This document provides a summary of financial information for Macquarie Infrastructure Company's (MIC) fourth quarter and full year 2013 earnings. It discusses key drivers of MIC's performance including increased cash flow at Atlantic Aviation from higher fuel sales and rental rates. It also notes cash flow growth at International-Matex Tank Terminals from higher terminal revenue and contribution from recently acquired contracted power facilities. The document initiates 2014 guidance for MIC's proportionately combined free cash flow per share of $4.35 to $4.50, representing continued growth.

1. These materials are intended to be viewed in connection with the
specific earnings conference call to which they refer, and are
qualified in their entirety by reference to that earnings conference
call and to the Company’s underlying report on Form 10-Q and
Form 10-K.
Macquarie Infrastructure Company
Fourth Quarter Earnings Conference Call Support Slides
February 2014

2. Disclaimer
This presentation by Macquarie Infrastructure Company LLC (MIC) is proprietary and all rights are reserved.
Any reproduction, in whole or in part, without the prior written consent of Macquarie Infrastructure
Company is prohibited.
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 information 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 and Form 10-Q. 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 authorised deposit-taking institution for the purposes of the Banking Act 1959
(Commonwealth of Australia) and its obligations do not represent deposits or other liabilities 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.
2

3. MIC – Cash Generation
$ Millions
Fourth Quarter and Full Year 2013 Proportionately Combined Free Cash Flow1
240
220
200
180
160
140
120
100
80
60
40
20
0
210.1
167.6
44.5
4Q'12 2
$4.09 / share for
full year 2013
vs.
$3.59 / share for
full year 20122
39.7
4Q'13
Proportionately
Combined Free Cash
Flow:
FY'13
2
FY'12
Includes 50% equity interest in IMTT and controlling interests in Contracted Power and Energy
Includes change in treatment of certain pension items at IMTT; Excludes interest rate swap breakage costs of $8.7 million incurred by Hawaii Gas in the third
quarter of 2012
1
2
3

4. MIC – Cash Generation
Proportionately Combined Net Income (Loss), EBITDA
Excluding Non-Cash Items and Free Cash Flow
$ Millions
Net Income
EBITDA ex Non-cash
Items1
Free Cash Flow1,2
4Q 2013
17.9
4Q 2012
(8.9)
FY 2013
36.6
FY 2012
16.5
83.1
74.8
339.9
306.2
44.5
39.7
210.1
167.6
Consolidated Net Income (Loss), EBITDA
Excluding Non-Cash Items and Free Cash Flow
$ Millions
Net Income3
EBITDA ex Non-cash
Items
Free Cash Flow
4Q 2013
15.8
4Q 2012
(10.0)
FY 2013
31.3
FY 2012
13.3
74.5
52.2
257.6
225.6
53.7
38.3
196.9
191.4
1 Includes
change in treatment of certain pension items at IMTT
interest rate swap breakage costs incurred by MIC’s Hawaii Gas business in the third quarter of 2012
3 Net income (loss) attributable to MIC LLC excludes net loss attributable to noncontrolling interests of $1.8 million and $3.2 million for the quarter and year ended
December 31, 2013, respectively, net loss attributable to noncontrolling interests of $1.8 million for the quarter ended December 31, 2012, and net income
attributable to noncontrolling interests of $930,000 for the year ended December 31, 2012
2 Excludes
4

5. MIC – Cash Generation
Fourth Quarter 2013 Proportionately Combined EBITDA1 by Segment
Contracted
Power and
2
Energy
2.4%
Atlantic
Aviation
42.4%
1
2
InternationalMatex Tank
Terminals 2
37.3%
Hawaii Gas
17.9%
Excludes non-operating holding company loss of $1.0 million. See 4Q’13 earnings press release for reconciliation of net income (loss) to EBITDA
Represents MIC’s controlling interests in Contracted Power and Energy and 50% interest in IMTT
5

6. MIC – Performance Overview
FY’13 - Key Elements in Results
• Proportionately Combined FCF up 25.4%1
• Proportionately Combined FCF per share up 11.7% to $4.091
• Lower interest expense and operational improvement at Atlantic Aviation
• Increase in terminal revenue at IMTT
• Contribution from Contracted Power and Energy (“CP&E”) on operations
of contracted power facilities acquired in 2012
• 4.7 million share (10.2%) increase in weighted average shares outstanding
• Public equity offerings in May and December
• Management and performance fees re-invested in shares
1 Excludes
interest rate swap breakage costs incurred by MIC’s Hawaii Gas business in the third quarter of 2012
6

7. MIC – Performance Overview
4Q’13 - Key Elements in Results
• Proportionately Combined FCF up 12.2%
• Operational improvement at Atlantic Aviation, partially offset by
increased interest expense and higher taxes
• Increase in terminal revenue at IMTT, offset by cost increases
• Contribution related to full quarter of operations by contracted power
facilities acquired in 2012
• Cash dividend of $0.9125 ($3.65 annualized) per share declared
• Record date: March 3, 2014
• Payable date: March 6, 2014
7

8. MIC – Acquisition of Boca Raton Fixed Base
Operation
On February 14, 2014, Atlantic Aviation signed an agreement to acquire
Fixed Base Operation (“FBO”) at Boca Raton Florida Airport
• Expected to close at the end of Q1 2014 along with the proposed Galaxy
Aviation acquisitions announced in December
• Projected to generate annualized adjusted EBITDA of ~$3.2 million
• Together, proposed acquisitions expected to:
• Increase the total number of FBOs in the network to 69
• Make Atlantic Aviation the second largest FBO operator in Florida – the
largest general aviation market in the U.S.
• Increase the weighted average lease life to 19.6 years from 19.0 years
8

9. MIC – 2014 Full Year Guidance
MIC initiates 2014 guidance for Proportionately Combined FCF between
$4.35 and $4.50 per share for the full year
• Increase in FCF at Atlantic Aviation driven by:
• Ongoing recovery in general aviation flight activity
• Growth in EBITDA pending successful closing of proposed acquisitions
• Normalization of maintenance capex at IMTT
• Supply stabilization at Hawaii Gas
• Contribution from Contracted Power and Energy related to operations by
contracted power facilities acquired in 2013
• Proportionately Combined EBITDA expected to be ~$385.0 million
• Proportionately Combined Maintenance Capex expected to be ~$45.0 million
9

10. MIC 4Q and FY’13 – Atlantic Aviation
Operations
Increased Flight Movements and Market Share Growth Drive Cash in Q4
•
Gross profit up 11.4% on increase in fuel sales, rental rates and de-icing revenue
•
EBITDA up 13.7%
•
FCF down 7.3% primarily due to expected increases in maintenance capex and
higher taxes
Strong FY ’13 Results
• Cash interest expense (excluding swap breakage costs) declined to $18.8 million
from $42.7 million following the successful refinancing in May of 2013
• Higher fuel gross profit primarily due to higher margin per gallon and an increase in
gallons sold:
• Total gross profit up 5.8%
• Same store volume of GA fuel sold up 3.3%
• Same store average fuel margin up 2.1%
• FCF up 44.1% primarily due to lower interest expense
10

11. MIC 4Q and FY’13 – IMTT (100%)
Operations
Increased Operating Expenses Offset Growth in Terminal Revenue in Q4
• Terminal revenue up 4.4%
• Terminal operating costs higher primarily due to higher labor and benefits costs
• FCF up 33.1% primarily on growth in EBITDA and lower maintenance capex
• Results reflect a change in treatment of certain pension items
• Excluding the change, FCF would have been up 17.8%
FY ’13 Results Broadly in Line with MIC’s Expectations
• Terminal revenue up 7.6%
• EBITDA up 15.9% reflecting improved operating results and the above mentioned
change in treatment of certain pension items
• Excluding the pension change, EBITDA would have been up 10.9%
• FCF up 1.4%
• Partially offset by increase in maintenance capex due to Hurricane Sandy
• Excluding the pension change, FCF would have been down 4.5%
11

12. MIC 4Q and FY’13 – Hawaii Gas
Operations
Volume Uplift in Q4
• Contribution margin rose 1.3% on increase in volume of gas sold of 2.0%
• EBITDA flat on Q4 2012
• FCF down 52.6% primarily due to increased provision for income taxes
• Cost of $2.7 million vs. income tax benefit of $7.9 million in Q4 2012
FY ’13 Performance Affected by Supply Disruptions
• Volume of gas sold up 0.5%
• Non-utility volume increased by 0.6% driven by customer mix
• EBITDA down 2.3% due to increases in production costs related to higher labor
expenses
• FCF down 7.2% on changes in provision for income taxes
• The ~$5.3 million full year federal tax will be offset in consolidation
12

13. MIC 4Q and FY’13 – Contracted Power and
Energy (100%)
Operations
Contracted Power Contributions Boost Gross Profit in Q4
• Investments in solar facilities and district energy business combined
• Gross profit up 45.1% on contribution from solar facilities acquired in 2012
Strong FY ’13 Results
• Five solar facilities in operation at year end
• Three were commissioned late in the year, having minimal impact on
revenue
• SG&A expenses down primarily on reduced legal and professional fees
• Gross profit up 28.2% on contribution from contracted power facilities acquired
in 2012
• EBITDA up 45.7%
• FCF increases to $13.7 million from $8.4 million
13

14. MIC – Debt Profile, Maturity
Weighted Average Debt Maturity of 5.4 Years1
($ 000)
$600,000
$450,000
Atlantic Aviation
2
Hawaii Gas
$300,000
District Energy
2
IMTT
$150,000
$2014
1
2
2015
2016
2017
2018
2019
2020+
Excludes $81.3 million of contracted power term loan debt and $61.9 million of contracted power construction loan debt
Assumes current balance on all facilities at December 31, 2013, does not reflect future draws or mandatory repayments with excess cash flow
14

15. MIC – Debt Profile, Balance
Weighted Average All-In Debt Cost of 4.4%1
Business
Maturity
2
Amount 3
($000)
Weighted Average
4
All-in Rate
Atlantic Aviation
01-Jun-20
517,800
4.67%
Hawaii Gas
08-Aug-17
180,000
3.63%
District Energy
27-Sep-14
153,090
6.15%
IMTT
15-Feb-18
969,267
4.17%
Excludes $81.3 million of contracted power term loan debt and $61.9 million of contracted power construction loan debt
Reflects primary facilities
3 Reflects outstanding balance on all facilities at December 31, 2013
4 Reflects annualized costs associated with interest on all facilities including, interest rate hedges (excludes non-cash deferred financing costs, letters of credit and
commitment fees)
1
2
15

16. Appendix: Reconciliation of Segment Financial Data,
Fourth Quarter 2013

17. Atlantic Aviation
Quarter Ended
December 31,
2013
$
Revenue
Fuel revenue
Non-fuel revenue
Total revenue
Cost of revenue
Cost of revenue-fuel
Cost of revenue-non-fuel
Total cost of revenue
Fuel gross profit
Non-fuel gross profit
Gross profit
Selling, general and administrative expenses
Depreciation and amortization
Loss (gain) on disposal of assets
Operating income
Interest expense, net(1)
Loss on extinguishment of debt
Other (expense) income
Provision for income taxes
Net income (2)
_____________________
2012
$
Year Ended
December 31,
Change
2013
2012
Favorable/(Unfavorable)
$
%
$
$
($ In Thousands) )(Unaudited) )
(
(
Change
Favorable/(Unfavorable)
$
%
139,082
44,558
183,640
140,513
38,643
179,156
(1,431)
5,915
4,484
(1.0)
15.3
2.5
556,387
169,093
725,480
560,710
159,145
719,855
(4,323)
9,948
5,625
(0.8)
6.3
0.8
96,544
4,040
100,584
42,538
40,518
83,056
47,453
14,461
21,142
(1,945)
(56)
(7,209)
11,932
100,584
4,001
104,585
39,929
34,642
74,571
43,209
14,920
21
16,421
(4,515)
931
(5,525)
7,312
4,040
(39)
4,001
2,609
5,876
8,485
(4,244)
459
21
4,721
2,570
(987)
(1,684)
4,620
4.0
(1.0)
3.8
6.5
17.0
11.4
(9.8)
3.1
100.0
28.7
56.9
NM
(106.0)
(30.5)
63.2
386,417
15,889
402,306
169,970
153,204
323,174
178,182
56,378
226
88,388
(22,151)
(2,472)
(2)
(25,218)
38,545
396,384
18,037
414,421
164,326
141,108
305,434
174,039
56,681
(1,358)
76,072
(27,963)
969
(21,340)
27,738
9,967
2,148
12,115
5,644
12,096
17,740
(4,143)
303
(1,584)
12,316
5,812
(2,472)
(971)
(3,878)
10,807
2.5
11.9
2.9
3.4
8.6
5.8
(2.4)
0.5
(116.6)
16.2
20.8
NM
(100.2)
(18.2)
39.0
NM - Not meaningful
(1) Interest expense, net, includes adjustments to derivative instruments, non-cash amortization of deferred financing fees and interest rate swap breakage fees.
(2) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.
17

18. Atlantic Aviation
Quarter Ended
December 31,
2013
$
2012
$
Year Ended
December 31,
Change
2013
2012
Favorable/(Unfavorable)
$
%
$
$
($ In Thousands) (Unaudited)
Change
Favorable/(Unfavorable)
$
%
Reconciliation of net income to EBITDA excluding non-cash
items and cash provided by operating activities to Free Cash
Flow:
Net income(2)
Interest expense, net(1)
Provision for income taxes
Depreciation and amortization
Loss on extinguishment of debt
(Gain) loss on disposal of assets
Other non-cash expense (income)
EBITDA excluding non-cash items
11,932
1,945
7,209
14,461
121
35,668
7,312
4,515
5,525
14,920
(176)
(720)
31,376
EBITDA excluding non-cash items
Interest expense, net(1)
Interest rate swap breakage fees(1)
Adjustments to derivative instruments recorded in interest expense(1)
Amortization of debt financing costs(1)
Provision for income taxes, net of changes in deferred taxes
Changes in working capital
Cash provided by operating activities
Changes in working capital
Maintenance capital expenditures
Free cash flow
35,668
(1,945)
(4,781)
676
(2,254)
1,220
28,584
(1,220)
(6,370)
20,994
31,376
(4,515)
(1,249)
653
(674)
(2,503)
23,088
2,503
(2,948)
22,643
4,292
(1,649)
13.7
38,545
22,151
25,218
56,378
2,434
106
5
144,837
27,738
27,963
21,340
56,681
(1,979)
(988)
130,755
14,082
10.8
(7.3)
144,837
(22,151)
823
2,687
(7,823)
2,504
120,877
(2,504)
(11,618)
106,755
130,755
(27,963)
(595)
(17,264)
2,675
(2,646)
46
85,008
(46)
(10,897)
74,065
32,690
44.1
_____________________
(1) Interest expense, net, includes adjustments to derivative instruments, non-cash amortization of deferred financing fees and interest rate swap breakage fees.
(2) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.
18

19. International-Matex Tank Terminals (100%)
Quarter Ended
December 31,
2013
$
2012
$
Year Ended
December 31,
Change
2013
2012
Favorable/(Unfavorable)
$
%
$
$
($ In Thousands) (Unaudited)
Revenue
122,826
117,611
Terminal revenue
7,323
6,409
Environmental response revenue
130,149
124,020
Total revenue
Costs and expenses
55,019
49,905
Terminal operating costs
7,427
6,252
Environmental response operating costs
Total operating costs
62,446
56,157
Terminal gross profit
67,807
67,706
Environmental response gross profit
(104)
157
Gross profit
67,703
67,863
General and administrative expenses
8,309
8,645
Depreciation and amortization
19,982
19,000
Casualty losses, net(1)
Operating income
39,412
40,218
(7,473)
(6,330)
Interest expense, net(2)
Other income
329
210
(12,255)
(13,426)
Provision for income taxes
(31)
(203)
Noncontrolling interest
Net income
19,982
20,469
_____________________
NM - Not meaningful
(1) Casualty losses, net, includes $2.5 million and $1.5 million related to the quarters ended December 31, 2012 and March 31,
periods. These amounts have been included in the year ended December 31, 2013.
(2) Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of deferred financing fees.
Change
Favorable/(Unfavorable)
$
%
5,215
914
6,129
4.4
14.3
4.9
484,238
29,664
513,902
449,927
24,461
474,388
34,311
5,203
39,514
7.6
21.3
8.3
(5,114)
(1,175)
(6,289)
101
(261)
(160)
336
(982)
(806)
(1,143)
119
1,171
172
(487)
(10.2)
(18.8)
(11.2)
0.1
(166.2)
(0.2)
3.9
(5.2)
(2.0)
(18.1)
56.7
8.7
84.7
(2.4)
200,600
26,088
226,688
283,638
3,576
287,214
32,729
76,091
6,700
171,694
(24,572)
2,133
(61,149)
(251)
87,855
191,791
21,767
213,558
258,136
2,694
260,830
31,050
70,016
159,764
(35,244)
1,890
(51,293)
(839)
74,278
(8,809)
(4,321)
(13,130)
25,502
882
26,384
(1,679)
(6,075)
(6,700)
11,930
10,672
243
(9,856)
588
13,577
(4.6)
(19.9)
(6.1)
9.9
32.7
10.1
(5.4)
(8.7)
NM
7.5
30.3
12.9
(19.2)
70.1
18.3
2013, respectively, which were recorded in terminal operating costs in those
19

20. International-Matex Tank Terminals (100%)
Quarter Ended
December 31,
2013
$
2012
$
Reconciliation of net income to EBITDA excluding non-cash
items and cash provided by operating activities to Free Cash
Flow:
Net income
Interest expense, net(2)
Provision for income taxes
Depreciation and amortization
Casualty losses, net(1)
Other non-cash expenses(3)
EBITDA excluding non-cash items
19,982
7,473
12,255
19,982
3,026
62,718
20,469
6,330
13,426
19,000
208
59,433
EBITDA excluding non-cash items
Interest expense, net(2)
Adjustments to derivative instruments recorded in interest expense(2)
Amortization of debt financing costs(2)
Provision for income taxes, net of changes in deferred taxes
Pension contribution(4)
Changes in working capital
Cash provided by operating activities
Changes in working capital
Maintenance capital expenditures(5)
Free cash flow
62,718
(7,473)
(4,010)
843
(4,609)
(3,525)
43,944
3,525
(22,715)
24,754
59,433
(6,330)
(4,369)
802
(3,320)
(4,044)
42,172
4,044
(27,619)
18,597
Year Ended
December 31,
Change
2013
2012
Favorable/(Unfavorable)
$
%
$
$
($ In Thousands) (Unaudited)
3,285
5.5
87,855
24,572
61,149
76,091
6,700
12,122
268,489
74,278
35,244
51,293
70,016
855
231,686
268,489
(24,572)
(19,794)
2,833
(18,456)
(4,450)
(3,707)
200,343
3,707
(83,228)
120,822
231,686
(35,244)
(4,271)
3,221
(17,885)
13,636
191,143
(13,636)
(58,375)
119,132
Change
Favorable/(Unfavorable)
$
%
36,803
6,157
33.1
1,690
_____________________
(1) Casualty losses, net, includes $2.5 million and $1.5 million related to the quarters ended December 31, 2012 and March 31, 2013, respectively, which were recorded in terminal operating costs in those
periods. These amounts have been included in the year ended December 31, 2013.
(2) Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of deferred financing fees.
(3) IMTT management's calculation of IMTT's EBITDA includes various non-cash items, unlike MIC’s other businesses. In order to ensure IMTT’s EBITDA excluding non-cash items does in fact
excludes non-cash items, and to promote consistency across its reporting segments, MIC has excluded known non-cash items when calculating IMTT’s EBITDA excluding non-cash items including
primarily the non-cash pension expense of $2.7 million and $11.2 million for the quarter and year ended December 31, 2013. The non-cash pension expense of $2.8 million and $11.4 million for the
quarter and year ended December 31, 2012, respectively, were reported in changes in working capital for those periods, net of pension contribution.
(4) Pension contributions of $5.0 million for the year ended December 31, 2012 were reported in changes in working capital, net of the non-cash pension expenses.
(5) Maintenance capital expenditures includes a reclassification from growth capital expenditures in the quarters ended December 31, 2012 and March 31, 2013 of $1.2 million and $509,000, respectively.
These amounts have been included in the year ended December 31, 2013. The classification of capital expenditures as either growth or maintenance is the subject of ongoing review and discussions between
MIC and its co-investor in IMTT.
15.9
1.4
20

21. Hawaii Gas
Quarter Ended
December 31,
2013
$
2012
$
Year Ended
December 31,
Change
2013
2012
Favorable/(Unfavorable)
$
%
$
$
($ In Thousands) (Unaudited)
Change
Favorable/(Unfavorable)
$
%
Contribution margin
Revenue - non-utility
31,246
27,828
3,418
12.3
120,239
116,099
4,140
Cost of revenue - non-utility
14,548
11,571
(2,977)
(25.7)
54,073
52,091
(1,982)
Contribution margin - non-utility
16,698
16,257
441
2.7
66,166
64,008
2,158
Revenue - utility
33,391
33,783
(392)
(1.2)
137,486
144,439
(6,953)
Cost of revenue - utility
23,866
24,155
289
1.2
98,780
105,723
6,943
Contribution margin - utility
9,525
9,628
(103)
(1.1)
38,706
38,716
(10)
Total contribution margin
26,223
25,885
338
1.3
104,872
102,724
2,148
Production
2,752
1,617
(1,135)
(70.2)
10,871
8,569
(2,302)
4,904
5,280
376
7.1
20,631
21,716
1,085
Transmission and distribution(1)
Gross profit
18,567
18,988
(421)
(2.2)
73,370
72,439
931
4,155
4,062
(93)
(2.3)
20,294
18,637
(1,657)
Selling, general and administrative expenses
Depreciation and amortization
2,259
2,173
(86)
(4.0)
8,767
7,981
(786)
Operating income
12,153
12,753
(600)
(4.7)
44,309
45,821
(1,512)
(2)
(1,794)
(1,758)
(36)
(2.0)
(6,834)
(10,860)
4,026
Interest expense, net
Other income (expense)
87
(152)
239
157.2
(164)
(437)
273
Provision for income taxes
(4,326)
(4,561)
235
5.2
(14,995)
(13,904)
(1,091)
6,120
6,282
(162)
(2.6)
22,316
20,620
1,696
Net income (3)
_____________________
(1) For the year ended December 31, 2013, transmission and distribution includes non-cash income of $286,000 for asset retirement obligation credit. This non-cash income is excluded when calculating
EBITDA excluding non-cash items.
(2) Interest expense, net, includes adjustments to derivative instruments, non-cash amortization of deferred financing fees and interest rate swap breakage fees.
(3) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.
-
3.6
(3.8)
3.4
(4.8)
6.6
(0.0)
2.1
(26.9)
5.0
1.3
(8.9)
(9.8)
(3.3)
37.1
62.5
(7.8)
8.2
21

22. Hawaii Gas
Quarter Ended
December 31,
2013
$
2012
$
Year Ended
December 31,
Change
2013
2012
Favorable/(Unfavorable)
$
%
$
$
($ In Thousands) (Unaudited)
Change
Favorable/(Unfavorable)
$
%
Reconciliation of net income to EBITDA excluding non-cash
items and cash provided by operating activities to Free Cash
Flow:
Net income(3)
Interest expense, net(2)
Provision for income taxes
Depreciation and amortization
Other non-cash expenses(1)
EBITDA excluding non-cash items
6,120
1,794
4,326
2,259
524
15,023
6,282
1,758
4,561
2,173
269
15,043
EBITDA excluding non-cash items
Interest expense, net(2)
Interest rate swap breakage fees(2)
15,023
(1,794)
(4)
113
(2,744)
(900)
3,808
13,502
(3,808)
(979)
8,715
22,316
6,834
14,995
8,767
2,116
55,028
20,620
10,860
13,904
7,981
2,940
56,305
15,043
(1,758)
(51)
55,028
(6,834)
(430)
56,305
(10,860)
(8,701)
3,038
112
7,862
(7,829)
13,379
7,829
(2,822)
18,386
455
(6,705)
(3,150)
2,248
40,612
(2,248)
(6,316)
32,048
858
1,974
(6,712)
35,902
6,712
(8,063)
34,551
(1,277)
(2.3)
(9,671)
(52.6)
(2,503)
_____________________
(1) For the year ended December 31, 2013, transmission and distribution includes non-cash income of $286,000 for asset retirement obligation credit. This non-cash income is excluded when calculating
EBITDA excluding non-cash items.
(2) Interest expense, net, includes adjustments to derivative instruments, non-cash amortization of deferred financing fees and interest rate swap breakage fees.
(3) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.
(4) Pension contribution of $1.6 million and $3.8 million for the quarter and year ended December 31, 2012, respectively, were reported in changes in working capital for those periods.
(7.2)
expense(2)
Amortization of debt financing costs(2)
Provision for income taxes, net of changes in deferred taxes
Pension contribution(4)
Changes in working capital
Cash provided by operating activities
Changes in working capital
Maintenance capital expenditures
Free cash flow
(20)
(0.1)
22

23. CP&E (100%)
Quarter Ended
December 31,
2013
$
Product sales
Service revenue
Finance lease revenue
Total revenue
Direct expenses — electricity
Direct expenses — other(1)
Direct expenses — total
Gross profit
Selling, general and administrative expenses
Depreciation
Amortization of intangibles
Loss from customer contract termination
Operating (loss) income
Interest expense, net(2)
Other income
Benefit (provision) for income taxes
Noncontrolling interests
Net (loss) income
____________
NM - Not meaningful
2,204
9,262
784
12,250
1,903
5,217
7,120
5,130
2,292
2,156
329
4,280
(3,927)
(2,016)
133
2,145
471
(3,194)
2012
$
355
9,211
1,088
10,654
1,907
5,212
7,119
3,535
7,154
154
345
(4,118)
(1,269)
83
1,241
2,043
(2,020)
Year Ended
December 31,
Change
2013
2012
Favorable/(Unfavorable)
$
%
$
$
($ In Thousands) (Unaudited)
1,849
NM
9,371
355
51
0.6
44,880
48,762
(304)
(27.9)
3,563
4,536
1,596
15.0
57,814
53,653
4
0.2
12,263
14,494
(5)
(0.1)
21,096
20,078
(1)
(0.0)
33,359
34,572
1,595
45.1
24,455
19,081
4,862
68.0
7,865
9,829
(2,002)
NM
7,330
154
16
4.6
1,326
1,372
(4,280)
NM
5,906
191
4.6
2,028
7,726
(747)
(58.9)
(7,930)
(7,790)
50
60.2
3,289
651
904
72.8
(827)
(930)
(1,572)
(76.9)
4,051
1,421
(1,174)
(58.1)
611
1,078
Change
Favorable/(Unfavorable)
$
%
9,016
(3,882)
(973)
4,161
2,231
(1,018)
1,213
5,374
1,964
(7,176)
46
(5,906)
(5,698)
(140)
2,638
103
2,630
(467)
NM
(8.0)
(21.5)
7.8
15.4
(5.1)
3.5
28.2
20.0
NM
3.4
NM
(73.8)
(1.8)
NM
11.1
185.1
(43.3)
(1) Includes depreciation expense related to District Energy of $1.7 million and $6.7 million for the quarters and years ended December 31, 2013 and 2012, respectively.
(2) Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of deferred financing fees.
23

24. CP&E (100%)
Year Ended
December 31,
Change
2013
2012
Favorable/(Unfavorable)
$
%
$
$
($ In Thousands) (Unaudited)
Quarter Ended
December 31,
2013
$
2012
$
Change
Favorable/(Unfavorable)
$
%
Reconciliation of net (loss) income to EBITDA excluding noncash items and cash (used in) provided by operating activities
to Free Cash Flow:
Net (loss) income
Interest expense, net(2)
(Benefit) provision for income taxes
Depreciation(1)
Amortization of intangibles
Loss from customer contract termination
Other non-cash expense
EBITDA excluding non-cash items
(3,194)
2,016
(2,145)
3,861
329
4,280
(427)
4,720
(2,020)
1,269
(1,241)
1,845
345
(1,939)
(1,741)
EBITDA excluding non-cash items
Interest expense, net(2)
4,720
(2,016)
(1,513)
193
993
(50)
(36,158)
(33,831)
36,158
(336)
1,991
Adjustments to derivative instruments recorded in interest expense(2)
Amortization of debt financing costs(2)
Equipment lease receivable, net
Benefit/provision for income taxes, net of changes in deferred taxes
Changes in working capital
Cash (used in) provided by operating activities
Changes in working capital
Maintenance capital expenditures
Free cash flow
611
7,930
827
14,056
1,326
5,906
(6,569)
24,087
1,078
7,790
930
6,881
1,372
(1,514)
16,537
(1,741)
(1,269)
(1,448)
24,087
(7,930)
(5,531)
16,537
(7,790)
(2,906)
177
953
51
13,415
10,138
(13,415)
(249)
(3,526)
732
3,807
(855)
(54,491)
(40,181)
54,491
(648)
13,662
699
3,548
(841)
11,962
21,209
(11,962)
(891)
8,356
6,461
5,517
NM
156.5
7,550
45.7
5,306
63.5
____________
NM - Not meaningful
(1) Includes depreciation expense related to District Energy of $1.7 million and $6.7 million for the quarters and years ended December 31, 2013 and 2012, respectively.
(2) Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of deferred financing fees.
24

25. Corporate
Year Ended
December 31,
Change
2013
2012
Favorable/(Unfavorable)
$
%
$
$
($ In Thousands) (Unaudited)
Quarter Ended
December 31,
2013
$
Base management fees
Performance fees
Selling, general and administrative expenses
Operating loss
Interest (expense) income, net
Other income (expense), net
Benefit for income taxes
Noncontrolling interest
Net loss(1)
2012
$
8,455
1,162
(9,617)
(77)
4
588
1,280
(7,822)
6,299
43,820
1,646
(51,765)
101
(23)
21,258
(207)
(30,636)
Net loss(1)
Interest expense (income), net
Benefit for income taxes
Base management to be settled/settled in LLC interests
Performance fees settled in LLC interests
Other non-cash (income) expense
EBITDA excluding non-cash items
(7,822)
77
(588)
8,455
(1,092)
(970)
(30,636)
(101)
(21,258)
6,299
43,820
357
(1,519)
EBITDA excluding non-cash items
Interest (expense) income, net
Benefit for income taxes, net of changes in deferred taxes
Changes in working capital
Cash used in operating activities
Changes in working capital
Free cash flow
(970)
(77)
2,974
(2,915)
(988)
2,915
1,927
(1,519)
101
(6,865)
5,974
(2,309)
(5,974)
(8,283)
(2,156)
43,820
484
42,148
(178)
27
(20,670)
1,487
22,814
Change
Favorable/(Unfavorable)
$
%
(34.2)
100.0
29.4
81.4
(176.2)
117.4
(97.2)
NM
74.5
31,979
53,388
6,149
(91,516)
75
(12)
22,997
(877)
(69,333)
21,898
67,329
10,867
(100,094)
212
(98)
33,889
(2,351)
(68,442)
(10,081)
13,941
4,718
8,578
(137)
86
(10,892)
1,474
(891)
(46.0)
20.7
43.4
8.6
(64.6)
87.8
(32.1)
62.7
(1.3)
36.1
(69,333)
(75)
(22,997)
31,979
53,388
1,605
(5,433)
(68,442)
(212)
(33,889)
21,898
67,329
2,949
(10,367)
4,934
47.6
(5,433)
75
10,635
(10,583)
(5,306)
10,583
5,277
(10,367)
212
(2,352)
1,347
(11,160)
(1,347)
(12,507)
17,784
142.2
Reconciliation of net loss to EBITDA excluding non-cash items
and cash used in operating activities to Free Cash Flow:
549
10,210
123.3
_____________________
NM - Not meaningful
(1) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation.
25