MIC

Third Quarter 2017 Earnings

Conference Call Support
Slides

November 2017
Disclaimer
This presentation by Macquarie Infrastructure Corporation (MIC) is
proprietary and all rights are reserved. Any reproduction, in whole or
in part, without the prior written consent of MIC is prohibited.
This presentation is being provided to support the MIC conference
call regarding earnings scheduled for November 2, 2017, and the
information contained herein is qualified in its entirety by, and should
be read in conjunction with, the MIC Form 10-Q covering the quarter
ended September 30, 2017.
This presentation is based on information generally available to the
public and does not contain any material, non-public information.
The presentation has been prepared solely for informational
purposes. It is not a solicitation of any offer to buy or sell any
security or instrument.
This presentation contains forward-looking statements. Forward-
looking statements in this presentation are subject to a number of
risks and uncertainties, some of which are beyond our control. Our
actual results, performance, prospects or opportunities could differ
materially from those expressed in or implied by the forward-looking
statements. A description of known risks that could cause our actual
results to differ appears under the caption Risk Factors in our Form
10-K filed with the SEC on February 21, 2017, and other materials
filed with the SEC subsequently. Additional risks of which we are not
currently aware could also cause our actual results to differ.
These forward-looking statements are made as of the date of this
presentation. We undertake 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 consists of Macquarie Group Limited and its
worldwide subsidiaries and affiliates.
MIC 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. Macquarie Bank Limited does
not guarantee or otherwise provide assurance in respect of the
obligations of MIC.
Use of Non-GAAP Metrics
In addition to our results under U.S. GAAP, we use certain non-
GAAP measures to assess the performance and prospects of our
businesses. In particular, we use EBITDA excluding non-cash items,
Free Cash Flow and certain proportionately combined financial
metrics. Proportionately combined financial metrics reflect our
proportionate interest in our wind and solar facilities.
We define EBITDA excluding non-cash items as net income (loss)
or earnings the most comparable GAAP measure before
interest, taxes, depreciation and amortization and non-cash items
including impairments, unrealized derivative gains and losses,
adjustments for other non-cash items and pension expense
reflected in the statements of operations. EBITDA excluding non-
cash items also excludes base management fees and performance
fees, if any, whether paid in cash or stock.
We define Free Cash Flow as cash from operating activities the
most comparable GAAP measure which includes cash paid for
interest, taxes and pension contributions, less maintenance capital
expenditures, which includes principal repayments on capital lease
obligations used to fund maintenance capital expenditures, and
excludes changes in working capital.
Please review our Form 10-Q and press release, filed on November
1, 2017, for a complete discussion of our use of non-GAAP metrics.
PAGE 2
MIC Results
Consolidated Net Income, Adjusted EBITDA Excluding Non-Cash Items, Cash From
Operating Activities and Adjusted Free Cash Flow
$ Millions 3Q 2017 3Q 2016 YTD 2017 YTD 2016
Net Income 36.2 42.5 94.8 83.7
Adjusted EBITDA ex Non-cash Items1 187.1 186.8 548.6 529.6
Cash from Operating Activities 148.5 159.1 397.7 437.0
Adjusted Free Cash Flow
145.7 133.8 437.7 397.6
Consolidated1

Proportionately Combined2 Net Income, Adjusted EBITDA Excluding Non-Cash Items,

Cash From Operating Activities and Adjusted Free Cash Flow
$ Millions 3Q 2017 3Q 2016 YTD 2017 YTD 2016
Net Income 36.6 41.8 95.1 84.5
Adjusted EBITDA ex Non-cash
185.0 183.9 541.0 521.0
Items1,3
Cash from Operating Activities 146.7 156.9 392.3 430.6
Adjusted Free Cash Flow
144.4 131.9 432.4 391.6
Proportionately Combined1

1. Excludes $1.4 million and $6.8 million of costs related to the implementation of the shared service initiative for the quarter and nine months ended September 30, 2017, respectively, and $3.0
million and $7.9 million of costs incurred in connection with the evaluation of various investment and acquisition opportunities during the quarter and nine months ended September 30, 2017,
respectively.
2. Includes only MICs proportionate interest in its wind and solar facilities within the Contracted Power and MIC Hawaii segments.
3. For the quarter and nine months ended September 30, 2016, Adjusted EBITDA excluding non-cash items included $13.0 million and $15.5 million, respectively, of insurance recoveries related to
damaged docks at IMTT.
PAGE 3
MIC Cash Generation
Adjusted Free Cash Flow (Proportionately Combined)1,2

$500 Adjusted Free Cash Flow1,2 was $144.4 million in

3Q17, reflecting an increase of 9.5% from
$450 $432.4
$131.9 million in 3Q16
$400 $391.6
The increase in Adjusted Free Cash Flow1,2
$350
reflects:
Increased EBITDA at Atlantic Aviation;
$300
Lower than anticipated maintenance capital
$MM

$250 expenditures at IMTT; partially offset by,

$200
Higher state taxes

$144.4 Weighted average shares outstanding increased

$150 $131.9
to 83.6 million for 3Q17 compared to 81.2 million
$100
in 3Q16
Dividend of $1.42 per share declared, reflecting
$50
a 10.1% increase over 3Q16
$0
3Q'16 3Q'17 YTD'16 YTD'17

1. Excludes $1.4 million and $6.8 million of costs related to the implementation of the shared service initiative for the quarter and nine months ended September 30, 2017, respectively, and $3.0 million
and $7.9 million of costs incurred in connection with the evaluation of various investment and acquisition opportunities during the quarter and nine months ended September 30, 2017, respectively.
2. Includes only MICs proportionate interest in its wind and solar facilities within the Contracted Power and MIC Hawaii segments.

PAGE 4
MIC Dividend History
MIC has steadily increased its dividend since 2Q131

10.1%
$1.60 y/y
$1.42
$1.40
$1.29

$1.20

$1.00
$0.875
$0.80

$0.60

$0.40

$0.20

$0.00
2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17

1. Reflects the quarter during which the Company resumed a normalized dividend payout following the successful refinancing of Atlantic Aviations credit facilities. Past performance is not
necessarily indicative of future results.
PAGE 5
MIC FY17 Dividend Guidance
Dividend Growth
FY17 Dividend Guidance1

$6.00 13.5% p.a.2 Guidance for 10% dividend

growth in FY17
$5.05
$5.00
$4.46 Expect 2017 payout ratio to
$3.89 be within a range of 75-85%
$4.00
of Adjusted Free Cash Flow
$3.35

$3.00

$2.00

$1.00

$0.00
2013 2014 2015 2016 2017 Guidance

1. Subject to the continued stable performance of MICs businesses, no material deterioration in the condition of the broader U.S. economy, and authorization of the Companys Board of
Directors.
2. Forecast CAGR for the period from 2013-2017 based on guidance for 10% dividend growth in FY17.
PAGE 6
MIC Credit Profile
Holding company rated BBB-

Proportionately combined leverage ratio of 4.6x (excluding renewable assets)1,2

Business Debt Weighted Average Balance Weighted

Remaining Life (in Outstanding Average
Years) ($000)1,3 Rate4
MIC Corporate Revolving Facility 1.7 145,000 2.99%
Convertible Senior Notes 4.0 752,454 2.41%
IMTT Senior Notes 8.5 600,000 3.97%
Tax-Exempt Bonds 4.6 508,975 2.70%
Revolving Facility 2.6 257,000 2.74%
Atlantic Term Loan 3.9 392,500 2.75%
Aviation5 Revolving Facility 3.9 82,000 2.99%
CP Renewables Project Finance 14.6 265,356 4.81%
BEC Term Loan 4.8 253,500 3.91%
MIC Hawaii6 Term Loan 5.0 96,734 2.85%
Senior Notes 4.8 100,000 4.22%
Total 5.6 3,453,519 3.18%

1. As of October 31, 2017.

2. Leverage ratio adjusted for full year EBITDA impact of acquisitions
3. Proportionate to MICs ownership interest.
4. Reflects annualized interest rate on all facilities including interest rate hedges.
5. Excludes $1.5 million of stand-alone debt facility used to fund construction of a certain FBO.
6. Excludes $2.7 million of equipment loans at MIC Hawaii business.

PAGE 7
MIC Liquidity Profile

Liquidity Position $MM

Cash and cash equivalents $35.7

Undrawn Revolving Credit Facility Capacity1 $981.0

MIC Corporate 265.0

Operating Companies 716.0

Total Liquidity $1,016.7

$1.0 billion of total available liquidity across MIC and its operating companies1

No bullet maturities until 2019

Weighted average remaining life of debt facilities of 5.6 years1

1. As of October 31, 2017.

PAGE 8
MIC Growth Capital Update
Year to date, MIC has deployed, or committed to deploy approximately $545 million in growth capital
projects and bolt-on M&A
Full year growth capital deployment expected to be at least $650 million
Key Updates and Developments:
Completed acquisition of Epic Midstream
Completed acquisition of Orion Jet Center
Current backlog of approved growth projects valued at approximately $215 million1

Approved Project Backlog

$400 $370
$340
$350 $300
$280 $280
$300
$250 $215
$200
$MM

$200
$150
$100
$50
$0
1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17

1. As of October 31, 2017.

PAGE 9
Epic Midstream
IMTT completed its acquisition of Epic Midstream
Transaction Overview Investment Highlights
Epic Midstream owns a portfolio of bulk liquid Epics operations will fully integrate into
storage and handling facilities across 7 locations in IMTT
IMTTs organizational structure
the U.S. Southeast and Southwest Integration
IMTT will retain Epics core commercial team
More than 3.1 million barrels of liquid storage to support continued growth
capacity
Majority of Epics revenues are generated by
High Quality
The two largest facilities are located in the deep- Revenue
take-or-pay contracts
water port of Savannah, Georgia Stream Weighted average remaining contract life of
Transaction valued Epic Midstream at $171.5 2.0 years
million Increases IMTTs storage and handling
Product & exposure to jet fuel
11.0x 2018 PF EBITDA
Customer Customer base includes an affiliate of the
Funding comprised of a mix of cash and equity Diversification U.S. Department of Defense that has been a
issued directly to the sellers customer for 20+ years
$125 million of MIC shares were issued to the Epics Savannah, GA terminals are located
sellers (1.5% discount to the 30 trading-day Deep-water on one of the largest U.S. deep-water ports
VWAP) Port Access
Location positions Epic to benefit from
$46.5 million paid in cash, including drawings on increasing Southeast jet fuel imports
IMTTs revolving credit facility
Expected to be accretive to Free Cash Flow in Selected Opportunity for additional EBITDA growth
2018 Growth
Opportunities Material undeveloped land

PAGE 10
Orion Jet Center
Atlantic Aviation completed its acquisition of Orion Jet Center

Transaction Overview Investment Highlights

Orion Jet Center is a fixed base operator (FBO) Expands Atlantics Florida presence
located at Opa Locka-Miami Executive Airport into Greater Miami
New Market
Features over 200,000 square feet of newly
constructed hangar space and 36,000 square feet of
office and maintenance space
Enhances network marketing opportunities South Florida is one of the fastest
growing general aviation markets in
Growth the US
Potential Acquisition expected to provide
Atlantic with substantial network
benefits

PAGE 11
Trading in MIC

Sound fundamentals, current trading make shares a potentially attractive total return story

Adjusted Free Cash Flow

Dividend per Share2 Five Year Total Return3
per Share1
$8.00 $6.00 260
9.0% Adjusted 8.1% Dividend
$7.00 FCF Yield4 Yield4 240
$5.00

$6.00 220

$4.00 200
$5.00

Indexed to 100
180
$4.00 $3.00
160
$3.00
$2.00 140

$2.00
120
$1.00 16.4%3 Total Return
$1.00
100
over 5 years

$0.00 $0.00 80
2013 2014 2015 2016 2017E 2013 2014 2015 2016 2017E Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Nov-17

Ample liquidity with over $40 million in average daily value traded
1. MIC has guided to growth in free cash flow of 10-15% p.a. in 2017. Chart reflects the mid-point of this range in 2017.
2. Reflects growth of 10% relative to MICs 2016 declared dividend of $5.05/share, consistent with management guidance. Guidance is subject to the continued stable performance of MICs
businesses and no material deterioration in the condition of the broader U.S. economy. Dividends are subject to authorization of the Companys Board of Directors.
3. As of 31 October, 2017. Assumes dividends reinvested. Past performance is not indicative of future results. Source: Bloomberg
4. As of 1 November, 2017
PAGE 12
MIC Total Return vs. MSCI Total Return
Indexed for the period from June 30, 2015 through October 31, 20171
160.00

150.00

140.00

130.00
$2.6bn Performance Fee
120.00 deficit at 31 Oct 17

110.00

100.00

90.00

80.00

70.00

60.00

MIC MSCI US Utilities Index

1. Source: MSCI. As of October 31, 2017. MIC last generated a Performance Fee during the quarter ended June 30, 2015.
PAGE 13
APPENDIX
Summary Financial Information
Quarter Ended Change Nine Months Ended Change
September 30, Favorable/(Unfavorable) September 30, Favorable/(Unfavorable)
2017 2016 $ % 2017 2016 $ %
($ In Thousands, Except Share and Per Share Data) (Unaudited)
GAAP Metrics
Net income $ 36,173 $ 42,481 (6,308) (14.8) $ 94,836 $ 83,738 11,098 13.3
Weighted average number of shares outstanding: basic 83,644,806 81,220,841 2,423,965 3.0 82,743,285 80,570,192 2,173,093 2.7
Net income per share attributable to MIC $ 0.48 $ 0.52 (0.04) (7.7) $ 1.23 $ 1.04 0.19 18.3
Cash provided by operating activities 148,465 159,070 (10,605) (6.7) 397,669 436,988 (39,319) (9.0)

MIC Non-GAAP Metrics

EBITDA excluding non-cash items (1)(2) $ 182,684 $ 186,823 (4,139) (2.2) $ 533,923 $ 529,582 4,341 0.8
Shared service implementation costs 1,402 - 1,402 NM 6,847 - 6,847 NM
Investment and acquisition costs 3,023 - 3,023 NM 7,873 - 7,873 NM
Adjusted EBITDA excluding non-cash items (2) $ 187,109 $ 186,823 286 0.2 $ 548,643 $ 529,582 19,061 3.6

(3)
Cash interest $ (27,151) $ (27,389) 238 0.9 $ (79,435) $ (82,008) 2,573 3.1
Cash taxes (2,154) (1,115) (1,039) (93.2) (8,493) (5,283) (3,210) (60.8)
Maintenance capital expenditures (4) (12,106) (24,472) 12,366 50.5 (23,062) (44,725) 21,663 48.4
Noncontrolling interest (5) (1,308) (1,947) 639 32.8 (5,223) (5,954) 731 12.3
Adjusted Free Cash Flow $ 144,390 $ 131,900 12,490 9.5 $ 432,430 $ 391,612 40,818 10.4
__________________
NM - Not meaningful
(1) EBITDA excluding non-cash items is calculated as net income before interest expense, taxes, depreciation and amortization expense, management fees, pension expense and other non-cash
(income) expense recorded in the consolidated statement of operations. See below for reconciliation of net income (loss) to EBITDA excluding non-cash items.
(2) For the quarter and nine months ended September 30, 2016, EBITDA excluding non-cash items included $13.0 million and $15.5 million, respectively, of insurance recoveries related to damaged
docks at IMTT.
(3) Cash interest is calculated as interest expense excluding the impact of non-cash adjustments for unrealized (gains) losses from derivative instruments, amortization of deferred financing costs
and the amortization of debt discount recorded in the consolidated statement of operations.
(4) For the quarter and nine months ended September 30, 2016, maintenance capital expenditures included $13.9 million associated with the rebuilding of damaged docks, the majority of which were
insured losses, at IMTT.
(5) Noncontrolling interest adjustment represents the portion of Free Cash Flow not attributable to MIC's ownership interest.

PAGE 15
 Reconciliation from Consolidated Free Cash Flow
to Proportionately Combined Free Cash Flow
Quarter Ended Change Nine Months Ended Change
September 30, Favorable/(Unfavorable) September 30, Favorable/(Unfavorable)
2017 2016 $ % 2017 2016 $ %
($ In Thousands) (Unaudited)

Free Cash Flow - Consolidated basis $ 141,273 $ 133,847 7,426 5.5 $ 422,933 $ 397,566 25,367 6.4
100% of CP Free Cash Flow included in consolidated Free Cash Flow (25,970) (26,718) (56,513) (56,532)
MIC's share of CP Free Cash Flow 24,667 24,773 51,300 50,580
100% of MIC Hawaii Free Cash Flow included in consolidated Free Cash Flow (8,137) (8,696) (32,368) (30,432)
MIC's share of MIC Hawaii Free Cash Flow 8,132 8,694 32,358 30,430
Free Cash Flow - Proportionately Combined basis $ 139,965 $ 131,900 8,065 6.1 $ 417,710 $ 391,612 26,098 6.7

PAGE 16
Proportionately Combined Free Cash Flow
Quarter Ended September 30, 2017
For the Quarter Ended September 30, 2017
Contracted
Atlantic Contracted MIC MIC Proportionately Power MIC Hawaii
IMTT Aviation Power(1) Hawaii (1) Corporate Combined(2) 100% 100%
($ in Thousands) (Unaudited)
Net income (loss) 20,755 21,591 7,705 6,161 (19,584) 36,628 7,251 6,160
Interest expense, net (3) 10,187 4,295 5,598 1,875 6,597 28,552 6,281 1,877
Provision (benefit) for income taxes 14,422 11,139 6,337 4,830 (11,181) 25,547 6,337 4,830
Depreciation and amortization of intangibles 31,511 25,286 12,949 3,706 - 73,452 14,830 3,711
Fees to Manager-related party - - - - 17,954 17,954 - -
Pension expense(4) 1,883 5 - 272 - 2,160 - 272
Other non-cash expense (income), net (5) 178 1,212 (1,913) (3,361) 159 (3,725) (1,914) (3,360)
EBITDA excluding non-cash items 78,936 63,528 30,676 13,483 (6,055) 180,568 32,785 13,490

EBITDA excluding non-cash items 78,936 63,528 30,676 13,483 (6,055) 180,568 32,785 13,490
Interest expense, net (3) (10,187) (4,295) (5,598) (1,875) (6,597) (28,552) (6,281) (1,877)
Convertible senior notes interest (6) - (2,012) - - 2,012 - - -
Adjustments to derivative instruments recorded in interest expense, net (3) (524) 464 (786) 23 - (823) (922) 23
Amortization of debt financing charges (3) 413 284 365 99 988 2,149 379 99
Amortization of debt discount (3) - - - - 882 882 - -
Provision/benefit for income taxes, net of changes in deferred taxes 344 (1,208) 10 (1,773) 474 (2,153) 9 (1,773)
Changes in working capital 3,732 (1,335) (2,284) (2,534) (2,934) (5,355) (1,842) (2,535)
Cash provided by (used in) operating activities 72,714 55,426 22,383 7,423 (11,230) 146,716 24,128 7,427
Changes in working capital (3,732) 1,335 2,284 2,534 2,934 5,355 1,842 2,535
Maintenance capital expenditures (8,116) (2,165) - (1,825) - (12,106) - (1,825)
Proportionately Combined Free Cash flow 60,866 54,596 24,667 8,132 (8,296) 139,965 25,970 8,137

PAGE 17
 Proportionately Combined Free Cash Flow
Quarter Ended September 30, 2016
For the Quarter Ended September 30, 2016
Contracted
Atlantic Contracted MIC MIC Proportionately Power MIC Hawaii
IMTT Aviation Power(1) Hawaii (1) Corporate Combined(2) 100% 100%
($ in Thousands) (Unaudited)
Net income (loss) 24,580 17,232 9,489 5,479 (14,931) 41,849 10,124 5,476
Interest expense, net (3) 7,827 5,199 2,352 1,568 3,483 20,429 2,764 1,571
Provision (benefit) for income taxes 17,079 11,543 8,014 3,246 (10,859) 29,023 8,013 3,246
Depreciation and amortization of intangibles 35,709 22,148 12,122 2,800 - 72,779 14,000 2,802
Fees to Manager-related party - - - - 18,382 18,382 - -
Pension expense(4) 1,752 16 - 349 - 2,117 - 349
Other non-cash expense (income), net (5) 73 200 (1,459) 316 188 (682) (1,459) 316
(7)
EBITDA excluding non-cash items 87,020 56,338 30,518 13,758 (3,737) 183,897 33,442 13,760

EBITDA excluding non-cash items (7) 87,020 56,338 30,518 13,758 (3,737) 183,897 33,442 13,760
Interest expense, net (3) (7,827) (5,199) (2,352) (1,568) (3,483) (20,429) (2,764) (1,571)
Adjustments to derivative instruments recorded in interest expense, net (3) (2,433) (2,371) (3,334) (253) - (8,391) (3,778) (250)
Amortization of debt financing charges (3) 411 791 362 96 613 2,273 376 96
Provision/benefit for income taxes, net of changes in deferred taxes (904) (159) - (1,361) 1,308 (1,116) 1 (1,361)
Changes in working capital (1,243) 5,142 875 (1,390) (2,703) 681 949 (1,394)
Cash provided by (used in) operating activities 75,024 54,542 26,069 9,282 (8,002) 156,915 28,226 9,280
Changes in working capital 1,243 (5,142) (875) 1,390 2,703 (681) (949) 1,394
Maintenance capital expenditures (8) (19,860) (2,075) (421) (1,978) - (24,334) (559) (1,978)
Proportionately Combined Free Cash Flow 56,407 47,325 24,773 8,694 (5,299) 131,900 26,718 8,696

PAGE 18
 Proportionately Combined Free Cash Flow Nine
Months Ended September 30, 2017
For the Nine Months Ended September 30, 2017
Contracted
Atlantic Contracted MIC MIC Proportionately Power MIC Hawaii
IMTT Aviation Power(1) Hawaii (1) Corporate Combined(2) 100% 100%
($ in Thousands) (Unaudited)
Net income (loss) 67,184 60,225 9,858 16,009 (58,181) 95,095 9,604 16,004
Interest expense, net (3) 30,707 13,648 18,177 5,789 19,419 87,740 20,431 5,795
Provision (benefit) for income taxes 46,686 36,766 8,209 10,772 (37,149) 65,284 8,209 10,772
Depreciation and amortization of intangibles 93,826 73,894 39,390 10,908 - 218,018 45,031 10,922
Fees to Manager-related party - - - - 54,610 54,610 - -
Pension expense(4) 5,649 15 - 817 - 6,481 - 817
Other non-cash expense (income), net (5) 315 1,252 (6,148) 3,108 534 (939) (6,170) 3,108
EBITDA excluding non-cash items 244,367 185,800 69,486 47,403 (20,767) 526,289 77,105 47,418

EBITDA excluding non-cash items 244,367 185,800 69,486 47,403 (20,767) 526,289 77,105 47,418
Interest expense, net (3) (30,707) (13,648) (18,177) (5,789) (19,419) (87,740) (20,431) (5,795)
Convertible senior notes interest (6) - (5,769) - - 5,769 - - -
Adjustments to derivative instruments recorded in interest expense, net (3) (257) 3,150 (1,088) 112 - 1,917 (1,282) 113
Amortization of debt financing charges (3) 1,236 819 1,094 303 2,969 6,421 1,137 303
Amortization of debt discount (3) - - - - 2,377 2,377 - -
Provision/benefit for income taxes, net of changes in deferred taxes (3,069) (5,810) 7 (5,265) 5,645 (8,492) 6 (5,265)
Changes in working capital (12,413) (6,667) (9,824) (12,833) (6,691) (48,428) (9,703) (12,852)
Cash provided by (used in) operating activities 199,157 157,875 41,498 23,931 (30,117) 392,344 46,832 23,922
Changes in working capital 12,413 6,667 9,824 12,833 6,691 48,428 9,703 12,852
Maintenance capital expenditures (13,563) (5,071) (22) (4,406) - (23,062) (22) (4,406)
Proportionately Combined Free Cash Flow 198,007 159,471 51,300 32,358 (23,426) 417,710 56,513 32,368

PAGE 19
 Proportionately Combined Free Cash Flow Nine
Months Ended September 30, 2016
For the Nine Months Ended September 30, 2016
Contracted
Atlantic Contracted MIC MIC Proportionately Power MIC Hawaii
IMTT(9) Aviation Power(1) Hawaii (1) Corporate Combined(2) 100% 100%
($ in Thousands) (Unaudited)
Net income (loss) 55,775 43,339 896 23,322 (38,792) 84,540 97 23,319
Interest expense, net (3) 41,462 27,437 27,801 6,221 10,446 113,367 31,614 6,224
Provision (benefit) for income taxes 38,717 29,258 7,625 14,863 (30,055) 60,408 7,626 14,863
Depreciation and amortization of intangibles 103,612 69,041 36,067 7,694 - 216,414 41,693 7,696
Fees to Manager-related party - - - - 49,570 49,570 - -
Pension expense(4) 5,414 50 - 1,048 - 6,512 - 1,048
Other non-cash expense (income), net (5) 631 448 (5,405) (6,090) 563 (9,853) (5,424) (6,090)
EBITDA excluding non-cash items (7) 245,611 169,573 66,984 47,058 (8,268) 520,958 75,606 47,060

EBITDA excluding non-cash items (7) 245,611 169,573 66,984 47,058 (8,268) 520,958 75,606 47,060
Interest expense, net (3) (41,462) (27,437) (27,801) (6,221) (10,446) (113,367) (31,614) (6,224)
Adjustments to derivative instruments recorded in interest expense, net (3) 10,723 4,416 10,756 503 - 26,398 11,994 506
Amortization of debt financing charges (3) 1,242 2,496 1,071 848 1,837 7,494 1,113 848
Provision/benefit for income taxes, net of changes in deferred taxes (3,071) (2,521) (9) (6,507) 6,824 (5,284) (8) (6,507)
Changes in working capital (11,726) 11,412 (2,187) 5,558 (8,634) (5,577) (1,909) 5,554
Cash provided by (used in) operating activities 201,317 157,939 48,814 41,239 (18,687) 430,622 55,182 41,237
Changes in working capital 11,726 (11,412) 2,187 (5,558) 8,634 5,577 1,909 (5,554)
Maintenance capital expenditures (8) (33,099) (5,816) (421) (5,251) - (44,587) (559) (5,251)
Proportionately Combined Free Cash Flow 179,944 140,711 50,580 30,430 (10,053) 391,612 56,532 30,432

PAGE 20
 Proportionately Combined Free Cash Flow
Footnotes
___________________________
(1) Represents MIC's proportionately combined interests in the businesses comprising these reportable segments.
(2) The sum of the amounts attributable to MIC in proportion to its ownership.
(3) Interest expense, net, includes adjustments to derivative instruments, non-cash amortization of deferred financing charges and non-cash amortization of debt discount related to the 2.00%
Convertible Senior Notes due October 2023. For the nine months ended September 30, 2016, interest expense, net, also included a non-cash write-off of deferred financing fees related to the
February 2016 refinancing at Hawaii Gas.
(4) Pension expense primarily consists of interest cost, expected return on plan assets and amortization of actuarial and performance gains and losses.
(5) Other non-cash expense (income), net, primarily includes non-cash amortization of tolling liabilities, unrealized gains (losses) on commodity hedges and non-cash gains (losses) related to
disposal of assets. SeeEarnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) excluding non-cash items, Free Cash Flow and Proportionately Combined Metrics" above for
further discussion.
(6) Represents the cash interest expense reclassified from MIC Corporate to Atlantic Aviation related to the 2.00% Convertible Senior Notes due October 2023, proceeds of which were used
to pay down a portion of Atlantic Aviation's credit facility in October 2016.
(7) For the quarter and nine months ended September 30, 2016, EBITDA excluding non-cash items included $13.0 million and $15.5 million, respectively, of insurance recoveries related to
damaged docks at IMTT.
(8) For the quarter and nine months ended September 30, 2016, maintenance capital expenditures included $13.9 million associated with the rebuilding of damaged docks, the majority of which
were insured losses, at IMTT.
(9) On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. IMTT was previously providing management services to this terminal and
no operational changes are expected. Prior to the acquisition, IMTT consolidated the results of the Quebec terminal in its financial statements and adjusted for the portion that it did not own
through noncontrolling interests. Since the IMTT Acquisition in July 2014 and prior to the acquisition of the noncontrolling interest, MIC reported IMTTs EBITDA excluding non-cash items and
Free Cash Flow including the 33.3% portion of the Quebec terminal. The contribution from the minority interest was not significant. Therefore, there were no changes to our historical EBITDA
excluding non-cash items, Free Cash Flow or results generally as a function of acquiring this noncontrolling interest.

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MIC

Contact for additional information

Jay Davis
Managing Director

125 W. 55th Street, Level 15

New York, NY 10019
+1 (212) 231-1825

jay.davis@macquarie.com

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