of purchases coming from credit cards and another 15% from debit cards.

A study by GrupoBursatilMexicano shows the potential of Latin American countries in bank loans to the private sector: If Chile is the model with close to 70% of private sector loans as a percentage of GDP, Brazil is still far behind at 50%, and Colombia (30% of GDP) and Mexico (less than 20%) are even further behind.

Latin Americans have devised their own ways to bring the unbanked into the mainstream. Even if it’s using a prepaid card for purchases, or having bank branches or ATMs in supermarkets, the growth of these will only pick up as the emerging middle class expands.

In Brazil, as in many South American countries, ATMs are often not operated by banks but by third parties. These kiosks are often much more prominent than the ATMs of banks. The largest of these is TecBan, which is planning to expand its network of Banco24Horas ATMs to 13,000 by the end of 2012, from 11,000 currently. TecBan plans to install ATMs at gas stations, supermarkets, shopping centers, drug stores, and subway, bus and rail stations. The company generates revenue by charging financial institutions a fixed price per transaction.

In summary, we think the banking sector in Latin America is going to benefit long-term from the growth of the middle class, and from greater access to the unbanked population, especially as new technologies gain adoption such as mobile banking and innovations in credit cards.

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ITUB

/quotes/zigman/343267/quotes/nls/bbd

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BBD

/quotes/zigman/5065548/quotes/nls/c

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C

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Michael Molinski is the author of “Investing in Latin America: Best Stocks, Best Funds” and is a founding partner of Investing Across Borders, a San Francisco-based research firm (www.investingacrossborders.com)

COLUMBUS, Ohio, Feb 22, 2012 (BUSINESS WIRE) –
As the mortgage industry and the federal government struggle to find
ways to stem foreclosures, Barry Habib, vice president and chief market
strategist for Columbus, Ohio-based Residential
Finance Corp. (RFC), proposes a plan to prevent foreclosures and
strategic defaults. The proposed plan also enables homeowners to quickly
rebuild equity in their homes with a monthly housing expense lower than
renting.

Under the proposed Homeowners
Equity and Liquidity Pathway (HELP) for Housing plan, homeowners
build equity in their homes after just two years without a government
bailout while contributing up to $450 billion in economic stimulus to
the U.S. economy over five years.

Key elements of this proposal include:

–
Eligible for borrowers who are current but trapped in their mortgage
by not being able to refinance their mortgage or sell their home.

–
Existing mortgage would be divided into two parts: a first mortgage —
representing 80 percent of the current value of the home — on a
20-year fixed payment, which takes advantage of the historically low
market rates, and a second mortgage on the remaining balance, to be
securitized and held on the Federal Reserve balance sheet, much like
QE1, QE2 and Operation Twist.

–
Borrower is not obligated to make monthly payments on the second
mortgage; however, interest accrues and is payable upon the sale of
the home.

–
Significantly lower monthly mortgage payments — resulting in a less
expensive alternative to renting a similar home.

–
Borrower rebuilds equity within two years.

–
Borrower cannot sell the home for three years after entering the
program.

–
Zero to minimal contribution from the federal government.

While there are many loan programs and ideas that address the
foreclosure problem, this proposal actually addresses borrowers’ current
situation and underlying issues contributing to strategic defaults. For
instance, with some programs, even if the borrower does refinance, he or
she will end up paying more than they would for rent and still not be
able to gain equity in their home. By building equity, HELP for
Housing allows borrowers to see a light at the end of a tunnel of
being upside down or loan trapped. The program shows them how they can
create wealth in their home again by giving them “skin in the game” or a
reason to continue to pay their mortgage as well as room to rebound
financially.

“This program would enable an average homeowner to save about $590 a
month on their mortgage payment, which they would likely spend —
creating enormous economic stimulus — save, or use to pay down their
mortgage,” Habib said. “The bottom line is that homeowners will have a
mortgage payment they can afford and once again build equity in their
home while also having significant extra cash per month. This is not a
bailout; there is no moral hazard; and the government benefits from
significant economic stimulus without having to pay for it.”

Homeowners would be required to pay back all of the loan(s) upon the
sale of their home, which they would not be able to sell for three
years, as a condition of the proposed program.

As for the benefit to government, Habib said in addition to getting the
economic stimulus, banks are less likely to need bailouts because they
will not be required to write down a portion of the existing loan, as is
the case with other plans.

Habib continued, “The mortgage industry must get creative with the way
we approach foreclosures because we know exactly what plans will help
homeowners; we also know how the government can participate without
bailouts and without costing taxpayers money.”

Homeowners would have to qualify for the proposed program, which is
explained in detail in the new whitepaper, “HELP for Housing.” To
enter the program, they would need to have paid their bills on time and
incur no late mortgage payments for the last 12 months. Conceivably, the
plan could affect 10 million homeowners who would each be able to pour
$7,080 annually back into the economy, or $450 billion during the next
five years.

The revolutionary proposal has been submitted for consideration to the
Mortgage Bankers Association, National Association of Realtors, the
Consumer Financial Protection Bureau, the House Financial Services
Committee, the Department of Housing and Urban Development and several
congressmen.

About Residential Finance Corp.

Founded in 1997, Residential Finance Corporation (RFC) (
www.residentialfinance.com ),
offers homeowners and homebuyers nationwide a wide range of home
mortgage loan options, including special lower-rate government-insured
FHA and VA loans, residential mortgage loans, jumbo mortgage loans, and
reverse mortgages. RFC’s highly-trained staff delivers mortgage
expertise and customer service excellence, winning the company many
awards, including Columbus Business First Corporate Caring Award, Columbus
Business Journal Best Place to Work, Florida Trends Best Company in
Florida, American Business Award Sales Department of the Year,
Inc Magazine INC5000 Fastest Growing Company, and American Society
of Training and Development Excellence in Practice. Headquartered in
Columbus, Ohio, RFC has branches throughout the country, and is seeking
loan officers and branch managers to join their network of branches. For
more information contact Jessica Manna at 614.255.4317.

NMLS#1652. Equal Housing Lender.

SOURCE: Residential Finance Corporation

        For RFC
        Media Contact
        Charlyne H. McWilliams, 301-933-5567

Copyright Business Wire 2012

On Monday, authorities said that a professor from Chapman University might have committed suicide. The professor of law fell from a building to her death. Daniel Aikin, the Supervising Deputy Coroner for Orange County, said that early investigations have found that Mary Katherine Baird Darmer most likely committed suicide on Friday. Aikin said that results from an autopsy are still pending and are incomplete. Authorities also said that a cause of death has not been determined either. On Friday at 11:30 a.m., Darmer fell off a parking garage on MacArthur Boulevard in Irvine.

Darmer worked in criminal procedure, according to her profile on the Chapman University School of Law’s website. She had been a full-time faculty member at the school since 2000. Prior to that she worked as an assistant United States attorney for the Southern District of New York. While working as an assistant district attorney, Darmer prosecuted cases involving gangs, corruption in the public sector and narcotics.

According to her profile on the website, Darmer acquired her A.B. from Princeton University and her juris doctor from Columbia University. While working in the Southern District of New York, Darmer was a clerk for Honorable Kimba M. Wood and Honorable William H. Timbers from the 2nd Circuit Court of Appeals. Darmer also worked as an associate within the litigation practice of Davis Polk Wardwell prior to her clerk jobs and her U.S. attorney job.

Darmer was the founder of the Orange County Equality Coalition and was recognized as a gay right advocate. She created the organization after Proposition 8 was created. Darmer repeatedly offered media commentaries regarding the war on terror and equality of marriage. Darmer was admired by colleagues, friends, and acquaintances alike. Hundreds upon hundreds of comments were left on Facebook pages and public forum websites about Darmer.

“Katherine was a truly wonderful person,” wrote Erwin Chemerinsky, dean of the UC Irvine Law School. “She was a terrific teacher and scholar and a deeply committed activist who used her knowledge to make a real difference. Most of all, she was a terrific human being.”

One of Darmer’s former students, Tom Vogele, said he was touched and inspired by Darmer.

“She pushed me to be a more insightful student and better listener, something I know makes me a better advocate,” Vogele wrote.

Darmer was married to Roman Ernest Darmer II, who works as a partner with Jones Day, which is an international law firm that has an office in Irvine.

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• A Law Professor Objects to Helping Our Troops in Afghanistan

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The battle lines have been drawn in an unusual public records spat between a state agency responsible for upholding election laws and the U.S. Postal Service.

The U.S. Department of Justice yesterday asked a federal court to dismiss a California Fair Political Practices Commission lawsuit accusing the U.S. Postal Service of withholding records.

The commission regulates the political activities of public officials, lobbyists and campaign committees and enforces California’s campaign reporting and disclosure requirements, conflict-of-interest rules, and election laws.

It sued the post office last month after postal officials refused to provide unredacted copies of a school board candidate’s mailing records. The commission is investigating whether the candidate, William Eisen, a former member of the Manhattan Beach Unified School District’s board, violated election disclosure rules.

Justice Department attorneys argue that the state commission isn’t “entitled” to the records and want the commission to repay the federal government’s legal fees. According to the filing: “Defendant asserts that Plaintiff is not entitled to the relief requested, or to any relief whatsoever, and requests that this action be dismissed in its entirety with prejudice and that Defendant be given such other relief as this Court deems proper, including costs and disbursements.”

The recent court filings highlight a rare information spat between a state regulatory office charged with guarding against political corruption and the federal Justice Department.

The state watchdog agency is investigating allegations that Eisen violated campaign disclosure rules in an attempt to stave off a bitter 2008 recall campaign. In particular, commission investigators wanted to know whether mass mailings sent in support of Eisen’s re-election that purportedly came from the South Bay Taxpayers Association and the South Bay Republican Club were actually sent by Eisen.

Eisen has said he followed all laws. He said he asked the post office to protect his records out of concerns for his privacy.

“Have some government agency poking around in my mail? Of course I would object to it,” Eisen said. “I have a right to privacy, just like any mailer or mailing house.”

Commission officials have said their ability to investigate crime could be crippled if they are denied access to the mailing records, according to the lawsuit:

California, twelve other states, and the Federal Election Commission all regulate mailed political communications with regard to either the number of mailed pieces or dollar amount spent on the mail pieces before being categorized as a mass mailing.

Without compliance from the USPS, neither these 13 states, nor the federal government will be able to determine whether a mailing is in violation of their respective laws. The USPS denial of these claims will effectively shut down enforcement of state and federal laws regarding campaign communication disclosure on mass mailings, thereby depriving the public of the ability to identify and take action against persons in violation of these laws.

Earlier this month, Eisen filed documents with the court, arguing that the state sought to embarrass him and that the lawsuit was unnecessary to enforce campaign laws. The court has set a hearing in the case for April 2 at the federal courthouse in Sacramento.

]]> http://financelaw.org/feds-ask-judge-to-drop-calif-postal-records-suit/feed/ 0 http://financelaw.org/the-divide-between-banking-and-bankruptcy/ http://financelaw.org/the-divide-between-banking-and-bankruptcy/#comments Wed, 22 Feb 2012 17:57:23 +0000 admin http://financelaw.org/the-divide-between-banking-and-bankruptcy/ The divide between banking and bankruptcy was illustrated during the financial crisis when the banking people told the bankruptcy people to file Lehman Brothers — now.

No real economy company would think of doing that — just look at the months of preparation that went into the American Airlines Chapter 11 filing — so the notion that you would do that with a global financial institution is daft, and shows how little the banking people understood the bankruptcy process.

The divide was on display again last week at the Wharton Restructuring and Turnaround Conference. The first keynote speaker, H. Rodgin Cohen, was generally supportive of the new orderly liquidation authority, wondering aloud what more could have been done to answer the problem of distressed, too big to fail institutions. By and large, he seemed convinced that such authority would work as advertised.

The second keynote speaker, Bryan Marsal, openly doubted the ability of the Federal Deposit Insurance Corporation to pull off the liquidation of a really big financial institution. He suggested that the only way the F.D.I.C, could manage this problem was by forcing banks into a utility model, whereby the banks would barely earn any margin above their cost of capital.

Now we should acknowledge right up front that both men were speaking to their self interests. Mr. Marsal no doubt resents the F.D.I.C.’s none-too-polite suggestions that it could have resolved Lehman better and cheaper, while Mr. Cohen, senior chairman of the Wall Street law firm Sullivan Cromwell, is steeped in the insular world of banking.

But this also illustrates the difficulty of reaching some sort of sensible policy reforms in this area. My own experience is that the two political parties are deeply polarized on the issue, and I have no reason to expect that will change until at least after November.

Those in the banking industry tend to take any sort of criticism of orderly liquidation authority as something akin to an insult to their mother, while many in the bankruptcy community draw rather unrealistic analogies between manufacturing plants and repos.

The only real hope for progress here is in the long term. Maybe a few years down the road the rhetoric will subside and some real policy analysis can be brought to the issue.

Of course, it is just as likely that time will also convince the banking people that 2008 was an aberration, meaning that bankruptcy and banking law will never meet again.

Stephen J. Lubben holds the Harvey Washington Wiley chair in corporate governance and business ethics at the Seton Hall University School of Law and is an expert on bankruptcy.

SANTIAGO, CHILE, Feb 22, 2012 (MARKETWIRE via COMTEX) –
Li3 Energy, Inc.,


/quotes/zigman/577564 LIEG
-4.00%



(“Li3″, “Li3 Energy” or the
“Company”), a US-listed and South America-based global exploration
and development company in the lithium and minerals sector, is
pleased to announce that Mr. Luis Santillana has been named Vice
President of Finance. As Vice President of Finance, Mr. Santillana
strengthens the existing Li3 management team and brings additional
domain expertise, having over 10 years experience in the mining
industry, specifically in finance, fund raising, debt facilities,
deal negotiation and execution, strategic and financial planning,
financial valuations to support decision making, treasury management,
and improvement of management reporting. Prior to joining Li3, Mr.
Santillana held the position of Strategic Planning Manager for ENRC
plc, a $7 billion revenue, diversified mining company listed on the
London Stock Exchange (FTSE 100). Based in London, he was involved in
strategic and financial planning and management reporting for ENRC.
From September 2008 to June 2010, Mr. Santillana was responsible for
the financial planning and treasury functions at London Mining plc,
an iron-ore mining company listed on the London Stock Exchange (AIM).
Prior to joining London Mining plc, Mr. Santillana worked for
Hochschild Mining plc, a Peruvian gold and silver producer, where he
was part of the core management team that led Hochschild Mining’s
successful IPO and listing on the London Stock Exchange (FTSE 250).
Mr. Santillana holds an MBA from IESE Business School (Spain) and a
Bachelor’s Degree in Industrial Engineering from Universidad de Lima
(Peru).

Luis Saenz, CEO of Li3 Energy, stated: “We are delighted to have Mr.
Santillana join Li3 and serve as our Vice President of Finance.
Having an individual with his track record, reputation, finance
background and extensive mining and minerals expertise is of
inestimable value as Li3 seeks to commercialize its flagship
Maricunga project. On behalf of the entire Board and team, we welcome
him to the Li3 family.”

About Li3 Energy, Inc.

Li3 Energy, Inc. is an exploration stage public company in the
lithium mining and energy sector. Li3 aims to acquire, develop and
commercialize a significant portfolio of lithium brine deposits in
the Americas. With its controlling interest in its Maricunga Project,
Li3′s goals are to; a) support the global implementation of clean and
green energy initiatives; b) meet growing lithium market demand; and
c) become a mid-tier, low cost supplier of lithium, potassium
nitrate, iodine and other strategic minerals, serving global clients
in the energy, fertilizer and specialty chemical industries.
Additional information regarding the Company can be found in our
recent filings with the Securities and Exchange Commission (“SEC”) as
well as the information maintained on our website
www.li3energy.com .

Forward-Looking Statements

Any statements contained herein which are not statements of
historical fact may be deemed to be forward-looking statements,
including, without limitation, statements identified by or containing
words like “believes,” “expects,” “anticipates,” “intends,”
“estimates,” “projects,” “potential,” “target,” “goal,” “plans,”
“objective,” “should,” or similar expressions. The Company gives no
assurances the assumptions upon which such forward-looking statements
are based will prove correct. Forward-looking statements involve
risks, uncertainties and assumptions, and are based on information
currently available to us. Actual results may differ materially from
those expressed herein due to many factors, including, without
limitation: issuance of necessary government consents; results of due
diligence and whether the Company is able successfully to negotiate
any proposed acquisition; initial exploration results; satisfaction
of conditions precedent to POSCAN’s additional investment; the
Company’s ability to raise additional capital for exploration;
development and commercialization of the Company’s projects; future
findings and economic assessment reports; the Company’s ability to
identify appropriate corporate acquisition or joint venture
opportunities in the lithium mining sector and to establish
appropriate technical and managerial infrastructure; political
stability in countries in which we operate; and lithium prices. For
further information about risks faced by the Company, and its
Maricunga Project, see the “Risk Factors” section of the Company’s
Form S-1/A, filed with the SEC on February 13th, 2012. The Company
undertakes no obligation to update any forward-looking statement
contained herein to reflect events or circumstances which arise after
the date of this release.

        Contact:
        Li3 Energy, Inc.
        Luis Saenz
        CEO
        Marchant Pereira 150 Oficina 803
        Providencia, Santiago - Chile
        011-511-212-1880

        The InVentures Group Inc.
        Marc S. Lubow
        Managing Partner
        (904) 645 - 9549
        Email Contact

SOURCE: Li3 Energy, Inc.

http://www2.marketwire.com/mw/emailprcntct?id=D13DDB2D7023C90E

Copyright 2012 Marketwire, Inc., All rights reserved.

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]]> http://financelaw.org/li3-energy-names-vice-president-of-finance/feed/ 0 http://financelaw.org/iu-university-of-oxford-offer-joint-degree-program/ http://financelaw.org/iu-university-of-oxford-offer-joint-degree-program/#comments Wed, 22 Feb 2012 11:55:08 +0000 admin http://financelaw.org/iu-university-of-oxford-offer-joint-degree-program/ POSTED AT
11:20 PM ON Feb. 21, 2012 
(UPDATED AT
01:22 AM ON Feb. 22, 2012)

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