MIC Reports Continued Strength in Cash Generation, Progress against Strategic Priorities During Third Quarter

Macquarie Infrastructure Company (NYSE: MIC) reported financial performance in the third quarter that puts the Company on track to generate cash for the full-year 2009 in excess of that generated in 2008. The Company also reported progress against key strategic initiatives including disposition of its airport parking business and reduction of debt levels. Third quarter results include:

• Gas production/distribution and district energy businesses generate $10.2 million available to reduce holding company debt
• Upswing in general aviation flight activity supports sequential improvement in airport services quarterly results - airport services pre-pays $12.0 million of primary debt facility principal during quarter
• Net loss of $0.41 per share on non-cash losses on interest rate swap contracts
• Letter of intent executed regarding sale of airport parking business

“Our third quarter results clearly reflect the positive steps we have taken and continue to take in addressing our highest priority issues,” said James Hooke, Chief Executive Officer of MIC. “We continue to see attractive amounts of cash being generated by our businesses and a significant reduction in net debt levels and the risk profile of MIC,” he added.

Strong results for the Company’s gas production and distribution business include the mid-year implementation of a rate increase by the utility segment of the business. A lower cost of propane products sold through the non-utility segment also contributed to the improved results.

MIC’s gas production and distribution and district energy businesses generated a combined $10.2 million of estimated cash available before debt reduction in the third quarter. A total of $27.4 million of CADR has been generated by the businesses year to date. The cash will be applied to the reduction of MIC’s holding company revolving credit facility balance at an appropriate time.

The $66.4 million holding company revolving credit facility is due on March 31, 2010. Assuming seasonally normal performance by the gas production and distribution and district energy businesses in the fourth quarter of 2009 and first quarter of 2010, MIC expects to have less than $30.0 million of net holding company debt at the March maturity date.

The Company is in discussions with its lenders to convert the revolver to a term loan and would then expect to fully repay the facility over the remainder of 2010. MIC continues to consider various other options for repayment of the facility including improving business performance, expense reductions, sale of assets sufficient to cover the remaining principal balance at maturity, or other sources of capital. The Company remains confident that it will be able to refinance or repay the outstanding borrowings under the facility by the current maturity date.

Results for the Company’s airport services business improved with the increase in general aviation jet flight activity during the quarter. The improved performance contributed to the $13.2 million of cash that was used to prepay a portion of the business’ term loan facility and related swap breakage fees. On November 4 the business made an additional $9.0 million debt pre-payment which reduced the proforma debt to EBITDA (leverage) ratio for the business at September 30 to 7.79 times versus a debt covenant of 8.25 times. The $9.0 million pre-payment also resulted in the business paying swap breakage fees of $0.9 million.

“An improved environment for general aviation flight movements suggests that the airport services business has stabilized and should remain in compliance with its debt covenants and continue to delever,” said Hooke.

Efforts by the airport parking business have resulted in its engaging a financial advisor to actively solicit a sale of the business and the execution of a letter of intent. A letter of intent was signed during the quarter with a third party, which is conducting due diligence and with which the business is currently negotiating an asset purchase agreement. The business expects to close a sale transaction in 2010, which will likely occur in connection with a bankruptcy filing and consummation of a Chapter 11 plan. Proceeds generated as a result of the sale would be payable to lenders of the business and not to MIC. As previously indicated, MIC has no intention of committing additional capital to this business and its ongoing liabilities are expected to be no more than $5.3 million in guarantees of a single parking facility lease.

MIC has a 50% equity interest in one of the largest operators of bulk liquid storage terminals in the U.S. MIC’s interest in the CADR generated by the business totaled $6.0 million for the quarter. The result was supported by a 9% increase in average storage rates and lower than forecast capital expenditures.

MIC reported a net loss of $18.3 million for the quarter. The loss primarily reflects a net non-cash derivative-related loss of $21.4 million (including MIC’s proportional interest in swap contracts of bulk liquid storage terminal business). Through nine months of 2009 MIC reported a net loss of $100.3 million including a net $19.6 million of derivative-related losses, a $71.2 million write-down of goodwill and a $37.2 million stemming from the write-down of fixed assets and intangibles related to underperformance of certain entities. All of these expenses are non-cash items.

The Company recorded consolidated revenue of $202.5 million for the third quarter of 2009 compared with $277.0 million in the third quarter of 2008. The majority of the 27% decrease was attributed to lower jet fuel costs in 2009 versus 2008. Fuel costs, along with a dollar based margin on fuel sales, are recovered in revenue. Year to date revenue through September 30, 2009 totaled $567.5 million, down 33% compared with the nine month period in 2008, also primarily on lower jet fuel costs.

An analysis of gross profit removes the volatility in revenue associated with costs that are typically passed through to customers. Gross profit for the quarter decreased 7.5% to $95.2 million from $103.0 million in 2008. The decline in gross profit was driven by a reduction in the volume of jet fuel sold compared with the third quarter in 2008, partially offset by margin expansion in certain businesses. Gross profit for the nine months ended September 30, 2009 of $274.1 million was 15% lower than the comparable period in 2008.

Cash Generation

MIC believes that its financial results under Generally Accepted Accounting Principles (“GAAP”) alone do not reflect all of the items that management considers in estimating the amount of cash it has available to reduce debt, make distributions or reinvest in growth projects. Therefore, the Company discloses estimated cash available before debt reduction (“CADR”), a non-GAAP measure, to provide better insight into its future ability to deploy cash.

The estimation of CADR for MIC’s consolidated businesses begins with cash from operations and adjusts for changes in working capital and certain items including dividend income and cash capital expenditures for the quarter and year to date periods. Consistent with the terms of the shareholder agreement between MIC and the other shareholders of the bulk liquid storage business, CADR for the business is determined as cash from operations and cash from investing activities less maintenance and environmental capital expenditures. Results for the Company’s airport parking business have been excluded from CADR in both the current and prior comparable periods given the sales process underway for that business.

In 2008, MIC reported its 50% interest in the dividend generated by the bulk liquid storage business as CADR of MIC. For purposes of the table below, the results for the bulk liquid storage business in 2008 have been conformed to the current period’s presentation and reflect MIC’s 50% interest in the CADR generated by the business.

MIC’s CADR for the third quarter of 2009 totaled $24.2 million compared with $28.0 million in the third quarter of 2008. The decrease in CADR is primarily the result of a reduction in cash from operating activities generated by the airport services business and a decrease in gross profit generated by the environmental response unit of the bulk liquid storage terminal business. The table below summarizes CADR, by ongoing business, for the quarter and year to date periods ended September 30, 2009 and September 30, 2008.

Entity			3Q’09			3Q’08			% Change			YTD’09			YTD’08			% Change
($ Millions)
Bulk Liquid Storage			6.0			11.2			(46.4)			31.0			21.0			47.6
Gas Production			4.4			3.8			15.8			16.7			12.4			34.7
District Energy			5.8			4.9			18.4			10.7			9.9			8.1
Airport Services			11.1			14.8			(25.0)			30.1			57.5			(47.7)
MIC LLC			(3.1)			(6.7)			(53.7)			(8.4)			(10.5)			(20.0)
Total			24.2			28.0			(13.6)			80.1			90.3			(11.3)
See attached tables for a reconciliation of CADR to cash from operations

CADR generated by the bulk liquid storage business declined in the third quarter versus the prior comparable period as a result of the business’ environmental response unit generating an outsized contribution in the third quarter of 2008 stemming from an oil spill on the Mississippi River in August. The cash generated by the bulk liquid storage business through three quarters in 2009 has been retained to fund growth capital expenditures.

CADR generated by the gas production and district energy businesses has been accumulated and is available to repay a portion of the outstanding borrowings under the MIC LLC holding company debt facility.

CADR generated by the airport services business has been used to reduce that business’ term loan facility principal and to pay associated swap breakage fees. The decline in CADR versus the 2008 comparable periods reflects reduced flight activity in the general aviation sector broadly, partially offset by reduced operating expenses.

Operating Businesses

The Company discloses EBITDA excluding non-cash items for each of its operating segments, individually and in consolidation, as it is a key metric relied on by management in evaluating the performance of its businesses. EBITDA excluding non-cash items is defined as earnings before interest, taxes, depreciation and amortization and non-cash items, principally goodwill impairments and unrealized gains and losses on derivative instruments. The presentation of EBITDA excluding non-cash items provides additional insight into the performance of the operating companies and their ability to service or reduce debt, to fund existing growth capital projects and/or support distributions up to the MIC holding company.

For the quarter and nine months ended September 30, 2008, MIC reported EBITDA alone. The following tables reflect results of operations for the Company’s businesses for the quarter and nine months ended September 30, 2008 and 2009. The results for the 2008 periods have been conformed to the current period’s presentation of EBITDA excluding non-cash items.

Energy-Related Businesses

Bulk Liquid Storage Terminal Business

To enable meaningful analysis of the performance of the bulk liquid storage terminal business across periods, the table and discussion below refers to the business’ overall results rather than its contribution to MIC’s consolidated results.

($Millions)			3Q’09			3Q’08			%Change			YTD’09			YTD’08			%Change
Terminal Revenue			81.0			76.1			6.4			242.5			223.2			8.7
Terminal Gross Profit			42.8			40.0			7.2			127.9			109.1			17.2
EBITDA excluding non-cash items*			36.8			40.9			(10.1)			108.7			100.4			8.2
* See attached tables for a reconciliation of EBITDA excluding non-cash items to net income

Terminal revenue and terminal gross profit grew primarily as a result of a 9% increase in average storage rental rates for both the quarter and nine month periods ended September 30. Terminal revenue and gross profit also benefited from increases in rented storage capacity resulting from tank construction projects completed in late 2008 and the first nine months of 2009. EBITDA excluding non-cash items declined as a result of an oil spill and related environmental response revenue in the third quarter of 2008 that did not recur in 2009.

Cash flow from operating activities for the nine month period increased to $92.7 million from $76.5 million in the comparable 2008 period. CADR generated in both the quarter and year to date periods were retained for reinvestment in approved growth projects.

Maintenance and environmental capital expenditures totaled $10.2 million and $26.9 million for the quarter and year to date 2009 periods, respectively. The business has revised its forecast for maintenance capital expenditures for the full-year 2009 to between $35.0 million and $40.0 million from $55.0 million at the end of the second quarter. The decrease reflects primarily the deferral of certain infrastructure-related projects, as well as a deferral of a small number of tank cleanings and inspections. Maintenance and environmental capital expenditures in 2010 are expected to be in a range of between $55.0 million and $65.0 million.

The business expects to spend an additional $67.5 million to complete a total of $138.2 million of growth projects currently underway. Financing for these projects is in place. These projects are expected to produce an incremental estimated $19.7 million of annualized gross profit and EBITDA. The storage portion of these projects is expected to be in service in the fourth quarter of 2009 and early 2010. The infrastructure-related (pumps, pipes and docks) portion of these projects enhances the marketability of the related storage and is expected to support sustained increases in average storage rates in 2010.

Gas Production and Distribution Business
($Millions)			3Q’09			3Q’08			% Change			YTD’09			YTD’08			% Change
Revenue			44.7			59.6			(24.9)			125.8			167.5			(24.9)
Gross Profit			13.8			11.5			20.3			41.9			34.2			22.6
EBITDA excluding non-cash items*			8.3			7.1			16.6			25.9			21.1			22.7
* See attached tables for a reconciliation of EBITDA excluding non-cash items to net income

The gas production and distribution business continued to implement the utility rate increases for which it received interim approval in June 2009. The majority of its utility customers were billed at the new rates during the quarter. Approximately two thirds of the quarterly improvement in gross profit and EBITDA excluding non-cash items compared with the third quarter in 2008 was attributable to the rate increase.

Approximately one third of the quarterly improvement in gross profit and EBITDA excluding non-cash items was attributable to improved performance in the unregulated portion of the business. Lower costs of propane resulted in both margin expansion and reduced costs to consumers during the quarter and year to date in 2009.

District Energy Business
($Millions)			3Q’09			3Q’08			% Change			YTD’09			YTD’08			% Change
Revenue			16.6			17.4			(4.4)			38.3			38.7			(1.1)
Gross Profit			6.1			6.2			(1.0)			13.1			13.5			(3.2)
EBITDA excluding non-cash items*			7.2			6.8			7.3			15.6			15.1			3.1
* See attached tables for a reconciliation of EBITDA excluding non-cash items to net income

Capacity revenue, based on the number of tons of cooling under contract, grew with an increase in the number of customers connected to the system and the step-up in inflation-linked rate escalators over the prior comparable periods.

A cooler second and third quarter this year compared with 2008 reduced cooling demand and consumption revenue and contributed to a modest decrease in gross profit for the quarter and year to date periods. However, EBITDA excluding non-cash items increased versus the prior comparable periods primarily as a result of the receipt of a termination payment made by one customer who left the system during the third quarter of 2009.

Aviation-Related Businesses

Airport Services
($Millions)			3Q’09			3Q’08			% Change			YTD’09			YTD’08			% Change
Revenue			124.2			181.3			(31.5)			352.4			579.0			(39.1)
Gross Profit			71.4			82.0			(12.9)			215.2			265.2			(18.9)
EBITDA excluding non-cash items*			27.9			32.0			(12.9)			80.2			108.6			(26.2)
* See attached tables for a reconciliation of EBITDA excluding non-cash items to net income

A decline in general aviation activity (flight movements) in both the quarter and year to date periods compared with 2008 resulted in a decrease in gross profit and EBITDA excluding non-cash items. A portion of the decrease in EBITDA was offset by reductions in expenses stemming from acquisition integration and staffing reductions. The business has recorded sequential improvement in EBITDA excluding non-cash items in each of the three quarters of 2009 reflective of the stabilizing environment for general aviation and increases in flight activity.

The volume of general aviation jet fuel sold by the business declined by 13% in the third quarter of 2009 compared with the third quarter of 2008 and by 19% on a year to date basis. An increase in average margins on fuel sales offset a portion of the quarterly volume decline. Average margins on fuel sales were flat through nine months. The volume of fuel sold in the third quarter of 2009 increased modestly compared with the second quarter.

The airport services business generated cash in excess of its operating requirements for the third quarter and the cash was used to reduce the business’ term loan principal and pay related swap breakage costs. The business paid down a total of $12.0 million of debt in the quarter and paid swap breakage costs of $1.2 million. The business paid down an additional $9.0 million of loan principal and incurred $0.9 million of swap breakage costs during the first week of November that will be recorded in the fourth quarter.

Including the November payment the proforma ratio of debt to EBITDA at September 30, (leverage, as defined in the term loan agreement) was 7.79 times compared with a maximum allowable under its debt facility of 8.25 times. Assuming the current level of flight activity at the business’ 72 locations continues, the business will remain in compliance with its debt covenants and continue to reduce its debt balance without further equity contributions from MIC.

Airport Parking Business
($Millions)			3Q’09			3Q’08			% Change			YTD’09			YTD’08			% Change
Revenue			17.0			18.7			(9.2)			51.0			57.0			(10.5)
Gross Profit			3.9			3.3			17.9			3.9			10.7			(63.4)
EBITDA excluding non-cash items*			1.6			2.6			(38.4)			6.2			7.7			(19.6)
* See attached tables for a reconciliation of EBITDA excluding non-cash items to net income

Lot utilization, as measured by the number of cars exiting the airport parking business’ facilities, declined 6% compared with the third quarter in 2008 and 12% year to date. The decline in volume and the resulting decline in revenue were partially offset by an increase in average revenue per car in the quarter and year to date periods of 6% and 9%, respectively.

The airport parking business does not have sufficient capital and liquidity with which to service and/or support the refinancing of its long-term debt. A letter of intent was signed during the quarter with a third party, which is conducting due diligence and with which the business is currently negotiating an asset purchase agreement. The business expects to close a sale transaction in 2010, which will likely occur in connection with a bankruptcy filing and consummation of a Chapter 11 plan.

MIC has no intention of contributing additional capital to this business and is in negotiations with a potential acquirer of the assets of the business. Creditors of this business do not have recourse to any of MIC’s assets or the assets of its other businesses, other than approximately $5.3 million in lease payments guaranteed by MIC.

Conference Call and WEBCAST

When: Management has scheduled a conference call for 11:00 a.m. Eastern Time on Thursday, November 5, 2009 to review the Company’s results.

How: To listen to the conference call please dial +1(888) 490-2763 (domestic) or +1(719) 457-2626 (international) at least 10 minutes prior to the scheduled start time. Interested parties can also listen to a live webcast of the call. The webcast will be accessible via the Company’s website at www.macquarie.com/mic. Please allow extra time prior to the call to visit the site and download the necessary software to listen to the webcast.

Slides: The Company will prepare materials in support of its conference call presentation. The materials will be available for downloading from the Company website the morning of November 5, 2009 prior to the conference call. A link to the materials will be located on the homepage of the MIC website.

Replay: For interested individuals unable to participate in the conference call, a replay will be available after 2:00 p.m. on November 5, 2009 through November 19, 2009, at +1(888) 203-1112 (domestic) or +1(719) 457-0820 (international), Passcode: 7642770. An online archive of the webcast will be available on the Company’s website for one year following the call.

About Macquarie Infrastructure Company

Macquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses providing basic, everyday services, to customers in the United States. Its ongoing businesses consist of three energy-related businesses including a 50% indirect interest in a bulk liquid storage terminal business (International-Matex Tank Terminals), a gas production and distribution business (The Gas Company in Hawaii) and a district energy business (Thermal Chicago) as well as an aviation-related airport services business (Atlantic Aviation). The Company is managed by a wholly-owned subsidiary of the Macquarie Group. For additional information, please visit the Macquarie Infrastructure Company website at www.macquarie.com/mic.

Forward-Looking Statements

This filing contains forward-looking statements. We may, in some cases, use words such as "project”, "believe”, "anticipate”, "plan”, "expect”, "estimate”, "intend”, "should”, "would”, "could”, "potentially”, or "may” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements in this report are subject to a number of risks and uncertainties, some of which are beyond our control including, among other things: changes in general economic or business conditions, our ability to service, comply with the terms of and refinance debt, successfully integrate and manage acquired businesses, retain or replace qualified employees, manage growth, make and finance future acquisitions, and implement our strategy, our shared decision-making with co-investors over investments including the distribution of dividends, our regulatory environment establishing rate structures and monitoring quality of service, demographic trends, the political environment, the economy, tourism, construction and transportation costs, air travel, environmental costs and risks, fuel and gas costs, our ability to recover increases in costs from customers, reliance on sole or limited source suppliers, foreign exchange fluctuations, risks or conflicts of interests involving our relationship with the Macquarie Group and changes in U.S. federal tax law.

Our actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which we are not currently aware could also cause our actual results to differ. In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements. The forward-looking events discussed in this release may not occur. These forward-looking statements are made as of the date of this release. 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” refers to the Macquarie Group of companies, which comprises Macquarie Group Limited and its worldwide subsidiaries and affiliates. Macquarie Infrastructure Company LLC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Infrastructure Company LLC. MIC-G

MACQUARIE INFRASTRUCTURE COMPANY LLC
CONSOLIDATED CONDENSED BALANCE SHEETS
($ In Thousands, Except Share Data)
				September 30, 2009				December 31, 2008
				(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents				$	56,217			$	68,231
Restricted cash					2,452				1,063
Accounts receivable, less allowance for doubtful accounts of   $2,167 and $2,230, respectively					54,495				62,240
Dividends receivable					-				7,000
Other receivables					20				132
Inventories					14,762				15,968
Prepaid expenses					9,096				9,156
Deferred income taxes					3,774				3,774
Land - available for sale					-				11,931
Income tax receivable					-				489
Other					11,203				13,440
Total current assets					152,019				193,424
Property, equipment, land and leasehold improvements, net					663,555				673,981
Restricted cash					16,016				19,939
Equipment lease receivables					34,031				36,127
Investment in unconsolidated business					201,585				184,930
Goodwill					516,182				586,249
Intangible assets, net					760,050				812,184
Deferred financing costs, net of accumulated amortization					18,385				23,383
Other					3,052				4,033
Total assets				$	2,364,875			$	2,534,250
LIABILITIES AND MEMBERS'/STOCKHOLDERS' EQUITY
Current liabilities:
Due to manager - related party				$	1,696			$	3,521
Accounts payable					49,173				47,886
Accrued expenses					27,750				29,448
Current portion of notes payable and capital leases					9,585				2,724
Current portion of long-term debt					315,549				201,344
Fair value of derivative instruments					50,228				51,441
Customer deposits					5,673				5,457
Other					9,382				10,785
Total current liabilities					469,036				352,606
Notes payable and capital leases, net of current portion					1,990				2,274
Long-term debt, net of current portion					1,152,985				1,327,800
Deferred income taxes					51,998				65,042
Fair value of derivative instruments					64,507				105,970
Other					46,869				46,297
Total liabilities					1,787,385				1,899,989
Commitments and contingencies					-				-
Members’/stockholders' equity:
LLC interests, no par value; 500,000,000 authorized; 45,112,604 LLC interests issued and outstanding at September 30, 2009 and 44,948,694 LLC interests issued and outstanding at December 31, 2008					958,258				956,956
Accumulated other comprehensive loss					(53,630)				(97,190)
Accumulated deficit					(331,260)				(230,928)
Total members’/stockholders' equity					573,368				628,838
Noncontrolling interests					4,122				5,423
Total equity					577,490				634,261
Total liabilities and equity				$	2,364,875			$	2,534,250

MACQUARIE INFRASTRUCTURE COMPANY LLC
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
($ In Thousands, Except Share and per Share Data)
				Quarter Ended							Nine Months Ended
				September 30, 2009			September 30, 2008				September 30, 2009			September 30, 2008
Revenue
Revenue from product sales				$	103,017		$	152,060			$	281,639		$	478,219
Revenue from product sales - utility					26,056			36,060				67,637			97,317
Service revenue					72,264			87,714				214,614			263,171
Financing and equipment lease income					1,190			1,164				3,587			3,537
Total revenue					202,527			276,998				567,477			842,244
Costs and expenses
Cost of product sales					61,349			109,801				160,624			337,819
Cost of product sales - utility					19,406			31,161				50,016			82,175
Cost of services					26,562			33,070				82,701			98,615
Selling, general and administrative					54,782			57,426				167,468			182,928
Fees to manager - related party					1,639			2,737				2,952			11,872
Goodwill impairment					-			-				71,200			-
Depreciation					7,177			7,101				29,597			20,139
Amortization of intangibles					9,126			10,563				51,923			32,206
Total operating expenses					180,041			251,859				616,481			765,754
Operating income (loss)					22,486			25,139				(49,004)			76,490
Other income (expense)
Interest income					8			268				116			1,038
Interest expense					(24,639)			(26,114)				(81,861)			(77,616)
Equity in earnings and amortization charges of investees					1,178			4,051				16,655			10,603
Loss on derivative instruments					(17,371)			(765)				(29,872)			(1,651)
Other income, net					269			6				1,693			661
Net (loss) income before income taxes and noncontrolling interests					(18,069)			2,585				(142,273)			9,525
(Provision) benefit for income taxes					(327)			(2,254)				41,021			(3,254)
Net (loss) income before noncontrolling interests					(18,396)			331				(101,252)			6,271
Net loss attributable to noncontrolling interests					(48)			(167)				(920)			(575)
Net (loss) income				$	(18,348)		$	498			$	(100,332)		$	6,846
Basic (loss) earnings per share:				$	(0.41)		$	0.01			$	(2.23)		$	0.15
Weighted average number of shares outstanding: basic					45,006,771			44,948,694				44,969,093			44,942,859
Diluted (loss) earnings per share:				$	(0.41)		$	0.01			$	(2.23)		$	0.15
Weighted average number of shares outstanding: diluted					45,006,771			44,962,809				44,969,093			44,955,236
Cash distributions declared per share				$	-		$	0.645			$	-		$	1.925

MACQUARIE INFRASTRUCTURE COMPANY LLC
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
($ In Thousands)
				Nine Months Ended
				September 30, 2009				September 30, 2008
Operating activities
Net (loss) income before noncontrolling interests				$	(101,252)			$	6,271
Adjustments to reconcile net (loss) income before noncontrolling interests to net cash provided by operating activities:
Non-cash goodwill impairment					71,200				-
Depreciation and amortization of property and equipment					43,227				28,359
Amortization of intangible assets					51,923				32,206
Equity in earnings and amortization charges of investees					(16,655)				(10,603)
Equity distributions from investees					7,000				10,603
Amortization of debt financing costs					4,998				4,941
Non-cash derivative loss, net of non-cash interest expense					29,872				1,897
Base management fee to be settled in LLC interests					1,639				-
Equipment lease receivable, net					2,009				1,621
Deferred rent					1,265				1,535
Deferred taxes					(41,892)				1,904
Other non-cash expenses, net					167				658
Changes in other assets and liabilities, net of acquisitions:
Restricted cash					(756)				24
Accounts receivable					7,188				(3,436)
Inventories					776				(2,027)
Prepaid expenses and other current assets					2,830				4,944
Due to manager - related party					(2,613)				(2,958)
Accounts payable and accrued expenses					1,655				(110)
Income taxes payable					(537)				(1,530)
Other, net					(2,635)				828
Net cash provided by operating activities					59,409				75,127
Investing activities
Acquisitions of businesses and investments, net of cash acquired					-				(53,338)
Proceeds from sale of investment, net of cash divested					-				1,861
Purchases of property and equipment					(19,981)				(52,587)
Return of investment in unconsolidated business					-				10,397
Other					115				223
Net cash used in investing activities					(19,866)				(93,444)
Financing activities
Proceeds from long-term debt					10,000				5,000
Proceeds from line of credit facilities					9,250				87,800
Offering and equity raise costs paid					-				(65)
Distributions paid to holders of LLC interests					-				(86,520)
Distributions paid to noncontrolling interests					(381)				(363)
Payment of long-term debt					(72,859)				(120)
Debt financing costs paid					-				(1,874)
Change in restricted cash					3,292				(501)
Payment of notes and capital lease obligations					(859)				(1,629)
Net cash (used in) provided by financing activities					(51,557)				1,728
Net change in cash and cash equivalents					(12,014)				(16,589)
Cash and cash equivalents, beginning of period					68,231				57,473
Cash and cash equivalents, end of period				$	56,217			$	40,884
Supplemental disclosures of cash flow information:
Non-cash investing and financing activities:
Accrued purchases of property and equipment				$	209			$	1,226
Acquisition of equipment through capital leases				$	129			$	490
Issuance of LLC interests to manager for payment of base management fee				$	851			$	-
Issuance of LLC interests to independent directors				$	450			$	450
Taxes paid				$	1,167			$	3,044
Interest paid				$	72,265			$	73,148

CONSOLIDATED STATEMENT OF OPERATIONS
				Quarter Ended September 30,									Change Favorable/(Unfavorable)							Nine Months Ended September 30,									Change Favorable/(Unfavorable)
				2009				2008					$			%				2009				2008					$			%
				($ In Thousands) (Unaudited)
Revenue
Revenue from product sales				$	103,017			$	152,060				(49,043	)		(32.3	)			$	281,639			$	478,219				(196,580	)		(41.1	)
Revenue from product sales - utility					26,056				36,060				(10,004	)		(27.7	)				67,637				97,317				(29,680	)		(30.5	)
Service revenue					72,264				87,714				(15,450	)		(17.6	)				214,614				263,171				(48,557	)		(18.5	)
Financing and equipment lease income					1,190				1,164				26			2.2					3,587				3,537				50			1.4
Total revenue					202,527				276,998				(74,471	)		(26.9	)				567,477				842,244				(274,767	)		(32.6	)
Costs and expenses
Cost of product sales					61,349				109,801				48,452			44.1					160,624				337,819				177,195			52.5
Cost of product sales - utility					19,406				31,161				11,755			37.7					50,016				82,175				32,159			39.1
Cost of services					26,562				33,070				6,508			19.7					82,701				98,615				15,914			16.1
Gross profit					95,210				102,966				(7,756	)		(7.5	)				274,136				323,635				(49,499	)		(15.3	)
Selling, general and administrative					54,782				57,426				2,644			4.6					167,468				182,928				15,460			8.5
Fees to manager - related party					1,639				2,737				1,098			40.1					2,952				11,872				8,920			75.1
Goodwill impairment					-				-				-			-					71,200				-				(71,200	)		NM
Depreciation					7,177				7,101				(76	)		(1.1	)				29,597				20,139				(9,458	)		(47.0	)
Amortization of intangibles					9,126				10,563				1,437			13.6					51,923				32,206				(19,717	)		(61.2	)
Total operating expenses					72,724				77,827				5,103			6.6					323,140				247,145				(75,995	)		(30.7	)
Operating income (loss)					22,486				25,139				(2,653	)		(10.6	)				(49,004	)			76,490				(125,494	)		(164.1	)
Other income (expense)
Interest income					8				268				(260	)		(97.0	)				116				1,038				(922	)		(88.8	)
Interest expense					(24,639	)			(26,114	)			1,475			5.6					(81,861	)			(77,616	)			(4,245	)		(5.5	)
Equity in earnings and amortization charges of investees					1,178				4,051				(2,873	)		(70.9	)				16,655				10,603				6,052			57.1
Loss on derivative instruments					(17,371	)			(765	)			(16,606	)		NM					(29,872	)			(1,651	)			(28,221	)		NM
Other income, net					269				6				263			NM					1,693				661				1,032			156.1
Net (loss) income before income taxes and noncontrolling interests					(18,069	)			2,585				(20,654	)		NM					(142,273	)			9,525				(151,798	)		NM
(Provision) benefit for income taxes					(327	)			(2,254	)			1,927			85.5					41,021				(3,254	)			44,275			NM
Net (loss) income before noncontrolling interests					(18,396	)			331				(18,727	)		NM					(101,252	)			6,271				(107,523	)		NM
Net (loss) income attributable to noncontrolling interests					(48	)			(167	)			(119	)		(71.3	)				(920	)			(575	)			(345	)		(60.0	)
Net (loss) income				$	(18,348	)		$	498				(18,846	)		NM				$	(100,332	)		$	6,846				(107,178	)		NM
NM - Not meaningful

MACQUARIE INFRASTRUCTURE COMPANY LLC RECONCILIATION OF CONSOLIDATED NET (LOSS) INCOME TO CONSOLIDATED EBITDA EXCLUDING NON-CASH ITEMS
				Quarter Ended September 30,								Change Favorable/(Unfavorable)							Nine Months Ended September 30,								Change Favorable/(Unfavorable)
				2009				2008				$			%				2009				2008				$			%
				($ In Thousands) (Unaudited)
Net (loss) income				$	(18,348	)		$	498										$	(100,332	)		$	6,846
Interest expense, net					24,631				25,846											81,745				76,578
Provision (benefit) for income taxes					327				2,254											(41,021	)			3,254
Depreciation (1)					7,177				7,101											29,597				20,139
Depreciation - cost of services (1)					2,552				2,709											13,630				8,220
Amortization of intangibles (2)					9,126				10,563											51,923				32,206
Goodwill impairment					-				-											71,200				-
Loss on derivative instruments					17,371				765											29,872				1,651
50% share of IMTT unrealized losses (gains) on derivative instruments					4,037				2,396											(10,227	)			2,251
EBITDA excluding non-cash items				$	46,873			$	52,132			(5,259	)		(10.1	)			$	126,387			$	151,145			(24,758	)		(16.4	)
NM - Not meaningful
(1) Depreciation - cost of services includes depreciation expense for our district energy business and airport parking business, which are reported in cost of services in our consolidated condensed statements of operations. Depreciation and Depreciation - cost of services do not include step-up depreciation expense of $1.7 million for each quarter in connection with our investment in IMTT, which is reported in equity in earnings and amortization charges of investees in our consolidated condensed statements of operations.
(2) Amortization of intangibles does not include step-up amortization expense of $283,000 for each quarter related to intangible assets in connection with our investment in IMTT, which is reported in equity in earnings and amortization charges of investees in our consolidated condensed statements of operations.

MACQUARIE INFRASTRUCTURE COMPANY LLC RECONCILIATION OF SEGMENT NET (LOSS) INCOME TO EBITDA EXCLUDING NON-CASH ITEMS AND SEGMENT REVENUE TO CONTRIBUTION MARGIN
Energy–Related Business: Bulk Liquid Storage Terminal Business
				Quarter Ended September 30,									Change Favorable/(Unfavorable)							Nine Months Ended September 30,									Change Favorable/(Unfavorable)
				2009				2008					$			%				2009				2008					$			%
				($ In Thousands) (Unaudited)
Revenue
Terminal revenue				$	80,962			$	76,062				4,900			6.4				$	242,524			$	223,185				19,339			8.7
Environmental response revenue					4,206				28,432				(24,226	)		(85.2	)				11,421				37,933				(26,512	)		(69.9	)
Total revenue					85,168				104,494				(19,326	)		(18.5	)				253,945				261,118				(7,173	)		(2.7	)
Costs and expenses
Terminal operating costs					38,114				36,076				(2,038	)		(5.6	)				114,577				114,061				(516	)		(0.5	)
Environmental response operating costs					3,829				19,564				15,735			80.4					11,759				27,459				15,700			57.2
Total operating costs					41,943				55,640				13,697			24.6					126,336				141,520				15,184			10.7
Terminal gross profit					42,848				39,986				2,862			7.2					127,947				109,124				18,823			17.2
Environmental response gross profit (loss)					377				8,868				(8,491	)		(95.7	)				(338	)			10,474				(10,812	)		(103.2	)
Gross profit					43,225				48,854				(5,629	)		(11.5	)				127,609				119,598				8,011			6.7
General and administrative expenses					6,653				8,267				1,614			19.5					19,220				21,462				2,242			10.4
Depreciation and amortization					13,457				11,303				(2,154	)		(19.1	)				39,735				31,960				(7,775	)		(24.3	)
Operating income					23,115				29,284				(6,169	)		(21.1	)				68,654				66,176				2,478			3.7
Interest expense, net					(7,378	)			(6,909	)			(469	)		(6.8	)				(21,990	)			(16,801	)			(5,189	)		(30.9	)
Other income					340				110				230			NM					172				1,861				(1,689	)		(90.8	)
Unrealized (losses) gains on derivative instruments					(8,074	)			(4,792	)			(3,282	)		(68.5	)				20,454				(4,502	)			24,956			NM
Provision for income taxes					(3,137	)			(7,412	)			4,275			57.7					(27,035	)			(18,874	)			(8,161	)		(43.2	)
Noncontrolling interest					(145	)			185				(330	)		(178.4	)				152				442				(290	)		(65.6	)
Net income				$	4,721			$	10,466				(5,745	)		(54.9	)			$	40,407			$	28,302				12,105			42.8
Reconciliation of net income to EBITDA excluding non-cash items:
Net income				$	4,721			$	10,466											$	40,407			$	28,302
Interest expense, net					7,378				6,909												21,990				16,801
Provision for income taxes					3,137				7,412												27,035				18,874
Depreciation and amortization					13,457				11,303												39,735				31,960
Unrealized losses (gains) on derivative instruments					8,074				4,792												(20,454	)			4,502
EBITDA excluding non-cash items				$	36,767			$	40,882				(4,115	)		(10.1	)			$	108,713			$	100,439				8,274			8.2
NM - Not meaningful

Energy–Related Business: Gas Production and Distribution Business
		Quarter Ended September 30,								Change Favorable/(Unfavorable)						Nine Months Ended September 30,								Change Favorable/(Unfavorable)
		2009				2008				$			%			2009				2008				$			%
		($ In Thousands) (Unaudited)
Contribution margin
Revenue — utility		$	26,056			$	36,060			(10,004	)		(27.7	)		$	67,637			$	97,317			(29,680	)		(30.5	)
Cost of revenue — utility			16,535				28,212			11,677			41.4				41,865				74,014			32,149			43.4
Contribution margin — utility			9,521				7,848			1,673			21.3				25,772				23,303			2,469			10.6
Revenue — non-utility			18,680				23,495			(4,815	)		(20.5	)			58,145				70,177			(12,032	)		(17.1	)
Cost of revenue — non-utility			8,952				14,613			5,661			38.7				26,569				44,381			17,812			40.1
Contribution margin — non-utility			9,728				8,882			846			9.5				31,576				25,796			5,780			22.4
Total contribution margin			19,249				16,730			2,519			15.1				57,348				49,099			8,249			16.8
Production			1,428				1,539			111			7.2				4,020				4,051			31			0.8
Transmission and distribution			4,003				3,705			(298	)		(8.0	)			11,415				10,858			(557	)		(5.1	)
Gross profit			13,818				11,486			2,332			20.3				41,913				34,190			7,723			22.6
Selling, general and administrative expenses			5,516				4,444			(1,072	)		(24.1	)			15,923				13,280			(2,643	)		(19.9	)
Depreciation and amortization			1,713				1,677			(36	)		(2.1	)			5,135				5,009			(126	)		(2.5	)
Operating income			6,589				5,365			1,224			22.8				20,855				15,901			4,954			31.2
Interest expense, net			(2,212	)			(2,354	)		142			6.0				(6,709	)			(7,025	)		316			4.5
Other (expense) income			(43	)			41			(84	)		NM				(68	)			213			(281	)		(131.9	)
Unrealized losses on derivative instruments			(3,194	)			(73	)		(3,121	)		NM				(392	)			(223	)		(169	)		(75.8	)
Provision for income taxes			(446	)			(1,166	)		720			61.7				(5,359	)			(3,471	)		(1,888	)		(54.4	)
Net income (1)		$	694			$	1,813			(1,119	)		(61.7	)		$	8,327			$	5,395			2,932			54.3
Reconciliation of net income to EBITDA excluding non-cash items:
Net income (1)		$	694			$	1,813									$	8,327			$	5,395
Interest expense, net			2,212				2,354										6,709				7,025
Provision for income taxes			446				1,166										5,359				3,471
Depreciation and amortization			1,713				1,677										5,135				5,009
Unrealized losses on derivative instruments			3,194				73										392				223
EBITDA excluding non-cash items		$	8,259			$	7,083			1,176			16.6			$	25,922			$	21,123			4,799			22.7
________________________
NM - Not meaningful
(1) Corporate allocation expense and the federal tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.

Energy–Related Business: District Energy Business
				Quarter Ended September 30,									Change Favorable/(Unfavorable)							Nine Months Ended September 30,									Change Favorable/(Unfavorable)
				2009				2008					$			%				2009				2008					$			%
				($ In Thousands) (Unaudited)
Cooling capacity revenue				$	5,224			$	4,850				374			7.7				$	15,231			$	14,484				747			5.2
Cooling consumption revenue					9,400				10,654				(1,254	)		(11.8	)				17,130				18,495				(1,365	)		(7.4	)
Other revenue					832				752				80			10.6					2,331				2,201				130			5.9
Finance lease revenue					1,190				1,164				26			2.2					3,587				3,537				50			1.4
Total revenue					16,646				17,420				(774	)		(4.4	)				38,279				38,717				(438	)		(1.1	)
Direct expenses — electricity					5,715				6,982				1,267			18.1					11,103				11,984				881			7.4
Direct expenses — other (1)					4,803				4,247				(556	)		(13.1	)				14,075				13,200				(875	)		(6.6	)
Direct expenses — total					10,518				11,229				711			6.3					25,178				25,184				6			-
Gross profit					6,128				6,191				(63	)		(1.0	)				13,101				13,533				(432	)		(3.2	)
Selling, general and administrative expenses					697				740				43			5.8					2,051				2,498				447			17.9
Amortization of intangibles					345				345				-			-					1,023				1,027				4			0.4
Operating income					5,086				5,106				(20	)		(0.4	)				10,027				10,008				19			0.2
Interest expense, net					(2,554	)			(2,609	)			55			2.1					(7,589	)			(7,761	)			172			2.2
Other income					447				45				402			NM					541				155				386			NM
Unrealized (losses) gains on derivative instruments					(4,069	)			10				(4,079	)		NM					(639	)			28				(667	)		NM
Income tax benefit (provision)					500				(623	)			1,123			180.3					(721	)			(516	)			(205	)		(39.7	)
Noncontrolling interest					(174	)			(147	)			(27	)		(18.4	)				(515	)			(437	)			(78	)		(17.8	)
Net (loss) income (2)				$	(764	)		$	1,782				(2,546	)		(142.9	)			$	1,104			$	1,477				(373	)		(25.3	)
Reconciliation of net (loss) income to EBITDA excluding non-cash items:
Net (loss) income (2)				$	(764	)		$	1,782											$	1,104			$	1,477
Interest expense, net					2,554				2,609												7,589				7,761
Income tax (benefit) provision					(500	)			623												721				516
Depreciation					1,541				1,402												4,506				4,354
Amortization of intangibles					345				345												1,023				1,027
Unrealized losses (gains) on derivative instruments					4,069				(10	)											639				(28	)
EBITDA excluding non-cash items				$	7,245			$	6,751				494			7.3				$	15,582			$	15,107				475			3.1
__________________________
NM - Not meaningful
(1) Includes depreciation expense of $1.5 million and $1.4 million for the quarters ended September 30, 2009 and 2008, respectively, and $4.5 million and $4.4 million for the nine month periods ended September 30, 2009 and September 30, 2008, respectively.
(2) Corporate allocation expense, and the federal tax effect, have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.

Aviation-Related Business: Airport Services Business
				Quarter Ended September 30,									Change Favorable/(Unfavorable)							Nine Months Ended September 30,									Change Favorable/(Unfavorable)
				2009				2008					$			%				2009				2008					$			%
				($ In Thousands) (Unaudited)
Revenue
Fuel revenue				$	84,337			$	128,565				(44,228	)		(34.4	)			$	223,494			$	408,042				(184,548	)		(45.2	)
Non-fuel revenue					39,843				52,772				(12,929	)		(24.5	)				128,911				170,990				(42,079	)		(24.6	)
Total revenue					124,180				181,337				(57,157	)		(31.5	)				352,405				579,032				(226,627	)		(39.1	)
Cost of revenue
Cost of revenue — fuel					49,837				92,894				43,057			46.4					126,772				286,690				159,918			55.8
Cost of revenue — non-fuel					2,943				6,433				3,490			54.3					10,423				27,101				16,678			61.5
Total cost of revenue					52,780				99,327				46,547			46.9					137,195				313,791				176,596			56.3
Fuel gross profit					34,500				35,671				(1,171	)		(3.3	)				96,722				121,352				(24,630	)		(20.3	)
Non-fuel gross profit					36,900				46,339				(9,439	)		(20.4	)				118,488				143,889				(25,401	)		(17.7	)
Gross profit					71,400				82,010				(10,610	)		(12.9	)				215,210				265,241				(50,031	)		(18.9	)
Selling, general and administrative expenses (1)					43,413				49,989				6,576			13.2					134,734				156,922				22,188			14.1
Goodwill impairment					-				-				-			-					71,200				-				(71,200	)		NM
Depreciation and amortization					14,245				15,242				997			6.5					75,362				44,366				(30,996	)		(69.9	)
Operating income (loss)					13,742				16,779				(3,037	)		(18.1	)				(66,086	)			63,953				(130,039	)		NM
Interest expense, net					(15,865	)			(15,751	)			(114	)		(0.7	)				(52,552	)			(47,032	)			(5,520	)		(11.7	)
Other (expense) income					(109	)			(27	)			(82	)		NM					(322	)			283				(605	)		NM
Unrealized losses on derivative instruments					(10,517	)			(578	)			(9,939	)		NM					(28,601	)			(1,133	)			(27,468	)		NM
Benefit (provision) for income taxes					5,137				(170	)			5,307			NM					59,467				(6,476	)			65,943			NM
Net (loss) income (2)				$	(7,612	)		$	253				(7,865	)		NM				$	(88,094	)		$	9,595				(97,689	)		NM
Reconciliation of net (loss) income to EBITDA excluding non-cash items:
Net (loss) income (2)				$	(7,612	)		$	253											$	(88,094	)		$	9,595
Interest expense, net					15,865				15,751												52,552				47,032
(Benefit) provision for income taxes					(5,137	)			170												(59,467	)			6,476
Depreciation and amortization					14,245				15,242												75,362				44,366
Goodwill impairment					-				-												71,200				-
Unrealized losses on derivative instruments					10,517				578												28,601				1,133
EBITDA excluding non-cash items				$	27,878			$	31,994				(4,116	)		(12.9	)			$	80,154			$	108,602				(28,448	)		(26.2	)
________________________
NM - Not meaningful
(1) Includes $2.4 million increase in bad debt reserve in the first quarter of 2009 due to the deterioration of accounts receivable aging.
(2) Corporate allocation expense and the federal tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.

Aviation–Related Business: Airport Parking Business
				Quarter Ended September 30,									Change Favorable/(Unfavorable)							Nine Months Ended September 30,									Change Favorable/(Unfavorable)
				2009				2008					$			%				2009				2008					$			%
				($ In Thousands) (Unaudited)
Revenue				$	16,965			$	18,686				(1,721	)		(9.2	)			$	51,011			$	57,001				(5,990	)		(10.5	)
Direct expenses (1)					13,102				15,409				2,307			15.0					47,101				46,330				(771	)		(1.7	)
Gross profit					3,863				3,277				586			17.9					3,910				10,671				(6,761	)		(63.4	)
Selling, general and administrative expenses					3,424				2,308				(1,116	)		(48.4	)				8,680				7,914				(766	)		(9.7	)
Amortization of intangibles					-				400				400			NM					-				1,943				1,943			NM
Operating income (loss)					439				569				(130	)		(22.8	)				(4,770	)			814				(5,584	)		NM
Interest expense, net					(3,192	)			(3,741	)			549			14.7					(11,673	)			(11,377	)			(296	)		(2.6	)
Other (expense) income					(76	)			2				(78	)		NM					398				62				336			NM
Unrealized gains on derivative instruments					490				88				402			NM					163				246				(83	)		(33.7	)
Benefit for income taxes					907				1,185				(278	)		(23.5	)				6,184				3,956				2,228			56.3
Noncontrolling interest					222				314				(92	)		(29.3	)				1,435				1,012				423			41.8
Net loss (2)				$	(1,210	)		$	(1,583	)			373			23.6				$	(8,263	)		$	(5,287	)			(2,976	)		(56.3	)
Reconciliation of net loss to EBITDA excluding non-cash items:
Net loss (2)				$	(1,210	)		$	(1,583	)										$	(8,263	)		$	(5,287	)
Interest expense, net					3,192				3,741												11,673				11,377
Benefit for income taxes					(907	)			(1,185	)											(6,184	)			(3,956	)
Depreciation (1)					1,011				1,307												9,124				3,866
Amortization of intangibles					-				400												-				1,943
Unrealized gains on derivative instruments					(490	)			(88	)											(163	)			(246	)
EBITDA excluding non-cash items				$	1,596			$	2,592				(996	)		(38.4	)			$	6,187			$	7,697				(1,510	)		(19.6	)
NM - Not meaningful
(1) Includes depreciation expense of $1.1 million and $1.3 million for the quarters ended September 30, 2009 and 2008, respectively, and $9.1 million and $3.9 million for the nine month periods ended September 30, 2009 and 2008, respectively. Depreciation expense for the nine months ended September 30, 2009 includes a non-cash impairment charge of $6.4 million.
(2) Corporate allocation expense and other intercompany fees and the federal tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.

Reconciliation of CADR to Cash from Operations, by Segment

MIC’s CADR for the third quarter totaled $24.2 million compared with $28.0 million in the third quarter of 2008. CADR through nine months in 2009 declined 11.3% to $80.1 million compared with the same period in 2008. The tables below summarize CADR, by segment, for the quarter and year to date periods ended September 30, 2009.

QTD CADR at September 30, 2009 ($ Millions)			Airport Services				District Energy				TGC				MIC LLC				Total				Parking
Cash from operations			18.4				4.8				6.2				(5.0	)			24.4				(1.8	)
Working capital			(4.4	)			1.2				2.3				(0.6	)			(1.5	)			0.5
Cash from operations adjustments			(0.7	)			(0.2	)			(3.6	)			2.5				(2.0	)			0.2
Cash from investing and financing activities			(2.2	)			0.0				(0.5	)			6.0				3.3				(0.2	)
Total cash available before debt reduction			11.1				5.8				4.4				2.9				24.2				(1.3	)
YTD CADR at September 30, 2009 ($ Millions)			Airport Services				District Energy				TGC				MIC LLC				Total				Parking
Cash from operations			38.4				9.6				16.4				(0.3	)			64.1				(4.7	)
Working capital			(9.1	)			1.5				4.0				(2.1	)			(5.7	)			(0.2	)
Cash from operations adjustments			0.2				(0.4	)			(2.0	)			0.9				(1.3	)			0.4
Cash from investing and financing activities			0.6				0.0				(1.7	)			24.1				23.0				(1.3	)
Total cash available before debt reduction			30.1				10.7				16.7				22.6				80.1				(5.8	)

MIC LLC’s CADR includes its 50% interest in the CADR generated and retained by the bulk liquid storage terminal business. The 50% interest is shown in the “MIC LLC” columns above as a $6.0 million and $31.0 million component of cash from investing and financing activities for the quarter and nine months, respectively.

CADR is also adjusted for changes in working capital since these effects are believed to be temporary. Cash from investing and financing adjustments recorded in the “Total” column include a net $2.7 million and $6.4 million of cash capital expenditures for the quarter and nine months, respectively.