Exhibit 99.1

Macquarie Infrastructure Company LLC Reports Third Quarter 2014 Financial Results;
Quarterly Cash Dividend Increased to $0.98 Per Share

• Underlying Free Cash Flow per share increases 26.9%
• Free Cash Flow guidance reaffirmed
• Growth capital committed at IMTT and Hawaii Gas

NEW YORK--(BUSINESS WIRE)--October 29, 2014--Macquarie Infrastructure Company LLC (NYSE:MIC) reported its financial results for the third quarter of 2014 including underlying proportionately combined Free Cash Flow of $1.37 per share, or an increase of 26.9% over the $1.08 per share generated in the third quarter of 2013. The increase reflects the impact of the acquisition in July of 2014 of the 50% of International-Matex Tank Terminals (“IMTT”, “IMTT Acquisition”) it did not already own and the continued strong performance of the company’s operating businesses.

In determining underlying proportionately combined Free Cash Flow, MIC excludes approximately $43.3 million of primarily transaction-related expenses and voluntary pension contributions recorded in the quarter. Management believes that reporting underlying results better reflects the ongoing performance of its businesses than does reporting results including these items. Proportionately combined Free Cash Flow including the expenses was $0.73 per share for the quarter ended September 30, 2014.

“I’m particularly pleased with the progress we’ve made on the integration of IMTT, and Atlantic Aviation continued to exceed our expectations,” said James Hooke, chief executive officer of MIC. “The third quarter was a solid one for MIC. Although the costs associated with our transactions obscured the strength of our underlying cash generation, the increase in our quarterly cash dividend clearly demonstrates our confidence in our cash flow growth.”

The MIC board of directors authorized a cash dividend of $0.98 per share for the third quarter or 3.2% more than the $0.95 per share dividend authorized for the second quarter of 2014. Management now believes that the dividend can grow at a rate of 12% per year over at least the next two years, subject to the continued stable performance of MIC’s businesses and no material deterioration in the condition of the broader economy of the U.S. The dividend for the third quarter of 2014 will be paid on November 13, 2014 to shareholders of record on November 10, 2014.

“Given our financial results through three quarters of the year, and the cash generating capacity of our businesses over the medium term, our businesses are performing slightly ahead of expectations,” said Hooke. “We are reaffirming our guidance for underlying Free Cash Flow per share of $4.55 in 2014 and $5.10 in 2015 notwithstanding the increase in the number shares outstanding associated with a portion of the performance fee for the quarter being settled in shares.” The company introduced guidance for full year 2015 in July along with the announcement of the IMTT Acquisition.

MIC also announced that, following shareholder requests, it intends to evaluate a potential conversion from its current legal structure as a limited liability company (“LLC”) to a regular, or “C”, corporation. For tax purposes, an LLC is eligible to be treated as a pass through entity (e.g., a partnership) or as a corporation. In 2007 MIC elected to be treated as a corporation, not as a pass-through, for income tax purposes.

“A conversion to a C Corporation may make MIC attractive to a broader range of investors versus its existing legal structure as an LLC,” said Hooke. “Moreover, a conversion to a regular corporation could enhance the potential for MIC to be included in mainstream stock indices.” In order to effect a conversion, MIC would have to put the measure to a vote of shareholders in either a special meeting or its regular annual meeting. A final determination by the company as to pursuing such a conversion or the related timing has not been made.

MIC announced that it is undertaking additional growth projects at both its IMTT and Hawaii Gas businesses over the next 12 to 18 months. IMTT will invest up to $43.0 million in the construction of additional storage capacity and related infrastructure at its chemical logistics facility near Geismar, LA. The projects are expected to add more than 250,000 barrels of storage capacity plus related pipeline, vapor controls and pump capacity, as well as increase dock capacity and capability. IMTT expects the projects to generate approximately $5.5 million of incremental EBITDA annually of which half was included in its results for the trailing twelve months ended September 30, 2014. The development is expected to be completed and in service in the second quarter of 2016.

MIC management also noted that changes in crude oil prices, whether up or down, do not appear to have any material impact on the earnings or outlook for IMTT. Conversely, the company’s Atlantic Aviation and Hawaii Gas businesses both benefit marginally over the medium term from lower fuel costs.

Hawaii Gas has filed an application with the Hawaii Public Utilities Commission (“HPUC”) indicating its intent to invest approximately $12.8 million to increase its use of containerized Liquefied Natural Gas (“LNG”) to replace up to 30% of the Synthetic Natural Gas (“SNG”) processed and distributed by its utility operations. Regular deliveries of containerized LNG are expected to commence by late 2015.

Consolidated Results for Third Quarter and Nine Months

MIC is simplifying its financial reporting as a result of the acquisition of the second half of IMTT. Historically, IMTT’s results have been reported using the equity method of accounting whereby MIC took 50% of IMTT’s net income into its income statement through the ‘equity in earnings and amortization charges of investee’ line. As the owner of 100% of the business, MIC will consolidate IMTT’s results with those of its other businesses. MIC’s results for the third quarter and nine months ended September 30, 2014 reflect both consolidation and equity method accounting, however. The IMTT acquisition was completed on July 16 and MIC’s financial statements reflect equity method accounting for IMTT for the first 15 days of the quarter and consolidation from July 16 through quarter end.

MIC reported increases in consolidated revenue of 47.4% and 21.2% for the quarter and nine month period ended September 30, 2014, respectively. The increase in both periods reflects primarily the consolidation of IMTT beginning July 16 and increased contributions from each of MIC’s businesses other than the district energy business that was sold in August. The company notes, however, that changes in revenue may reflect fluctuations in energy costs such as jet fuel at Atlantic Aviation and petroleum feedstocks at Hawaii Gas that are passed through to consumers.

Reported gross profit – defined as revenue less cost of goods sold – removes the volatility in revenue associated with the pass through costs. MIC’s consolidated gross profit increased 68.8% to $182.3 million in the third quarter of 2014 from $108.0 million in the same period in 2013. For the nine months ended September 30, 2014 the company’s gross profit increased 30.5% to $410.2 million from $314.2 million in the comparable period in 2013. Again, the increase in both the quarter and nine month results reflect primarily the impact of the consolidation of IMTT.

MIC’s consolidated net income for the third quarter of 2014 increased to $991.0 million from $10.4 million in the third quarter of 2013. Net income for the nine months ended September 30, 2014 increased to $1.0 billion from $15.4 million in the comparable 2013 period. The increase in both the quarter and year to date figures reflects primarily a non-cash gain from acquisition/sale of business related to the IMTT acquisition and the sale of the district energy business, partially offset by a $116.6 million performance fee incurred during the third quarter. The MIC Board requested, and the company’s external Manager agreed, that $65.0 million of the fee be settled in cash using the proceeds from the sale of the district energy business. The remainder of the fee of $51.6 million was reinvested in additional shares of MIC.

MIC regards Free Cash Flow as an important tool in assessing the performance of its capital intensive, cash generative businesses. Proportionately combined Free Cash Flow refers to the sum of the Free Cash Flow generated by MIC’s businesses and investments in proportion to its equity interest in each entity after holding company costs. See “Cash Generation” below for MIC’s definition of Free Cash Flow and further information.

MIC reported consolidated Free Cash Flow for third quarter of 2014 of $58.3 million compared with $54.5 million in the third quarter in 2013. Through nine months, MIC reported Free Cash Flow $170.6 million compared with $145.4 million in the prior comparable period. Reported Free Cash Flow was reduced by contributions to the defined benefit pension plans at each of IMTT and Hawaii Gas in the amount of $20.0 million and $5.0 million, respectively, as well as legal and transaction costs.

MIC will also consolidate IMTT for federal income tax reporting purposes from the date of acquisition. As a member of MIC’s consolidated tax group, IMTT’s otherwise taxable income can be shielded from federal income taxes with the application of MIC holding company level Net Operating Loss (“NOL”) carryforwards. Absent any other changes, the addition of taxable income from IMTT would accelerate the utilization of the NOLs. However, the higher base management fees resulting from the increase in MIC’s market capitalization, together with the performance fee generated in the third quarter have created additional NOLs. MIC management now believes it is unlikely the company will have a material consolidated federal income tax liability until 2017 and that additional tax planning strategies may exist to extend this date even further into the future.

Cash Generation

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

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

MIC also reports Free Cash Flow, as defined below, on both a consolidated and operating segment basis as a means of assessing the amount of cash generated by its businesses and as a supplement to other information provided in accordance with GAAP, and reconciles each to cash from operating activities.

MIC believes that reporting Free Cash Flow provides additional insight into its ability to deploy cash where GAAP measures, such as net income (loss) and cash from operating activities, do not reflect all of the items that management considers in estimating the amount of cash generated by its operating businesses. MIC defines Free Cash Flow as cash from operating activities, less maintenance capital expenditures and changes in working capital.

Free Cash Flow does not fully reflect MIC’s ability to freely deploy generated cash, as it does not reflect required payments made on its indebtedness and other fixed obligations or the other cash items excluded when calculating Free Cash Flow. Free Cash Flow may be calculated in a different manner by other companies, which limits its usefulness as a comparative measure. Therefore, Free Cash Flow should be used as a supplemental measure and not in lieu of MIC’s financial results as reported under GAAP.

As a result of its acquisition in July of the 50% of IMTT that it did not previously own, MIC intends to discuss the performance of its businesses on a consolidated basis in this and subsequent periods. Until such time as MIC is able to report exclusively on a consolidated basis however, it will continue to rely on proportionately combined metrics including, gross profit, EBITDA excluding non-cash items, cash interest, cash taxes, maintenance capital expenditures, Free Cash Flow, Free Cash Flow per share, growth capital expenditures and net debt. MIC believes that such measures provide investors and management with additional insight into the financial results and the cash generated as a function of our varied ownership interest in our businesses and investments over the reporting period.

Proportionately combined metrics used by MIC may be calculated in a different manner by other companies and may limit their usefulness as a comparative measure. Therefore, proportionately combined metrics should be used as a supplement to and not in lieu of financial results reported in accordance with GAAP.

The following table summarizes MIC’s financial performance on a proportionately combined basis during the quarter and nine month periods ended September 30, 2014 and the prior comparable periods.

N/A- Not applicable.

(1) Our proportionate interest in IMTT prior to the acquisition of the remaining 50% interest on July 16, 2014.

(2) Represents our 100% ownership interest in IMTT subsequent to July 16, 2014.

(3) Proportionately combined Free Cash Flow for Contracted Power and Energy is equal to MIC's controlling ownership interest in its solar and wind power generation businesses and the district energy business, up to August 21, 2014, date of sale.

(4) Proportionately combined Free Cash Flow is equal to the sum of Free Cash Flow attributable to MIC's ownership interest in each of its operating businesses and MIC Corporate.

(5) Represents 100% of IMTT as a stand-alone business.

IMTT

On July 16, 2014, MIC completed the acquisition of the 50% of IMTT that it did not already own. IMTT owns and operates 10 marine storage terminals in the U.S. and is the part owner and operator of two terminals in Canada. The terminals store and handle a wide variety of petroleum grades, chemicals and vegetable and animal oils. The discussion below refers to results for 100% of the business throughout the period.

IMTT’s revenue for the third quarter of 2014 increased 4.3% to $131.9 million from $126.4 million in the third quarter of 2013. Through nine months ended September 30, 2014, revenue rose 10.1% to $422.5 million from $383.8 million in the prior comparable period. The growth reflects an increased level of spill response activity by the business’ OMI Environmental Solutions (“OMI”) unit in 2014, higher heating and throughput revenue associated with the cold weather in early 2014 compared with the business’ results in 2013 and increased firm commitments.

Terminal operating costs and selling, general and administrative costs were higher in the third quarter of 2014 compared with the third quarter in 2013. Higher terminal operating costs reflect the increased activity at OMI. Labor and other costs at OMI and transaction related items increased selling, general and administrative expenses in both the quarter and nine month periods. IMTT expects to record additional selling, general and administrative costs (compensation expenses) associated with the transaction over the upcoming five quarters.

Capacity utilization increased to 92.5% in the third quarter of 2014 compared with 91.6% in the second quarter as certain tanks that were previously unavailable as a result of cleaning and inspection activities were returned to service. At quarter end, utilization was approaching historically normal levels. Utilization could continue to fluctuate over the short term depending on the schedule of cleaning and inspections and potential conversions of certain tanks from one product to another. Capacity utilization in the third quarter of 2014 was broadly flat with the prior comparable period.

Maintenance capital expenditures decreased to $11.2 million and $37.4 million in the quarter and year to date periods in 2014, respectively, compared with $14.5 million and $60.5 million in the prior comparable periods. The decrease reflects primarily the absence of the maintenance expenses incurred in 2013 related to the restoration of the Bayonne, NJ terminal following Hurricane Sandy in late 2012.

Free Cash Flow generated by IMTT decreased 57.9% to $14.0 million and decreased 3.1% to $89.0 million for the quarter and nine months ended September 30, 2014, respectively, versus the prior comparable periods in 2013. The decline in Free Cash Flow in both periods reflects primarily an increase in expenses associated with the acquisition completed in July including a defined benefit pension contribution in the quarter of $20.0 million as required under the IMTT Acquisition sale and purchase agreement and higher taxes. These were partially offset by improved operating results and lower maintenance capital expenditures.

The CEO cited the ongoing integration of IMTT as a key element in the company’s overall positive outlook. “We said in July that we expected to be able to achieve reductions in operating expenses of approximately $10.0 million per year and that we would bring maintenance capital expenditures more in line with industry standards at approximately $45.0 million per year and our work to date suggests that this should be possible and may have been modestly conservative,” he said. “We also wanted to refocus IMTT on deployment of growth capital and we’re pleased to report a step in that direction with the Geismar projects.”

Atlantic Aviation

Atlantic Aviation owns and operates a network of fixed-base operations (FBO) that provide fuel, terminal, aircraft hangaring and other services primarily to owners and operators of general aviation (GA) jet aircraft at 68 airports in the U.S. The network is one of the largest in the U.S. air transportation industry.

Revenue at Atlantic Aviation increased to $198.0 million from $183.2 million and to $585.2 million from $541.8 million in the third quarter and nine month periods ended September 30, 2014, respectively. The approximately 8% increase in both periods reflects continued same store revenue growth and the impact of fixed base operations acquired during the past year. Total gross profit increased by 13.1% and 11.2% in the quarter and nine month periods, respectively, while same store gross profit increased by 5.4% and 6.4% in the quarter and nine month periods, respectively. The growth in gross profit reflects increases in general aviation flight movements during the quarter. According to data provided by the Federal Aviation Administration, general aviation flight movements increased by 3.9% in the third quarter of 2014 compared with the third quarter of 2013.

Selling, general and administrative costs increased to $49.3 million from $44.3 million and to $143.6 million from $130.7 million in the quarter and nine month periods ended September 30, 2014, respectively. The increase in costs reflects primarily the acquisitions of a total of seven fixed base operations over the trailing twelve months. Same store costs increased modestly as a result of higher labor and utility expenses associated with the cold weather in the early portion of 2014.

Free Cash Flow at Atlantic Aviation increased to $33.8 million from $30.8 million and to $96.0 million from $85.8 million in the quarter and nine month periods ended September 30, 2014, respectively. The increase reflects the improvement in operating results and lower taxes in the nine month period, partially offset by an increase in interest expense as a result of the business’ debt having been unhedged in the prior comparable period.

Atlantic Aviation continues to generate improving financial results in line with the recovery in the broader economy in the U.S. and increases in general aviation flight movements. “The operational leverage at Atlantic Aviation was evident in the third quarter as a 3.9% increase in GA flight movements resulted in a nearly 10% increase in the amount of distributable cash flow being generated by the business,” Hooke said.

Hawaii Gas

Hawaii Gas is the owner and operator of the only regulated (“utility”) gas processing and pipeline distribution network on the islands of Hawaii. The business is also the owner and operator of the largest unregulated (“non-utility”) gas distribution operation on the islands.

Revenue at Hawaii Gas rose in the quarter and nine month periods ended September 30, 2014 to $64.5 million from $61.5 million and to $203.0 million from $193.1 million, respectively. The approximately 5% increase reflects an increase in the volume of gas sold in the third quarter and increases in average gross margins in both periods.

Cost of product sales and selling, general and administrative expenses were higher in the third quarter of 2014 compared with the third quarter in 2013. Cost of product sales were higher for the nine months ended September 30, 2014 as well, reflecting higher feedstock costs, partially offset by lower inter-island transportation costs. Selling, general and administrative expenses declined in the year to date period primarily as result of the absence of severance costs incurred in 2013.

Free Cash Flow generated by Hawaii Gas decreased to $8.5 million in the third quarter of 2014 from $9.2 million in the third quarter of 2013. For the nine months ended September 30, 2014, Free Cash Flow decreased to $25.0 million from $25.6 million in the comparable period in 2013. The decrease in both the quarter and year to date periods reflects primarily a voluntary excess defined benefit pension plan contribution of $5.0 million made in the third quarter of 2014, partially offset by lower taxes.

Contracted Power and Energy

MIC’s Contracted Power and Energy segment comprises investments in five solar photovoltaic and one wind power generating facility in the Southwest U.S. and a 10% equity interest in a second wind facility in Idaho. The wind power facilities were acquired in the third quarter of 2014. On August 21, 2014, MIC completed the previously announced sale of a 50.01% controlling interest in a district energy business that had been a part of the CP&E segment. The following discussion refers to results for these businesses over the period of MIC’s ownership and on a 100% basis.

Revenue across the CP&E segment decreased in the third quarter and increased in the nine month period ended September 30, 2014, primarily as a result of the sale of MIC’s non-controlling interest in a district energy business in August. The decrease in the third quarter was partially offset by the contribution from solar facilities acquired in 2013 and the modest contribution from wind facilities acquired in the third quarter.

Selling, general and administrative expenses include primarily transaction-related costs and legal and professional fees. These expenses were lower in the third quarter of 2014 compared with the prior comparable period and higher through the first nine months of the year reflecting the timing of acquisitions in the segment.

Free Cash Flow generated by CP&E increased to $4.6 million in the third quarter of 2014 from $4.3 million in the prior comparable period and decreased to $11.5 million for the nine months ended September 30, 2014 from $11.7 million in the prior comparable period. The increase in the quarter reflects primarily a benefit from lower taxes partially offset by an increase in interest expense. Free Cash Flow for the nine month period decreased primarily as a result of both higher interest expense and higher taxes.

MIC said that it expects to generate additional value from its portfolio of renewable power assets by consolidating back office operations. “We can improve our ability to operate these businesses, and to acquire others in the future, by moving to a shared services model of administration,” Hooke noted. The CP&E segment will be administered by a unit within the Atlantic Aviation back office.

Conference Call and WEBCAST

When: Management has scheduled a conference call for 8:00 a.m. Eastern Time on Thursday, October 30, 2014 during which it will review the Company’s results and answer questions from analysts and investors.

How: To listen to the conference call, please dial +1(650) 521-5252 or +1(877) 852-2928 at least 10 minutes prior to the scheduled start time. A simultaneous webcast of the call will be accessible via the Company’s website at www.macquarie.com/mic. Please allow extra time prior to the call to visit the site and download the necessary software to listen to the webcast.

Slides: MIC will prepare materials in support of its conference call. The materials will be available for downloading from the Company’s website the morning of October 30, 2014 prior to the conference call. A link to the materials will be located on the homepage of the MIC website.

Replay: For interested individuals unable to participate in the live conference call, a replay will be available after 2:00 p.m. on October 30, 2014 through November 6, 2014, at +1(404) 537-3406 or +1(800) 585-8367, Passcode: 15049458. An online archive of the webcast will be available on the Company’s website for one year following the call. MIC-G

About Macquarie Infrastructure Company

Macquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses providing basic services to customers in the United States. Its businesses consist of a bulk liquid terminals business, International-Matex Tank Terminals, an airport services business, Atlantic Aviation, a gas processing and distribution business, Hawaii Gas, and several entities comprising a Contracted Power and Energy segment. MIC 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 press release contains forward-looking statements. MIC may, in some cases, use words such as "project”, "believe”, "anticipate”, "plan”, "expect”, "estimate”, "intend”, "should”, "would”, "could”, "potentially”, or "may” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements in this report are subject to a number of risks and uncertainties including, but not limited to those described in MIC’s Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission, Some of these risks are beyond MIC’s control including, among other things: changes in general economic or business conditions; its ability to service, comply with the terms of and refinance debt, successfully integrate and manage acquired businesses, retain or replace qualified employees, manage growth, make and finance future acquisitions, and implement its strategy; its shared decision-making with co-investors over investments including the distribution of dividends; its regulatory environment establishing rate structures and monitoring quality of service, demographic trends, the political environment, the economy, tourism, construction and transportation costs, air travel, environmental costs and risks, fuel and gas costs; its ability to recover increases in costs from customers, reliance on sole or limited source suppliers, risks or conflicts of interests involving its relationship with the Macquarie Group and changes in U.S. federal tax law.

MIC’s actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which MIC is not currently aware could also cause its actual results to differ. In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements. The forward-looking events discussed in this release may not occur. These forward-looking statements are made as of the date of this release. MIC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

“Macquarie Group” refers to the Macquarie Group of companies, which comprises Macquarie Group Limited and its worldwide subsidiaries and affiliates. Macquarie Infrastructure Company LLC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Infrastructure Company LLC.

(1) Interest expense includes gains on derivative instruments of $820,000 and losses of $13.1 million for the quarter and nine months ended September 30, 2014, respectively, of which net losses of $348,000 and $856,000, respectively, were reclassified from accumulated other comprehensive loss. For the quarter and nine months ended September 30, 2013, interest expense includes losses on derivative instruments of $8.0 million and $9.6 million, respectively, of which net losses of $344,000 and $1.2 million, respectively, were reclassified from accumulated other comprehensive loss.

(2) Gain from acquisition/divestiture of businesses represents the gain of $948.1 million from IMTT Acquisition from the remeasuring to fair value of the Company’s previous 50% ownership interest and the gain of $78.9 million from the sale of the Company's interest in the district energy business.

(3) Includes $138,000 and $340,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the quarter and nine months ended September 30, 2014, respectively. For the quarter and nine months ended September 30, 2013, benefit for income taxes includes $137,000 and $463,000 from accumulated other comprehensive loss reclassifications, respectively.

NM - Not meaningful

(1) Interest expense includes gains on derivative instruments of $820,000 and losses of $13.1 million for the quarter and nine months ended September 30, 2014, respectively. For the quarter and nine months ended September 30, 2013, interest expense includes losses on derivative instruments of $8.0 million and $9.6 million, respectively.

(1) Net income attributable to MIC LLC excludes net loss attributable to noncontrolling interests of $319,000 and $481,000 for the quarter and nine months ended September 30, 2014, respectively, and net loss attributable to noncontrolling interests of $2.2 million and $1.4 million for the quarter and nine months ended September 30, 2013, respectively.

(2) Interest expense, net, includes adjustment to derivative instruments and non-cash amortization of deferred financing fees.

(3) Depreciation − cost of services includes depreciation expense for our previously owned district energy business, a component of CP&E segment, which is reported in cost of services in our consolidated condensed statements of operations. Depreciation and Depreciation − cost of services does not include acquisition-related step-up depreciation expense of $315,000 and $4.2 million for the quarter and nine months ended September 30, 2014, respectively, compared with $2.0 million and $5.9 million for the quarter and nine months ended September 30, 2013, respectively, in connection with our previous 50% investment in IMTT, which is reported in equity in earnings and amortization charges of investee in our consolidated condensed statements of operations.

(4) Amortization of intangibles does not include acquisition-related step-up amortization expense of $14,000 and $185,000 for the quarter and nine months ended September 30, 2014, respectively, compared with $85,000 and $256,000 for the quarter and nine months ended September 30, 2013, respectively, in connection with our previous 50% investment in IMTT, which is reported in equity in earnings and amortization charges of investee in our consolidated condensed statements of operations.

(5) Equity distributions from investee in the above table includes distributions we received only up to our share of the earnings recorded in the calculation for EBITDA excluding non-cash items.

(6) In October of 2014, our Board requested, and our Manager agreed, that $65.0 million of the performance fee be settled in cash using the proceeds from the sale of the district energy business in order to minimize dilution. The remainder of the fee of $51.6 million was reinvested in additional shares of MIC. The impact of the cash settled portion has been excluded from the calculation of Free Cash Flow.

(7) For the quarter and nine months ended September 30, 2013, pension contributions of $900,000 and $2.3 million, respectively, were reported in changes in working capital for those periods.

(1) Equity distributions from investee represent the portion of distributions received from IMTT that are recorded in cash from operating activities. The distribution for the fourth quarter of 2013 from IMTT was received in the first quarter of 2014, as customary. Conversely, the distribution for the fourth quarter of 2012 from IMTT was received in the same period.

(2) Represents our proportionate share of IMTT's Free Cash Flow prior to the IMTT Acquisition on July 16, 2014.

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, 2013, respectively, which were recorded in cost of services in those periods. These amounts have been included in the nine months ended September 30, 2013.

(2) General and administrative expenses for the quarter and nine months ended September 30, 2014 includes transactional costs in connection with the IMTT Acquisition.

(3) Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of deferred financing fees.

(4) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation.

(5) IMTT management's calculation of IMTT's EBITDA prior to acquisition included 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 $2.3 million and $5.6 million for the quarter and nine months ended September 30, 2014, respectively. The non-cash pension expense of $2.9 million and $8.5 million was reported in changes in working capital for the quarter and nine months ended September 30, 2013, respectively.

(6) Pension contribution of $4.5 million for the quarter and nine months ended September 30, 2013 were reported in changes in working capital for those periods.

(7) 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 nine months ended September 30, 2013.

(1) For the nine months ended September 30, 2013, cost of product sales includes non-cash income of $489,000 for asset retirement obligation credit that is not expected to recur. This non-cash income is excluded when calculating EBITDA excluding non-cash items.

(2) Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of deferred financing fees.

(3) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation.

(4) For the quarter and nine months ended September 30, 2013, pension contributions of $900,000 and $2.3 million, respectively, were reported in changes in working capital for those periods.

NM - Not meaningful

(1) Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of deferred financing fees.

(2) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation.

NM - Not meaningful

(1) Includes depreciation expense of $1.0 million and $4.4 million for the quarter and nine months ended September 30, 2014, respectively, and depreciation expense of $1.6 million and $5.0 million for the quarter and nine months ended September 30, 2013, respectively.

(2) Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of deferred financing fees.

NM- Not meaningful

(1) Interest (expense) income, net, includes adjustments to non-cash amortization of deferred financing fees.

(2) Represents the gain from the remeasuring to fair value of our previous 50% ownership of IMTT and the gain recognized on the sale of the district energy business. See "Results of Operations - Consolidated" for further discussions.

(3) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation.

(1) Our proportionate interest in IMTT prior to the acquisition of the remaining 50% interest on July 16, 2014.

(2) Represents our 100% ownership interest in IMTT subsequent to July 16, 2014.

(3) Proportionately combined Free Cash Flow for Contracted Power and Energy is equal to MIC's controlling ownership interest in its solar and wind power generation businesses and the district energy business, up to August 21, 2014, date of sale.

(4) Proportionately combined Free Cash Flow is equal to the sum of Free Cash Flow attributable to MIC's ownership interest in each of its operating businesses and MIC Corporate.

(5) Represents 100% of IMTT as a stand-alone business.

(6) Interest (expense) income, net, includes adjustments to derivative instruments and non-cash amortization of deferred financing fees.

(7) IMTT management's calculation of IMTT's EBITDA prior to acquisition included 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 $2.3 million and $5.6 million for the quarter and nine months ended September 30, 2014, respectively. The non-cash pension expense of $2.9 million and $8.5 million was reported in changes in working capital for the quarter and nine months ended September 30, 2013, respectively.

(8) 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 cost of services in those periods. These amounts have been included in the nine months ended September 30, 2013.

(9) Pension contribution of $4.5 million for the quarter and nine months ended September 30, 2013 for IMTT were reported in changes in working capital for those periods. For the quarter and nine months ended September 30, 2013, pension contributions of $900,000 and $2.3 million, respectively, were reported in changes in working capital for Hawaii Gas for those periods.

(10) Maintenance capital expenditures at IMTT 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 nine months ended September 30, 2013.

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