The Event Driven Situation Report

Opportunistic Macquarie Infrastructure Company LLC (MIC)

Investment Recommendation 8.30.10 Security Mkt. Value
$12.95 / shr

Rec
Buy

(Downside) Upside
(11.0%) 78.6%

V
I V I D

Common Stock (MIC) Sum of the Parts Valuation Downside

Value pe r Share of MIC $9.73 $10.71 $11.68 3.29 3.70 4.11 0.54 0.68 0.81 0.00 0.00 0.00 ________ ________ ________ $13.57 $15.08 $16.60 (2.04) (2.04) (2.04) ________ ________ ________ $11.53 $13.04 $14.56 $12.95 (11.0%) $12.95 0.7% $12.95 12.4%

Sum of the Parts Valuation Base Case

IMT T T he Gas Company District Energy Atlantic Aviation T otal Segment Valuation Unallocated SG&A / Mgr. Fee Total Current Share Price 8/26/10 Upside (Downside) Value per Share of MIC $13.42 $14.61 $15.80 3.43 3.85 4.27 0.54 0.68 0.81 1.69 2.99 4.29 _________ ________ ________ 19.08 22.12 25.17 (2.04) (2.04) (2.04) _________ ________ ________ $17.04 $20.08 $23.13 $12.95 31.6% $12.95 55.1% $12.95 78.6%

IMT T T he Gas Company District Energy Atlantic Aviation T otal Segment Valuation Unallocated SG&A / Mgr. Fee Total Current Share Price 8/26/10 Upside (Downside )

R
E S E A R C H

I
N C.

Catalysts for Valuation Appreciation Return of excess cash to shareholders Potential spin-offs Deleveraging of Atlantic Aviation IMTT funded growth opportunities Increasing storage demand Competitive advantage of unique location on NY Harbor Attractive customer contracts Additional cash flow from IMTT; strong performance during economic downturn Relatively stable, recession resistant cash flow from The Gas Company and District Energy
Suzanne Franks suzanne@vividresearchinc.com 512.322.2003
Ms. Franks experience includes portfolio management, M&A / corporate reorganization advisory and capital raising.

Risks Maintenance and growth capital investment demands at IMTT Continued commercial volume declines at The Gas Company Negative impact of a potential double dip recession on Atlantic Aviation Unable to deleverage; covenant non-compliant; potential default Managers equity investment diluting existing shareholders Holdco structure; sum of the parts discount persistence Opcos restricted cash distribution to holdco per credit agreement covenants

Nick Ballard nick@vividresearchinc.com

Mr. Ballard's experience includes over six years conducting financial and performance audits. Mr. Ballard also has an MBA from the University of Texas at Austin, and is a CFA Level II candidate.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 1 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

SITUATION OVERVIEW
Macquarie Infrastructure Company (MIC or the Company), a holding company, owns, operates and invests in a diversified group of infrastructure businesses: 1) a 50% non-controlling interest in a bulk liquid storage terminal business (International Matex Tank Terminal or IMTT), 2) a gas production and distribution company based in Hawaii (The Gas Company), 3) a 50.01% controlling interest in the largest chilled water provider for building cooling in the U.S. (District Energy) and 4) 72 fixed base operations (FBO) that provide fuel and other services to owners and operators of private jets (Atlantic Aviation). IMTT, The Gas Company and District Energy are known as the energy-related businesses. See pages 21 to 23 Company Overview. Manager. Macquarie Infrastructure Management (USA) is the Companys Manager which is a wholly owned subsidiary of the Macquarie Group, a provider of banking, financial advisory, investment and funds management services, headquartered in Australia (MQG AU). The Manager earns a quarterly base fee based on MICs market capitalization and a performance fee. The Manager may elect to invest its base fee into additional interests of MIC common stock, diluting existing shareholders. The Manager owns 8.4% of shares outstanding. For additional discussion, see page 23 Company Overview. We Recommend Investing in MIC. MICs stock traded at a 52-week high of $17.05 (4/26/10) and hit a 52-week low of $5.69 (9/2/09). The stock closed at $12.95 on 8/26/10. The stock has been under pressure due to concern and confusion surrounding Atlantic Aviations overleveraged capital structure and its negative impact to MIC holdco and the other operating businesses as well as the general market downturn driven by concerns of a double dip recession. Regarding MICs debt profile, debt at each business is non-recourse to the other businesses and to MIC holdco. Of the four businesses, only Atlantic Aviation is overleveraged but is on course to continue debt reduction in 2010 and 2011 to a level more in line with cash flow generation power through the economic downturn. MIC holdco is debt free and elected not to renew its credit facility. MIC (Downside) Upside is (11%) and Up to 78.6%. Based on a sum of the parts analysis, MICs stock could be valued at $11.53 to $23.13 per share, offering limited downside of 11% and upside of up to 78.6%. The downside excludes the value of Atlantic Aviation assuming that business files Chapter 11 (unlikely; no impact to MIC other than headline risk) and assumes a double dip recession. The Base Case sum of the parts valuation excluding Atlantic Aviation as presented on page 11 yields a midpoint value of $17.09, upside of 32% from the current share price of $12.95. See page 11 Valuation and Sensitivity Analysis Base Case. See page 12 Financial Forecast & Assumptions Base and Downside Cases. See page13 Financial Forecast and Assumptions Downside Case. See pages 14 to 18 Financial Forecast and Assumptions Base Case and and pages 19 and 20 Debt Review Base Case. Return of Excess Cash at Holdco to Shareholders. MIC has suggested a return of cash to shareholders in 2010 given that MIC holdcos excess cash may be more than $30 million, $0.66 per share, via share repurchase. Alternatively, MIC may pre-pay Atlantic Aviations debt. Management expects an economics based decision by the end of September 2010. In February 2009, MIC suspended its dividend in order to retain cash and reduce debt in light of challenging economic conditions. MIC could also elect to reinstate a dividend after 1) achieving a prudent level of cash reserves at holdco and the opcos and 2) credit markets and customer spending regain a level of stability and predictability that enables MIC to estimate refinancing terms of the opcos long term debt. MIC could expect to continue to generate excess cash, particularly at IMTT which presents an opportunity for the highest growth of all of MICs businesses by virtue of bulk liquid storage supply / demand dynamics and IMTTs uniquely positioned assets. IMTT successfully upsized its credit facility from $625 million to $1.1 billion in order to fund growth capital investment. With funding in place, IMTT can now distribute its excess operational cash flow to MIC for distribution to shareholders. The shareholders agreement between the founding family (50% interest) and IMTT (50% interest) defaults to cash distribution in the event that there is a disagreement regarding cash distribution versus retention between the two investors.
Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 2 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

SITUATION OVERVIEW continued

Potential Spin-Offs. There are several avenues to maximize shareholder value via corporate reorganization, reducing the sum-of-the-parts discount. MIC could spin off IMTT to realize full value for its high growth business outside of the lower growth but stable District Energy and The Gas Company and economically sensitive Atlantic Aviation. IMITTs most comparable publicly traded peer, Royal Volpak (VPK), the worlds largest owner of bulk storage facilities, trades at approximately 9.0x 2011 EBITDA (consensus). MIC is trading at an estimated 7.3x 2011 EBITDA (Vivid Research). Alternatively, MIC could spin off Atlantic Aviation given that it is more economically sensitive than the energy-related businesses and unrelated to energy. Deleveraging Atlantic Aviation. Of the four businesses, only Atlantic Aviation is overleveraged. As of June 30, 2010, Atlantic Aviations leverage ratio was 7.35x compared to the covenant maximum of 8.0x and the debt service coverage ratio was 1.97x compared to the covenant requirement of at least 1.2x. Per an amendment to the loan agreement, this business is applying all excess cash flow to prepay additional principal. In the first half of 2010, this business prepaid $31.7 million of principal. In August 2010, this business prepaid $9 million of principal resulting in a pro forma leverage ratio of 7.27x based on the trailing twelve months June 30, 2010 EBITDA per the facility agreement. Per the Vivid Research Base Case forecast, this business could generate enough free cash flow to reduce debt by $52 million in 2011 which suggests a leverage ratio of 6.41x versus a 2011 covenant of 7.5x. Even in a Vivid Research Downside Case forecast, this business could generate enough free cash flow to reduce debt by $44 million in 2011 which suggests a leverage ratio of 6.99x versus a 2011 covenant of 7.5x. Atlantic Aviation is not expected to default on its obligations. Even so, debt at Atlantic Aviation as well as at the other operating businesses is nonrecourse to the other businesses and to holdco. A default at one operating business or holdco would not trigger any cross defaults. See pages 19 to 20 Debt Review. Manageable Debt Profile. In aggregate, the operating companies carry $1.8 billion of debt as of June 30, 2010. Banks and municipal bonds (at IMTT) provide funding in the form of term loans and working capital revolving credit facilities which have adequate capacity to fund operations and capital investment in conjunction with cash flow from operations. The debt is non-amortizing except for a $33 million shareholder loan at IMTT. However, if certain operating companies fail to comply with certain covenants, their credit agreements require debt prepayment. In addition, certain debt has financial covenants that can restrict dividend distributions from the operating companies to holdco. Lastly, if holdco does not receive adequate distributions from its opcos to pay the manager fees, the Manager may resign. The manager can resign at any time. A resignation would trigger a change of control default provision under the credit facilities of the opcos except IMTT. The bulk of the debt at the opcos matures in 2014. Of the $1.8 billion outstanding, only $148.5 million is due in 2012 ($130 million at IMTT and $18.5 million at District Energy) and only $169 million (The Gas Company) is due in 2013. These operating companies should be able to access the capital markets to refinance this debt. See pages 19 to 20 Debt Review. No Cash Federal Tax Payments Through 2012. As a result of available federal net operating loss carry forwards estimated to be $116 million, MIC does not expect to have consolidated regular federal taxable income or regular cash federal tax payments at least through the 2012 tax year. The operating businesses will pay state and local taxes.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 3 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

SITUATION OVERVIEW continued

Opcos Compelling, Unique Competitive Position and Supply / Demand Dynamics Drive Fundamental Value. MIC offers value driven by compelling industry fundamentals. These infrastructure businesses generally operate in sectors with limited competition and barriers to entry including high initial development and construction costs, the existence of long-term contracts or the requirement to obtain government approvals and a lack of immediate cost-efficient alternatives to the services provided. These businesses are also highly scalable. The energy-related businesses have proven, to date, largely resistant to the recent economic downturn, primarily due to the contracted or utility-like nature of their revenues combined with the essential services they provide and the contractual or regulatory ability to pass through most cost increases to customers. IMITT offers a highly compelling low volatility growth opportunity. The Gas Company and District Energy offer relatively stable cash flow generation. Of all of MICs businesses, Atlantic Aviation is the most vulnerable to an economic slowdown. The slowing economy and, consequently, declining general aviation activity levels since mid-2008 through mid-2009 have negatively affected the results of Atlantic Aviation. However, general aviation activity levels stabilized in the second half of 2009 and showed year on year growth in December 2009 and through the second quarter of 2010. This stabilization, combined with expense reduction efforts, drives an improving outlook for the business.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 4 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

INTERNATIONAL MATEX TANK TERMINALS (IMTT)

Catalysts / Risks Fully Funded Growth Opportunities Development of Tank Capacity. Of all of MICs operating companies, IMTT presents an opportunity for the highest growth by virtue of supply / demand dynamics and IMTTs uniquely positioned assets (discussed below). IMTT owns 550 acres on New York Harbor of which 100 acres are developable. IMTT is reviewing $200 million of projects and has committed $17 million for which management expects a high teens to low 20s% leveraged internal rate of return. In addition, IMITT can vertically expand storage capacity. The projects under consideration involve adding incremental capacity to existing facilities or adjacent to them rather than acquisition of new standalone facilities. In order to fund execution of these growth opportunities, IMTT successfully upsized its non-amortizing credit facility from $625 million to $1.1 billion and extended the maturity on $970 million from June 2012 to 2014 with the remaining $130 million maturing in June 2012. As of June 30, 2010, IMTTs leverage and interest coverage ratios were 3.03x and 8.17x, respectively, well within the requirements of 4.75x (max) and 3.0x (min), respectively. IMTT could borrow $250 million plus and continue to remain in compliance with these covenants, ceteris paribus. Increasing Storage Demand. New York is the largest refined petroleum consumption base in the U.S. behind Los Angeles but has no local refining capacity to service this market (unlike Los Angeles) which drives demand for storage. New York Harbor, the main petroleum trading hub in the northeast U.S., takes delivery of refined petroleum products via water and pipelines from the U.S. Gulf region where approximately 50% of U.S. domestic refining capacity resides as well as imports. IMTT-Bayonne provides substantial logistical flexibility given connections to several petroleum product pipelines including Colonial, Buckey and Harbor. Competitive Advantage of Unique Location in New York Harbor. The 16 million barrel storage terminal in Bayonne, New Jersey is the largest independent bulk storage facility in New York Harbor and has the most storage capacity of any IMTT site (38% of total capacity). For the year ended December 31, 2009, this facility generated approximately 43% of IMTTs terminal revenue and approximately 42% of terminal gross profit. Capacity utilization has averaged 94% for 2007 through 2009. The U.S. Army Corp of Engineers dredged the Kill Van Kull channel that passes the IMTT-Bayonne dock, the only storage terminal located on this channel, to a depth of 45 feet which allows the largest transport ships to dock and quickly load and unload cargo. In contrast, competitors are located on the southern portion of the Arthur Kill where water depths are only 35 feet which forces large ships to transfer cargo to barges at anchorage. The barges then dock and unload. This two step process increases the costs and time of loading and unloading cargo. Furthermore, competitors terminals can only handle 1 tanker or 3 barges at a time compared to IMTT-Bayonnes terminal that handles 6 tankers at a time. IMTT-Bayonnes competitive advantage may improve as the U.S. Army Corp of Engineers plans to dredge the Kill Van Kull to 50 feet but has no plans to dredge the southern portion of the Arthur Kill. Attractive Customer Contracts. IMTT rents storage tanks to customers under three to five year contracts. The customer pays for tank capacity regardless of actual utilization. Contracts do not contain early termination provisions. Tank rental rates, throughput rates and rates for other services increase based on annual inflation adjustments. Customers retain title to the commodity stored in the tanks as well as insurance against loss and consequently, IMTT has no commodity price risk or product loss risk.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 5 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

INTERNATIONAL MATEX TANK TERMINALS (IMTT) continued

Catalysts / Risks continued Strong Performance During Economic Downturn. Demand for bulk storage remains strong. Consequently, IMTTs ability to increase rental rates remains intact. Storage capacity increases due to completion of expansion projects. Capacity utilization remains steady 94% in 2007, 2008 and 2009 and is expected to average 94% for 2010. Terminal revenue increased 15.3% in the first half of 2010 compared to the comparable prior period driven by an increase of average rental rates of 9.2% and an increase of capacity and utilization from expansion of the Louisiana facilities. Terminal revenue increased 7.9% in 2009 versus 2008 driven by an increase of average rental rates of 9.7% and an increase in storage capacity attributable to completed expansion projects at the Louisiana facilities. Terminal gross profit margin increased from 49.4% to 52.6% as a result of a full year of storage and related logistics services at the Geismar terminal. Terminal revenue increased 22.1% in 2008 versus 2007 driven by an increase of average rental rates of 14.8% and a 5.3% increase in storage capacity rented to customers as certain expansion projects completed and a terminal acquisition contributed a full year performance. In addition, the commencement of storage and logistics services at the new Geismar terminal contributed $12.2 million to revenue in 2008. Valuation Metric VTTI B.V. Transaction. Vitol Group, one of the worlds largest independent energy trading companies, sold 50% of its shares in VTTI B.V., an owner and operator of petroleum products storage terminals, for $735 million to MISC Berhad, an international shipping company. This transaction value is 18x trailing EBITDA. However, accounting for expected growth capital investment of $1 billion, this transaction value is 11.25x 2014 EBITDA, according to MIC management. Elevated Maintenance Capital Investment. Management expects to incur maintenance capital investment of $45 to $50 million per year due to tank inspection and cleaning through 2014. Otherwise, the Company typically invests $30 to $35 million maintenance capital investment. This program is winding down with only 50 tanks out of 1,100 requiring inspection and cleaning. Cleaning can take two weeks for a vegetable oil tank or six to ten months for a petroleum tank. The cost and time required to inspect and clean a particular tank is unknown until IMTT personnel open the tank. For large tanks (a vehicle can drive through), personnel cuts a large door in the side of the tank for inspection and cleaning access. Normalized Oil Mop. IMTT also owns Oil Mop, an environmental response and spill clean-up business. Oil Mop has a network of facilities along the U.S. Gulf Coast between Houston and New Orleans. These facilities service predominantly the Gulf region, but also respond to spill events as needed throughout the United States and internationally. Oil Mop commenced operations related to the British Petroleum spill in the Gulf of Mexico in May 2010 and continues to provide services which drove Oil Mops revenue of $79 million and gross margin of $30 million in the first half of 2010, up from revenue of $7 million and gross margin of ($.7) million in the prior comparable period. Vivid Research does not assume that Oil Mop will encounter another spill of this magnitude in 2011 or beyond and therefore reflects a more normalized revenue and gross profit margin in 2011 of $18 million and $2 million, respectively.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 6 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

THE GAS COMPANY

Catalysts / Risks Regulated Rate of Return and Pass Through of Feedstock Costs. The regulated utility, generating 45% of The Gas Companys total contribution margin in 2009, earns a regulated rate of return based on cost of service and also pass through of changes in feedstock stock costs which limits the volatility of financial performance. The Gas Company received a rate increase effective June 2009 amounting to $9.2 million annually . Limited Competition Regulated Utility. The Gas Company is Hawaiis only government franchised fullservice gas company, manufacturing and distributing gas products and services in Hawaii. Four electric utilities generate Hawaiis electricity. The market includes Hawaiis approximately 1.3 million residents and approximately 6.5 million visitors in 2009. The utility business serves approximately 35,500 customers through localized pipeline distribution systems located on the islands of Oahu, Hawaii, Maui, Kauai, Molokai and Lanai. Major Market Share Unregulated Utility. The unregulated utility, generating 55% of The Gas Companys total contribution margin in 2009, maintains an estimated 70% market share followed by AmeriGas and Ferrellgas. A strong market share supports The Gas Companys pricing power with its residential customer base (90%) that is relatively demand inelastic. Potentially Higher Cost Imported Feedstock Potential Negative Impact to Unregulated Utility. To the extent that local suppliers are unable to supply a sufficient amount of propane, The Gas Company taps foreign sources. In the first half of 2010, local refiners supplied 30% less propane than in the comparable prior period. The cost per gallon of foreign supply is typically higher than the cost of locally produced propane. However, in Q2 2010, management indicated that the foreign sourced propane was more profitable than locally sourced propane. As mentioned, The Gas Companys unregulated utility commands 70% market share which could be expected to support pricing power, offsetting any increase in the cost of foreign sourced propane. Volume Decline Regulated Utility Driven by Commercial Customer. Residential and commercial customers generate approximately 60% and 40% of the total contribution margin, respectively. The regulated utilitys customer base is comprised of 25% residential and 75% commercial customers. The unregulated businesss customer base is 90% residential and 10% commercial. Volume declined 3.6% in the first half of 2010 versus the same period in 2009, offset by a rate increase effective June 2009, mainly due to a decline in demand from commercial customers who are more sensitive to the variability of the economic cycle. Sales volume declined 3% in 2009 and 4% in 2008.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 7 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

DISTRICT ENERGY
Catalysts / Risks Stable EBITDA Generation During the Economic Downturn. District Energy generates consistent EBITDA $18.8 million in 2008 and $19.2 million in 2009 and $9 million in the first six months of 2010 by virtue of longterm customer contracts. Customers pay two charges to receive chilled water services: a fixed charge based on contracted capacity, and a variable charge based on the consumption of chilled water. Capacity charges are typically adjusted annually at a fixed rate or are indexed to the Consumer Price Index (CPI). Consumption charges increase annually commensurate with indices that track the cost of electricity, labor, and other inputs. The terms of customer contracts provide for the pass through of increases or decreases in electricity costs, the largest component of the business direct expenses. The majority of contracts require a termination payment, which allows District Energy to recover invested capital that allowed delivery of service to the customer, if a customer elects to terminate a contract before expiration or if District Energy terminates the contract for customer default. The portfolio of contracts currently averages a term of13 years. Limited Competition. District Energy operates the largest district cooling system in the United States, serving Chicago and Las Vegas. The system serves over 100 customers in downtown Chicago under long-term contracts. Customers are generally not allowed to cool the building by other alternatives other than the service that District Energy provides. The installation of a stand-alone water chilling system is an alternative but may be cost prohibitive due to building reconfiguration and capital investment that exceeds the cost of service that District Energy provides given economies of scale regarding efficiency, staff and electricity procurement. Another barrier to entry is the procurement of City of Chicago consent and challenge to obtaining a significant number of buildings in downtown Chicago that are not already under long-term contract to use District Energys system. Expansion of Customer Base. District Energy continues to add customers. Most recently, a new customer constructed a building adjacent to an existing customer in Las Vegas. Office and commercial buildings comprise approximately 70% of the customer base. Equipment Lease Revenue. District Energy leases pipes and pumps to customers in order to connect to the cooling system which generates approximately $4.5 million per year. Customer Concentration in Las Vegas. The Las Vegas operation generated 25% of the cash flows to District Energy in 2009. Of these cash flows, 65% were from a long-term contract to service a single resort and casino, the Planet Hollywood Resort and Casino. Seasonality. District Energy generates 80% of consumption revenue in Q2 and Q3 given that demand for chilled water is highest in the summer months. For example, an increase in consumption revenue in Q2 2010 compared to 2009 was driven by warmer average temperatures during Q2 2010 compared with Q2 2009.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 8 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

ATLANTIC AVIATION
Catalysts / Risks High Barriers to Entry / Limited Competition. Airports have limited physical space for FBOs and airport authorities have no incentive to add additional FBOs. Profit-making FBOs are more likely to reinvest in the airport and services, attracting an increase in airport traffic which generates additional landing and fuel fess to the airport authority. Of the 72 FBOs, 32 and the heliport are the only FBOs at their respective airports and generate an estimated 50% of EBITDA, according to management. The remaining 39 have one or more competitors and generate the balance of EBITDA. Limited Exposure to Commodity Price Risk. Atlantic Aviation buys fuel wholesale and sells it to customers at a contracted price or negotiated price at point of sale. Atlantic Aviation generally carries a limited inventory of jet fuel and passes fluctuations in the wholesale cost through to customers. General Aviation Activity Drives Demand for FBO Services. Unlike the relatively recession resistant energyrelated businesses, Atlantic Aviations financial performance (volume of fuel sold) has suffered from a decline in general aviation activity levels since mid-2008 through mid-2009 due to a slowing economy. Although take offs and landings declined 17.3% in 2009 compared to activity in 2008, activity levels stabilized in the second half of 2009 and showed year on year growth in December 2009 and through the second quarter of 2010. This stabilization, combined with expense reduction efforts, results in an improving outlook for the business. Are these positive trends sustainable? Vivid Research conservatively forecasts Base Case revenue in the second half of 2010 to be 3% higher than revenue in the second half of 2009 and expects the customer mix to be the same low margin, high volume charter operators (discussed below) that pressured the fuel gross margin in the first half of 2010. Vivid Research forecasts Base Case 2011 financial performance approximately in line with 2010 which is in line with the low point of EBITDA generation in 2009. Debt Reduction. As of June 30, 2010, Atlantic Aviations debt service coverage ratio was 1.97x compared to the covenant requirement of at least 1.2x and the leverage ratio was 7.35x compared to the covenant maximum of 8.0x. Per an amendment to the loan agreement, the business is applying all excess cash flow to prepay additional principal. In the first half of 2010, this business prepaid $31.7 million of principal. In August 2010, this business prepaid $9 million of principal resulting in a pro forma leverage ratio of 7.27x based on the trailing twelve months June 30, 2010 EBITDA per the facility agreement. Per the Vivid Research Base Case forecast, this business could generate enough free cash flow to reduce debt by $52 million in 2011 which suggests a leverage ratio of 6.41x versus a 2011 covenant of 7.5x. Even in a Vivid Research Downside Case forecast, this business could generate enough free cash flow to reduce debt by $44 million in 2011 which suggests a leverage ratio of 6.99x versus a 2011 covenant of 7.5x. Chapter 11 Filing Unlikely. A Chapter 11 filing is not expected given that business trends have improved enough, as discussed above, to facility debt reduction in order to remain in compliance with credit facility covenants. Atlantic Aviation permanently reduced SG&A to $175 million from $205 million 2008. Even if Atlantic Aviation filed Chapter 11, there would be no negative impact on the remaining businesses given that Atlantic Aviations debt is non-recourse to the other businesses and MIC holdco. However, MICs stock could decline on the news of a Chapter 11 filing if the investment community does not fully appreciate the non-recourse nature of Atlantic Aviations debt or its equity value contribution relative to the other businesses.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 9 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

ATLANTIC AVIATION continued

Catalysts / Risks continued Customer Mix Shift Pressures Gross Profit Margin. In the first half of 2010, Atlantic Aviations fuel gross profit margin declined to 36.2% from 44.7% in the comparable prior period due to a customer mix shift. A larger portion of higher volume, lower margin charter operators generated Atlantic Aviations fuel revenue. In addition to pricing power, Charter operators tend to use less of the high contribution margin non-fuel services. However, management indicated that margins were recovering in late June and July 2010 to the point where the margin comparison was positive year over year. Seasonality. The number of take-offs and landings is typically lower in Q4 compared to Q3 due to reduced business related activity in November and December.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 10 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

VALUATION AND SENSITIVITY ANALYSIS BASE CASE

See page 14 for Base Case Sum of the Parts Assumptions. See page 13 for Downside Case Sum of the Parts Assumptions. See page 12 for a Comparison of the Downside Case and Base Case Sum of the Part Assumptions. Other than the assumptions driving the Downside Case Sum of the Parts Analysis, the Downside Case is not presented in full.

Sum of Parts Valuation Base Case

IMT T T he Gas Company District Energy Atlantic Aviation T otal Segment Valuation Unallocated SG&A / Mgr. Fee Total Current Share Price 8/26/10 Upside (Downside ) Value pe r Share of MIC $13.42 $14.61 $15.80 3.43 3.85 4.27 0.54 0.68 0.81 1.69 2.99 4.29 _________ ________ ________ 19.08 22.12 25.17 (2.04) (2.04) (2.04) _________ ________ ________ $17.04 $20.08 $23.13 $12.95 31.6% $12.95 55.1% $12.95 78.6%

Base Case Excluding Atlantic Aviation

IMT T T he Gas Company District Energy Atlantic Aviation Total Se gment Valuation Unallocated SG&A / Mgr. Fee Total Current Share Price 8/26/10 Upside (Downside ) Value pe r Share of MIC $13.42 $14.61 $15.80 3.43 3.85 4.27 0.54 0.68 0.81 0.00 0.00 0.00 ________ ________ ________ $17.39 $19.13 $20.88 (2.04) (2.04) (2.04) ________ ________ ________ $15.35 $17.09 $18.84 $12.95 18.6% $12.95 32.0% $12.95 45.5%

IMTT EBIT DA Multiple 2011 2011 EBIT DA Enterprise Value Est. Debt 12/31/2010 Est. Cash 12/31/2010 Est. Net Debt Equity Value MIC Interest % MIC Interest $ F.D. Shares Out. Value Pe r Share

8.5x $217 1,846

Valuation 9.0x $217 1,955

9.5x $217 2,063

The Gas Company EBIT DA Multiple 2011 2011 EBIT DA Enterprise Value Est. Debt 12/31/2010 Est. Cash 12/31/2010 Est. Net Debt Equity Value MIC Interest % MIC Interest $ F.D. Shares Out. Value Pe r Share

8.5x $38 325

Valuation 9.0x $38 344

9.5x $38 363

621 621 621 (2) (2) (2) ________ ________ _________ 619 619 619 $1,227 50.0% $614 45.7 $13.42 $1,336 50.0% $668 45.7 $14.61 $1,444 50.0% $722 45.7 $15.80

169 169 169 (1) (1) (1) ________ ________ _________ 168 168 168 $157 100.0% $157 45.7 $3.43 $176 100.0% $176 45.7 $3.85 $195 100.0% $195 45.7 $4.27

District Ene rgy EBIT DA Multiple 2011 2011 EBIT DA Enterprise Value Est. Debt 12/31/2010 Est. Cash 12/31/2010 Est. Net Debt Equity Value MIC Interest MIC Interest F.D. Shares Out. Value Pe r Share

8.5x $25 211

Valuation 9.0x $25 224

9.5x $25 236

Atlantic Aviation EBIT DA Multiple 2011 2011 EBIT DA Enterprise Value Est. Debt 12/31/2010 Est. Cash 12/31/2010 Est. Net Debt Equity Value MIC Interest MIC Interest F.D. Shares Out. Value Pe r Share

7.5x $119 894

Valuation 8.0x $119 954

8.5x $119 1,013

170 170 170 (8) (8) (8) ________ ________ _________ 162 162 162 $49 50.01% $25 45.7 $0.54 $62 50.01% $31 45.7 $0.68 $74 50.01% $37 45.7 $0.81

817 817 817 0 0 0 ________ ________ _________ 817 817 817 $77 100.00% $77 45.7 $1.69 $137 100.00% $137 45.7 $2.99 $196 100.00% $196 45.7 $4.29

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 11 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

FINANCIAL FORECAST AND ASSUMPTIONS BASE AND DOWNSIDE CASES

Forecast Business ($ in MM) Parameter
Terminal revenue growth Terminal GP margin EBITDA

2008
---49.4% $133 --------24.5% 39.2% $27 ----46.2% $18.8 --------30.9% 85.5% $137

2009
7.9% 52.6% $147 (21.4%) (12.8%) 37.1% 54% $36 1.1% 46.6% $19.2 (36.4%) (22.5%) 41.2% 917.7% $107

6 Mos. 6/30/10
15.3% 55.7% $114 33% 25.5% 32.6% 47.8% $20 9.2% 46.4% $9 40.6% (8.1%) 36.2% 89.6% $57

6 Mos. 12/31/10
15% 53.0% $86 0% 0% 33% 48% $17 1.5% 46.5% $13 3% 3% 36% 90% $53

2010
15.2% 54.3% $200 14.3% 12.7% 32.8% 47.9% $37 4.9% 46.5% $22 19.6% (2.7%) 36.1% 89.8% $111

Down side 2011

0% 53% $178 0% 0% 33% 48% $37 0% 46.5% $25 0% 0% 36% 90% $111

Base Case 2011

15.0% 56% $217 2% 2% 33% 58% $38 0% 46.5% $25 3% 3% 36% 90% $119

IMTT

The Gas Co.

Utility revenue growth Non-Util. revenue growth Utility GP margin Non-Utility GP margin EBITDA Revenue growth GP margin EBITDA* Fuel revenue growth Non-Fuel revenue growth Fuel GP margin Non-Fuel GP margin EBITDA

District Energy

Atlantic Aviation

*The forecast is not comparable to actual results because the forecast includes $2 million from a non-revenue equipment lease in the 6 months ended 12/31/10 and $4.5 million in 2011. This item is included in cash flow from financing activities in District Energys reported financial results.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 12 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

FINANCIAL FORECAST AND ASSUMPTIONS DOWNSIDE CASE

Downside Case Sum of the Parts Assumptions. The assumptions for the six months ended December 2010 are the same in the Downside Case as the Base Case. Otherwise, the Downside Case sum of the parts analysis assumes the following: IMTT. Terminal revenue is flat in 2011 to 2010 and up 8% in 2012. There is no change in assumptions about Oil Mop between Base and Downside Cases given that Oil Mops performance depends on participation in clean up of an oil spill and is unrelated to the state of the economy. Terminal gross profit margin is 53% and 56% in 2011 and 2012 instead of 56% both years so as to recognize a delay in expansion projects coming on line. The Gas Company. Revenue growth in 2011 is flat to 2010 and up 2% in 2012 to reflect a continued decline in volume from commercial customers as the economy contracts instead of 2% growth each year as assumed in the Base Case. District Energy. There is no change in the forecast assumptions for given the nature of that business, as previously discussed. Atlantic Aviation. The Downside Case reflects 0% revenue growth in 2011 and 2012 compared to the Base Case assumption of 3% and 5% revenue growth, respectively. No other changes.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 13 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

FINANCIAL FORECAST AND ASSUMPTIONS BASE CASE

Base Case Sum of the Parts Assumptions. The Base Case sum of the parts analysis assumes the following: IMTT. Positive trends in pricing, capacity utilization and growth drove gross profit expansion during the economic downturn of 2008 and 2009 and the first half of 2010, a testament to the compelling supply / demand dynamics and uniquely positioned assets of IMTT and support for the assumption that these trends will at least stabilize at this level. As mentioned, Vivid Research assumes Oil Mops gross margin reverts to a normalized financial performance (i.e. major oil spill absent). IMTTs most comparable publicly traded peer, Royal Volpak (VPK), the worlds largest owner of bulk storage facilities, trades at approximately 9.0x 2011 EBITDA (consensus). A recent transaction offers another valuation metric for consideration. Vitol Group, one of the worlds largest independent energy trading companies, sold 50% of its shares in VTTI B.V., an owner and operator of petroleum products storage terminals, for $735 million to MISC Berhad, an international shipping company. This transaction value is 18x trailing EBITDA. However, accounting for expected growth capital investment of $1 billion, this transaction value is 11.25x 2014 EBITDA, according to management. The Gas Company. The 2011 forecast is in line with recent trends and the rate increase effective in 2009. No additional rate increase is assumed. The regulated and unregulated businesses each contribute 45% and 55% to the total contribution margin. Regulated gas utilities generally trade at 8x 2011 EBITDA (consensus). The unregulated businesss most comparable publicly traded peers, AmeriGas (APU) and Ferrellgas (FGP), trade at approximately 10x 2011 EBITDA (consensus). Vivid Research uses a blended multiple of 9x as a valuation midpoint. District Energy. The 2011 forecast is in line with recent trends and long-term customer contracts. On December 23, 2009, District Energy sold a 49.99% non-controlling interest to John Hancock Life Insurance Company for $29.5 million, an implied 2011 EBITDA multiple of 9.2x. There are no suitable publicly traded companies comparable to District Energy. Atlantic Aviation. The 2011 forecast is in line with recent trends and the margin performance in the first half of 2010 due to shift in customer mix to high volume, low margin charter operators. SG&A is $175 million annually, down from $205 million and $180 million in 2008 and 2009, respectively, due to permanent cost savings. Atlantic Aviations most comparable publicly traded peer is BBA Aviation (BBA) which owns Signature Flight, a competitor of Atlantic Aviation, but also provides jet overhaul service and parts. BBA Aviation trades at 7x to 8x 2011 EBITDA (consensus).

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 14 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

FINANCIAL FORECAST AND ASSUMPTIONS BASE CASE continued

6 Mos. LTM 6/30/09 6/30/10 Forecast 6 Mos. 12/31/10 2010E Forecast 2011E 2012E

REVENUE 100% IMTT

T erminal Revenue Environmental Revenue T otal Revenue T erminal Revenue Growth % Environmental Revenue Growth %

2008

2009

6/30/10

$306 $330 $186 $162 $355 $194 $380 $438 $503 46 16 79 7 88 11 90 18 18 ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ $353 $346 $265 $169 $443 $205 $470 $455 $521 ------7.9% (66.0%) 15.3% 994.6% ------------15.0% 25.0% 15.2% 467.9% 15.0% (80.0%) 15.0% 0.0%

The Gas Company

Utility Revenue Non-Utility Revenue T otal Revenue Utility Revenue Growth % Non Utility Revenue Growth % $122 $96 $55 $42 $109 $54 $109 $112 $114 91 80 50 39 90 40 90 91 93 ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ $213 $175 $105 $81 $199 $94 $199 $203 $207 ---(21.4%) 33.0% ------0.0% 14.3% 2.0% 2.0% ---(12.8%) 25.5% ------0.0% 12.7% 2.0% 2.0%

100% District Energy

Revenue Growth %

$48 ----

$49 1.1%

$24 9.2%

$22 ----

$51 ----

$27 1.5%

$51 4.9%

$51 0.0%

$52 2.0%

Atlantic Aviation
Fuel Revenue Non-Fuel Revenue T otal Revenue Fuel Revenue Growth % Non-Fuel Revenue Growth % $495 $315 $196 $139 $371 $181 $376 $388 $407 221 172 82 89 164 85 167 172 180 ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ $716 $486 $278 $228 $535 $266 $543 $559 $587 ---(36.4%) 40.6% ------3.0% 19.6% 3.0% 5.0% ---(22.5%) (8.1%) ------3.0% (2.7%) 3.0% 5.0% $1,330 $1,056 -20.6% $671 34.3% $500 ---$1,228 ---$592 6.4% $1,263 19.6% $1,269 0.4% $1,368 7.8%

TOTAL REVENUE Segment

YOY change

TOTAL EBITDA
margin

$298 22.4%

$300 28.4%

$195 29.1%

$146 29.2%

$349 28.4%

$163 27.6%

$359 28.4%

$388 30.6%

$436 31.9%

Segment EBITDA IMTT Margin The Gas Company Margin District Energy Margin Atlantic Aviation Margin MIC Holdco Margin Total EBITDA Margin
$133 37.7% 27 12.5% 19 39.2% 137 19.1% (17) $147 42.6% 36 20.5% 19 39.6% 107 22.0% (10) $114 43.1% 20 19.0% 9 39.8% 57 20.7% (6) $72 42.6% 18 21.9% 9 39.7% 52 23.0% (5) $190 42.9% 38 19.1% 20 39.7% 112 20.9% (11) $86 42.1% 17 17.9% 13 46.9% 53 20.1% (6) $200 42.6% 37 18.5% 22 43.6% 111 20.4% (12) $217 47.7% 38 18.8% 25 48.8% 119 21.3% (12) $250 47.9% 39 18.8% 25 48.7% 134 22.8% (12)

-1.3% -1.0% -0.9% -1.0% -0.9% -1.0% -0.9% -0.9% -0.9% ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ $298 22.4% $300 28.4% $195 29.1% $146 29.2% $349 28.4% $163 27.6% $359 28.4% $388 30.6% $436 31.9%

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 15 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

FINANCIAL FORECAST AND ASSUMPTIONS BASE CASE continued

Segment Free Cash Flow b/f Growth Capex - Proportionally Combined
LTM 6/30/10 Forecast 6 Mos. 12/31/10 $18 5 5 21 (6) 2010E $56 17 7 45 (12) Forecast 2011E $65 19 9 59 (12) 2012E $81 20 9 78 (12)

IMTT The Gas Company District Energy Atlantic Aviation MIC Holdco

50.0% 100.0% 50.01% 100.0% 100.0%

$57 20 6 47 (11)

___________ ___________ ___________ ___________ ___________

Total Free Cash Flow b/f Growth Capex Share Out. Per Share Price per Share 8/26/10 Implied Multiple FCF / Share Price Free Cash Flow Yield

$118 45.7 $2.59

$43 45.7 $0.93

$114 45.7 $2.49

$140 45.7 $3.05

$176 45.7 $3.84

$12.95 5.0x 20.0%

$12.95 13.9x 7.2%

$12.95 5.2x 19.2%

$12.95 4.2x 23.6%

$12.95 3.4x 29.7%

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 16 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

FINANCIAL FORECAST AND ASSUMPTIONS BASE CASE continued

Forecast 6 Mos. LTM 6 Mos. Forecast 2011E 2012E $438 $503 (193) (221) ___________ ___________ $245 $282 56.0% 56.0% $18 $18 (16) (16) ___________ ___________ $2 $2 10.0% 10.0% $455 $521 ($209) ($238) ___________ ___________ $247 $284 54.2% 54.4% (30) (34) 0 0 6.5% 6.5% ___________ ___________

100% IMTT
T erminal Revenue T erminal Operating Costs Terminal Gross Profit margin Environmental Response Revenue Environmental Response Operating Costs Environmental Re sponse Gross Profit margin T otal Revenue COGS Gross Profit margin SG&A Other Income (Expense) SG&A margin EBITDA margin D&A EBIT margin Interest Expense (1) Non Cash Derivative Losses (Gains) in Int. Exp. (1) Amortization of Debt Financing Costs Bene/(Prov) for Inc. T axes, Net Deferred T ax Changes in WC O pe rating Cash Flow Capital Expenditures - Maintenance Free Cash Flow b/f Growth Capex Capital Expenditures - Growth Free Cash Flow Maint. Cape x % of Revenue

2008 2009 6/30/10 6/30/09 6/30/10 12/31/10 2010E $306 $330 $186 $162 $355 $194 $380 (155) (157) (83) (76) (163) (91) (174) ___________ ___________ ___________ ___________ ___________ ___________ ___________ $151 $174 $104 $85 $192 $103 $207 49.4% 52.6% 55.7% 52.7% 54.2% 53.0% 54.3% $46 $16 $79 $7 $88 $11 $90 (35) (15) (49) (8) (56) (7) (56) ___________ ___________ ___________ ___________ ___________ ___________ ___________ $12 $1 $30 ($1) $31 $4 $33 25.4% 6.4% 37.4% (9.9%) 35.7% 35.0% 37.1% $353 $346 $265 $169 $443 $205 $470 (190) (171) (132) (84) (219) ($98) ($230) ___________ ___________ ___________ ___________ ___________ ___________ ___________ $163 $175 $133 $84 $224 $107 $240 46.2% 50.5% 50.2% 50.0% 50.5% 52.1% 51.0% (30) (27) (19) (13) (34) (20) (39) 0 0 0 0 0 0 0 8.5% 7.9% 7.1% 7.4% 7.6% 10.0% 8.4% ___________ ___________ ___________ ___________ ___________ ___________ ___________ $133 $147 $114 37.7% 42.6% 43.1% (45) (56) (30) ___________ ___________ ___________ 88 91 85 25.0% 26.4% 32.0% (24) (30) (38) 0 0 22 0.5 0.5 0.7 (4) (2) (4) 0 0 0 ___________ ___________ ___________ $106 $117 $95 (43) (40) (19) ___________ ___________ ___________ $63 $77 $76 (188) (83) (15) ___________ ___________ ___________ ($125) 12.1% ($6) 11.5% $60 7.2% $72 $190 $86 42.6% 42.9% 42.1% (26) (59) (30) ___________ ___________ ___________ 46 131 57 27.0% 29.5% 27.6% 11 (78) (15) (25) 47 0 0.2 1 0 (2) (4) (4) 0 0 0 ___________ ___________ ___________ $56 $156 $67 (17) (42) (31) ___________ ___________ ___________ $39 $114 $36 (49) (49) (39) ___________ ___________ ___________ ($10) 9.9% $65 9.6% ($3) 15.1%

$200 $217 $250 42.6% 47.7% 47.9% (59) (59) (59) ___________ ___________ ___________ 141 158 191 30.1% 34.7% 36.6% (31) (29) (29) 0 0 0 1 0 0 ($8) ($8) ($8) 0 0 0 ___________ ___________ ___________ $162 $179 $212 ($50) (50) (50) ___________ ___________ ___________ $112 $129 $162 ($55) (70) (100) ___________ ___________ ___________ $57 10.6% $59 11.0% $62 9.6%

The Gas Company

Utility Revenue Utility Cost of Revenue Utility Contribution contribution margin Non-Utility Revenue Non-Utility Cost of Revenue Non-Utility Contribution contribution margin T otal Revenue T otal COGS Total Contribution Margin total contribution margin Production T ransmission and distribution. Gross Profit margin SG&A Other Income SG&A margin EBITDA margin D&A EBIT margin Interest Expense Non Cash Derivative Losses (Gains) in Int. Exp. Amortization of Debt Financing Costs Bene/(Prov) for Inc. T axes, Net Deferred T ax Changes in WC O pe rating Cash Flow Capital Expenditures - Maintenance Free Cash Flow b/f Growth Capex Capital Expenditures - Growth Free Cash Flow Maint. Cape x % of Revenue $122 $96 $55 $42 $109 $54 (92) (60) (37) (25) (72) (36) ___________ ___________ ___________ ___________ ___________ ___________ $30 $36 $18 $16 $37 $18 24.5% 37.1% 32.6% 39.1% 34.1% 33.0% $91 $80 $50 $39 $90 $40 (56) (37) (26) (18) (45) (21) ___________ ___________ ___________ ___________ ___________ ___________ $36 $43 $24 $22 $45 $19 39.2% 54.0% 47.8% 55.4% 50.0% 48.0% $213 $175 $105 $81 $199 $94 (147) (97) (63) (43) (117) (57) ___________ ___________ ___________ ___________ ___________ ___________ $66 $79 $42 $38 $82 $37 30.8% 44.8% 39.8% 47.0% 41.3% 39.4% (6) (5) (3) (3) (6) (3) (15) (15) (10) (9) (16) (8) ___________ ___________ ___________ ___________ ___________ ___________ 45 58 28 26 60 26 21.1% 33.0% 26.9% 31.6% 30.3% 27.9% (18) (22) (8) (8) (22) (9) 0 0 0 0 0 0 8.6% 12.4% 7.9% 9.7% 11.2% 10.0% ___________ ___________ ___________ ___________ ___________ ___________ $109 $112 $114 (74) (75) (76) ___________ ___________ ___________ $36 $37 $38 32.8% 33.0% 33.0% $90 $91 $93 (47) (48) (49) ___________ ___________ ___________ $43 $44 $45 47.9% 48.0% 48.0% $199 $203 $207 (120) (122) (125) ___________ ___________ ___________ 79 81 82 39.6% 39.8% 39.8% (6) (6) (6) (18) (16) (17) ___________ ___________ ___________ 55 59 60 27.4% 28.8% 28.8% (18) (20) (21) 0 0 0 8.9% 10.0% 10.0% ___________ ___________ ___________ $37 $38 $39 18.5% 18.8% 18.8% (7) (7) (7) ___________ ___________ ___________ 30 31 32 0.0% 0.0% 0.0% (9) (8) (8) 0 0 0 0 0 0 (6) (6) (6) 0 0 0 ___________ ___________ ___________

$27 $36 $20 $18 $38 $17 12.5% 20.5% 19.0% 21.9% 19.1% 17.9% (7) (7) (3) (3) (7) (3) ___________ ___________ ___________ ___________ ___________ ___________ 20 29 16 14 31 13 9.3% 16.6% 15.7% 17.7% 15.7% 14.3% (9) (9) (11) (1) (18) (4) 0 0 6 (3) 9 0 0.5 0.5 0.2 0.2 0 0 0 (5) (3) (2) (6) (3) 0 0 0 0 0 0 ___________ ___________ ___________ ___________ ___________ ___________ $18 $23 $13 $11 $24 $10 $23 $24 $25 (6) (4) (1) (1) (4) (5) (6) (6) (6) ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ $11 $19 $12 $10 $20 $5 $17 $19 $20 (4) (4) (2) (2) (4) (4) (7) (7) (7) ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ $8 $15 $10 $8 $16 $1 $11 $12 $13 2.9% 2.2% 0.9% 1.3% 1.9% 4.8% 2.8% 2.7% 2.7 %

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 17 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

FINANCIAL FORECAST AND ASSUMPTIONS BASE CASE continued

6 Mos. _______________________ 2009 6/30/10 6/30/09 LTM 6/30/10 Forecast 6 Mos. ___________________________________ Forecast 12/31/10 2010E 2011E 2012E

2008

100% District Energy

Revenue COGS Gross Profit margin SG&A Other Income SG&A margin EBITDA margin D&A EBIT margin Interest Expense Non Cash Derivative Losses (Gains) in Int. Exp. Amortization of Debt Financing Costs Bene/(Prov) for Inc. T axes, Net Deferred T ax Changes in WC O perating C ash Flow Capital Expenditures - Maintenance Free C ash Flow b/f Growth Capex Capital Expenditures - Growth Free C ash Flow Cape x % of Revenue $48 $49 $24 $22 $51 $27 (26) (26) (13) (12) (27) (15) ___________ ___________ ___________ ___________ ___________ ___________ $22 $23 $11 $10 $24 $13 46.2% 46.6% 46.4% 45.9% 46.8% 46.5% (3) (3) (2) (1) (4) (2) 0 0 0 0 0 2 7.1% 7.0% 6.6% 6.3% 7.1% 6.9% ___________ ___________ ___________ ___________ ___________ ___________ $18.8 $19.2 $9 $9 $20 $13 39.2% 39.6% 39.8% 39.7% 39.7% 46.9% (7) (7) (4) (4) (8) (8) ___________ ___________ ___________ ___________ ___________ ___________ 12 12 5 5 12 5 24.2% 24.3% 23.1% 22.8% 24.3% 18.5% (10) (10) (14) (0) (24) (5) 0 0 9 (5) 14 0 0.7 0.7 0 0 1 0 2 3 1 1 3 1 0 0 0 0 0 0 ___________ ___________ ___________ ___________ ___________ ___________ $12 $12 $6 $5 $13 (1.0) (1.0) (0.6) (0.4) (1.2) ___________ ___________ ___________ ___________ ___________ $11 $11 $5 $5 $12 (4.4) (11.2) (0.1) (3.2) (8.1) ___________ ___________ ___________ ___________ ___________ $6 $0 $5 $2 $4 2.1% 2.1% 2.4% 1.7% 2.4% $51 $51 $52 (27) (27) (28) ___________ ___________ ___________ $24 $24 $24 46.5% 46.5% 46.5% (3.4) (3.3) (3.4) 2 5 5 6.8% 6.5% 6.5% ___________ ___________ ___________ $22 $25 $25 43.6% 48.8% 48.7% (12) (12) (12) ___________ ___________ ___________

11 13 14 20.7% 25.9% 26.1% (10) (9) (9) 0 0 0 0 0 0 3 3 3 0 0 0 ___________ ___________ ___________ $10 $16 $18 $19 (0.5) (1.1) (1.1) (1.1) ___________ ___________ ___________ ___________ $9 $15 $17 $18 (1.3) (1.4) (1.4) (1.4) ___________ ___________ ___________ ___________ $8 $13 $16 $16 2.0% 2.2% 2.2% 2.1%

Atlantic Aviation
Fuel Revenue Fuel Cost of Revenue Fue l Gross Profit margin Non-Fuel Revenue Non-Fuel Cost of Revenue Non-Fue l Gross Profit margin T otal Revenue T otal COGS Total Gross Profit margin SG&A Other Income SG&A margin EBITDA margin D&A EBIT margin Interest Expense Non Cash Derivative Losses (Gains) in Int. Exp. Amortization of Debt Financing Costs Bene/(Prov) for Inc. T axes, Net Deferred T ax Changes in WC O perating C ash Flow Capital Expenditures - Maintenance Free C ash Flow b/f Growth Capex Capital Expenditures - Growth Free C ash Flow Cape x % of Revenue $495 $315 $196 $139 $371 $181 (342) (185) (125) (77) (233) (116) ___________ ___________ ___________ ___________ ___________ ___________ $153 $130 $71 $62 $138 $65 30.9% 41.2% 36.2% 44.7% 37.3% 36.0% 221 172 82 89 164 85 (32) (14) (9) (7) (15) (8) ___________ ___________ ___________ ___________ ___________ ___________ $189 $157 $73 $82 $149 $76 85.5% 91.7% 89.6% 91.6% 90.6% 90.0% $716 $486 $278 $228 $535 $266 (374) (199) (133) (84) (248) (124) ___________ ___________ ___________ ___________ ___________ ___________ $342 $287 $144 $144 $287 $142 47.7% 59.0% 52.0% 63.0% 53.7% 53.3% (205) (180) (87) (91) (175) (88) 0 0 0 0 0 0 28.7% 37.0% 31.3% 40.0% 32.8% 33.2% ___________ ___________ ___________ ___________ ___________ ___________ $376 $388 $407 (240) (248) (261) ___________ ___________ ___________ $136 $140 $147 36.1% 36.0% 36.0% 167 172 180 (17) (17) (18) ___________ ___________ ___________ $150 $155 $162 89.8% 90.0% 90.0% $543 $559 $587 (257) (265) (279) ___________ ___________ ___________ $286 $294 $309 52.6% 52.6% 52.6% (175) (175) (175) 0 0 0 32.2% 31.3% 29.8% ___________ ___________ ___________ $111 $119 $134 20.4% 21.3% 22.8% (85) (85) (85) ___________ ___________ ___________ 26 34 49 4.8% 6.1% 8.4% ($59) ($52) ($48) 0 0 0 1 0 0 (0.6) (0.6) (0.6) 0 0 0 ___________ ___________ ___________ $53 $67 $86 (8) (8) (8) ___________ ___________ ___________

$137 $107 $57 $52 $112 $53 19.1% 22.0% 20.7% 23.0% 20.9% 20.1% (94) (90) (28) (61) (57) (57) ___________ ___________ ___________ ___________ ___________ ___________ 43 18 29 (9) 55 (3) 6.0% 3.6% 10.5% -3.8% 10.3% -1.2% (63) (68) (49) (31) (85) ($27) 0 0 17 (5) 22 0 2.61 3.14 1 2 3 0 (8) (0.2) (0.3) (0.3) (0) (0.3) 0 0 0 0 0 0 ___________ ___________ ___________ ___________ ___________ ___________ $68 $42 $27 $17 $52 $26 (8) (5) (2) (2) (5) (5) ___________ ___________ ___________ ___________ ___________ ___________ $61 $37 $24 $15 $47 $21 $45 $59 $78 (27) (6) (1) (3) (4) (7) (7) (7) (6) ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ $34 $31 $24 $12 $43 $14 $38 $52 $71 1.1% 0.9% 0.8% 0.8% 0.9% 2.0% 1.4% 1.4% 1.3%

MIC Holdco
Cash Management Fee Corporate G&A Cash C orp Expe nses margin ($13) ($0) ($2) ($0) ($2) ($2) ($5) ($5) ($5) (4) (10) (4) (4) (9) (4) (7) (7) (7) ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ($17) ($10) ($6) ($5) ($11) ($6) ($12) ($12) ($12) -1.3% -1.0% -0.9% -1.0% -0.9% -1.0% -0.9% -0.9% -0.9%

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 18 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

DEBT REVIEW BASE CASE

IMTT
Debt Principal Balances Credit Facility Revolving Credit Facility due 2014 Tax Exempt Bonds Shareholder Loans Total Debt Debt / EBITDA Covenant Max. 6/30/10 12/31/10 12/31/11 $0 $0 $0 339 339 339 251 251 251 33 _______ _______ 31 29 ________ $623 $621 $619
3.03x 4.75x 3.10x 4.75x 2.85x 4.75x

Amortization. Only the shareholder loans amortize quarterly, equal installments, over 15 years. Dividend Restrictions. None, other than default. Collateral / Security. Shareholder loans are unsecured. The tax exempt bonds require LC support at all times. The credit facility is unsecured except for pledge of 65% of shares in IMTTs two Canadian subsidiaries. The revolving credit facility financial covenants include an interest coverage and leverage ratio, the most onerous covenant (presented above). $130 million of the revolving credit facility is due in 2012. The Gas Company
Debt Principal Balances Credit Facility Hldco and OpcoTerm Loan Facility due 2013 Opco Capex Facility due 2013 Total Debt EBITDA / Interest Expense Covenant Min. (distribution lock-up) Covenant Min. (default) 6/30/10 12/31/10 12/31/11 $0 $0 $0 160 160 160 19 9 9 ________ _______ _______ $179 $169 $169
5.70x 3.50x 2.50x 4.23x 3.50x 2.50x 4.62x 3.50x 2.50x

Amortization. No amortization. There are mandatory prepayments under certain conditions at opco. Dividend Restrictions. The Opco Term Loan Facility restricts dividend payment of The Gas Company per an interest coverage covenant presented above. Collateral / Security. The term loan facility is secured by a first priority security interest in all assets and equity interests. The capex facility is unsecured. The Gas Company has an unsecured borrowing facility of $7.5 million that is available for working capital needs. No amount was outstanding as of June 30, 2010. In addition, the Hawaii Public Utility Commission (HPUC) requires that the consolidated debt to total capital not to exceed 65% and $20 million of cash must be available. As of June 30, 2010, the debt to total capital ratio was 62.4% and $20 million in cash was available.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 19 of 23

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Macquarie Infrastructure Company LLC 8.30.10

DEBT REVIEW BASE CASE continued

District Energy
Debt Principal Balances Credit Facility Term Loan due 2014 Total Debt Fund from Ops. / Net Debt Covenant Min. (distribution lock-up) Covenant Min. (default) 6/30/10 12/31/10 12/31/11 $0 $0 $0 170 _______ _______ 170 170 ________ $170 $170 $170
6.8% 6.0% 4.0% 9.3% 6.0% 4.0% 11.8% 6.0% 4.0%

Amortization. No amortization. The facilities require mandatory prepayment under certain conditions. Dividend Restrictions. The facilities restrict dividend payment per a funds from operations to net debt covenant, the most onerous presented above, and interest expense coverage covenant. Collateral / Security. The facilities are secured by a first lien on project revenues, equity of the borrower and all assets. District Energy has a $18.5 million revolving loan facility due 2012 available. There were no amounts outstanding as of June 30, 2010. Atlantic Aviation
Debt Principal Balances Credit Facility Term Loan Facility due 2014 Capex Facility Total Debt Debt / EBITDA Covenant Max. 6/30/10 12/31/10 12/31/11 $0 $0 $0 787 772 720 45 45 45 ________ _______ _______ $832 $817 $765
7.35x 8.00x 7.38x 8.00x 6.41x 7.50x

Amortization. No amortization. As of February 2010, the credit agreement requires Atlantic Aviation to apply excess cash flow to prepay additional principal when the leverage ratio is greater than or equal to 6x for the latest twelve months ended, or use 50% of excess cash flow to prepay principal if the leverage ratio is greater than or equal to 5.5x but below 6.0x Dividend Restrictions. The credit facilities restrict dividend payment under certain conditions per debt service and leverage ratios. The most onerous covenant, the leverage ratio, is presented above. Collateral / Security. The facility is secured by a first lien on project revenue and equity of the borrower. Atlantic Aviation has an $18 million working capital and LC facility. There was no amount outstanding at June 30, 2010 other than LCs.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 20 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

COMPANY OVERVIEW
IMTT. MIC owns 50% of International-Matex Tank Terminals, or IMTT, the fourth largest provider of bulk liquid storage terminal services in the U.S. based on capacity. Members of the founding family own the balance. IMTT stores and handles petroleum products, various chemicals, renewable fuels and vegetable and animal oils. The Company generated 58%, 29%, 9% and 4% of revenue in 2009 from petroleum asphalt, chemical, renewables / vegetable / animal oil and other, respectively. For the year ended December 31, 2009, IMTT generated approximately 43% of its terminal revenue and approximately 42% of its terminal gross profit at its Bayonne, New Jersey facility in New York Harbor. Approximately 41% of IMTTs total terminal revenue and approximately 48% of its terminal gross profit was generated by its St. Rose, Gretna, Avondale and Geismar facilities, which together service the lower Mississippi River region (with St. Rose as the largest contributor). IMTT also owns Oil Mop, an environmental response and spill clean-up business. Oil Mop has a network of facilities along the U.S. Gulf Coast between Houston and New Orleans. These facilities service predominantly the Gulf region, but also respond to spill events as needed throughout the United States and internationally. The Gas Company. The Gas Company is Hawaiis only government franchised full-service gas company, manufacturing and distributing gas products and services in Hawaii. The market includes Hawaiis approximately 1.3 million residents and approximately 6.5 million visitors in 2009. The Gas Company manufactures synthetic natural gas, or SNG, for its utility customers on Oahu, and distributes Liquefied Petroleum Gas, or LPG, to utility and non-utility customers throughout the states six primary islands. The Gas Company has two primary businesses, utility (or regulated) and non-utility (or unregulated). Regulated Utility. The utility business serves approximately 35,500 customers through localized pipeline distribution systems located on the islands of Oahu, Hawaii, Maui, Kauai, Molokai and Lanai. The utility business includes the manufacture, distribution and sale of SNG on the island of Oahu and distribution and sale of LPG. Utility revenue consists principally of sales of SNG and LPG. The operating costs for the utility business include the cost of locally purchased feedstock, the cost of manufacturing SNG from the feedstock, LPG purchase costs and the cost of distributing SNG and LPG to customers. Utility sales comprised approximately 45% of The Gas Companys total contribution margin in 2009. Unregulated Business. The unregulated non-utility business sells and distributes LPG to approximately 33,000 customers. LPG is delivered by truck to individual tanks located on customer sites on Oahu, Hawaii, Maui, Kauai, Molokai and Lanai. The operating costs for the non-utility business include the cost of purchased LPG and the cost of distributing the LPG to customers. Non-utility sales comprised approximately 55% of The Gas Companys total contribution margin in 2009. SNG and LPG are relatively clean-burning fuels that produce lower levels of carbon emissions than coal or oil, a particularly important consideration in Hawaii where heightened public awareness of environmental impact makes lower emission products attractive to customers. SNG and LPG have a wide number of commercial and residential applications including water heating, drying, cooking, emergency power generation and tiki torches. LPG is also used as a fuel for specialty vehicles such as forklifts. Gas customers include residential customers and a wide variety of commercial, hospitality, military, public sector and wholesale customers.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 21 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

COMPANY OVERVIEW continued

District Energy. District Energy operates the largest district cooling system in the United States, serving Chicago and Las Vegas. Through December 22, 2009, District Energy consisted of a 100% ownership of Thermal Chicago and a 75% interest in Northwind Aladdin and all of the senior debt of Northwind Aladdin. The remaining 25% equity interest in Northwind Aladdin is owned by Nevada Electric Investment Company, or NEICO, an indirect subsidiary of NV Energy, Inc. On December 23, 2009, MIC sold 49.99% of its membership interests in this business to John Hancock Life Insurance Company and John Hancock Life Insurance Company (U.S.A.) (collectively John Hancock) for $29.5 million. Chicago. The system currently serves over 100 customers in downtown Chicago under long-term contracts and one customer outside the downtown area. District Energy produces chilled water at five plants located in downtown Chicago and distributes it through a closed loop of underground piping for use in the air conditioning systems of large commercial, retail and residential buildings in the central business district. The first of the plants became operational in 1995, and the most recent came on line in June 2002. With modifications made in 2009, the downtown system has the capacity to produce approximately 92,000 tons of chilled water, although it has approximately 102,000 tons of cooling under contract. The business is able to sell continuous service capacity in excess of the total system capacity because not all customers use their full capacity at the same time. District Energy also owns a site-specific heating and cooling plant that serves a single customer in Chicago outside the downtown area. This plant has the capacity to produce 4,900 tons of cooling and 58 million British Thermal Units, or BTUs, of heating per hour. Las Vegas. The Las Vegas operation owns and operates a stand-alone facility that provides cold and hot water (for chilling and heating, respectively) to several customers in Las Vegas, Nevada. The Las Vegas operation represented approximately 25% of the cash flows of District Energy in 2009. Approximately 65% of cash flows generated by the Las Vegas operation in 2009 were from a long-term contract to service a resort and casino including a hotel, convention and conference facility and an adjacent shopping complex. In early 2009, the operation began providing service to a new customer building that was constructed on the same property. This new customer began receiving full service in February 2010. All three Las Vegas contracts expire in February 2020. Customers pay two charges to receive chilled water services: a fixed charge based on contracted capacity, and a variable charge based on the consumption of chilled water. Capacity charges are typically adjusted annually at a fixed rate or are indexed to the Consumer Price Index (CPI). The terms of customer contracts provide for the pass through of increases or decreases in electricity costs, the largest component of the business direct expenses. Atlantic Aviation. The business, Atlantic Aviation FBO Inc., operates 72 fixed-based operations (FBOs), at 68 airports and one heliport throughout the United States. Atlantic Aviations FBOs primarily provide fueling and fuel-related services, aircraft parking and hangar services to owners/operators of jet aircraft in the general aviation sector of the air transportation industry. On June 2, 2010, we concluded the sale in bankruptcy of an airport parking business (Parking Company of America Airports or PCAA), for $ million. Substantially all of the cash proceeds were used to pay the creditors of this business and were not paid to MIC, other than expenses paid on behalf of PCAA during its operations.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 22 of 23

VIVID RESEARCH INC.

Macquarie Infrastructure Company LLC 8.30.10

COMPANY OVERVIEW continued

The Manager / Base Fee and Performance Fee. Macquarie Infrastructure Management (USA) is the Companys Manager which is a wholly owned subsidiary of the Macquarie Group, a provider of banking, financial advisory, investment and funds management services, headquartered in Australia (MQG AU). A management services agreement governs the relationship between the Manager and MIC. The Manager oversees day to day operations and management teams of the operating businesses. The Manager provides these services, personnel, dedicated CEO and CFO at its expense. MIC has no employees. The Manager earns a quarterly base fee and a performance fee. The Manager may elect to invest its base fee into additional interest of MIC common stock, diluting existing shareholders. The Manager owns 8.4% of shares outstanding.. The market value of MICs stock drives both fees. For example, if MICs equity value is less than or equal to $500 million, MIC pays a base fee of .375% of $500 million. If MICs equity value is greater than $500 million but less than or equal to $1.5 billion, MIC pays $1.875 million plus .3125% of the equity value between $500 million and $1.5 billion and so forth per a fee schedule disclosed in the management services agreement. The performance fee is equal to 20% of the difference between the benchmark return (a utility index calculation) and the return to shareholders. In order to be eligible for the performance fee, the Manager must deliver quarterly total returns that are positive and in excess of any prior underperformance.

Certain information contained herein has been obtained from sources that the authors believe are reliable and accurate but we cannot guarantee the completeness or accuracy of that information. Investors are encouraged to conduct their own due diligence regarding any of the information contained herein. Page 23 of 23