**UNITED      STATESSECURITIES AND EXCHANGE      COMMISSION**

**Washington,      D.C. 20549**

**______________**

**FORM      10-K**

**______________**

|                                                                     |                                          |                                                                                                                                          |
|---------------------------------------------------------------------|------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|
| **ý**                                                          | **      ** | **ANNUAL REPORT PURSUANT TO SECTION                13 OR                15(d) OF THE SECURITIESEXCHANGE ACT OF 1934**                    |
|                                                                |                                     | **For the fiscal year ended: December                31,                2006**                                                           |
| **OR**                                                              |
| ** ̈**                                                          |                                     | **TRANSITION                REPORT                PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF                1934** |
|                                                                |                                     | **For                the transition period                from _______________ to _______________**                                      |
| **Commission                file number:                001-32385** |

**______________**

**Macquarie      Infrastructure Company Trust**

|                                                                     |                                      |                                                 |                                                                                                                                                  |
|---------------------------------------------------------------------|--------------------------------------|-------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| **Delaware**                                                        |        | **20-6196808**                                  |                          |
| (Jurisdiction                of Incorporationor Organization)       |                                 | (IRS                EmployerIdentification No.) |                                                                                                                                             |
| **Commission                file number:                001-32384** |

**Macquarie      Infrastructure Company LLC**

|                                                               |                                      |                                                 |                                                                                                                                                  |
|---------------------------------------------------------------|--------------------------------------|-------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| **Delaware**                                                  |        | **43-2052503**                                  |                          |
| (Jurisdiction                of Incorporationor Organization) |                                 | (IRS                EmployerIdentification No.) |                                                                                                                                             |

**125      West 55th StreetNew York, New York 10019**

**(212)      231-1000**

**______________**

|                                                                                                                                             |                                      |                                                                        |                                                                                                        |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|
| **Title of Each                Class:**                                                                                                     |        | **Name of Exchange                onWhich                Registered:** |                   |
| Shares representing beneficial                interests in MacquarieInfrastructure Company Trust (“trust                stock”) |                                 | New York Stock Exchange                                                |                                                                                                   |

**None**

|                                               |                                         |                                             |
|-----------------------------------------------|-----------------------------------------|---------------------------------------------|
| Large                Accelerated Filer  ̈ | Accelerated                Filer ý | Non-Accelerated                Filer  ̈ |

**DOCUMENTS      INCORPORATED BY REFERENCE**

----

**TABLE      OF CONTENTS**

|                                                                                          |                                    |                                                                                                                                                   |                                    |          |
|------------------------------------------------------------------------------------------|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|----------|
| **              ** | **     ** |                                                                                                                                              | **     ** | **Page** |
| **PART                I**                                                                |
| Item                1.                                                                   |           | Business                                                                                                                                          |                               | 3        |
| Item                1A.                                                                  |                               | Risk Factors                                                                                                                                      |                               | 32       |
| Item                1B.                                                                  |                               | Unresolved Staff                Comments                                                                                                          |                               | 48       |
| Item                2.                                                                   |                               | Properties                                                                                                                                        |                               | 48       |
| Item                3.                                                                   |                               | Legal                Proceedings                                                                                                                  |                               | 50       |
| Item                4.                                                                   |                               | Submission of                Matters                to a Vote of Security Holders                                                                 |                               | 50       |
|                                                                                     |                               |                                                                                                                                              |                               |     |
| **PART                II**                                                               |
| Item                5.                                                                   |                               | Market for                Registrant’s Common Equity, Related Stockholder Matters, and Issuer                Purchases of Equity Securities |                               | 51       |
| Item                6.                                                                   |                               | Selected Financial                Data                                                                                                            |                               | 52       |
| Item                7.                                                                   |                               | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations                         |                               | 54       |
| Item                7A.                                                                  |                               | Quantitative and                Qualitative Disclosures about Market Risk                                                                         |                               | 103      |
| Item                8.                                                                   |                               | Financial Statements                and Supplementary Data                                                                                        |                               | 106      |
| Item                9.                                                                   |                               | Changes in and                Disagreements with Accountants on Accounting and Financial                Disclosure                                |                               | 108      |
| Item                9A.                                                                  |                               | Controls and                Procedures                                                                                                            |                               | 108      |
| Item                9B.                                                                  |                               | Other                Information                                                                                                                  |                               | 112      |
|                                                                                     |                               |                                                                                                                                              |                               |     |
| **PART                III**                                                              |
| Item                10.                                                                  |                               | Directors and                Executive Officers of the Registrant                                                                                 |                               | 113      |
| Item                11.                                                                  |                               | Executive                Compensation                                                                                                             |                               | 113      |
| Item                12.                                                                  |                               | Security Ownership                of                Certain Beneficial Owners and Management and Related Stockholder                Matters       |                               | 113      |
| Item                13.                                                                  |                               | Certain Relationships                and Related Transactions                                                                                     |                               | 113      |
| Item                14.                                                                  |                               | Principal Accounting                Fees and Services                                                                                             |                               | 113      |
|                                                                                     |                               |                                                                                                                                              |                               |     |
| **PART                IV**                                                               |
| Item                15.                                                                  |                               | Exhibits, Financial                Statement Schedules                                                                                            |                               | 114      |

----

**FORWARD-LOOKING      STATEMENTS**

----

**Exchange      Rates**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                |                                                  |                                |                                                    |                                |             |                                |          |                                |         |                                |             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------|--------------------------------|----------------------------------------------------|--------------------------------|-------------|--------------------------------|----------|--------------------------------|---------|--------------------------------|-------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                           | **U.S.                Dollar/Australian Dollar** |                           | **U.S. Dollar/Pound                Sterling** |
| **Time                Period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                           | **High**                                         |                           | **Low**                                            |                           | **Average** |                           | **High** |                           | **Low** |                           | **Average** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                           |                                             |                           |                                               |                           |        |                           |     |                           |    |                           |        |
| 2001                                                                                                          |       | 0.5552                                           |       | 0.5016                                             |       | 0.5169      |       | 1.4773   |       | 1.4019  |       | 1.4397      |
| 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                           | 0.5682                                           |                           | 0.5128                                             |                           | 0.5437      |                           | 1.5863   |                           | 1.4227  |                           | 1.5024      |
| 2003                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                           | 0.7391                                           |                           | 0.5829                                             |                           | 0.6520      |                           | 1.7516   |                           | 1.5738  |                           | 1.6340      |
| 2004                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                           | 0.7715                                           |                           | 0.7083                                             |                           | 0.7329      |                           | 1.8950   |                           | 1.7860  |                           | 1.8252      |
| 2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                           | 0.7974                                           |                           | 0.7261                                             |                           | 0.7627      |                           | 1.9292   |                           | 1.7138  |                           | 1.8198      |
| 2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                           | 0.7914                                           |                           | 0.7056                                             |                           | 0.7535      |                           | 1.9794   |                           | 1.7256  |                           | 1.8294      |

**Australian      banking regulations that govern the operations of Macquarie Bank Limited and      all      of its subsidiaries, including our Manager, require the following statements:      Investments in Macquarie Infrastructure Company Trust are not deposits with      or      other liabilities of Macquarie Bank Limited or of any Macquarie Group company      and are subject to investment risk, including possible delays in repayment      and      loss of income and principal invested. Neither Macquarie Bank Limited nor any      other member company of the Macquarie Group guarantees the performance of      Macquarie Infrastructure Company Trust or the repayment of capital from      Macquarie Infrastructure Company Trust.**

----

**PART I**

**Item 1.      Business**

**GENERAL**

**Our      Manager**

----

**Industry**

----

**Strategy**

----

***Operational      Strategy***

***Acquisition      Strategy***

**Acquisition      Opportunities**

----

**U.S. Acquisition      Priorities**

***Sector***

|                                                                                                                                                                                                                                                                       |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Roads:                                                                                                                                                                                                                                                                |       | The company has second priority after Macquarie                Infrastructure Group, any successor thereto or spin-off managed entity                thereof or any one managed entity, or a “MIG Transferee”, to which                Macquarie Infrastructure Group has transferred a substantial interest                in                its U.S. Assets; provided that, in the case of such MIG Transferee,                both                Macquarie Infrastructure Group and such entity are co-investing in the                proposed investment.                                              |
|                                                                                                                                                                                                                                                                  |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Airport                ownership:                                       |                           | The company has second priority after Macquarie                Airports (consisting of Macquarie Airports Group and Macquarie Airports),                any successor thereto or spin-off managed entity thereof or any one                managed entity, or a “MAp Transferee”, to which Macquarie Airports has                transferred a substantial interest in its U.S. Assets; provided that,                in                the case of such MAp Transferee, both Macquarie Airports and such                entity                are co-investing in the proposed investment.                  |
|                                                                                                                                                                                                                                                                  |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Communications:                                                                                                                                                                                                                                                       |                           | The company has second priority after Macquarie                Communications Infrastructure Group, any successor thereto or spin-off                managed entity thereof or any one managed entity, or a “MCG Transferee”,                to which Macquarie Communications Infrastructure Group has transferred                a                substantial interest in its U.S. Assets; provided that, in the case                of                such MCG Transferee, both Macquarie Infrastructure Group and such                entity                are co-investing in the proposed investment. |
|                                                                                                                                                                                                                                                                  |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Regulated Assets (including, but not limited                to,                electricity and gas transmission and distribution and water                services):                                                                                                  |                           | The company has second priority after Macquarie                Essential Assets Partnership, or MEAP, until such time as MEAP has                invested a further CAD $45.0 million (USD $38.5 million as of                February 13, 2007) in the United States. Thereafter the company will                have                first priority.                                                                                                                                                                                                                                                          |

----

|  |  |  |
|--|--|--|

**Financing**

**OUR      BUSINESSES AND INVESTMENTS**

**Airport Services      Business**

|        |        |
|--------|--------|
|   |   |

***Business      Overview***

|                                                                                                                                                                                                                                                                                                                                                                     |                                |          |        |                                |        |          |                                |        |        |        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------|--------|--------------------------------|--------|----------|--------------------------------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                |                           | **2006** |   | **2005**                       |   | **2004** |                           |
|                                                                                                                                                                                                                                                                                                                                                                |                           |     |   |                           |   |     |                           |   |   |   |
| Revenue                                                                                                                                                                                                                                                                                                                                                             |       | $        | 312.9  |       | $      | 201.5    |       | $      | 142.1  |   |
| Operating                income                                                       |                           |     | 47.9   |                           |   | 28.3     |                           |   | 15.3   |   |
| Total                assets                                                                                                                                                                                                                                                                                                                                         |                           |     | 932.6  |                           |   | 553.3    |                           |   | 410.3  |   |
| %                of our consolidated revenue                                                                                                                                                                                                                                                                                                                        |                           |     | 60.1   | %                              |   | 66.2     | %                              |   | 52.1   | %      |

***Our      Acquisitions***

----

***Industry      Overview***

----

***Strategy***

|        |        |
|--------|--------|
|   |   |

***Business***

----

|        |        |
|--------|--------|
|   |   |

|        |        |
|--------|--------|
|   |   |

----

|        |        |
|--------|--------|
|   |   |

**Bulk Liquid Storage      Terminal Business**

***Our      Acquisition***

***Business      Overview***

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |          |        |                                |        |          |                                |        |             |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------|--------|--------------------------------|--------|----------|--------------------------------|--------|-------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                           | **2006** |   | **2005**                       |   | **2004** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                           |     |   |                           |   |     |                           |   |        |
| Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |       | $        | 239.3  |       | $      | 250.6    |       | $      | 210.7       |
| Operating                income                                                                                         |                           |     | 51.0   |                           |   | 44.5     |                           |   | 33.5        |
| Total                assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           |     | 630.4  |                           |   | 549.2    |                           |   | 510.6  |

----

|  |  |  |  |  |  |  |  |  |  |
|--|--|--|--|--|--|--|--|--|--|

|                                                                                                                                                                                                                                                                                                    |                                |                                        |                                |                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------------------------------------|--------------------------------|---------------------------------------|
| **Proportion                of Terminal Revenue from Major Commodities                Stored**                                                                                                                                                                                                     |
| **Bayonne                Terminal**                                                                                                                                                                                                                                                                |                           | **Louisiana                Terminals** |                           | **Other                US Terminals** |
|                                                                                                                                                                                                                                                                                               |                           |                                   |                           |                                  |
| Black                Oil:                32%                                          |       | Black Oil: 47%                         |       | Chemical: 36%                         |
| Gasoline:                23%                                                                                                                                                                                                                                                                       |                           | Chemical: 18%                          |                           | Black Oil: 16%                        |
| Chemical:                22%                                                                                                                                                                                                                                                                       |                           | Vegetable and Animal Oil: 17%          |                           | Other Commodities: 48%                |
| Other                Commodities: 23%                                                                                                                                                                                                                                                              |                           | Other Commodities: 18%                 |                           |                                  |

***Industry      Overview***

----

***Strategy***

***Locations***

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                |                                |              |                                |                                                                    |                                |                                                                                |                                |                                                                           |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------|--------------------------------|--------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------|--------------------------------|---------------------------------------------------------------------------|
| **Facility**                                                                                                                                                                                                                                                                                                                                                                                                                   |                           | **Land**     |                           | **Number                ofStorage Tanksin                Service** |                           | **Aggregate                Capacityof Storage Tanksin                Service** |                           | **Number                of Shipand Barge Docksin                Service** |
|                                                                       |                           |         |                           |                                                               |                           | (millions                of barrels)                                           |                           |                                                                      |
| **Facilities                in the United States:**                                                                                                                                                                                                                                                                                                                                                                            |                           |         |                           |                                                               |                           |                                                                           |                           |                                                                      |
| Bayonne,                NJ                                                                                                                                                                                                                                                                                                                                                                                                     |       | Owned        |       | 478                                                                |       | 15.4                                                                           |       | 18                                                                        |
| St.                Rose, LA                                                                                                                                                                                                                                                                                                                                                                                                    |                           | Owned        |                           | 174                                                                |                           | 11.7                                                                           |                           | 16                                                                        |
| Gretna,                LA                                                                                                                                                                                                                                                                                                                                                                                                      |                           | Owned        |                           | 85                                                                 |                           | 1.7                                                                            |                           | 5                                                                         |
| Avondale,                LA                                                                                                                                                                                                                                                                                                                                                                                                    |                           | Owned        |                           | 86                                                                 |                           | 1.0                                                                            |                           | 4                                                                         |
| Geismar,                LA(1)                                                                                                                                                                                                                                                                                                                                                                                                  |                           | Owned        |                           | —                                                            |                           | —                                                                        |                           | —                                                                   |
| Chesapeake,                VA                                                                                                                                                                                                                                                                                                                                                                                                  |                           | Owned        |                           | 24                                                                 |                           | 1.0                                                                            |                           | 1                                                                         |
| Lemont,                IL                                                                                                                                                                                                                                                                                                                                                                                                      |                           | Owned/Leased |                           | 145                                                                |                           | 0.9                                                                            |                           | 3                                                                         |
| Richmond,                CA                                                                                                                                                                                                                                                                                                                                                                                                    |                           | Owned        |                           | 46                                                                 |                           | 0.7                                                                            |                           | 1                                                                         |
| Richmond,                VA                                                                                                                                                                                                                                                                                                                                                                                                    |                           | Owned        |                           | 12                                                                 |                           | 0.4                                                                            |                           | 1                                                                         |
| **Facilities                in Canada:**                                                                                                                                                                                                                                                                                                                                                                                       |                           |         |                           |                                                               |                           |                                                                           |                           |                                                                      |
| Quebec                City, Quebec(2)                                                                                                                                                                                                                                                                                                                                                                                          |                           | Leased       |                           | 46                                                                 |                           | 1.2                                                                            |                           | 2                                                                         |
| Placentia                Bay, Newfoundland(3)                                                                                                                                                                                                                                                                                                                                                                                  |                           | Owned        |                           | 6                                                                  |                           | 3.0                                                                            |                           | 2                                                                         |

----

***Competition***

----

***Customers***

***Customer      Contracts***

***Regulation***

----

***Management***

***Employees***

***Shareholders’Agreement***

|                             |                                |                                                                                                                                                                                                                                                                    |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Term**                    |                           | **Detail                and Comment**                                                                                                                                                                                                                              |
|                        |                           |                                             |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Parties                     |       |                                                                                                                                                                                                                                                               |       | IMTT Holdings Inc, Then-Current Shareholders                and                Macquarie Terminal Holdings LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                        |                           |                                                                                                                                                                                                                                                               |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Section 3 – |                           | Board of Directors andInvestor                Representative                                                                                                                                                                                                       |                           | ·Board                of IMTT Holdings of six members                with three appointees from Macquarie Terminal Holdings.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                        |                           |                                                                                                                                                                                                                                                               |                           | ·All                decisions of the Board require                majority approval, including the approval of at least one member                appointed                by Macquarie Terminal Holdings LLC and one member appointed by the                Then-Current Shareholders.                                                                                                                                                                                                                                                                                                                                                                               |
|                        |                           |                                                                                                                                                                                                                                                               |                           | ·Customary                list of items that must be                referred to Board for approval.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                        |                           |                                                                                                                                                                                                                                                               |                           | ·MIC                will appoint an Investor                Representative, or IR, and may, at its election, delegate some decision                making authority with respect to IMTT to the IR.                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                        |                           |                                                                                                                                                                                                                                                               |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Section 4 – |                           | Dividend Policy                                                                                                                                                                                                                                                    |                           | ·Fixed                quarterly distributions to us                of $7.0 million per quarter through December 31, 2008 subject                only to (i) compliance with financial covenants and law and                (ii) retention of adequate cash reserves and committed and unutilized                credit facilities as required for IMTT to meet the normal requirements                of                its business and to fund capital expenditures commitments approved                by the                Board.                                                                                                            |
|                        |                           |                                                                                                                                                                                                                                                               |                           | ·Commencing                March 2009, required                quarterly distributions of 100% of cash from operations and cash                from                investing activities less maintenance capital expenditures, subject                only                to (i) compliance with financial covenants and law and                (ii) retention of adequate cash reserves and committed and unutilized                credit facilities as required for IMTT to meet the normal requirements                of                its business and to fund capital expenditures commitments approved                by the                Board. |

----

|                             |                                |                                                                                                                                                                                                                                                                    |                                |                                                                                                                                                                                                                                                                                                                                       |
|-----------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Term**                    |                           |                                                                                                                                                                                                                                                               |                           | **Detail                and Comment**                                                                                                                                                                                                                                                                                                 |
|                        |       |                                             |       |                                                                                                                                                                                                                                                                                                                                  |
|                        |                           |                                                                                                                                                                                                                                                               |                           | ·Commencing                March 2009, if debt:                EBITDA (ex-shareholder loans) at the end of the quarter is greater                than                4.25x then the payment of dividends is not mandatory.                                                                                                       |
|                        |                           |                                                                                                                                                                                                                                                               |                           | ·Then-Current                Shareholders will lend                all dividends received for quarters through December 31, 2007 back to                IMTT Holdings. Such shareholder loans will be repaid over 15 years                commencing March 2008 and earn a fixed interest rate of                5.5%. |
|                        |                           |                                                                                                                                                                                                                                                               |                           |                                                                                                                                                                                                                                                                                                                                  |
| Section 5 – |                           | Capital Structure Policy                                                                                                                                                                                                                                           |                           | ·Commencing                March 2009, minimum                gearing requirement of debt: EBITDA (ex-shareholder loans) of 3.75x                with                proceeds of regearing paid out as dividends.                                                                                                                |
|                        |                           |                                                                                                                                                                                                                                                               |                           |                                                                                                                                                                                                                                                                                                                                  |
| Section 6 – |                           | Corporate Opportunities                                                                                                                                                                                                                                            |                           | ·All                shareholders are required to                offer investment opportunities in bulk liquid terminal sector to                IMTT.                                                                                                                                                                            |
|                        |                           |                                                                                                                                                                                                                                                               |                           |                                                                                                                                                                                                                                                                                                                                  |
| Section 7 – |                           | Non-Compete                                                                                                                                                                                                                                                        |                           | ·Shareholders                will not invest or                engage in businesses that compete directly with IMTT’s                business.                                                                                                                                                                             |
|                        |                           |                                                                                                                                                                                                                                                               |                           |                                                                                                                                                                                                                                                                                                                                  |
| Section 8 – |                           | CEO and CFO Succession                                                                                                                                                                                                                                             |                           | ·Pre-agreed                successor to current chief                executive officer is identified. Thereafter, Then-Current Shareholders                are                entitled to nominate chief executive officer whose appointment will                be                subject to Board approval.                    |
|                        |                           |                                                                                                                                                                                                                                                               |                           | ·After                the current chief financial                officer, we are entitled to nominate all subsequent chief financial                officers whose appointment will be subject to Board                approval.                                                                                                 |

**Gas Production and      Distribution Business**

***Our      Acquisition***

***Business      Overview***

----

|                                                                                                                                                                                                                                                                                                                                                                                                               |                                |          |        |                                |        |        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------|--------|--------------------------------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                          |                           | **2006** |   | **2005**                       |
|                                                                                                                                                                                                                                                                                                                                                                                                          |                           |     |   |                           |   |   |
| Revenue                                                                                                                                                                                                                                                                                                                                                                                                       |       | $        | 160.9  |       | $      | 147.5  |
| Operating                income                                                              |                           |     | 16.6   |                           |   | 20.5   |
| Total                assets(1)                                                                                                                                                                                                                                                                                                                                                                                |                           |     | 308.5  |                           |   | 175.1  |
| %                of our consolidated revenue                                                                                                                                                                                                                                                                                                                                                                  |                           |     | 16.9   | %                              |   | N/A    |

***Strategy***

***Products***

----

***Utility      Regulation***

***Competition***

----

***Fuel Supply,      SNG      Plant and Distribution System***

***Regulated      Business***

***Unregulated      Business***

----

***The      Jones Act***

***Employees and      Management***

***Environmental      Matters and Legal Proceedings***

**District Energy      Business**

***Overview***

|                                                                                                                                                                                                                     |                                      |          |        |                                      |        |          |                                      |        |       |        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|----------|--------|--------------------------------------|--------|----------|--------------------------------------|--------|-------|--------|
|                                                                                                                                                                                                                |                                 | **2006** |   | **2005**                             |   | **2004** |                                 |
| Revenue                                                                                                                                                                                                             |        | $        | 43.6   |        | $      | 43.4     |        | $      | 35.0  |   |
| Operating                income                               |                                 |     | 9.0    |                                 |   | 9.4      |                                 |   | 7.9   |   |
| Total                assets                                                                                                                                                                                         |                                 |     | 236.1  |                                 |   | 245.4    |                                 |   | 254.0 |   |
| %                of our consolidated revenue                                                                                                                                                                        |                                 |     | 8.4    | %                                    |   | 14.2     | %                                    |   | 14.3  | %      |

----

***Our      Acquisition***

***Industry      Overview***

***Strategy***

----

**Business –Thermal Chicago**

***Operations***

----

***Customers***

***Seasonality***

***Competition***

----

***City of Chicago      Use      Agreement***

***Management***

***Business – Northwind      Aladdin***

***Employees***

**Airport Parking      Business**

***Overview***

----

|                                                                                                                                                                                                                                                                                                                                                    |                                |          |        |                                |        |          |                                |        |        |        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------|--------|--------------------------------|--------|----------|--------------------------------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                               |                           | **2006** |   | **2005**                       |   | **2004** |                           |
|                                                                                                                                                                                                                                                                                                                                               |                           |     |   |                           |   |     |                           |   |   |   |
| Revenue                                                                                                                                                                                                                                                                                                                                            |       | $        | 76.1   |       | $      | 59.9     |       | $      | 51.4   |   |
| Operating                income                (loss)(1)                                                |                           |     | (10.1  | )                              |   | 6.5      |                           |   | 7.1    |   |
| Total                assets                                                                                                                                                                                                                                                                                                                        |                           |     | 283.5  |                           |   | 288.8    |                           |   | 205.2  |   |
| %                of our consolidated revenue                                                                                                                                                                                                                                                                                                       |                           |     | 14.6   | %                              |   | 19.6     | %                              |   | 33.6   | %      |

***Our      Acquisition***

***Industry      Overview***

----

***Strategy***

***Operating      Efficiencies***

***Marketing***

***Acquisitions***

**Business**

***Operations***

|        |        |
|--------|--------|
|   |   |

----

***Locations***

|        |        |
|--------|--------|
|   |   |

***Marketing***

|        |        |
|--------|--------|
|   |   |

***Competition***

|        |        |
|--------|--------|
|   |   |

----

***Regulation***

***Management***

***Employees***

**Our      Employees**

----

**AVAILABLE      INFORMATION**

**Item 1A. Risk      Factors**

**Risks      Related to Our Business**

***Our holding company      structure may limit our ability to make regular distributions to our      shareholders because we will rely on distributions both from our subsidiaries      and the companies in which we hold investments.***

----

***Our businesses      have      substantial indebtedness, which could inhibit their operating      flexibility.***

***Our ability to      successfully implement our growth strategy and to sustain and grow our      distributions depends on our ability to successfully implement our acquisition      strategy and manage the growth of our business.***

----

***Since      our initial public offering, we have devoted significant resources to      integrating our initial and newly acquired businesses, thereby diverting      attention from strategic operating initiatives.***

***We may not be      able      to successfully fund future acquisitions of new infrastructure businesses due      to      the unavailability of debt or equity financing on acceptable terms, which could      impede the implementation of our acquisition strategy and negatively impact      our      business.***

***If interest rates      or margins increase, the cost of refinancing debt and servicing our acquisition      facility will increase, reducing our profitability and ability to pay      dividends.***

----

***We      own, and may acquire in the future, investments in which we share voting control      with third parties and, consequently, our ability to exercise significant      influence over the business or level of their distributions to us depends on      our      maintaining good relationships with these third parties.***

***Our business      is      dependent on our relationships, on a contractual and regulatory level, with      government entities that may have significant leverage over us. Government      entities may be influenced by political considerations to take actions adverse      to us.***

***Governmental      agencies may determine the prices we charge and may be able to restrict our      ability to operate our business to maximize profitability.***

----

***A significant      and      sustained increase in the price of oil could have a negative impact on the      revenue of a number of our businesses.***

***Our businesses      are      subject to environmental risks that may impact our future      profitability.***

----

***We      may face a greater exposure to terrorism than other companies because of the      nature of our businesses and investments.***

***We are dependent      on      certain key personnel, and the loss of key personnel, or the inability to retain      or replace qualified employees, could have an adverse effect on our business,      financial condition and results of operations.***

***Our income may      be      affected adversely if additional compliance costs are required as a result      of      new safety, health or environmental regulation.***

***Any adverse      development in the general aviation industry that results in less air traffic      at      airports we service would have a material adverse impact on our airport services      business.***

----

***Our airport      services business is subject to a variety of competitive pressures, and the      actions of competitors may have a material adverse effect on the revenue of      our      airport services business.***

***The termination      for      cause or convenience of one or more of the FBO leases would damage our airport      services business significantly.***

***TGC relies on      its      synthetic natural gas, or SNG, plant, including its transmission pipeline,      for a      significant portion of its sales. Disruptions at that facility could adversely      affect TGC’s ability to serve customers.***

***TGC depends heavily      on the two Oahu oil refineries for liquefied petroleum gas and the primary      feedstock for its SNG plant. Disruptions at either of those refineries may      adversely affect TGC’s operations.***

----

***TGC’s      most significant costs are locally-sourced LPG, LPG imports and feedstock for      the SNG plant, the costs of which are directly related to petroleum prices.      To      the extent that these costs cannot be passed on to customers, TGC’s sales and      cash flows will be adversely affected.***

***TGC’s operations      on      the islands of Hawaii, Maui and Kauai rely on LPG that is transported to those      islands by Jones Act qualified barges from Oahu and from non-Jones Act vessels      from foreign ports. Disruptions to those vessels could adversely affect TGC’s      results of operations.***

***The recovery      of      amounts expended for capital projects and operating expenses in the regulated      operations is subject to approval by the Hawaii Public Utilities Commission,      or      HPUC, which exposes TGC to the risk of incurring costs that may not be      recoverable from regulated customers.***

***The non-regulated      operations of TGC are subject to a variety of competitive pressures and the      actions of competitors, particularly from other energy sources, could have      a      materially adverse effect on operating results.***

***Approximately      two-thirds of TGC’s employees are members of a labor union. A work interruption      may adversely affect TGC’s business.***

***TGC’s operating      results are affected by Hawaii’s economy.***

----

***Because of its      geographic location, Hawaii, and in turn TGC, is subject to earthquakes and      certain weather risks that could materially disrupt      operations.***

***Occupancy of      our      airport parking business’ facilities is dependent on the level of passenger      traffic at the airports at which we operate and reductions in passenger traffic      could negatively impact our results of operations.***

***Our airport parking      business is exposed to competition from both on-airport and off-airport parking,      which could slow our growth or harm our business.***

***Changes in      regulation by airport authorities or other governmental bodies governing the      transportation of customers to and from the airports at which our airport      parking business operates may negatively affect our operating      results.***

----

***Pursuant      to the terms of a use agreement with the City of Chicago, the City of Chicago      has rights that, if exercised, could have a significant negative impact on      our      district energy business.***

***Certain of our      investors may be required to comply with certain disclosure requirements of      the      City of Chicago and non-compliance may result in the City of Chicago’s      rescission or voidance of the Use Agreement and any other arrangements our      district energy business may have with the City of Chicago at the time of the      non-compliance.***

----

***The deregulation      of      electricity markets in Illinois and future rate case rulings may result in      higher and more volatile electricity costs, which our district energy business      may not be able to fully pass through to its customers.***

***If certain events      within or beyond the control of our district energy business occur, our district      energy business may be unable to perform its contractual obligations to provide      chilling and heating services to its customers. If, as a result, its customers      elect to terminate their contracts, our district energy business may suffer      loss      of revenue. In addition, our district energy business may be required to make      payments to such customers for damages.***

***Northwind Aladdin      currently derives most of its cash flows from a contract with a single customer,      the Aladdin Resort and Casino, which recently emerged from bankruptcy. If this      customer were to enter into bankruptcy again, our contract may be amended or      terminated and we may receive no compensation, which could result in the loss      of      our investment in Northwind Aladdin.***

----

***IMTT’s      business is dependent on the demand for bulk liquid storage capacity in the      locations where it operates.***

***IMTT’s business      could be adversely affected by a substantial increase in bulk liquid storage      capacity in the locations where it operates.***

***IMTT’s current debt      facilities will need to be refinanced on amended terms and increased in size      during 2007 to provide the funding necessary for IMTT to fully pursue its      expansion plans. The inability to refinance this debt on acceptable terms and      to      borrow additional amounts would have a material adverse effect on the      business.***

***IMTT’s business      involves hazardous activities, is partly located in a region with a history      of      significant adverse weather events and is potentially a target for terrorist      attacks. We cannot assure you that IMTT is, or will be in the future, adequately      insured against all such risks.***

----

***Hurricane      Katrina resulted in labor and materials shortages in the regions affected.      This      may have a negative impact on the cost and construction timeline of IMTT’s new      storage facility in Louisiana, which could result in a loss of customer      contracts and reduced revenue and profitability.***

**Risks      Related to Ownership of Trust Stock**

***Our Manager’s      affiliation with Macquarie Bank Limited and the Macquarie Group may result      in      conflicts of interest.***

***In the event      of the      underperformance of our Manager, we may be unable to remove our Manager, which      could limit our ability to improve our performance and could adversely affect      the market price of our shares.***

----

***Our      Manager can resign on 90 days’ notice and we may not be able to find a      suitable replacement within that time, resulting in a disruption in our      operations which could adversely affect our financial results and negatively      impact the market price of our shares.***

***Certain provisions      of the management services agreement, the operating agreement of the company      and      the trust agreement make it difficult for third parties to acquire control      of      the trust and the company and could deprive you of the opportunity to obtain      a      takeover premium for your shares.***

----

***The      market price and marketability of our shares may from time to time be      significantly affected by numerous factors beyond our control, which may      adversely affect our ability to raise capital through future equity      financings.***

**Risks      Related to Taxation**

***Shareholders      and      the trust could be adversely affected if the IRS were to successfully contend      that the trust is not a grantor trust for federal income tax      purposes.***

----

***Shareholders      may be subject to taxation on their share of our taxable income, whether or      not      they receive cash distributions from us.***

***If the company      fails to satisfy the “qualifying income” exception, all of its income, including      income derived from its non-U.S. assets, will be subject to an entity-level      tax in the United States, which could result in a material reduction in our      shareholders’ cash flow and after-tax return and thus could result in a      substantial reduction in the value of the shares.***

***The current      treatment of qualified dividend income and long-term capital gains under current      U.S. federal income tax law may be adversely affected, changed or repealed      in the future.***

----

**Item 1B.      Unresolved Staff Comments**

**Item 2.      Properties**

**Airport Services      Business**

**Bulk Liquid Storage      Terminal Business**

**Gas Production and      Distribution Business**

----

|                                                                                                                                                                                                                                                  |                                |                                                             |                                |                                                            |                                |                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------------------------------------------------|--------------------------------|------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------|
| **Island**                                                                                                                                                                                                                                       |                           | **Description**                                             |                           | **Use**                                                    |                           | **Own                / Lease**                                                                               |
|                                          |                           |                                                        |                           |                                                       |                           |                    |
| Oahu                                                                                                                                                                                                                                             |       | SNG Plant                                                   |       | Production of SNG                                          |       | Lease                                                                                                        |
|                                                                                                                                                                                                                                             |                           | Kamakee Street Buildings andMaintenance                yard |                           | Engineering, MaintenanceFacility,                Warehouse |                           | Own                                                                                                          |
|                                                                                                                                                                                                                                             |                           | LPG Baseyard                                                |                           | Storage facility for tanksand                cylinders     |                           | Lease                                                                                                        |
|                                                                                                                                                                                                                                             |                           | Topa Fort Street Tower                                      |                           | Executive Offices                                          |                           | Lease                                                                                                        |
|                                                                                                                                                                                                                                             |                           | Various Holding Tanks                                       |                           | Store and supply LPG toutility                customers    |                           | Lease                                                                                                        |
| Maui                                                                                                                                                                                                                                             |                           | Office, tank storage facilities                andbaseyard  |                           | Island-wide operations                                     |                           | Lease                                                                                                        |
| Kauai                                                                                                                                                                                                                                            |                           | Office, tank storage facility                andbaseyard    |                           | Island-wide operations                                     |                           | Own                                                                                                          |
| Hawaii                                                                                               |                           | Office, tank storage facilities                andbaseyard  |                           | Island-wide operations                                     |                           | Own                                                                                                          |

**District Energy      Business**

|                                                                                                                                                        |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Plant                Number**                                                                                                                        |                           | **Ownership                or Lease Information**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                           |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| P-1                                                                                                                                                    |       | Thermal Chicago has a long-term ground lease                until 2043 with an option to renew for 49 years. The plant is owned                by Thermal Chicago.                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                   |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| P-2                                                                                                                                                    |                           | Property and plant are owned by Thermal                Chicago.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                   |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| P-3                                                                                                                                                    |                           | Thermal Chicago has a ground lease that expires                in 2017 with a right to renew for ten years. The plant is owned by                Thermal                Chicago but the landlord has a purchase option over one-third of                the                plant.                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                   |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| P-4                                                                                                                                                    |                           | Thermal Chicago has a ground lease that expires                in 2016 and we may renew the lease for another 10 years for the P-4B                plant unilaterally, and for P-4A, with the consent of the landlord.                Thermal Chicago acquired the existing P-4A plant and completed the                building of the P-4B plant in 2000. The landlord can terminate the                service                agreement and the plant A premises lease upon transfer of the property,                on                which the A and B plants are located, to a third-party. |
|                                                                                                                                                   |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| P-5                                                                                                                                                    |                           | Thermal Chicago has an exclusive perpetual                easement for the use of the basement where the plant is                located.                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                   |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Stand-Alone                                                                                                                                            |                           | Thermal Chicago has a contractual right to                use                the property pursuant to a service agreement. Thermal Chicago will                own the                plant until the earliest of 2025 when the plant reverts to the customer                or                until the customer exercises an early purchase option. Early in 2005,                the                customer indicated its intent to exercise the early purchase option                but                has not pursued the matter to date.                                                       |

----

**Airport      Parking Business**

**Item 3. Legal      Proceedings**

**Item 4.      Submission of Matters to a Vote of Securityholders**

----

**PART II**

**Item 5. Market      for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases      of Equity Securities**

**Market      Information**

|                                                                                                                                                                                                                                                                                                                                                                                                 |                                |          |        |                                |        |        |        |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------|--------|--------------------------------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                            |                           | **High** |   | **Low**                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |                           |     |   |                           |   |   |   |
| **Fiscal                2005**                                                                                                                                                                                                                                                                                                                                                                  |                           |     |   |                           |   |   |   |
| First                Quarter                                                                                                                                                                                                                                                                                                                                                                    |       | $        | 30.08  |       | $      | 27.91  |   |
| Second                Quarter                                                                                                                                                                                                                                                                                                                                                                   |                           |     | 29.82  |                           |   | 27.21  |   |
| Third                Quarter                                                                                                                                                                                                                                                                                                                                                                    |                           |     | 28.80  |                           |   | 27.92  |   |
| Fourth                Quarter                                                                                                                                                                                                                                                                                                                                                                   |                           |     | 31.00  |                           |   | 28.44  |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |                           |     |   |                           |   |   |   |
| **Fiscal                2006**                                                                                                                                                                                                                                                                                                                                                                  |                           |     |   |                           |   |   |   |
| First                Quarter                                                                                                                                                                                                                                                                                                                                                                    |                           | $        | 35.23  |                           | $      | 30.64  |   |
| Second                Quarter                                                                                                                                                                                                                                                                                                                                                                   |                           |     | 32.27  |                           |   | 26.06  |   |
| Third                Quarter                                                                                                                                                                                                                                                                                                                                                                    |                           |     | 32.68  |                           |   | 23.84  |   |
| Fourth                Quarter                                                                                                                                                                                                                                                                                                                                                                   |                           |     | 35.79  |                           |   | 29.20  |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |                           |     |   |                           |   |   |   |
| **Fiscal                2007**                                                                                                                                                                                                                                                                                                                                                                  |                           |     |   |                           |   |   |   |
| First                Quarter (through February 23,                2007)                                                     |                           | $        | 39.91  |                           | $      | 34.65  |   |

**Disclosure of      NYSE-Required Certifications**

**Distribution      Policy**

|                                  |                                |                                   |                                |                                |        |                                |                   |                                 |                    |        |
|----------------------------------|--------------------------------|-----------------------------------|--------------------------------|--------------------------------|--------|--------------------------------|-------------------|---------------------------------|--------------------|--------|
| **Declared**                     |                           | **Period                Covered** |                           | **$                Per Share** |   | **Record                Date** |              | **Payable                Date** |               |
|                             |                           |                              |                           |                           |   |                           |              |                            |               |   |
| May                14, 2005      |       | Dec 15 - Dec 31, 2004             |       | $                              | 0.0877 |       | June 2, 2005      |        | June 7, 2005       |   |
| May                14, 2005      |                           | First quarter 2005                |                           | $                              | 0.50   |                           | June 2, 2005      |                            | June 7, 2005       |   |
| August                8, 2005    |                           | Second quarter 2005               |                           | $                              | 0.50   |                           | September 6, 2005 |                            | September 9, 2005  |   |
| November                7, 2005  |                           | Third quarter 2005                |                           | $                              | 0.50   |                           | December 6, 2005  |                            | December 9, 2005   |   |
| March                14, 2006    |                           | Fourth quarter 2005               |                           | $                              | 0.50   |                           | April 5, 2006     |                            | April 10, 2006     |   |
| May                4, 2006       |                           | First quarter 2006                |                           | $                              | 0.50   |                           | June 5, 2006      |                            | June 9, 2006       |   |
| August                7, 2006    |                           | Second quarter 2006               |                           | $                              | 0.525  |                           | September 6, 2006 |                            | September 11, 2006 |   |
| November                8, 2006  |                           | Third quarter 2006                |                           | $                              | 0.55   |                           | December 5, 2006  |                            | December 8, 2006   |   |
| February                27, 2007 |                           | Fourth quarter 2006               |                           | $                              | 0.57   |                           | April 4, 2007     |                            | April 9, 2007      |   |

----

|  |  |  |  |  |  |  |  |  |  |  |
|--|--|--|--|--|--|--|--|--|--|--|

**Securities Authorized      for Issuance Under Equity Compensation Plans**

|                                                                         |                                |                                                                                                                                             |                                |                                                                                                               |         |                                                                                                                                                                                     |         |        |
|-------------------------------------------------------------------------|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------------------------------------------------------------------------------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|--------|
| **Plan                Category**                                        |                           | **Number                ofSecurities to beIssued Upon                Exercise of OutstandingOptions, Warrantsand                Rights(a)** |                           | **Weighted-AverageExercise                Price ofOutstanding                Options, Warrantsand Rights(b)** |    | **Number                of SecuritiesRemaining Availablefor                Future Issuanceunder EquityCompensation Plans (Excluding                SecuritiesUnder Column (a))(c)** |    |
|                                                                    |                           |                                                                                                                                        |                           |                                                                                                          |    |                                                                                                                                                                                |    |   |
| Equity                compensation plans approved bysecurityholders(1)  |       | 16,869                                                                                                                                      |       | $                                                                                                             | — |                                                                                                                                                            | (1      | )      |
| Equity                compensation plans not approved bysecurityholders |                           | —                                                                                                                                     |                           |                                                                                                          | — |                                                                                                                                                                                | — |   |
| Total                                                                   |                           | 16,869                                                                                                                                      |                           |                                                                                                          | — |                                                                                                                                                                                | (1      | )      |

|        |        |
|--------|--------|
|   |   |

**Item 6. Selected      Financial Data**

|        |        |
|--------|--------|
|   |   |

----

|                                                                                                                                             |                                |                                                        |          |                                                  |        |                                                                     |                                |                                                                        |          |                                                                       |        |                                               |                                |                                                               |         |                                |        |         |                                |        |         |        |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------|----------|--------------------------------------------------|--------|---------------------------------------------------------------------|--------------------------------|------------------------------------------------------------------------|----------|-----------------------------------------------------------------------|--------|-----------------------------------------------|--------------------------------|---------------------------------------------------------------|---------|--------------------------------|--------|---------|--------------------------------|--------|---------|--------|
|                                                                                                                                        |                           | **SuccessorYearEndedDec                31,2006**       |     | **SuccessorYearEndedDec                31,2005** |   | **SuccessorDec                23throughDec                31,2004** |                           | **PredecessorJuly                30throughDec                29,2004** |     | **PredecessorJan                1throughJuly                29,2004** |   | **PredecessorYearEndedDecember 31,2003** |                           | **PredecessorYear                EndedDecember 31,2002** |    |
|                                                                                                                                        |                           | ($                in thousands, except per share data) |     |
| **Statement                of Operations Data:**                                                                                            |                           |                                                   |     |                                             |   |                                                                |                           |                                                                   |     |                                                                  |   |                                          |                           |                                                          |    |                           |   |    |                           |   |    |   |
| **Revenue**                                                                                                                                 |                           |                                                   |     |                                             |   |                                                                |                           |                                                                   |     |                                                                  |   |                                          |                           |                                                          |    |                           |   |    |                           |   |    |   |
| Revenue                from fuel sales                                                                                                      |       | $                                                      | 313,298  |                         | $      | 142,785                                                             |       | $                                                                      | 1,681    |                                              | $      | 29,465                                        |       | $                                                             | 41,146  |       | $      | 57,129  |       | $      | 49,893  |   |
| Service                revenue                                                                                                              |                           |                                                   | 201,835  |                                             |   | 156,655                                                             |                           |                                                                   | 3,257    |                                                                  |   | 9,839                                         |                           |                                                          | 14,616  |                           |   | 20,720  |                           |   | 18,698  |   |
| Lease                Income                                                                                                                 |                           |                                                   | 5,118    |                                             |   | 5,303                                                               |                           |                                                                   | 126      |                                                                  |   | —                                       |                           |                                                          | — |                           |   | — |                           |   | — |   |
| Total                Revenue                                                                                                                |                           |                                                   | 520,251  |                                             |   | 304,743                                                             |                           |                                                                   | 5,064    |                                                                  |   | 39,304                                        |                           |                                                          | 55,762  |                           |   | 77,849  |                           |   | 68,591  |   |
| **Cost                of revenue:**                                                                                                         |                           |                                                   |     |                                             |   |                                                                |                           |                                                                   |     |                                                                  |   |                                          |                           |                                                          |    |                           |   |    |                           |   |    |   |
| Cost                of product sales                                                                                                        |                           |                                                   | (206,802 | )                                                |   | (84,480                                                             | )                              |                                                                   | (912     | )                                                                     |   | (16,599                                       | )                              |                                                          | (21,068 | )                              |   | (27,003 | )                              |   | (22,186 | )      |
| Cost                of services(1)                                                                                                          |                           |                                                   | (92,542  | )                                                |   | (82,160                                                             | )                              |                                                                   | (1,633   | )                                                                     |   | (849                                          | )                              |                                                          | (1,428  | )                              |   | (1,961  | )                              |   | (1,907  | )      |
| **Gross                profit**                                                                                                             |                           |                                                   | 220,907  |                                             |   | 138,103                                                             |                           |                                                                   | 2,519    |                                                                  |   | 21,856                                        |                           |                                                          | 33,266  |                           |   | 48,885  |                           |   | 44,498  |   |
| Selling,                general and administrative expenses(2)                                                                              |                           |                                                   | (120,252 | )                                                |   | (82,636                                                             | )                              |                                                                   | (7,953   | )                                                                     |   | (13,942                                       | )                              |                                                          | (22,378 | )                              |   | (29,159 | )                              |   | (27,795 | )      |
| Fees                to manager                                                                                                              |                           |                                                   | (18,631  | )                                                |   | (9,294                                                              | )                              |                                                                   | (12,360  | )                                                                     |   | —                                       |                           |                                                          | — |                           |   | — |                           |   | — |   |
| Depreciation                                                                                                                                |                           |                                                   | (12,102  | )                                                |   | (6,007                                                              | )                              |                                                                   | (175     | )                                                                     |   | (1,287                                        | )                              |                                                          | (1,377  | )                              |   | (2,126  | )                              |   | (1,852  | )      |
| Amortization                of intangibles(3)                                                                                               |                           |                                                   | (43,846  | )                                                |   | (14,815                                                             | )                              |                                                                   | (281     | )                                                                     |   | (2,329                                        | )                              |                                                          | (849    | )                              |   | (1,395  | )                              |   | (1,471  | )      |
| **Operating                income (loss)**                                                                                                  |                           |                                                   | 26,076   |                                             |   | 25,351                                                              |                           |                                                                   | (18,250  | )                                                                     |   | 4,298                                         |                           |                                                          | 8,662   |                           |   | 16,205  |                           |   | 13,380  |   |
| Interest                income                                                                                                              |                           |                                                   | 4,887    |                                             |   | 4,064                                                               |                           |                                                                   | 69       |                                                                  |   | 28                                            |                           |                                                          | 17      |                           |   | 71      |                           |   | 63      |   |
| Dividend                income                                                                                                              |                           |                                                   | 8,395    |                                             |   | 12,361                                                              |                           |                                                                   | 1,704    |                                                                  |   | —                                       |                           |                                                          | — |                           |   | — |                           |   | — |   |
| Finance                Fees                                                                                                                 |                           |                                                   | —  |                                             |   | —                                                             |                           |                                                                   | —  |                                                                  |   | (6,650                                        | )                              |                                                          | — |                           |   | — |                           |   | — |   |
| Interest                expense                                                                                                             |                           |                                                   | (77,746  | )                                                |   | (33,800                                                             | )                              |                                                                   | (756     | )                                                                     |   | (2,907                                        | )                              |                                                          | (4,655  | )                              |   | (4,820  | )                              |   | (5,351  | )      |
| Equity                in earnings (loss) and amortization charges of investees                                                              |                           |                                                   | 12,558   |                                             |   | 3,685                                                               |                           |                                                                   | (389     | )                                                                     |   | —                                       |                           |                                                          | — |                           |   | — |                           |   | — |   |
| Unrealized                losses on derivative instruments                                                                                  |                           |                                                   | (1,373   | )                                                |   | —                                                             |                           |                                                                   | —  |                                                                  |   | —                                       |                           |                                                          | — |                           |   | — |                           |   | — |   |
| Gain                on sale of equity investment                                                                                            |                           |                                                   | 3,412    |                                             |   | —                                                             |                           |                                                                   | —  |                                                                  |   | —                                       |                           |                                                          | — |                           |   | — |                           |   | — |   |
| Gain                on sale of investment                                                                                                   |                           |                                                   | 49,933   |                                             |   | —                                                             |                           |                                                                   | —  |                                                                  |   | —                                       |                           |                                                          | — |                           |   | — |                           |   | — |   |
| Gain                on sale of marketable securities                                                                                        |                           |                                                   | 6,738    |                                             |   | —                                                             |                           |                                                                   | —  |                                                                  |   | —                                       |                           |                                                          | — |                           |   | — |                           |   | — |   |
| Other                income (expense), net                                                                                                  |                           |                                                   | 594      |                                             |   | 123                                                                 |                           |                                                                   | 50       |                                                                  |   | (39                                           | )                              |                                                          | (5,135  | )                              |   | (1,219  | )                              |   | — |   |
| Income                (loss) from continuing operations before income tax                                                                   |                           |                                                   | 33,474   |                                             |   | 11,784                                                              |                           |                                                                   | (17,572  | )                                                                     |   | (5,270                                        | )                              |                                                          | (1,111  | )                              |   | 10,237  |                           |   | 8,092   |   |
| Income                tax benefit (expense)                                                                                                 |                           |                                                   | 16,421   |                                             |   | 3,615                                                               |                           |                                                                   | —  |                                                                  |   | (286                                          | )                              |                                                          | 597     |                           |   | (4,192  | )                              |   | (3,150  | )      |
| Minority                interests                                                                                                           |                           |                                                   | 23       |                                             |   | (203                                                                | )                              |                                                                   | (16      | )                                                                     |   | —                                       |                           |                                                          | — |                           |   | — |                           |   | — |   |
| Income                (loss) from continuing operations                                                                                     |                           |                                                   | 49,918   |                                             |   | 15,196                                                              |                           |                                                                   | (17,588  | )                                                                     |   | (5,556                                        | )                              |                                                          | (514    | )                              |   | 6,045   |                           |   | 4,942   |   |
| Discontinued                operations:                                                                                                     |                           |                                                   |     |                                             |   |                                                                |                           |                                                                   |     |                                                                  |   |                                          |                           |                                                          |    |                           |   |    |                           |   |    |   |
| Income                from operations of discontinued operations                                                                            |                           |                                                   | —  |                                             |   | —                                                             |                           |                                                                   | —  |                                                                  |   | 116                                           |                           |                                                          | 159     |                           |   | 121     |                           |   | 197     |   |
| Loss                on disposal of discontinued operations                                                                                  |                           |                                                   | —  |                                             |   | —                                                             |                           |                                                                   | —  |                                                                  |   | —                                       |                           |                                                          | — |                           |   | (435    | )                              |   | (11,620 | )      |
| Income                (loss) on disposal of discontinued operations (net of applicable                income                tax provisions) |                           |                                                   | —  |                                             |   | —                                                             |                           |                                                                   | —  |                                                                  |   | 116                                           |                           |                                                          | 159     |                           |   | (314    | )                              |   | (11,423 | )      |
| **Net                income (loss)**                                                                                                        |                           |                                                   | 49,918   |                                             |   | 15,196                                                              |                           |                                                                   | (17,588  | )                                                                     |   | (5,440                                        | )                              |                                                          | (355    | )                              |   | 5,731   |                           |   | (6,481  | )      |
| Basic                and diluted earnings (loss) per share(4)                                                                               |                           |                                                   | 1.73     |                                             |   | 0.56                                                                |                           |                                                                   | (17.38   | )                                                                     |   | —                                       |                           |                                                          | — |                           |   | — |                           |   | — |   |
| Cash                dividends declared per common share                                                                                     |                           |                                                   | 2.075    |                                             |   | 1.5877                                                              |                           |                                                                   | —  |                                                                  |   | —                                       |                           |                                                          | — |                           |   | — |                           |   | — |   |
| **Cash                Flow Data:**                                                                                                          |                           |                                                   |     |                                             |   |                                                                |                           |                                                                   |     |                                                                  |   |                                          |                           |                                                          |    |                           |   |    |                           |   |    |   |
| Cash                provided by (used in) operating activities                                                                              |                           |                                                   | 46,365   |                                             |   | 43,547                                                              |                           |                                                                   | (4,045   | )                                                                     |   | (577                                          | )                              |                                                          | 7,757   |                           |   | 9,811   |                           |   | 9,608   |   |
| Cash                (used in) provided by investing activities                                                                              |                           |                                                   | (686,196 | )                                                |   | (201,950                                                            | )                              |                                                                   | (467,477 | )                                                                     |   | (228,145                                      | )                              |                                                          | 3,011   |                           |   | (4,648  | )                              |   | (2,787  | )      |
| Cash                provided by (used in) financing activities                                                                              |                           |                                                   | 562,328  |                                             |   | 133,847                                                             |                           |                                                                   | 611,765  |                                                                  |   | 231,843                                       |                           |                                                          | (5,741  | )                              |   | (5,956  | )                              |   | (5,012  | )      |
| Effect                of exchange rate                                                                                                      |                           |                                                   | (272     | )                                                |   | (331                                                                | )                              |                                                                   | (193     | )                                                                     |   | —                                       |                           |                                                          | — |                           |   | — |                           |   | — |   |
| Net                (decrease) increase in cash                                                                                              |                           |                                                   | (77,775  | )                                                |   | (24,887                                                             | )                              |                                                                   | 140,050  |                                                                  |   | 3,121                                         |                           |                                                          | 5,027   |                           |   | (793    | )                              |   | 1,809   |   |

|        |        |
|--------|--------|
|   |   |

----

|                                                                               |                                |                                            |           |                                            |                                 |                                            |                                |                                                        |           |                                |        |         |        |
|-------------------------------------------------------------------------------|--------------------------------|--------------------------------------------|-----------|--------------------------------------------|---------------------------------|--------------------------------------------|--------------------------------|--------------------------------------------------------|-----------|--------------------------------|--------|---------|--------|
|                                                                          |                           | **Successor atDecember 31,2006** |      | **Successor atDecember 31,2005** |                            | **Successor atDecember 31,2004** |                           | **Predecessor                atDecember 31,2003** |      |
|                                                                          |                           |                                       |      |                                       | ($                in thousands) |                                       |                           |                                                   |      |
| Balance                Sheet Data:                                            |                           |                                       |      |                                       |                            |                                       |                           |                                                   |      |                           |   |    |   |
| Total                current assets                                           |       | $                                          | 230,966   |                   | $                               | 156,676                                    |       | $                                                      | 167,769   |       | $      | 10,108  |   |
| Property,                equipment, land and leasehold improvements, net      |                           |                                       | 522,759   |                                       |                            | 335,119                                    |                           |                                                   | 284,744   |                           |   | 36,963  |   |
| Contract                rights and other intangibles, net                     |                           |                                       | 526,759   |                                       |                            | 299,487                                    |                           |                                                   | 254,530   |                           |   | 52,524  |   |
| Goodwill                                                                      |                           |                                       | 485,986   |                                       |                            | 281,776                                    |                           |                                                   | 217,576   |                           |   | 33,222  |   |
| Total                assets                                                   |                           |                                       | 2,097,533 |                                       |                            | 1,363,298                                  |                           |                                                   | 1,208,487 |                           |   | 135,210 |   |
| Current                liabilities                                            |                           |                                       | 72,139    |                                       |                            | 34,598                                     |                           |                                                   | 39,525    |                           |   | 15,271  |   |
| Deferred                tax liabilities                                       |                           |                                       | 163,923   |                                       |                            | 113,794                                    |                           |                                                   | 123,429   |                           |   | 22,866  |   |
| Long-term                debt, including related party, netof current portion |                           |                                       | 959,906   |                                       |                            | 629,095                                    |                           |                                                   | 434,352   |                           |   | 32,777  |   |
| Total                liabilities                                              |                           |                                       | 1,224,927 |                                       |                            | 786,693                                    |                           |                                                   | 603,676   |                           |   | 75,369  |   |
| Redeemable                convertible preferred stock                         |                           |                                       | —   |                                       |                            | —                                    |                           |                                                   | —   |                           |   | 64,099  |   |
| Stockholders’                equity (deficit)                           |                           |                                       | 864,425   |                                       |                            | 567,665                                    |                           |                                                   | 596,296   |                           |   | (4,258  | )      |

**Item 7.      Management’s Discussion and Analysis of Financial Condition and Results of      Operations**

----

**GENERAL**

**Tax Treatment of      Distributions**

----

**Other Tax      Matters**

***Acquisitions and      Dispositions***

----

***Equity      Offering***

**Pending      Acquisitions**

**IMPACT      OF ACQUISITIONS ON OUR RESULTS OF OPERATIONS**

----

**OPERATING      SEGMENTS AND BUSINESSES**

**Airport Services      Business**

**Bulk Liquid Storage      Terminal Business**

----

**Gas Production      and      Distribution Business**

----

----

**District Energy      Business**

**Airport Parking      Business**

----

**RESULTS      OF OPERATIONS**

**Key Factors Affecting      Operating Results**

----

----

|                                                                               |                                |                                                    |         |                                                    |        |            |                                |                                                                      |         |                                |        |                                |        |         |        |
|-------------------------------------------------------------------------------|--------------------------------|----------------------------------------------------|---------|----------------------------------------------------|--------|------------|--------------------------------|----------------------------------------------------------------------|---------|--------------------------------|--------|--------------------------------|--------|---------|--------|
|                                                                          |                           | **Year                EndedDecember 31,2006** |    | **Year                EndedDecember 31,2005** |   | **Change** |                           | **April 13, 2004(inception) toDecember 31,2004** |    |
|                                                                          |                           |                                               |    |                                               |   |       |                           | **$**                                                                |    | **%**                          |   |                           |   |    |
|                                                                          |                           |                                               |    |                                               |   |       |                           |                                                                 |    |                           |   |                           |   |    |   |
| **Revenue**                                                                   |                           |                                               |    |                                               |   |       |                           |                                                                 |    |                           |   |                           |   |    |   |
| Revenue                from product sales                                     |       | $                                                  | 313,298 |                           | $      | 142,785    |       |                                                                 | 170,513 |       | 119.4  |       | $      | 1,681   |   |
| Service                revenue                                                |                           |                                               | 201,835 |                                               |   | 156,655    |                           |                                                                 | 45,180  |                           | 28.8   |                           |   | 3,257   |   |
| Financing                and equipment lease income                           |                           |                                               | 5,118   |                                               |   | 5,303      |                           |                                                                 | (185    | )                              | (3.5   | )                              |   | 126     |   |
| Total                revenue                                                  |                           |                                               | 520,251 |                                               |   | 304,743    |                           |                                                                 | 215,508 |                           | 70.7   |                           |   | 5,064   |   |
| **Cost                of revenue**                                            |                           |                                               |    |                                               |   |       |                           |                                                                 |    |                           |   |                           |   |    |   |
| Cost                of product sales                                          |                           |                                               | 206,802 |                                               |   | 84,480     |                           |                                                                 | 122,322 |                           | 144.8  |                           |   | 912     |   |
| Cost                of services                                               |                           |                                               | 92,542  |                                               |   | 82,160     |                           |                                                                 | 10,382  |                           | 12.6   |                           |   | 1,633   |   |
| **Gross                profit**                                               |                           |                                               | 220,907 |                                               |   | 138,103    |                           |                                                                 | 82,804  |                           | 60.0   |                           |   | 2,519   |   |
| Selling,                general and administrative                            |                           |                                               | 120,252 |                                               |   | 82,636     |                           |                                                                 | 37,616  |                           | 45.5   |                           |   | 7,953   |   |
| Fees                to manager                                                |                           |                                               | 18,631  |                                               |   | 9,294      |                           |                                                                 | 9,337   |                           | 100.5  |                           |   | 12,360  |   |
| Depreciation                                                                  |                           |                                               | 12,102  |                                               |   | 6,007      |                           |                                                                 | 6,095   |                           | 101.5  |                           |   | 175     |   |
| Amortization                of intangibles(1)                                 |                           |                                               | 43,846  |                                               |   | 14,815     |                           |                                                                 | 29,031  |                           | 196.0  |                           |   | 281     |   |
| ** Operating income                (loss)**                              |                           |                                               | 26,076  |                                               |   | 25,351     |                           |                                                                 | 725     |                           | 2.9    |                           |   | (18,250 | )      |
| **Other                income (expense)**                                     |                           |                                               |    |                                               |   |       |                           |                                                                 |    |                           |   |                           |   |    |   |
| Dividend                income                                                |                           |                                               | 8,395   |                                               |   | 12,361     |                           |                                                                 | (3,966  | )                              | (32.1  | )                              |   | 1,704   |   |
| Interest                income                                                |                           |                                               | 4,887   |                                               |   | 4,064      |                           |                                                                 | 823     |                           | 20.3   |                           |   | 69      |   |
| Interest                expense                                               |                           |                                               | (77,746 | )                                                  |   | (33,800    | )                              |                                                                 | (43,946 | )                              | 130.0  |                           |   | (756    | )      |
| Equity                in earnings (loss) and amortizationcharges of investees |                           |                                               | 12,558  |                                               |   | 3,685      |                           |                                                                 | 8,873   |                           | NM     |                           |   | (389    | )      |
| Unrealized                losses on derivative instruments                    |                           |                                               | (1,373  | )                                                  |   | —    |                           |                                                                 | (1,373  | )                              | NM     |                           |   | — |   |
| Gain                on sale of equity investment                              |                           |                                               | 3,412   |                                               |   | —    |                           |                                                                 | 3,412   |                           | NM     |                           |   | — |   |
| Gain                on sale of investment                                     |                           |                                               | 49,933  |                                               |   | —    |                           |                                                                 | 49,933  |                           | NM     |                           |   | — |   |
| Gain                on sale of marketable securities                          |                           |                                               | 6,738   |                                               |   | —    |                           |                                                                 | 6,738   |                           | NM     |                           |   | — |   |
| Other                income, net                                              |                           |                                               | 594     |                                               |   | 123        |                           |                                                                 | 471     |                           | NM     |                           |   | 50      |   |
| Net                income (loss) before income taxes andminority interests    |                           |                                               | 33,474  |                                               |   | 11,784     |                           |                                                                 | 21,690  |                           | 184.1  |                           |   | (17,572 | )      |
| Income                tax benefit                                             |                           |                                               | 16,421  |                                               |   | 3,615      |                           |                                                                 | 12,806  |                           | NM     |                           |   | — |   |
| Net                income (loss) before minority interests                    |                           |                                               | 49,895  |                                               |   | 15,399     |                           |                                                                 | 34,496  |                           | NM     |                           |   | (17,572 | )      |
| Minority                interests                                             |                           |                                               | (23     | )                                                  |   | 203        |                           |                                                                 | (226    | )                              | (111.3 | )                              |   | 16      |   |
| **Net                income**                                                 |                           | $                                                  | 49,918  |                                               | $      | 15,196     |                           | $                                                                    | 34,722  |                           | NM     |                           | $      | (17,588 | )      |

***Gross      Profit***

----

***Selling, General      and Administrative Expenses***

***Other Income      (Expense)***

***Income      Taxes***

----

***Earnings      Before Interest, Taxes, Depreciation and Amortization, or      EBITDA***

|                                                                                                                                                                                                                                                              |                                |                                          |         |                                          |        |            |                                |                                                                      |                                |       |                                |        |         |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|------------------------------------------|---------|------------------------------------------|--------|------------|--------------------------------|----------------------------------------------------------------------|--------------------------------|-------|--------------------------------|--------|---------|--------|
|                                                                                                                                                                                                                                                         |                           | **Year EndedDecember 31,2006** |    | **Year EndedDecember 31,2005** |   | **Change** |                           | **April 13, 2004(inception) toDecember 31,2004** |                           |
|                                                                                                                                                                                                                                                         |                           |                                     |    |                                     |   |       |                           | **$**                                                                |                           | **%** |                           |   |    |   |
|                                                                                                                                                                                                                                                         |                           | ($                in thousands)          |    |
| Net income (loss)                                                                                                                                                                                                                                            |       | $                                        | 49,918  |                 | $      | 15,196     |       | 34,722                                                               |       | NM    |       | $      | (17,588 | )      |
| Interest expense,                net                                     |                           |                                     | 72,859  |                                     |   | 29,736     |                           | 43,123                                                               |                           | 145.0 |                           |   | 687     |   |
| Income taxes                                                                                                                                                                                                                                                 |                           |                                     | (16,421 | )                                        |   | (3,615     | )                              | (12,806                                                              | )                              | NM    |                           |   | — |   |
| Depreciation(1)                                                                                                                                                                                                                                              |                           |                                     | 21,366  |                                     |   | 14,098     |                           | 7,268                                                                |                           | 51.6  |                           |   | 370     |   |
| Amortization(2)                                                                                                                                                                                                                                              |                           |                                     | 43,846  |                                     |   | 14,815     |                           | 29,031                                                               |                           | 196.0 |                           |   | 281     |   |
| EBITDA                                                                                                                                                                                                                                                       |                           | $                                        | 171,568 |                                     | $      | 70,230     |                           | 101,338                                                              |                           | 144.3 |                           | $      | (16,250 | )      |

**Airport Services      Business**

**Year      Ended December 31, 2006 Compared to Year Ended December 31, 2005**

***Key Factors      Affecting Operating Results***

----

|                                                                                                                                                                                                                    |                                |                                             |                                |          |                                |            |                                |                  |                                |                                           |                                      |          |                                |            |                                |         |                                |        |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------------|--------------------------------|----------|--------------------------------|------------|--------------------------------|------------------|--------------------------------|-------------------------------------------|--------------------------------------|----------|--------------------------------|------------|--------------------------------|---------|--------------------------------|--------|--------|
|                                                                                                                                                                                                               |                           | **Existing                Locations**       |                           |     |                           | **Total**  |                           |
|                                                                                                                                                                                                               |                           | **Year                EndedDecember 31,**   |                           |     |                           |       |                           |             |                           | **Year                EndedDecember 31,** |                                 |     |                           |
|                                                                                                                                                                                                               |                           | **2006**                                    |                           | **2005** |                           | **Change** |                           | **Acquisitions** |                           | **2006**                                  |                                 | **2005** |                           | **Change** |                           |
|                                                                                                                                                                                                               |                           | **$**                                       |                           | **$**    |                           | **$**      |                           | **%**            |                           | **(1)**                                   |                                 | **$**    |                           | **$**      |                           | **$**   |                           | **%**  |   |
|                                     |                           | ($                in thousands) (unaudited) |                           |
| **Revenue**                                                                                                                                                                                                        |                           |                                        |                           |     |                           |       |                           |             |                           |                                      |                                 |     |                           |       |                           |    |                           |   |   |
| Fuel                revenue                                                                                                                                                                                        |       | 161,198                                     |       | 142,785  |       | 18,413     |       | 12.9             |       | 64,372                                    |        | 225,570  |       | 142,785    |       | 82,785  |       | 58.0   |   |
| Non-fuel                revenue                                                                                                                                                                                    |                           | 62,915                                      |                           | 58,701   |                           | 4,214      |                           | 7.2              |                           | 24,391                                    |                                 | 87,306   |                           | 58,701     |                           | 28,605  |                           | 48.7   |   |
| Total                revenue                                                                                                                                                                                       |                           | 224,113                                     |                           | 201,486  |                           | 22,627     |                           | 11.2             |                           | 88,763                                    |                                 | 312,876  |                           | 201,486    |                           | 111,390 |                           | 55.3   |   |
|                                                                                                                                                                                                               |                           |                                        |                           |     |                           |       |                           |             |                           |                                      |                                 |     |                           |       |                           |    |                           |   |   |
| **Cost                of revenue**                                                                                                                                                                                 |                           |                                        |                           |     |                           |       |                           |             |                           |                                      |                                 |     |                           |       |                           |    |                           |   |   |
| Cost                of revenue-fuel                                                                                                                                                                                |                           | 95,259                                      |                           | 84,480   |                           | 10,779     |                           | 12.8             |                           | 42,625                                    |                                 | 137,884  |                           | 84,480     |                           | 53,404  |                           | 63.2   |   |
| Cost                of revenue-non-fuel                                                                                                                                                                            |                           | 6,883                                       |                           | 7,906    |                           | (1,023     | )                              | (12.9            | )                              | 1,616                                     |                                 | 8,499    |                           | 7,906      |                           | 593     |                           | 7.5    |   |
| Total                cost of revenue                                                                                                                                                                               |                           | 102,142                                     |                           | 92,386   |                           | 9,756      |                           | 10.6             |                           | 44,241                                    |                                 | 146,383  |                           | 92,386     |                           | 53,997  |                           | 58.4   |   |
|                                                                                                                                                                                                               |                           |                                        |                           |     |                           |       |                           |             |                           |                                      |                                 |     |                           |       |                           |    |                           |   |   |
| Fuel                gross profit                                                                                                                                                                                   |                           | 65,939                                      |                           | 58,305   |                           | 7,634      |                           | 13.1             |                           | 21,747                                    |                                 | 87,686   |                           | 58,305     |                           | 29,381  |                           | 50.4   |   |
| Non-fuel                gross profit                                                                                                                                                                               |                           | 56,032                                      |                           | 50,795   |                           | 5,237      |                           | 10.3             |                           | 22,775                                    |                                 | 78,807   |                           | 50,795     |                           | 28,012  |                           | 55.1   |   |
| Gross                Profit                                                                                                                                                                                        |                           | 121,971                                     |                           | 109,100  |                           | 12,871     |                           | 11.8             |                           | 44,522                                    |                                 | 166,493  |                           | 109,100    |                           | 57,393  |                           | 52.6   |   |
|                                                                                                                                                                                                               |                           |                                        |                           |     |                           |       |                           |             |                           |                                      |                                 |     |                           |       |                           |    |                           |   |   |
| Selling,                general andadministrative expenses                                                                                                                                                         |                           | 69,717                                      |                           | 65,140   |                           | 4,577      |                           | 7.0              |                           | 23,576                                    |                                 | 93,293   |                           | 65,140     |                           | 28,153  |                           | 43.2   |   |
| Depreciation                and amortization                                                                                                                                                                       |                           | 15,997                                      |                           | 15,652   |                           | 345        |                           | 2.2              |                           | 9,285                                     |                                 | 25,282   |                           | 15,652     |                           | 9,630   |                           | 61.5   |   |
| Operating                income                                                                                                                                                                                    |                           | 36,257                                      |                           | 28,308   |                           | 7,949      |                           | 28.1             |                           | 11,661                                    |                                 | 47,918   |                           | 28,308     |                           | 19,610  |                           | 69.3   |   |
|                                                                                                                                                                                                               |                           |                                        |                           |     |                           |       |                           |             |                           |                                      |                                 |     |                           |       |                           |    |                           |   |   |
| Other                expense                                                                                                                                                                                       |                           | (129                                        | )                              | (1,035   | )                              | 906        |                           | (87.5            | )                              | 119                                       |                                 | (10      | )                              | (1,035     | )                              | 1,025   |                           | (99.0  | )      |
| Unrealized                (loss) gain on derivative instruments                                                                                                                                                    |                           | (2,417                                      | )                              | 1,990    |                           | (4,407     | )                              | NM               |                           | —                                   |                                 | (2,417   | )                              | 1,990      |                           | (4,407  | )                              | NM     |   |
| Interest                expense, net                                                                                                                                                                               |                           | (16,801                                     | )                              | (18,313  | )                              | 1,512      |                           | (8.3             | )                              | (8,861                                    | )                                    | (25,662  | )                              | (18,313    | )                              | (7,349  | )                              | 40.1   |   |
| Provision                for income taxes                                                                                                                                                                          |                           | (5,271                                      | )                              | (5,134   | )                              | (137       | )                              | 2.7              |                           | (1,031                                    | )                                    | (6,302   | )                              | (5,134     | )                              | (1,168  | )                              | 22.8   |   |
| **Net                income(2)**                                                                                                                                                                                   |                           | 11,639                                      |                           | 5,816    |                           | 5,823      |                           | 100.1            |                           | 1,888                                     |                                 | 13,527   |                           | 5,816      |                           | 7,711   |                           | 132.6  |   |

----

|                                                                                                                                                                                                                    |        |                                             |        |          |        |            |        |                  |        |                                           |        |          |        |            |        |        |        |       |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|--------|----------|--------|------------|--------|------------------|--------|-------------------------------------------|--------|----------|--------|------------|--------|--------|--------|-------|--------|
|                                                                                                                                                                                                               |   | **Existing                Locations**       |   |     |   | **Total**  |   |
|                                                                                                                                                                                                               |   | **Year                EndedDecember 31,**   |   |     |   |       |   |             |   | **Year                EndedDecember 31,** |   |     |   |
|                                                                                                                                                                                                               |   | **2006**                                    |   | **2005** |   | **Change** |   | **Acquisitions** |   | **2006**                                  |   | **2005** |   | **Change** |   |
|                                                                                                                                                                                                               |   | **$**                                       |   | **$**    |   | **$**      |   | **%**            |   | **(1)**                                   |   | **$**    |   | **$**      |   | **$**  |   | **%** |   |
|                                     |   | ($                in thousands) (unaudited) |   |
| *Reconciliation                of net income to  EBITDA:*                                                                                                                                                     |   |                                        |   |     |   |       |   |             |   |
| Net                income(2)                                                                                                                                                                                       |   | 11,639                                      |   | 5,816    |   | 5,823      |   | 100.1            |   | 1,888                                     |   | 13,527   |   | 5,816      |   | 7,711  |   | 132.6 |   |
| Interest                expense, net                                                                                                                                                                               |   | 16,801                                      |   | 18,313   |   | (1,512     | )      | (8.3             | )      | 8,861                                     |   | 25,662   |   | 18,313     |   | 7,349  |   | 40.1  |   |
| Provision                for income taxes                                                                                                                                                                          |   | 5,271                                       |   | 5,134    |   | 137        |   | 2.7              |   | 1,031                                     |   | 6,302    |   | 5,134      |   | 1,168  |   | 22.8  |   |
| Depreciation                and amortization                                                                                                                                                                       |   | 15,997                                      |   | 15,652   |   | 345        |   | 2.2              |   | 9,285                                     |   | 25,282   |   | 15,652     |   | 9,630  |   | 61.5  |   |
| EBITDA                                                                                                                                                                                                             |   | 49,708                                      |   | 44,915   |   | 4,793      |   | 10.7             |   | 21,065                                    |   | 70,773   |   | 44,915     |   | 25,858 |   | 57.6  |   |

***Revenue and Gross      Profit***

***Operating      Expenses***

----

***Interest Expense,      Net***

***EBITDA***

**Year      Ended December 31, 2005 Compared to Year Ended December 31, 2004**

***Key Factors      Affecting Operating Results***

----

|                                                                                                                                                                                                                                                                                                                                          |                                |                                             |                                |          |                                |            |                                |                  |                                |                                           |                                |          |                                |            |                                |        |                                |        |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------------|--------------------------------|----------|--------------------------------|------------|--------------------------------|------------------|--------------------------------|-------------------------------------------|--------------------------------|----------|--------------------------------|------------|--------------------------------|--------|--------------------------------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                     |                           | **Year                EndedDecember 31,**   |                           |     |                           |       |                           | **GAH&EAR**  |                           | **Year                EndedDecember 31,** |                           |     |                           |       |                           |
|                                                                                                                                                                                                                                                                                                                                     |                           | **2005**                                    |                           | **2004** |                           | **Change** |                           | **Acquisitions** |                           | **2005**                                  |                           | **2004** |                           | **Change** |                           |
| **                                                      ** |                           | **$**                                       |                           | **$**    |                           | **$**      |                           | **%**            |                           | **$**                                     |                           | **$**    |                           | **$**      |                           | **$**  |                           | **%**  |   |
|                                                                                                                                                                                                                                                                                                                                     |                           | ($                in thousands) (unaudited) |                           |
| **Revenue**                                                                                                                                                                                                                                                                                                                              |                           |                                        |                           |     |                           |       |                           |             |                           |                                      |                           |     |                           |       |                           |   |                           |   |   |
| Fuel                revenue                                                                                                                                                                                                                                                                                                              |       | 115,270                                     |       | 100,363  |       | 14,907     |       | 14.9             |       | 27,515                                    |       | 142,785  |       | 100,363    |       | 42,422 |       | 42.3   |   |
| Non-fuel                revenue                                                                                                                                                                                                                                                                                                          |                           | 49,165                                      |                           | 41,714   |                           | 7,451      |                           | 17.9             |                           | 9,536                                     |                           | 58,701   |                           | 41,714     |                           | 16,987 |                           | 40.7   |   |
| Total                revenue                                                                                                                                                                                                                                                                                                             |                           | 164,435                                     |                           | 142,077  |                           | 22,358     |                           | 15.7             |                           | 37,051                                    |                           | 201,486  |                           | 142,077    |                           | 59,409 |                           | 41.8   |   |
|                                                                                                                                                                                                                                                                                                                                     |                           |                                        |                           |     |                           |       |                           |             |                           |                                      |                           |     |                           |       |                           |   |                           |   |   |
| **Cost                of revenue**                                                                                                                                                                                                                                                                                                       |                           |                                        |                           |     |                           |       |                           |             |                           |                                      |                           |     |                           |       |                           |   |                           |   |   |
| Cost                of revenue-fuel                                                                                                                                                                                                                                                                                                      |                           | 67,914                                      |                           | 53,572   |                           | 14,342     |                           | 26.8             |                           | 16,566                                    |                           | 84,480   |                           | 53,572     |                           | 30,908 |                           | 57.7   |   |
| Cost                of revenue-non-fuel                                                                                                                                                                                                                                                                                                  |                           | 7,044                                       |                           | 6,036    |                           | 1,008      |                           | 16.7             |                           | 862                                       |                           | 7,906    |                           | 6,036      |                           | 1,870  |                           | 31.0   |   |
| Total                cost of revenue                                                                                                                                                                                                                                                                                                     |                           | 74,958                                      |                           | 59,608   |                           | 15,350     |                           | 25.8             |                           | 17,428                                    |                           | 92,386   |                           | 59,608     |                           | 32,778 |                           | 55.0   |   |
|                                                                                                                                                                                                                                                                                                                                     |                           |                                        |                           |     |                           |       |                           |             |                           |                                      |                           |     |                           |       |                           |   |                           |   |   |
| Fuel                gross profit                                                                                                                                                                                                                                                                                                         |                           | 47,356                                      |                           | 46,791   |                           | 565        |                           | 1.2              |                           | 10,949                                    |                           | 58,305   |                           | 46,791     |                           | 11,514 |                           | 24.6   |   |
| Non-fuel                gross profit                                                                                                                                                                                                                                                                                                     |                           | 42,121                                      |                           | 35,678   |                           | 6,443      |                           | 18.1             |                           | 8,674                                     |                           | 50,795   |                           | 35,678     |                           | 15,117 |                           | 42.4   |   |
| Gross                Profit                                                                                                                                                                                                                                                                                                              |                           | 89,477                                      |                           | 82,469   |                           | 7,008      |                           | 8.5              |                           | 19,623                                    |                           | 109,100  |                           | 82,469     |                           | 26,631 |                           | 32.3   |   |
|                                                                                                                                                                                                                                                                                                                                     |                           |                                        |                           |     |                           |       |                           |             |                           |                                      |                           |     |                           |       |                           |   |                           |   |   |
| Selling,                general and administrative expenses                                                                                                                                                                                                                                                                              |                           | 54,472                                      |                           | 55,041   |                           | (569       | )                              | (1.0             | )                              | 10,668                                    |                           | 65,140   |                           | 55,041     |                           | 10,099 |                           | 18.3   |   |
| Depreciation                and amortization                                                                                                                                                                                                                                                                                             |                           | 12,187                                      |                           | 12,142   |                           | 45         |                           | 0.4              |                           | 3,465                                     |                           | 15,652   |                           | 12,142     |                           | 3,510  |                           | 28.9   |   |
| Operating                income                                                                                                                                                                                                                                                                                                          |                           | 22,818                                      |                           | 15,286   |                           | 7,532      |                           | 49.3             |                           | 5,490                                     |                           | 28,308   |                           | 15,286     |                           | 13,022 |                           | 85.2   |   |
|                                                                                                                                                                                                                                                                                                                                     |                           |                                        |                           |     |                           |       |                           |             |                           |                                      |                           |     |                           |       |                           |   |                           |   |   |
| Other                expense                                                                                                                                                                                                                                                                                                             |                           | (122                                        | )                              | (11,814  | )                              | 11,692     |                           | (99.0            | )                              | (913                                      | )                              | (1,035   | )                              | (11,814    | )                              | 10,779 |                           | (91.2  | )      |
| Unrealized                gain on derivative instruments                                                                                                                                                                                                                                                                                 |                           | 1,990                                       |                           | —  |                           | 1,990      |                           | NM               |                           | —                                   |                           | 1,990    |                           | —    |                           | 1,990  |                           | NM     |   |
| Interest                expense, net                                                                                                                                                                                                                                                                                                     |                           | (14,714                                     | )                              | (11,423  | )                              | (3,291     | )                              | 28.8             |                           | (3,599                                    | )                              | (18,313  | )                              | (11,423    | )                              | (6,890 | )                              | 60.3   |   |
| Provision                for income taxes                                                                                                                                                                                                                                                                                                |                           | (4,591                                      | )                              | 326      |                           | (4,917     | )                              | NM               |                           | (543                                      | )                              | (5,134   | )                              | 326        |                           | (5,460 | )                              | NM     |   |
| **Income                from continuingoperations**                                                                                                                                                                                                                                                                                      |                           | 5,381                                       |                           | (7,625   | )                              | 13,006     |                           | (170.6           | )                              | 435                                       |                           | 5,816    |                           | (7,625     | )                              | 13,441 |                           | (176.3 | )      |
|                                                                                                                                                                                                                                                                                                                                     |                           |                                        |                           |     |                           |       |                           |             |                           |                                      |                           |     |                           |       |                           |   |                           |   |   |
| *Reconciliation                of income from continuing operations to EBITDA from continuing                operations:*                                                                                                                                                                                                                |                           |                                        |                           |     |                           |       |                           |
| Income                from continuing operations                                                                                                                                                                                                                                                                                         |                           | 5,381                                       |                           | (7,625   | )                              | 13,006     |                           | (170.6           | )                              | 435                                       |                           | 5,816    |                           | (7,625     | )                              | 13,441 |                           | (176.3 | )      |
| Interest                expense, net                                                                                                                                                                                                                                                                                                     |                           | 14,714                                      |                           | 11,423   |                           | 3,291      |                           | 28.8             |                           | 3,599                                     |                           | 18,313   |                           | 11,423     |                           | 6,890  |                           | 60.3   |   |
| Provision                for income taxes                                                                                                                                                                                                                                                                                                |                           | 4,591                                       |                           | (326     | )                              | 4,917      |                           | NM               |                           | 543                                       |                           | 5,134    |                           | (326       | )                              | 5,460  |                           | NM     |   |
| Depreciation                andamortization                                                                                                                                                                                                                                                                                              |                           | 12,187                                      |                           | 12,142   |                           | 45         |                           | 0.4              |                           | 3,465                                     |                           | 15,652   |                           | 12,142     |                           | 3,510  |                           | 28.9   |   |
| EBITDA                from continuingoperations                                                                                                                                                                                                                                                                                          |                           | 36,873                                      |                           | 15,614   |                           | 21,259     |                           | 136.2            |                           | 8,042                                     |                           | 44,915   |                           | 15,614     |                           | 29,301 |                           | 187.7  |   |

***Revenue and Gross      Profit***

----

***Operating      Expenses***

***Other      Expense***

***Interest      Expense***

***EBITDA***

**Bulk Liquid Storage      Terminal Business**

***Key Factors      Affecting Operating Results***

----

|                                                                                                                                                                                                                                                                                                                        |                                |                                             |                                |                                            |                                |            |                                |          |                                |          |                                |            |                                |        |                                |        |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------------|--------------------------------|--------------------------------------------|--------------------------------|------------|--------------------------------|----------|--------------------------------|----------|--------------------------------|------------|--------------------------------|--------|--------------------------------|--------|--------|
|                                                                                                                                                                                                                                                                                                                   |                           | **Year                Ended December 31,**  |                           | **Year                Ended December 31,** |                           |
|                                                                                                                                                                                                                                                                                                                   |                           | **2006**                                    |                           | **2005**                                   |                           | **Change** |                           | **2005** |                           | **2004** |                           | **Change** |                           |
|                                                                                                                                                                                                                                                                                                                   |                           | **$**                                       |                           | **$**                                      |                           | **$**      |                           | **%**    |                           | **$**    |                           | **$**      |                           | **$**  |                           | **%**  |   |
| **                                                   ** |                           | ($                in thousands) (unaudited) |                           |
| **Revenue**                                                                                                                                                                                                                                                                                                            |                           |                                        |                           |                                       |                           |       |                           |     |                           |     |                           |       |                           |   |                           |   |   |
| Terminal                revenue                                                                                                                                                                                                                                                                                        |       | 193,712                                     |       | 182,518                                    |       | 11,194     |       | 6.1      |       | 182,518  |       | 168,384    |       | 14,134 |       | 8.4    |   |
| Terminal                revenue - heating                                                                                                                                                                                                                                                                              |                           | 17,268                                      |                           | 20,595                                     |                           | (3,327     | )                              | (16.2    | )                              | 20,595   |                           | 15,252     |                           | 5,343  |                           | 35.0   |   |
| Environmental                response revenue                                                                                                                                                                                                                                                                          |                           | 18,599                                      |                           | 37,107                                     |                           | (18,508    | )                              | (49.9    | )                              | 37,107   |                           | 16,124     |                           | 20,983 |                           | 130.1  |   |
| Nursery                revenue                                                                                                                                                                                                                                                                                         |                           | 9,700                                       |                           | 10,404                                     |                           | (704       | )                              | (6.8     | )                              | 10,404   |                           | 10,907     |                           | (503   | )                              | (4.6   | )      |
| **Total                revenue**                                                                                                                                                                                                                                                                                       |                           | 239,279                                     |                           | 250,624                                    |                           | (11,345    | )                              | (4.5     | )                              | 250,624  |                           | 210,667    |                           | 39,957 |                           | 19.0   | )      |
|                                                                                                                                                                                                                                                                                                                   |                           |                                        |                           |                                       |                           |       |                           |     |                           |     |                           |       |                           |   |                           |   |   |
| **Costs**                                                                                                                                                                                                                                                                                                              |                           |                                        |                           |                                       |                           |       |                           |     |                           |     |                           |       |                           |   |                           |   |   |
| Terminal                operating costs                                                                                                                                                                                                                                                                                |                           | 99,182                                      |                           | 97,746                                     |                           | 1,436      |                           | 1.5      |                           | 97,746   |                           | 87,755     |                           | 9,991  |                           | 11.4   |   |
| Terminal                operating costs – fuel                                                                                                                                                                                                                                                                   |                           | 12,911                                      |                           | 20,969                                     |                           | (8,058     | )                              | (38.4    | )                              | 20,969   |                           | 17,712     |                           | 3,257  |                           | 18.4   |   |
| Environmental                response operatingcosts                                                                                                                                                                                                                                                                   |                           | 11,941                                      |                           | 24,774                                     |                           | (12,833    | )                              | (51.8    | )                              | 24,774   |                           | 9,720      |                           | 15,054 |                           | 154.9  |   |
| Nursery                operating costs                                                                                                                                                                                                                                                                                 |                           | 10,837                                      |                           | 10,268                                     |                           | 569        |                           | 5.5      |                           | 10,268   |                           | 11,136     |                           | (868   | )                              | (7.8   | )      |
| **Total                costs**                                                                                                                                                                                                                                                                                         |                           | 134,871                                     |                           | 153,757                                    |                           | (18,886    | )                              | (12.3    | )                              | 153,757  |                           | 126,323    |                           | 27,434 |                           | 21.7   | )      |
|                                                                                                                                                                                                                                                                                                                   |                           |                                        |                           |                                       |                           |       |                           |     |                           |     |                           |       |                           |   |                           |   |   |
| Terminal                gross profit                                                                                                                                                                                                                                                                                   |                           | 98,887                                      |                           | 84,398                                     |                           | 14,489     |                           | 17.2     |                           | 84,398   |                           | 78,169     |                           | 6,229  |                           | 8.0    |   |
| Environmental                response gross profit                                                                                                                                                                                                                                                                     |                           | 6,658                                       |                           | 12,333                                     |                           | (5,675     | )                              | (46.0    | )                              | 12,333   |                           | 6,404      |                           | 5,929  |                           | 92.6   |   |
| Nursery                gross                profit                                                                                                                                                                                                                                                                     |                           | (1,137                                      | )                              | 136                                        |                           | (1,273     | )                              | NM       |                           | 136      |                           | (229       | )                              | 365    |                           | (159.4 | )      |
| **Gross                profit**                                                                                                                                                                                                                                                                                        |                           | 104,408                                     |                           | 96,867                                     |                           | 7,541      |                           | 7.8      |                           | 96,867   |                           | 84,344     |                           | 12,523 |                           | 14.8   |   |
|                                                                                                                                                                                                                                                                                                                   |                           |                                        |                           |                                       |                           |       |                           |     |                           |     |                           |       |                           |   |                           |   |   |
| **Operating                expenses**                                                                                                                                                                                                                                                                                  |                           |                                        |                           |                                       |                           |       |                           |     |                           |     |                           |       |                           |   |                           |   |   |
| General                and                administrative expenses                                                                                                                                                                                                                                                      |                           | 22,348                                      |                           | 22,834                                     |                           | (486       | )                              | (2.1     | )                              | 22,834   |                           | 20,911     |                           | 1,923  |                           | 9.2    |   |
| Depreciation                and amortization                                                                                                                                                                                                                                                                           |                           | 31,056                                      |                           | 29,524                                     |                           | 1,532      |                           | 5.2      |                           | 29,524   |                           | 29,929     |                           | (405   | )                              | (1.4   | )      |
| **Operating                income**                                                                                                                                                                                                                                                                                    |                           | 51,004                                      |                           | 44,509                                     |                           | 6,495      |                           | 14.6     |                           | 44,509   |                           | 33,504     |                           | 11,005 |                           | 32.8   |   |

**Year      Ended December 31, 2006 as Compared to Year Ended December 31,      2005**

***Revenue and Gross      Profit***

----

***Operating      Expenses***

**Year      Ended December 31, 2005 as Compared to Year Ended December 31,      2004**

***Revenue and Gross      Profit***

***Operating      Expenses***

**Gas Production and      Distribution Business**

***Key Factors      Affecting Operating Results***

----

|                                                                     |                                |                                                |                                |                                                |                                |            |                                |         |        |
|---------------------------------------------------------------------|--------------------------------|------------------------------------------------|--------------------------------|------------------------------------------------|--------------------------------|------------|--------------------------------|---------|--------|
|                                                                |                           | **Year                EndedDecember 31,** |                           | **Year                EndedDecember 31,** |                           |       |                           |
|                                                                |                           | **2006**                                       |                           | **2005**                                       |                           | **Change** |                           |
|                                                                |                           | **$**                                          |                           | **$**                                          |                           | **$**      |                           | **%**   |   |
|                                                                |                           | ($                in thousands) (unaudited)    |                           |
| **Contribution                margin**                              |                           |                                           |                           |                                           |                           |       |                           |    |   |
| Revenue                – utility                              |       | 93,602                                         |       | 85,866                                         |       | 7,736      |       | 9.0     |   |
| Cost                of revenue – utility                      |                           | 63,222                                         |                           | 51,648                                         |                           | 11,574     |                           | 22.4    |   |
| Contribution                margin – utility                  |                           | 30,380                                         |                           | 34,218                                         |                           | (3,838     | )                              | (11.2   | )      |
|                                                                |                           |                                           |                           |                                           |                           |       |                           |    |   |
| Revenue                – non-utility                          |                           | 67,260                                         |                           | 61,592                                         |                           | 5,668      |                           | 9.2     |   |
| Cost                of revenue – non-utility                  |                           | 40,028                                         |                           | 36,414                                         |                           | 3,614      |                           | 9.9     |   |
| Contribution                margin – non-utility              |                           | 27,232                                         |                           | 25,178                                         |                           | 2,054      |                           | 8.2     |   |
|                                                                |                           |                                           |                           |                                           |                           |       |                           |    |   |
| **Total                contribution margin**                        |                           | 57,612                                         |                           | 59,396                                         |                           | (1,784     | )                              | (3.0    | )      |
|                                                                |                           |                                           |                           |                                           |                           |       |                           |    |   |
| Production                                                          |                           | 4,718                                          |                           | 4,458                                          |                           | 260        |                           | 5.8     |   |
| Transmission                and distribution                        |                           | 14,110                                         |                           | 13,091                                         |                           | 1,019      |                           | 7.8     |   |
| Selling,                general and administrative expenses         |                           | 16,116                                         |                           | 16,107                                         |                           | 9          |                           | — |   |
| Depreciation                and amortization                        |                           | 6,089                                          |                           | 5,236                                          |                           | 853        |                           | 16.3    |   |
| **Operating                income**                                 |                           | 16,579                                         |                           | 20,504                                         |                           | (3,925     | )                              | (19.1   | )      |
| Interest                expense, net                                |                           | (8,666                                         | )                              | (4,123                                         | )                              | (4,543     | )                              | 110.2   |   |
| Other                (expense) income                               |                           | (1,605                                         | )                              | 2,325                                          |                           | (3,930     | )                              | (169.0  | )      |
| Unrealized                loss on derivatives                       |                           | (3,717                                         | )                              | —                                        |                           | (3,717     | )                              | NM      |   |
| **Income                before taxes(1)**                           |                           | 2,591                                          |                           | 18,706                                         |                           | (16,115    | )                              | (86.1   | )      |
|                                                                |                           |                                           |                           |                                           |                           |       |                           |    |   |
| **Reconciliation                of income before taxes to EBITDA:** |                           |                                           |                           |                                           |                           |       |                           |    |   |
| Income                before taxes(1)                               |                           | 2,591                                          |                           | 18,706                                         |                           | (16,115    | )                              | (86.1   | )      |
| Interest                expense, net                                |                           | 8,666                                          |                           | 4,123                                          |                           | 4,543      |                           | 110.2   |   |
| Depreciation                and amortization                        |                           | 6,089                                          |                           | 5,236                                          |                           | 853        |                           | 16.3    |   |
| **EBITDA**                                                          |                           | 17,346                                         |                           | 28,065                                         |                           | (10,719    | )                              | (38.2   | )      |

***Contribution      Margin      and Operating Income***

----

***Interest      Expense***

***Other (Expense)      Income***

***Unrealized      Loss      on Derivatives***

***EBITDA***

**District Energy      Business**

**Year      Ended December 31, 2006 Compared to Year Ended December 31,      2005**

***Key Factors      Affecting Operating Results***

----

|                                                             |                          |                                             |                          |          |                          |            |                          |         |        |
|-------------------------------------------------------------|--------------------------|---------------------------------------------|--------------------------|----------|--------------------------|------------|--------------------------|---------|--------|
|                                                        |                     | **Consolidated**                            |                     |
|                                                        |                     | **2006**                                    |                     | **2005** |                     | **Change** |                     |
|                                                        |                     | **$**                                       |                     | **$**    |                     | **$**      |                     | **%**   |   |
|                                                        |                     | ($                in thousands) (unaudited) |                     |
| Cooling capacity revenue                                    |      | 17,407                                      |      | 16,524   |      | 883        |      | 5.3     |   |
| Cooling consumption revenue                                 |                     | 17,897                                      |                     | 18,719   |                     | (822       | )                        | (4.4    | )      |
| Other revenue                                               |                     | 3,163                                       |                     | 2,855    |                     | 308        |                     | 10.8    |   |
| Finance lease revenue                                       |                     | 5,118                                       |                     | 5,303    |                     | (185       | )                        | (3.5    | )      |
| Total                revenue                                |                     | 43,585                                      |                     | 43,401   |                     | 184        |                     | 0.4     |   |
| Direct expenses — electricity                         |                     | 12,245                                      |                     | 12,080   |                     | 165        |                     | 1.4     |   |
| Direct expenses — other(1)                            |                     | 17,161                                      |                     | 17,098   |                     | 63         |                     | 0.4     |   |
| Direct                expenses — total                |                     | 29,406                                      |                     | 29,178   |                     | 228        |                     | 0.8     |   |
| Gross                profit                                 |                     | 14,179                                      |                     | 14,223   |                     | (44        | )                        | (0.3    | )      |
| Selling, general and administrative                expenses |                     | 3,811                                       |                     | 3,480    |                     | 331        |                     | 9.5     |   |
| Amortization of intangibles                                 |                     | 1,368                                       |                     | 1,368    |                     | —    |                     | — |   |
| Operating                income                             |                     | 9,000                                       |                     | 9,375    |                     | (375       | )                        | (4.0    | )      |
| Interest expense, net                                       |                     | (8,331                                      | )                        | (8,271   | )                        | (60        | )                        | 0.7     |   |
| Other (expense) income                                      |                     | (139                                        | )                        | 369      |                     | (508       | )                        | (137.7  | )      |
| Benefit (provision) for income taxes                        |                     | 1,102                                       |                     | (302     | )                        | 1,404      |                     | NM      |   |
| Minority interest                                           |                     | (528                                        | )                        | (719     | )                        | 191        |                     | (26.6   | )      |
| Net                income(2)                                |                     | 1,104                                       |                     | 452      |                     | 652        |                     | 144.2   |   |
|                                                        |                     |                                        |                     |     |                     |       |                     |    |   |
| *Reconciliation of net income to                EBITDA*     |                     |                                        |                     |     |                     |       |                     |    |   |
| Net                income(2)                                |                     | 1,104                                       |                     | 452      |                     | 652        |                     | 144.2   |   |
| Interest                expense, net                        |                     | 8,331                                       |                     | 8,271    |                     | 60         |                     | 0.7     |   |
| (Benefit)                provision for income taxes         |                     | (1,102                                      | )                        | 302      |                     | (1,404     | )                        | NM      |   |
| Depreciation                                                |                     | 5,709                                       |                     | 5,694    |                     | 15         |                     | 0.2     |   |
| Amortization                of intangibles                  |                     | 1,368                                       |                     | 1,368    |                     | —    |                     | — |   |
| EBITDA                                                      |                     | 15,410                                      |                     | 16,087   |                     | (677       | )                        | (4.2    | )      |

***Gross      Profit***

***Selling, General      and Administrative Expenses***

***Interest Expense,      Net***

----

***Other      Income (Expense)***

***EBITDA***

**Year      Ended December 31, 2005 Compared to Year Ended December 31, 2004**

***Key Factors      Affecting Operating Results***

----

|                                                                                                                                                                                                                                                        |                                |                                              |                                |                               |                                |                  |                                |          |                                |          |                                |          |                                |          |                                |            |                                |         |                                |        |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------------------------------------------|--------------------------------|-------------------------------|--------------------------------|------------------|--------------------------------|----------|--------------------------------|----------|--------------------------------|----------|--------------------------------|----------|--------------------------------|------------|--------------------------------|---------|--------------------------------|--------|--------|
|                                                                                                                                                                                                                                                   |                           | **MDEH                Excluding ETT Nevada** |                           | **ETT                Nevada** |                           | **Consolidated** |                           |
|                                                                                                                                                                                                                                                   |                           | **2005**                                     |                           | **2004**                      |                           | **Change**       |                           | **2005** |                           | **2004** |                           | **2005** |                           | **2004** |                           | **Change** |                           |
|                                                                                                                                                                                                                                                   |                           | **$**                                        |                           | **$**                         |                           | **$**            |                           | **%**    |                           | **$**    |                           | **$**    |                           | **$**    |                           | **$**      |                           | **$**   |                           | **%**  |   |
|                                           |                           | ($                in thousands)              |                           |
| Cooling                capacity revenue                                                                                                                                                                                                                |       | 16,524                                       |       | 16,224                        |       | 300              |       | 1.8      |       | —  |       | —  |       | 16,524   |       | 16,224     |       | 300     |       | 1.8    |   |
| Cooling                consumption revenue                                                                                                                                                                                                             |                           | 16,894                                       |                           | 14,359                        |                           | 2,535            |                           | 17.7     |                           | 1,825    |                           | 289      |                           | 18,719   |                           | 14,648     |                           | 4,071   |                           | 27.8   |   |
| Other                revenue                                                                                                                                                                                                                           |                           | 1,090                                        |                           | 1,285                         |                           | (195             | )                              | (15.2    | )                              | 1,765    |                           | 436      |                           | 2,855    |                           | 1,721      |                           | 1,134   |                           | 65.9   |   |
| Finance                lease revenue                                                                                                                                                                                                                   |                           | 1,287                                        |                           | 1,387                         |                           | (100             | )                              | (7.2     | )                              | 4,016    |                           | 1,036    |                           | 5,303    |                           | 2,423      |                           | 2,880   |                           | 118.9  |   |
|  Total                revenue                                                                                                                                                                                                                     |                           | 35,795                                       |                           | 33,255                        |                           | 2,540            |                           | 7.6      |                           | 7,606    |                           | 1,761    |                           | 43,401   |                           | 35,016     |                           | 8,385   |                           | 23.9   |   |
| Direct                expenses – electricity                                                                                                                                                                                                     |                           | 10,270                                       |                           | 8,767                         |                           | 1,503            |                           | 17.1     |                           | 1,810    |                           | 231      |                           | 12,080   |                           | 8,998      |                           | 3,082   |                           | 34.3   |   |
| Direct                expenses – other(1)                                                                                                                                                                                                        |                           | 15,590                                       |                           | 13,410                        |                           | 2,180            |                           | 16.3     |                           | 1,508    |                           | 369      |                           | 17,098   |                           | 13,779     |                           | 3,319   |                           | 24.1   |   |
| Direct                expenses – total                                                                                                                                                                                                           |                           | 25,860                                       |                           | 22,177                        |                           | 3,683            |                           | 16.6     |                           | 3,318    |                           | 600      |                           | 29,178   |                           | 22,777     |                           | 6,401   |                           | 28.1   |   |
| Gross                profit                                                                                                                                                                                                                            |                           | 9,935                                        |                           | 11,078                        |                           | (1,143           | )                              | (10.3    | )                              | 4,288    |                           | 1,161    |                           | 14,223   |                           | 12,239     |                           | 1,984   |                           | 16.2   |   |
| Selling,                general and administrative expenses                                                                                                                                                                                            |                           | 3,161                                        |                           | 3,555                         |                           | (394             | )                              | (11.1    | )                              | 319      |                           | 74       |                           | 3,480    |                           | 3,629      |                           | (149    | )                              | (4.1   | )      |
| Amortization                of intangibles                                                                                                                                                                                                             |                           | 1,321                                        |                           | 704                           |                           | 617              |                           | 87.6     |                           | 47       |                           | 12       |                           | 1,368    |                           | 716        |                           | 652     |                           | 91.1   |   |
| Operating                income                                                                                                                                                                                                                        |                           | 5,453                                        |                           | 6,819                         |                           | (1,366           | )                              | (20.0    | )                              | 3,922    |                           | 1,075    |                           | 9,375    |                           | 7,894      |                           | 1,481   |                           | 18.8   |   |
| Interest                expense, net                                                                                                                                                                                                                   |                           | (6,255                                       | )                              | (20,736                       | )                              | 14,481           |                           | (69.8    | )                              | (2,016   | )                              | (585     | )                              | (8,271   | )                              | (21,321    | )                              | 13,050  |                           | (61.2  | )      |
| Other                income                                                                                                                                                                                                                            |                           | 138                                          |                           | 1,529                         |                           | (1,391           | )                              | (91.0    | )                              | 231      |                           | —  |                           | 369      |                           | 1,529      |                           | (1,160  | )                              | (75.9  | )      |
| Provision                for income taxes                                                                                                                                                                                                              |                           | (302                                         | )                              | (1,103                        | )                              | 801              |                           | (72.6    | )                              |     |                           | (116     | )                              | (302     | )                              | (1,219     | )                              | 917     |                           | (75.2  | )      |
| Minority                interest                                                                                                                                                                                                                       |                           | —                                      |                           | —                       |                           | —          |                           | —  |                           | (719     | )                              | (118     | )                              | (719     | )                              | (118       | )                              | (601    | )                              | 509.3  |   |
| Net                income (loss)                                                                                                                                                                                                                       |                           | (966                                         | )                              | (13,491                       | )                              | 12,525           |                           | (92.8    | )                              | 1,418    |                           | 256      |                           | 452      |                           | (13,235    | )                              | 13,687  |                           | (103.4 | )      |
|                                                                                                                                                                                                                                                   |                           |                                         |                           |                          |                           |             |                           |     |                           |     |                           |     |                           |     |                           |       |                           |    |                           |   |   |
| *Reconciliation                of net income (loss) to EBITDA*                                                                                                                                                                                         |                           |                                         |                           |                          |                           |             |                           |     |                           |     |                           |     |                           |     |                           |
| Net                income (loss)                                                                                                                                                                                                                       |                           | (966                                         | )                              | (13,491                       | )                              | 12,525           |                           | (92.8    | )                              | 1,418    |                           | 256      |                           | 452      |                           | (13,235    | )                              | 13,687  |                           | (103.4 | )      |
| Interest                expense, net                                                                                                                                                                                                                   |                           | 6,255                                        |                           | 20,736                        |                           | (14,481          | )                              | (69.8    | )                              | 2,016    |                           | 585      |                           | 8,271    |                           | 21,321     |                           | (13,050 | )                              | (61.2  | )      |
| Provision                for income taxes                                                                                                                                                                                                              |                           | 302                                          |                           | 1,103                         |                           | (801             | )                              | (72.6    | )                              | —  |                           | 116      |                           | 302      |                           | 1,219      |                           | (917    | )                              | (75.2  | )      |
| Depreciation                                                                                                                                                                                                                                           |                           | 5,694                                        |                           | 4,202                         |                           | 1,492            |                           | 35.5     |                           | —  |                           | —  |                           | 5,694    |                           | 4,202      |                           | 1,492   |                           | 35.5   |   |
| Amortization                of intangibles                                                                                                                                                                                                             |                           | 1,321                                        |                           | 704                           |                           | 617              |                           | 87.6     |                           | 47       |                           | 12       |                           | 1,368    |                           | 716        |                           | 652     |                           | 91.1   |   |
| EBITDA                                                                                                                                                                                                                                                 |                           | 12,606                                       |                           | 13,254                        |                           | (648             | )                              | (4.9     | )                              | 3,481    |                           | 969      |                           | 16,087   |                           | 14,223     |                           | 1,864   |                           | 13.1   |   |

***Gross      Profit***

***Selling, General      and Administrative Expenses***

----

***Interest      Expense, Net***

***EBITDA***

**Airport Parking      Business**

**Year      Ended December 31, 2006 Compared to Year Ended December 31, 2005**

**Key Factors      Affecting Operating Results**

----

|                                                                               |                                |                                             |         |                                |        |         |                                |        |         |                                |        |        |        |
|-------------------------------------------------------------------------------|--------------------------------|---------------------------------------------|---------|--------------------------------|--------|---------|--------------------------------|--------|---------|--------------------------------|--------|--------|--------|
|                                                                          |                           | **Year                Ended December 31,**  |    | **Change**                     |   |
|                                                                          |                           | **2006**                                    |    | **2005**                       |   | **$**   |                           | **%**  |    |
|                                                                          |                           | ($                in thousands) (unaudited) |    |
| Revenue                                                                       |       | $                                           | 76,062  |       | $      | 59,856  |       | $      | 16,206  |       |   | 27.1   |   |
| Direct                expenses(1)                                             |                           |                                        | 54,637  |                           |   | 45,076  |                           |   | 9,561   |                           |   | 21.2   |   |
| Gross                profit                                                   |                           |                                        | 21,425  |                           |   | 14,780  |                           |   | 6,645   |                           |   | 45.0   |   |
| Selling,                general and administrative expenses                   |                           |                                        | 5,918   |                           |   | 4,509   |                           |   | 1,409   |                           |   | 31.2   |   |
| Amortization                of intangibles(2)                                 |                           |                                        | 25,563  |                           |   | 3,802   |                           |   | 21,761  |                           |   | NM     |   |
| Operating                (loss) income                                        |                           |                                        | (10,056 | )                              |   | 6,469   |                           |   | (16,525 | )                              |   | NM     |   |
| Interest                expense, net                                          |                           |                                        | (17,267 | )                              |   | (10,320 | )                              |   | (6,947  | )                              |   | 67.3   |   |
| Other                income (expense)                                         |                           |                                        | 502     |                           |   | (14     | )                              |   | 516     |                           |   | NM     |   |
| Unrealized                (loss) gain on derivative instruments               |                           |                                        | (720    | )                              |   | 170     |                           |   | (890    | )                              |   | NM     |   |
| Income                tax benefit (expense)                                   |                           |                                        | 12,364  |                           |   | (60     | )                              |   | 12,424  |                           |   | NM     |   |
| Minority                interest in loss (income) of consolidatedsubsidiaries |                           |                                        | 572     |                           |   | 538     |                           |   | 34      |                           |   | 6.3    |   |
| Net                loss(3)                                                    |                           | $                                           | (14,605 | )                              | $      | (3,217  | )                              | $      | (11,388 | )                              |   | NM     |   |
| *Reconciliation                of net loss to EBITDA*                         |                           |                                        |    |                           |   |    |                           |   |    |                           |   |   |   |
| Net                loss(3)                                                    |                           | $                                           | (14,605 | )                              | $      | (3,217  | )                              | $      | (11,388 | )                              |   | NM     |   |
| Interest                expense, net                                          |                           |                                        | 17,267  |                           |   | 10,320  |                           |   | 6,947   |                           |   | 67.3   |   |
| Income                tax (expense) benefit                                   |                           |                                        | (12,364 | )                              |   | 60      |                           |   | (12,424 | )                              |   | NM     |   |
| Depreciation                                                                  |                           |                                        | 3,555   |                           |   | 2,397   |                           |   | 1,158   |                           |   | 48.3   |   |
| Amortization                of intangibles(2)                                 |                           |                                        | 25,563  |                           |   | 3,802   |                           |   | 21,761  |                           |   | NM     |   |
| EBITDA                                                                        |                           | $                                           | 19,416  |                           | $      | 13,362  |                           | $      | 6,054   |                           |   | 45.3   |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                |                                            |           |                                |        |           |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------|-----------|--------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                           | **Year                Ended December 31,** |      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                           | **2006**                                   |      | **2005**                       |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                           |                                       |      |                           |   |      |   |
| **Operating                Data:                                                                                                             ** |                           |                                       |      |                           |   |      |   |
| Total                Revenue ($ in thousands)(1):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |                                       |      |                           |   |      |   |
| New                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |       | $                                          | 17,892    |       | $      | 5,616     |   |
| Comparable                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                           | $                                          | 58,170    |                           | $      | 54,240    |   |
| Comparable                locations increase                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           |                                       | 7.2       | %                              |   |      |   |
| Parking                Revenue ($ in thousands)(2):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                           |                                       |      |                           |   |      |   |
| New                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           | $                                          | 17,751    |                           | $      | 5,485     |   |
| Comparable                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                           | $                                          | 56,045    |                           | $      | 52,330    |   |
| Comparable                locations increase                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           |                                       | 7.1       | %                              |   |      |   |
| Cars                Out(3):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                           |                                       |      |                           |   |      |   |
| New                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           |                                       | 671,521   |                           |   | 213,436   |   |
| Comparable                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                           |                                       | 1,415,561 |                           |   | 1,453,925 |   |
| Comparable                locations (decrease)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                           |                                       | -2.6      | %                              |   |      |   |
| Average                Revenue per Car Out:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                           |                                       |      |                           |   |      |   |
| New                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           | $                                          | 26.43     |                           | $      | 25.70     |   |
| Comparable                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                           | $                                          | 39.59     |                           | $      | 35.99     |   |
| Comparable                locations increase                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           |                                       | 10.0      | %                              |   |      |   |
| Average                Overnight Occupancy(4):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                           |                                       |      |                           |   |      |   |
| New                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           |                                       | 6,638     |                           |   | 5,768     |   |
| Comparable                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                           |                                       | 15,452    |                           |   | 14,925    |   |
| Comparable                locations increase                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           |                                       | 3.5       | %                              |   |      |   |
| Gross                Profit Percentage:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                           |                                       |      |                           |   |      |   |
| New                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           |                                       | 29.10     | %                              |   | 21.63     | %      |
| Comparable                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                           |                                       | 27.91     | %                              |   | 25.44     | %      |
| Locations:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                           |                                       |      |                           |   |      |   |
| New                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           |                                       | 9         |                           |   |      |   |
| Comparable                locations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                           |                                       | 21        |                           |   |      |   |

***Revenue***

----

***Operating      Expenses***

***Selling, General      and Administrative Expenses***

***Amortization      of      Intangibles***

***Interest Expense,      Net***

***EBITDA***

----

**Year      Ended December 31, 2005 Compared to Year Ended December 31,      2004**

|        |        |
|--------|--------|
|   |   |

***Key Factors      Affecting Operating Results***

|        |        |        |
|--------|--------|--------|
|   |   |   |

|                                                                       |                                |                                             |                                |          |                                |            |                                |        |        |
|-----------------------------------------------------------------------|--------------------------------|---------------------------------------------|--------------------------------|----------|--------------------------------|------------|--------------------------------|--------|--------|
|                                                                  |                           | **2005**                                    |                           | **2004** |                           | **Change** |                           |
|                                                                  |                           | **$**                                       |                           | **$**    |                           | **$**      |                           | **%**  |   |
|                                                                  |                           | ($                in thousands) (unaudited) |                           |
| Revenue                                                               |       | 59,856                                      |       | 51,444   |       | 8,412      |       | 16.4   |   |
| Direct                expenses(1)                                     |                           | 45,076                                      |                           | 36,872   |                           | 8,204      |                           | 22.2   |   |
| Gross                profit                                           |                           | 14,780                                      |                           | 14,572   |                           | 208        |                           | 1.4    |   |
| Selling,                general and administrative expenses           |                           | 4,509                                       |                           | 4,670    |                           | (161       | )                              | (3.4   | )      |
| Amortization                of intangibles                            |                           | 3,802                                       |                           | 2,850    |                           | 952        |                           | 33.4   |   |
| Operating                income                                       |                           | 6,469                                       |                           | 7,052    |                           | (583       | )                              | (8.3   | )      |
| Interest                expense, net                                  |                           | (10,320                                     | )                              | (8,392   | )                              | (1,928     | )                              | 23.0   |   |
| Other                expense                                          |                           | (14                                         | )                              | (47      | )                              | 33         |                           | (70.2  | )      |
| Unrealized                gain on derivative instruments              |                           | 170                                         |                           | —  |                           | 170        |                           | NM     |   |
| Income                tax expense                                     |                           | (60                                         | )                              | —  |                           | (60        | )                              | NM     |   |
| Minority                interest in loss of consolidated subsidiaries |                           | 538                                         |                           | 629      |                           | (91        | )                              | (14.5  | )      |
| Net                loss                                               |                           | (3,217                                      | )                              | (758     | )                              | (2,459     | )                              | NM     |   |
| *Reconciliation                of net loss to EBITDA:*                |                           |                                        |                           |     |                           |       |                           |   |   |
| Net                loss                                               |                           | (3,217                                      | )                              | (758     | )                              | (2,459     | )                              | NM     |   |
| Interest                expense, net                                  |                           | 10,320                                      |                           | 8,392    |                           | 1,928      |                           | 23.0   |   |
| Income                tax expense                                     |                           | 60                                          |                           | —  |                           | 60         |                           | NM     |   |
| Depreciation                                                          |                           | 2,397                                       |                           | 2,164    |                           | 233        |                           | 10.8   |   |
| Amortization                of intangibles                            |                           | 3,802                                       |                           | 2,850    |                           | 952        |                           | 33.4   |   |
| EBITDA                                                                |                           | 13,362                                      |                           | 12,648   |                           | 714        |                           | 5.6    |   |

***Revenue***

----

***Operating      Expenses***

***Amortization      of      Intangibles***

***Interest      Expense***

***EBITDA***

----

**LIQUIDITY      AND CAPITAL RESOURCES**

**Our Consolidated      Cash Flow**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                |                                                    |          |                                                    |        |                                                                                      |                                |   |          |        |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------------------------------------------------|----------|----------------------------------------------------|--------|--------------------------------------------------------------------------------------|--------------------------------|---|----------|--------|--|
| **  **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                           | **Year                EndedDecember 31,2006** |     | **Year                EndedDecember 31,2005** |   | **April                13, 2004 (inception) -December 31,                2004** |                           |
|                                                                                                  |       | ($                in thousands)                    |     |
| Cash                provided by (used in) operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                           | $                                                  | 46,365   |                           | $      | 43,547                                                                               |       | $ | (4,045   | )      |
| Cash                used in investing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                           | $                                                  | (686,196 | )                                                  | $      | (201,950                                                                             | )                              | $ | (467,477 | )      |
| Cash                provided by financing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                           | $                                                  | 562,328  |                                               | $      | 133,847                                                                              |                           | $ | 611,765  |   |

----

|                                                                                            |                                                                                    |                                |                                                                                                                                                                                                                            |                                                                                            |
|--------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|
|                 | Facility                size:                                                      |       | $300.0 million for loans and/or letters of                credit                                                                                                                                                           |                 |
|                                                                                       | Termination                date:                                                   |                           | March 31, 2008                                                                                                                                                                                                             |                                                                                       |
|                                                                                       | Interest                and principal repayments:                                  |                           | Interest only during the term of the                loan                                                                                                                                                                   |                                                                                       |
|                                                                                       |                                                                               |                           | Repayment of principal at termination, upon                voluntary prepayment, or upon an event requiring mandatory                prepayment.                                                                           |                                                                                       |
|                                                                                       | Eurodollar                rate:                                                    |                           | LIBOR plus 1.25% per annum                                                                                                                                                                                                 |                                                                                       |
|                                                                                       | Base                rate:                                                          |                           | Base rate plus 0.25% per annum                                                                                                                                                                                             |                                                                                       |
|                                                                                       | Annual                commitment fee:                                              |                           | 20% of the applicable LIBOR margin on the                average                daily undrawn balance                                                                                                                      |                                                                                       |
|                                                                                       | Financial                Covenants (calculations includeMIC Inc. and the company): |                           | ·Ratio                of Debt to Consolidated                Adjusted Cash from Operations <6.8·Ratio                of Consolidated Adjusted Cash                from Operations to Interest Expense >2   |                                                                                       |
|                                                                                       | Financial                Covenantsas of December 31, 2006                          |                           | ·Ratio                of Debt to Consolidated                Adjusted Cash fromOperations of 0.0x·Ratio                of Consolidated Adjusted Cash                from Operations to Interest Expense of 5.15x |                                                                                       |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |                                               |          |                                               |        |            |                                |         |                                |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------------------------|----------|-----------------------------------------------|--------|------------|--------------------------------|---------|--------------------------------|------|
|                                                                                                                                                                                                                                                                                                                                                                                                            |                           | **Year                EndedDecember 31,2006** |     | **Year                EndedDecember 31,2005** |   | **Change** |
|                                                                                                                                                                                                                                                                                                                                                                                                            |                           |                                          |     | **$**                                         |   | **%**      |
|                                                                                                                                                                                                                                                                                                                                                                                                            |                           | ($                in thousands)               |     |                                          |   |
| Cash                provided by                operations                                                          |       | $                                             | 35,853   |                                          | $      | 21,783     |       | 14,070  |       | 64.6 |
| Cash                used in investing activities                                                                                                                                                                                                                                                                                                                                                                |                           | $                                             | (353,620 | )                    | $      | (112,466   | )                              | 241,154 |                           | NM   |
| Cash                provided by financing activities                                                                                                                                                                                                                                                                                                                                                            |                           | $                                             | 318,102  |                                          | $      | 93,121     |                           | 224,981 |                           | NM   |

|                                                                                                                                                                                                                                                                                                                                                                                                                       |                                |                                                    |          |                                                    |        |            |                          |         |                                |       |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------------------------------------------------|----------|----------------------------------------------------|--------|------------|--------------------------|---------|--------------------------------|-------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                  |                           | **Year                EndedDecember 31,2005** |     | **Year                EndedDecember 31,2004** |   | **Change** |                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                  |                           |                                               |     | **$**                                              |   | **%**      |                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                  |                           | ($                in thousands)                    |     |                                               |   |       |
| Cash                provided by                operations                                                           |       | $                                                  | 21,783   |                           | $      | 9,803      |      | 11,980  |       | 122.2 |   |
| Cash                used in investing activities                                                                                                                                                                                                                                                                                                                                                                      |                           | $                                                  | (112,466 | )                                                  | $      | (229,839   | )                   | 117,373 |                           | (51.1 | )      |
| Cash                 provided by financing activities                                                                                                                                                                                                                                                                                                                                                            |                           | $                                                  | 93,121   |                                               | $      | 228,357    |                     | 135,236 |                           | 59.2  |   |

----

|                                                                                                                                                                                                                                            |                                |                                                                                                                                                                                                                                                         |                         |                               |            |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|-------------------------------|------------|--|--|--|--|--|
| Amount                outstanding as of December 31, 2006                                                                                                                                                                                  |       | $480.0 million term loan$5.0 million revolver                with established letters of credit in place for $2.0 million                                                                                                                               |
|                                         |                           |                                                                                                                                                                                                                                                    |                    |                          |       |
| Term                                                                                                                                                                                                                                       |                           | 5 years (matures December 12, 2010)                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    |                    |                          |       |
| Amortization                                                                                                                                                                                                                               |                           | Payable at maturity                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    |                    |                          |       |
| Interest                rate type                                                                                                                                                                                                          |                           | Floating                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    |                    |                          |       |
| Interest                rate base                                                                                                                                                                                                          |                           | LIBOR                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    |                    |                          |       |
| Interest                rate margin                                                                                                                                                                                                        |                           | 1.75% until December 20082.00% until December 2010                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    |                    |                          |       |
| Interest                rate hedging                                                                                                                                                                                                       |                           | We have novated pre-existing swaps and entered                into new interest rate swaps (fixed vs. LIBOR), fixing 100% of the                term                loan at the following average rates (not including interest                margin): |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    |                    |                          |       |
|                                                                                                                                                                                                                                       |                           | Notional Amount                                                                                                                                                                                                                                         | Start Date              | End Date                      | Fixed Rate |
|                                                                                                                                                                                                                                       |                           | $300.0 million                                                                                                                                                                                                                                          | December 14, 2005       | September 28, 2007            | 4.27%      |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    | September 28, 2007      | November 7, 2007              | 4.73%      |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    | November 7, 2007        | October  21, 2009        | 4.85%      |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    | October 21, 2009        | December 14, 2010             | 4.98%      |
|                                                                                                                                                                                                                                       |                           | $180.0 million                                                                                                                                                                                                                                          | September 29, 2006      | December 12, 2010             | 5.515%     |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    |                    |                          |       |
| Debt                service reserve                                                                                                                                                                                                        |                           | Six months of debt service                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    |                    |                          |       |
| Distributions                Lock-Up Tests                                                                                                                                                                                                 |                           | 12 month forward and 12 month backward debt                service cover ratio < 1.5x                                                                                                                                                                |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    |                    |                          |       |
|                                                                                                                                                                                                                                       |                           | Minimum adjusted EBITDA:                                                                                                                                                                                                                                |                    |                          |
|                                                                                                                                                                                                                                       |                           | Year                                                                                                                                                                                                                                                    | Minimum adjusted EBITDA |                          |       |
|                                                                                                                                                                                                                                       |                           | 2005                                                                                                                                                                                                                                                    | $40.1 million           |                          |       |
|                                                                                                                                                                                                                                       |                           | 2006                                                                                                                                                                                                                                                    | $66.9 million           |                          |       |
|                                                                                                                                                                                                                                       |                           | 2007                                                                                                                                                                                                                                                    | $71.9 million           |                          |       |
|                                                                                                                                                                                                                                       |                           | 2008                                                                                                                                                                                                                                                    | $77.5 million           |                          |       |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    |                    |                          |       |
|                                                                                                                                                                                                                                       |                           | Maximum debt/ adjusted EBITDA calculated                quarterly:                                                                                                                                                                                      |                    |
|                                                                                                                                                                                                                                       |                           | Starting                                                                                                                                                                                                                                                | Ending                  | Maximum debt/ adjusted EBITDA |       |
|                                                                                                                                                                                                                                       |                           | December 31, 2008                                                                                                                                                                                                                                       | September 30, 2009      | 5.5x                          |       |
|                                                                                                                                                                                                                                       |                           | December 31, 2009                                                                                                                                                                                                                                       | March 31, 2010          | 5.0x                          |       |
|                                                                                                                                                                                                                                       |                           | June 30, 2010                                                                                                                                                                                                                                           | September 30, 2010      | 4.5x                          |       |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    |                    |                          |       |
| Mandatory                Prepayments                                                                                                                                                                                                       |                           | If any distribution lock-up test is not met                for                two consecutive quarters.                                                                                                                                                 |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    |                    |                          |       |
| Events                of                Default Financial Triggers                                                                                                                                                                         |                           | If backward debt service cover ratio <                1.2x                                                                                                                                                                                           |
|                                                                                                                                                                                                                                       |                           |                                                                                                                                                                                                                                                    |
| Financial                Covenantsas of December 31, 2006                                                                                                                                                                                  |                           | ·backward                debt service coverage ratio                of 2.90x·Adjusted                EBITDA of $82.2                million·Debt/Adjusted                EBITDA of                5.84x                                  |

----

|  |  |  |  |  |  |  |  |  |  |  |
|--|--|--|--|--|--|--|--|--|--|--|

|                                                                |                                      |                                               |          |                                               |        |            |                                      |        |          |                                       |        |        |        |
|----------------------------------------------------------------|--------------------------------------|-----------------------------------------------|----------|-----------------------------------------------|--------|------------|--------------------------------------|--------|----------|---------------------------------------|--------|--------|--------|
|                                                           |                                 | **Year                EndedDecember 31,2006** |     | **Year                EndedDecember 31,2005** |   | **Change** |                                 |
| **$**                                                          |                                 | **%**                                         |
|                                                           |                                 | ($                in thousands)               |     |
|                                                           |                                 |                                          |     |                                          |   |       |                                 |   |     |                                  |   |   |   |
| Cash                provided by operations                     |        | $                                             | 14,534   |                 | $      | 19,296     |        |   | (4,762   | )       |   | (24.7  | )      |
| Cash                used in investing activities               |                                 | $                                             | (265,007 | )                                             | $      | (6,923     | )                                    |   | (258,084 | )                                     |   | NM     |   |
| Cash                provided by (used in) financing activities |                                 | $                                             | 251,149  |                                          | $      | (5,535     | )                                    |   | 256,684  |                                  |   | NM     |   |

----

|                                                                                                                                                                                                                                                                                      |                                |                                                                                                                                                                                                                    |                                |                                                                                                                                                                                                                    |                                |                                                                                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                 |                           | **Holding                Company Debt**                                                                                                                                                                            |                           | **Operating                Company Debt**                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                 |                           | HGC Holdings LLC                                                                                                                                                                                                   |                           | The Gas Company, LLC                                                                                                                                                                                               |
|                                                |       |                                     |       |                                     |       |                                     |
| Borrowings:                                                                                                                                                                                                                                                                          |                           | $80.0 million Term Loan                                                                                                                                                                                            |                           | $80.0 million Term Loan                                                                                                                                                                                            |                           | $20.0 million Revolver                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |
| Security:                                                                                                                                                                                                                                                                            |                           | First priority security interest on HGC assets                and equity interests                                                                                                                                 |                           | First priority security interest on TGC assets                and equity interests                                                                                                                                 |                           |                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |
| Term:                                                                                                                                                                                                                                                                                |                           | 7 years                                                                                                                                                                                                            |                           | 7 years                                                                                                                                                                                                            |                           | 7 years                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |
| Amortization:                                                                                                                                                                                                                                                                        |                           | Payable at maturity                                                                                                                                                                                                |                           | Payable at maturity                                                                                                                                                                                                |                           | Payable at the earlier of 12 months or                maturity                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |
| Interest:                Years 1-5:                                                                                                                                                                                                                                                  |                           | LIBOR plus 0.60%                                                                                                                                                                                                   |                           | LIBOR plus 0.40%                                                                                                                                                                                                   |                           | LIBOR plus 0.40%                                                                                                                                                                                                   |
| Interest:                Years 6-7:                                                                                                                                                                                                                                                  |                           | LIBOR plus 0.70%                                                                                                                                                                                                   |                           | LIBOR plus 0.50%                                                                                                                                                                                                   |                           | LIBOR plus 0.50%                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |
| Hedging:                                                                                                                                                                                                                                                                             |                           | Interest rate swaps (fixed v. LIBOR) fixing                funding costs at 4.84% for 7 years on a notional value of $160.0                million                                                                 |                           | —                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |
| Distributions                Lock-Up Test:                                                                                                                                                                                                                                           |                           | —                                                                                                                                                                                                            |                           | 12 mo. look-forward and 12 mo. look-backward                adjusted EBITDA/interest < 3.5x                                                                                                                     |                           | —                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |
| Mandatory                Prepayments:                                                                                                                                                                                                                                                |                           | —                                                                                                                                                                                                            |                           | 12 mo. look-forward and 12 mo. look-backward                adjusted EBITDA/interest < 3.5x for 3 consecutive quarters                                                                                          |                           | —                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |                           |                                                                                                                                                                                                               |
| Events                of Default Financial Triggers:                                                                                                                                                                                                                                 |                           | —                                                                                                                                                                                                            |                           | 12 mo. look-backward adjusted EBITDA/interest                < 2.5x                                                                                                                                             |                           | 12 mo. look-backward                adjusted EBITDA/interest < 2.5x                                                                                                                                        |

|                                                                                                                                                                                                                                                                                                                                                                                |                                |                                                                    |        |                                                                    |        |            |                                |        |        |                     |        |       |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|------------|--------------------------------|--------|--------|---------------------|--------|-------|--------|
|                                                                                                                                                                                                                                                                                                                                                                           |                           | **Year                Ended                December 31,2006** |   | **Year                Ended                December 31,2005** |   | **Change** |                           |
| **$**                                                                                                                                                                                                                                                                                                                                                                          |                           | **%**                                                              |
|                                                                                                                                                                                                                                                                                                                                                                           |                           | ($                in thousands)                                    |   |
| Cash provided by operations                                                       |       | $                                                                  | 9,074  |                                           | $      | 12,106     |       |   | (3,032 | )    |   | (25.0 | )      |
| Cash                used in investing activities                                                                                                                                                                                                                                                                                                                               |                           | $                                                                  | (1,618 | )                                                                  | $      | (332       | )                              |   | (1,286 | )                   |   | NM    |   |
| Cash                used in financing activities                                                                                                                                                                                                                                                                                                                               |                           | $                                                                  | (8,094 | )                                                                  | $      | (15,235    | )                              |   | 7,141  |                |   | 46.9  |   |

----

|                                                                                                                                                                                                                                                                                                        |                                |                                                                                                                                                                                                                                                                                                                                                                           |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Amount                outstanding as of December 31, 2006                                                                                                                                                                                                                                              |       | $120.0 million                                                                                                                                                                                                                                                                                                                                                            |
|                                                   |                           |                                                                                                                                                                                                                                                                                                                                                                      |
| Term                                                                                                                                                                                                                                                                                                   |                           | Matures December 31, 2023                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                   |                           |                                                                                                                                                                                                                                                                                                                                                                      |
| Amortization                                                                                                                                                                                                                                                                                           |                           | Variable quarterly amortization commencing                December 31, 2007                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                   |                           |                                                                                                                                                                                                                                                                                                                                                                      |
| Interest                rate type                                                                                                                                                                                                                                                                      |                           | Fixed                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                   |                           |                                                                                                                                                                                                                                                                                                                                                                      |
| Interest                rate                                                                                                                                                                                                                                                                           |                           | 6.82% on $100.0 million and 6.4% on $20.0                million                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                   |                           |                                                                                                                                                                                                                                                                                                                                                                      |
| Debt                service reserve                                                                                                                                                                                                                                                                    |                           | Six-month debt service reserve                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                   |                           |                                                                                                                                                                                                                                                                                                                                                                      |
| Dividend                payment restriction                                                                                                                                                                                                                                                            |                           | No distributions to be made to shareholders                of                MDE if debt service coverage ratio is less than 1.25 times for previous                and next 12 months, tested quarterly.                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                   |                           |                                                                                                                                                                                                                                                                                                                                                                      |
| Make                whole payment                                                                                                                                                                                                                                                                      |                           | Difference between the outstanding principal                balance and the value of the senior secured notes discounting remaining                payments at a discount rate of 50 basis points over the U.S. treasury                security with a maturity closest to the weighted average maturity                of the                senior secured notes. |
|                                                                                                                                                                                                                                                                                                   |                           |                                                                                                                                                                                                                                                                                                                                                                      |
| Debt                Service Coverage Ratio at December 31, 2006                                                                                                                                                                                                                                        |                           | 2.00:1                                                                                                                                                                                                                                                                                                                                                                    |

----

|                                                                                                                                                                                                                                                                                                                                                                          |                                |                                               |        |                                               |        |            |                                |         |                                |        |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------------------------|--------|-----------------------------------------------|--------|------------|--------------------------------|---------|--------------------------------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                     |                           | **Year                EndedDecember 31,2006** |   | **Year                EndedDecember 31,2005** |   | **Change** |                           |
|                                                                                                                                                                                                                                                                                                                                                                     |                           |                                          |   | **$**                                         |   | **%**      |                           |
|                                                                                                                                                                                                                                                                                                                                                                     |                           | ($                in thousands)               |   |                                          |   |       |                           |
| Cash provided by operations                                                      |       | $                                             | 7,473  |                      | $      | 4,893      |       | 2,580   |       | 52.7   |   |
| Cash                used in investing activities                                                                                                                                                                                                                                                                                                                         |                           | $                                             | (4,202 | )                                             | $      | (75,688    | )                              | 71,486  |                           | (94.4  | )      |
| Cash                (used in) provided by financing activities                                                                                                                                                                                                                                                                                                           |                           | $                                             | (529   | )                                             | $      | 76,720     |                           | (77,249 | )                              | (100.7 | )      |

|                                                                                                                                                                                                                                |                                |                                                                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|
| Borrower:                                                                                                                                                                                                                      |       | Parking Company of America Airports,                LLC                                                                                        |
|                                       |                           | Parking Company of America Airports Phoenix,                LLC                                                                                |
|                                                                                                                                                                                                                           |                           | PCAA SP, LLC                                                                                                                                   |
|                                                                                                                                                                                                                           |                           | PCA Airports, Ltd.                                                                                                                             |
|                                                                                                                                                                                                                           |                           |                                                                                                                                           |
| Borrowings:                                                                                                                                                                                                                    |                           | $195.0 million term loan                                                                                                                       |
|                                                                                                                                                                                                                           |                           |                                                                                                                                           |
| Security:                                                                                                                                                                                                                      |                           | Borrower assets                                                                                                                                |
|                                                                                                                                                                                                                           |                           |                                                                                                                                           |
| Term:                                                                                                                                                                                                                          |                           | 3 years (September 2009)                plus                2 one-year optional extensions subject to meeting certain                covenants |
|                                                                                                                                                                                                                           |                           |                                                                                                                                           |
| Amortization:                                                                                                                                                                                                                  |                           | Payable at maturity                                                                                                                            |
|                                                                                                                                                                                                                           |                           |                                                                                                                                           |
| Interest                rate:                                                                                                                                                                                                  |                           | 1 month LIBOR plus                                                                                                                             |
|                                                                                                                                                                                                                           |                           |                                                                                                                                           |
| Years                1-3:                                                                                                                                                                                                      |                           | 1.90%                                                                                                                                          |

----

|  |  |  |
|--|--|--|

|                                                        |        |                                                                                                                                                                                                                                                                                                                    |
|--------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Year                4:                                 |   | 2.10%                                                                                                                                                                                                                                                                                                              |
|                                                   |   |                                                                                                                                                                                                                                                                                                               |
| Year                5:                                 |   | 2.30%                                                                                                                                                                                                                                                                                                              |
|                                                   |   |                                                                                                                                                                                                                                                                                                               |
| Debt                reserves:                          |   | Various reserves totaling $1.4 million, together                with minimum liquidity requirement, represents a decrease of $400,000                over                the total reserves associated with the prior loans.                                                                                       |
|                                                   |   |                                                                                                                                                                                                                                                                                                               |
| Minimum                Liquidity:                      |   | $3.0 million of PCAA Parent, LLC                                                                                                                                                                                                                                                                                   |
|                                                   |   |                                                                                                                                                                                                                                                                                                               |
| Minimum                Net Worth:                      |   | $40.0 million of PCAA Parent, LLC                                                                                                                                                                                                                                                                                  |
|                                                   |   |                                                                                                                                                                                                                                                                                                               |
| Lock                Up Tests:                          |   | At three month intervals, the Borrower is                required to achieve a Debt Service Coverage Constant Ratio of 1.00                to 1.00                with respect to the immediately preceding 12 month period.                                                                                       |
|                                                   |   |                                                                                                                                                                                                                                                                                                               |
|                                                   |   | The Debt Service Coverage Constant Ratio                is a                ratio obtained by dividing the Cash Flow Available for Debt Service                by a                debt service payment obtained using the Loan Constant of                10.09%.                                                 |
|                                                   |   |                                                                                                                                                                                                                                                                                                               |
|                                                   |   | If the Debt Service Coverage Constant Ratio                test                is not met, PCAA is required to remit Excess Cash to an Excess Cash                Flow                Reserve Account until the Debt Service Coverage Constant Ratio test                is met                at a test interval. |
|                                                   |   |                                                                                                                                                                                                                                                                                                               |
|                                                   |   | The Excess Cash may be held, as determined                by the                Lender, as collateral for the Loan or applied against the principal                amount                until such time as Borrower satisfies the test.                                                                           |
|                                                   |   |                                                                                                                                                                                                                                                                                                               |
|                                                   |   | An event of default is triggered if the Borrower                fails to make a payment of Excess Cash or fails to provide the Excess                Cash                calculation after receipt of notice that PCAA failed to satisfy the                above                test.                             |
|                                                   |   |                                                                                                                                                                                                                                                                                                               |
| Financial                Covenantsat December 31, 2006 |   | Debt                Service Coverage Constant Ratio: 1.28x                                                                                                                                                                                                                                                         |

***Cash Flow from      Our      Unconsolidated Business***

|                                                                                                                                                                                                                                                                                                                                                                       |                                |                                                    |         |                                                    |        |                                                    |                                |   |         |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------------------------------------------------|---------|----------------------------------------------------|--------|----------------------------------------------------|--------------------------------|---|---------|--------|
|                                                                                                                                                                                                                                                                                                                                                                  |                           | **Year                EndedDecember 31,2006** |    | **Year                EndedDecember 31,2005** |   | **Year                EndedDecember 31,2004** |                           |
|                                                                                                                                                                                                                                                                                                                                                                  |                           | ($                in thousands)                    |    |
| Cash                provided by                operations                                                   |       | $                                                  | 66,791  |                           | $      | 51,706                                             |       | $ | 40,713  |   |
| Cash                used in investing activities                                                                                                                                                                                                                                                                                                                      |                           | $                                                  | (90,540 | )                                                  | $      | (37,090                                            | )                              | $ | (51,033 | )      |
| Cash                provided by (used in) financing activities                                                                                                                                                                                                                                                                                                        |                           | $                                                  | 57,526  |                                               | $      | (13,460                                            | )                              | $ | 10,174  |   |

----

|                                                                                                                                                                                                                                                  |                                |                                                                                                                                                                                                                                                                                                                                                                                   |                                |                                                                                                                                                                                                                                                                                                                                                                                   |                                |                                                                                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                             |                           | **Senior                Notes**                                                                                                                                                                                                                                                                                                                                                   |                           | **Senior                Notes**                                                                                                                                                                                                                                                                                                                                                   |                           | **Revolving                Credit Facility**                                                                                                                                                                                                                             |
|                                          |       |                                                                                                                                                       |       |                                                                                                                                                       |       |                                              |
| Amount                Outstanding as of December 31, 2006                                                                                                                                                                                        |                           | $50.0 million                                                                                                                                                                                                                                                                                                                                                                     |                           | $60.0 million                                                                                                                                                                                                                                                                                                                                                                     |                           | $38.9 million letters of credit                outstanding                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                     |
| Undrawn                Amount                                                                                                                                                                                                                    |                           | —                                                                                                                                                                                                                                                                                                                                                                           |                           | —                                                                                                                                                                                                                                                                                                                                                                           |                           | $101.1 million available for cash draw or                letter                of credit.                                                                                                                                                                                |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                     |
| Term                                                                                                                                                                                                                                             |                           | November, 2016                                                                                                                                                                                                                                                                                                                                                                    |                           | November, 2016                                                                                                                                                                                                                                                                                                                                                                    |                           | November, 2007                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                     |
| Amortization                                                                                                                                                                                                                                     |                           | $7.1 million per annum                commencing November, 2010 through November 2015 with balance payable                at                maturity.                                                                                                                                                                                                                             |                           | $8.6 million per annum                commencing November, 2010 through November 2015 with balance payable                at                maturity.                                                                                                                                                                                                                             |                           | Revolving. Payable at                maturity.                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                     |
| Interest                Rate                                                                                                                                                                                                                     |                           | Fixed at 8%.                                                                                                                                                                                                                                                                                                                                                                      |                           | Fixed at 7.15%.                                                                                                                                                                                                                                                                                                                                                                   |                           | Floating at LIBOR + 1.075% to 1.7% based                on Debt                to EBITDA ratio grid.                                                                                                                                                                     |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                     |
| Makewhole                on Early Repayment                                                                                                                                                                                                      |                           | Makewhole equals difference                between the outstanding principal balance and the value of the senior                notes discounting the remaining payments at a discount rate of 0.5%                over                the U.S. treasury security with a maturity equal to the remaining                weighted                average maturity of senior notes. |                           | Makewhole equals difference                between the outstanding principal balance and the value of the senior                notes discounting the remaining payments at a discount rate of 0.5%                over                the U.S. treasury security with a maturity equal to the remaining                weighted                average maturity of senior notes. |                           | None.                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                     |
| Debt                Service Reserves Required                                                                                                                                                                                                    |                           | None.                                                                                                                                                                                                                                                                                                                                                                             |                           | None.                                                                                                                                                                                                                                                                                                                                                                             |                           | None.                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                                                                                                                              |                           |                                                                                                                                                                                                                                                                     |
| Security                                                                                                                                                                                                                                         |                           | Unsecured                                                                                                                                                                                                                                                                                                                                                                         |                           | Unsecured                                                                                                                                                                                                                                                                                                                                                                         |                           | Unsecured Debt to EBITDA:                Max                4.0x                                                                                                                                                                                                         |

----

|                                                                                                                                                                                                                                                  |                                |                                                                                                                                                                                                                                                                          |                                |                                                                                                                                                                                                                                                                          |                                |                                                                                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                             |                           | **Senior                Notes**                                                                                                                                                                                                                                          |                           | **Senior                Notes**                                                                                                                                                                                                                                          |                           | **Revolving                Credit Facility**                                                                                                                                                                                                                             |
| Financial                Covenants(applicable to IMTT’s key operating subsidiaries on a                combined basis).                                                                                                                    |                           | Debt to EBITDA: Max 4.0xEBITDA to Interest:                Min 3.25xMin Tangible Net Worth: $161.6 million                                                                                                                                                               |                           | Debt to EBITDA: Max 4.0x EBITDA to Interest:                Min 3.25xMin Tangible Net Worth: $161.6 million                                                                                                                                                              |                           | EBITDA to Interest: Min 3.25xMin Tangible Net                Worth: $161.6 million                                                                                                                                                                                       |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |
| Financial                Covenant Ratios as at December 31, 2006. (IMTT’s key operating                subsidiaries on a combined basis).                                                                                                  |                           | Debt to EBITDA Ratio: 2.8xEBITDA to Interest                Ratio: 8.4xTangible Net Worth: $293.2 million                                                                                                                                                                |                           | Debt to EBITDA Ratio: 2.8xEBITDA to Interest                Ratio: 8.4x Tangible Net Worth: $293.2 million                                                                                                                                                               |                           | Debt to EBITDA Ratio: 2.8xEBITDA to Interest                Ratio: 8.4x Tangible Net Worth: $293.2 million                                                                                                                                                               |
|                                          |       |                                              |       |                                              |       |                                              |
| Restrictions                on payments of dividends                                                                                                                                                                                             |                           | None provided no default as a result of                payment                                                                                                                                                                                                           |                           | None provided no default as a result of                payment                                                                                                                                                                                                           |                           | None provided no default as a result of                payment                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |
| Interest                Rate Hedging                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |                           | Hedged when drawn with the balance of $50m,                6.4%                fixed v LIBOR interest rate swap expiring October 2007 not used to                hedge                IMTT’s tax exempt debt.                                                      |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                             |                           | **CAD                Revolving Credit Facility**                                                                                                                                                                                                                         |                           | **New                Jersey Economic Development Authority Dock                Facility Revenue Refund Bonds**                                                                                                                                                           |                           | **New                Jersey Economic Development Authority Variable                Rate Demand Revenue Refunding Bond**                                                                                                                                                  |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |
| Amount                Outstanding as of December 31, 2006                                                                                                                                                                                        |                           | $6.4 million                                                                                                                                                                                                                                                             |                           | $30.0 million                                                                                                                                                                                                                                                            |                           | $6.3 million                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |
| Undrawn                Amount                                                                                                                                                                                                                    |                           | $8.6 million                                                                                                                                                                                                                                                             |                           | —                                                                                                                                                                                                                                                                  |                           | —                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |
| Term                                                                                                                                                                                                                                             |                           | November, 2007                                                                                                                                                                                                                                                           |                           | December, 2027                                                                                                                                                                                                                                                           |                           | December, 2021                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |
| Amortization                                                                                                                                                                                                                                     |                           | Revolving. Payable at maturity.                                                                                                                                                                                                                                          |                           | Payable at maturity.                                                                                                                                                                                                                                                     |                           | Payable at maturity.                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |
| Interest                Rate                                                                                                                                                                                                                     |                           | Floating at CAD Bankers Acceptance Rate +                1.075%                to 1.7% based on Debt to EBITDA ratio grid                                                                                                                                                |                           | Floating at tax exempt bond daily tender                rates                                                                                                                                                                                                            |                           | Floating at tax exempt bond daily tender                rates                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |
| Makewhole                on Early Repayment                                                                                                                                                                                                      |                           | None.                                                                                                                                                                                                                                                                    |                           | None.                                                                                                                                                                                                                                                                    |                           | None.                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |
| Debt                Service Reserves Required                                                                                                                                                                                                    |                           | None.                                                                                                                                                                                                                                                                    |                           | None.                                                                                                                                                                                                                                                                    |                           | None.                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |
| Security                                                                                                                                                                                                                                         |                           | Unsecured                                                                                                                                                                                                                                                                |                           | Unsecured (required to be supported at all                times                by bank letter of credit issued under the revolving credit                facility).                                                                                                      |                           | Unsecured (required to be supported at all                times                by bank letter of credit issued under the revolving credit                facility).                                                                                                      |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |                           |                                                                                                                                                                                                                                                                     |

----

|  |  |  |  |  |  |  |
|--|--|--|--|--|--|--|

|                                                                                                                                              |        |                                                                                                            |        |                                                                                                                                                                                                                                                                                     |        |                                                                                                                                                                                                                                                                                                   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                         |   | **CAD                Revolving Credit Facility**                                                           |   | **New                Jersey Economic Development Authority Dock                Facility Revenue Refund Bonds**                                                                                                                                                                      |   | **New                Jersey Economic Development Authority Variable                Rate Demand Revenue Refunding Bond**                                                                                                                                                                           |
|                                                                                                                                         |   |                                                                                                       |   |                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                                              |
| Financial                Covenants (applicable to IMTT’s key operating subsidiaries on a combined                basis).               |   | Debt to EBITDA: Max 4.0xEBITDA to Interest:                Min 3.25xMin Tangible Net Worth: $161.6 million |   | None.                                                                                                                                                                                                                                                                               |   | None.                                                                                                                                                                                                                                                                                             |
|                                                                                                                                         |   |                                                                                                       |   |                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                                              |
| Financial                CovenantRatios as at December 31, 2006 (IMTT’s key operating                subsidiaries on a combined basis) |   | Debt to EBITDA Ratio: 2.8xEBITDA to Interest                Ratio: 8.4xTangible Net Worth: $293.2 million  |   | —                                                                                                                                                                                                                                                                             |   | —                                                                                                                                                                                                                                                                                           |
|                                                                                                                                         |   |                                                                                                       |   |                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                                              |
| Restrictions                on payments of dividends                                                                                         |   | None provided no default as a result of                payment                                             |   | None provided no default as a result of                payment                                                                                                                                                                                                                      |   | None provided no default as a result of                payment                                                                                                                                                                                                                                    |
|                                                                                                                                         |   |                                                                                                       |   |                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                                              |
| Interest                Rate Hedging                                                                                                         |   |                                                                                                       |   | Hedged with part of                $50.0 million, 6.4% fixed v LIBOR interest rate swap expiring                October, 2007. Hedged from October, 2007 through November 2012 with                $30.0                million 3.41% fixed v 67% of LIBOR interest rate swap. |   | Hedged with part of                $50.0 million, 6.4% fixed v LIBOR interest rate swap expiring                October, 2007. Hedged from October, 2007 through November 2012 with                $6.3                million 3.41% fixed v 67% of LIBOR interest rate                swap. |

|                                                                                                                                                                                                                                                  |                                |                                                                                                                   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                             |                           | **Term                Loan Facility**                                                                             |
|                                          |       |                                                                                                              |
| Amount                Outstanding as of December 31, 2006                                                                                                                                                                                        |                           | $104.0 million                                                                                                    |
|                                                                                                                                                                                                                                             |                           |                                                                                                              |
| Undrawn                Amount                                                                                                                                                                                                                    |                           | —                                                                                                           |
|                                                                                                                                                                                                                                             |                           |                                                                                                              |
| Term                                                                                                                                                                                                                                             |                           | December, 2012                                                                                                    |
|                                                                                                                                                                                                                                             |                           |                                                                                                              |
| Amortization                                                                                                                                                                                                                                     |                           | $13.0 million per annum from December 2007                through December 2010 with balance payable at maturity. |
|                                                                                                                                                                                                                                             |                           |                                                                                                              |
| Interest                Rate                                                                                                                                                                                                                     |                           | Floating at LIBOR + 1.0%                                                                                          |
|                                                                                                                                                                                                                                             |                           |                                                                                                              |
| Makewhole                on Early Repayment                                                                                                                                                                                                      |                           | None.                                                                                                             |
|                                                                                                                                                                                                                                             |                           |                                                                                                              |
| Debt                Service Reserves Required                                                                                                                                                                                                    |                           | None.                                                                                                             |
|                                                                                                                                                                                                                                             |                           |                                                                                                              |
| Security                                                                                                                                                                                                                                         |                           | Unsecured.                                                                                                        |

----

|                                                                                                                                                                                                                                                  |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                             |                           | **Term                Loan Facility**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                          |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Guarantees                                                                                                                                                                                                                                       |                           | The facility is required to be progressively                guaranteed by IMTT’s key operating subsidiaries. These subsidiaries                currently guarantee $26.0 million of the outstanding balance and                the                guarantee requirement increases by $13.0 million per annum from December,                2007 through December, 2009 at which time the full outstanding amount                will                be guaranteed by IMTT’s key operating subsidiaries. Further, if the Debt                to EBITDA ratio of IMTT’s key operating subsidiaries on a combined basis                exceeds 4.5x as at December 31, 2009, IMTT’s key operating subsidiaries                will assume the obligations under the term loan facility. |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                             |                           | As a result of a previous transaction, $39.0                million of the outstanding balance is currently guaranteed by Royal                Vopak.                In the event that Royal Vopak defaults under its guarantee obligations,                the lender has no right of acceleration against IMTT. The Royal Vopak                guarantee decreases by $26.0 million in December 2007 and terminates                entirely in December 2008.                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Financial                Covenants                                                                                                                                                                                                               |                           | None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Financial                Covenant Ratios as of December 31, 2006                                                                                                                                                                                 |                           | Not applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Restrictions                on payments of dividends                                                                                                                                                                                             |                           | None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Interest                Rate Hedging                                                                                                                                                                                                             |                           | Fully hedged with $104.0 million amortizing,                6.29% fixed vs. LIBOR interest rate swap expiring December                2012.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

**Capital      Expenditures**

***Airport Services      Business***

----

***Bulk      Liquid Storage Terminal Business***

***Gas Production      and      Distribution Business***

----

***District Energy      Business***

***Airport Parking      Business***

----

**COMMITMENTS      AND CONTINGENCIES**

|                                                      |                                |                                                 |           |                                      |        |                              |                                |                              |         |                                     |        |         |                                |        |         |        |
|------------------------------------------------------|--------------------------------|-------------------------------------------------|-----------|--------------------------------------|--------|------------------------------|--------------------------------|------------------------------|---------|-------------------------------------|--------|---------|--------------------------------|--------|---------|--------|
|                                                 |                           | **Payments                Due by Period ** |      |
|                                                 |                           | **Total**                                       |      | **Less                ThanOne Year** |   | **1-3                Years** |                           | **3-5                Years** |    | **More                Than5 years** |   |
|                                                 |                           | ($                in thousands)                 |      |
| Long-term                debt(1)                     |       | $                                               | 963,660   |             | $      | 3,754                        |       | $                            | 212,005 |            | $      | 489,180 |       | $      | 258,721 |   |
| Capital                lease obligations(2)          |                           |                                            | 4,492     |                                 |   | 2,018                        |                           |                         | 2,123   |                                |   | 351     |                           |   | — |   |
| Notes                payable                         |                           |                                            | 3,326     |                                 |   | 2,665                        |                           |                         | 539     |                                |   | 122     |                           |   | — |   |
| Operating                lease obligations(3)        |                           |                                            | 471,833   |                                 |   | 28,199                       |                           |                         | 55,582  |                                |   | 50,613  |                           |   | 337,439 |   |
| Time                charter obligations(4)           |                           |                                            | 4,170     |                                 |   | 912                          |                           |                         | 1,879   |                                |   | 1,379   |                           |   | — |   |
| Pension                benefit obligations           |                           |                                            | 20,965    |                                 |   | 1,705                        |                           |                         | 3,677   |                                |   | 4,096   |                           |   | 11,487  |   |
| Post-retirement                benefit obligations   |                           |                                            | 1,857     |                                 |   | 257                          |                           |                         | 385     |                                |   | 358     |                           |   | 857     |   |
| Purchase                obligations(5)               |                           |                                            | 56,980    |                                 |   | 56,980                       |                           |                         | — |                                |   | — |                           |   | — |   |
| Total                contractual cash obligations(6) |                           | $                                               | 1,527,283 |                                 | $      | 96,490                       |                           | $                            | 276,190 |                                | $      | 546,099 |                           | $      | 608,504 |   |

----

**CRITICAL      ACCOUNTING POLICIES**

***Business      Combinations***

***Goodwill,      intangible assets and property, plant and equipment***

----

***Revenue      recognition***

***Hedging***

----

***Income      Taxes***

**Item 7A. Quantitative      and Qualitative Disclosures About Market Risk**

***Interest Rate      Risk***

----

----

***Commodity      Risk***

----

**Item 8. Financial      Statements and Supplementary Data**

**INDEX      TO FINANCIAL STATEMENTS**

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

|                                                                                                                                                                                                                                                                    |                                |                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                               |                           | **Page                Number**                                                       |
|                                                                                                                                                                                                                                                               |       |                |
| Consolidated                Balance Sheets as of December 31, 2006 and December 31, 2005                                                                                                                                                                           |                           | F-1                                                                                  |
|                                                                                                                                                                                                                                                               |                           |                                                                                 |
| Consolidated                Statements of Operations for the Years Ended December 31, 2006, December                31, 2005 and the Period April 13, 2004 (inception) to December 31,                2004                                                         |                           | F-2                                                                                  |
|                                                                                                                                                                                                                                                               |                           |                                                                                 |
| Consolidated                Statements of Stockholders’ Equity and Comprehensive Income for the Years                Ended December 31, 2006, December 31, 2005 and the Period April 13,                2004                (inception) to December 31, 2004 |                           | F-3                                                                                  |
|                                                                                                                                                                                                                                                               |                           |                                                                                 |
| Consolidated                Statements of Cash Flows for the Years Ended December 31, 2006, December                31, 2005 and the Period April 13, 2004 (inception) to December 31,                2004                                                         |                           | F-4                                                                                  |
|                                                                                                                                                                                                                                                               |                           |                                                                                 |
| Notes                to Consolidated Financial Statements                                                                                                                                                                                                          |                           | F-6                                                                                  |
|                                                                                                                                                                                                                                                               |                           |                                                                                 |

**NORTH      AMERICA CAPITAL HOLDING COMPANY(Predecessor to      Macquarie Infrastructure Company Trust)**

|                                                                                                                                                                                                                                                               |                                |        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------|
| Consolidated                Statements of Operations for the Period July 30, 2004 to December                22, 2004                and the Period January 1, 2004 to July 29, 2004                                                                          |       | F-49   |
|                                                                                                                                                                                                                                                          |                           |   |
| Consolidated                Statements of Stockholders’ Equity (Deficit) and Comprehensive Income                (Loss) for the Period July 30, 2004 to December 22, 2004 and the                Period                January 1, 2004 to July 29, 2004 |                           | F-50   |
|                                                                                                                                                                                                                                                          |                           |   |
| Consolidated                Statements of Cash Flows for the Period July 30, 2004 to December                22, 2004                and the Period January 1, 2004 to July 29, 2004                                                                          |                           | F-51   |
|                                                                                                                                                                                                                                                          |                           |   |
| Notes                to Consolidated Financial Statements                                                                                                                                                                                                     |                           | F-52   |
|                                                                                                                                                                                                                                                          |                           |   |
| Schedule                II Valuation and Qualifying Accounts                                                                                                                                                                                                  |                           | F-59   |
|                                                                                                                                                                                                                                                          |                           |   |

----

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**CONSOLIDATED      BALANCE SHEETS**

|                                                                                                                                                                                                                                                     |                                |                                                       |                                |                                     |        |           |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------------------------------------------|--------------------------------|-------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                                                                |                           | **December                31,2006**                   |                           | **December                31,2005** |   |
|                                                                                                                                                                                                                                                |                           | ($                in thousands, except share amounts) |                           |
| **ASSETS**                                                                                                                                                                                                                                          |       |                                                  |       |                                |   |
| Current                assets:                                                                                                                                                                                                                      |                           |                                                  |                           |                                |   |
| Cash                and cash equivalents                                                                                                                                                                                                            |                           | $                                                     | 37,388                         |                                | $      | 115,163   |   |
| Restricted                cash                                                                                                                                                                                                                      |                           |                                                  | 1,216                          |                                |   | 1,332     |   |
| Accounts                receivable, less allowance for doubtful accounts of $1,435 and $839,                respectively                                                                                                                            |                           |                                                  | 56,785                         |                                |   | 21,150    |   |
| Dividends                receivable                                                                                                                                                                                                                 |                           |                                                  | 7,000                          |                                |   | 2,365     |   |
| Other                receivables                                                                                                                                                                                                                    |                           |                                                  | 87,973                         |                                |   | —   |   |
| Inventories                                                                                                                                                                                                                                         |                           |                                                  | 12,793                         |                                |   | 1,981     |   |
| Prepaid                expenses                                                                                                                                                                                                                     |                           |                                                  | 6,887                          |                                |   | 4,701     |   |
| Deferred                income taxes                                                                                                                                                                                                                |                           |                                                  | 2,411                          |                                |   | 2,101     |   |
| Income                tax receivable                                                                                                                                                                                                                |                           |                                                  | 2,913                          |                                |   | 3,489     |   |
| Other                                                                                                                                                                                                                                               |                           |                                                  | 15,600                         |                                |   | 4,394     |   |
| Total                current assets                                                                                                                                                                                                                 |                           |                                                  | 230,966                        |                                |   | 156,676   |   |
| Property,                equipment, land and leasehold improvements, net                                                                                                                                                                            |                           |                                                  | 522,759                        |                                |   | 335,119   |   |
| Restricted                cash                                                                                                                                                                                                                      |                           |                                                  | 23,666                         |                                |   | 19,437    |   |
| Equipment                lease receivables                                                                                                                                                                                                          |                           |                                                  | 41,305                         |                                |   | 43,546    |   |
| Investments                in unconsolidated businesses                                                                                                                                                                                             |                           |                                                  | 239,632                        |                                |   | 69,358    |   |
| Investment,                cost                                                                                                                                                                                                                     |                           |                                                  | —                        |                                |   | 35,295    |   |
| Securities,                available for sale                                                                                                                                                                                                       |                           |                                                  | —                        |                                |   | 68,882    |   |
| Related                party subordinated loan                                                                                                                                                                                                      |                           |                                                  | —                        |                                |   | 19,866    |   |
| Goodwill                                                                                                                                                                                                                                            |                           |                                                  | 485,986                        |                                |   | 281,776   |   |
| Intangible                assets, net                                                                                                                                                                                                               |                           |                                                  | 526,759                        |                                |   | 299,487   |   |
| Deposits                and deferred costs on acquisitions                                                                                                                                                                                          |                           |                                                  | 579                            |                                |   | 14,746    |   |
| Deferred                financing costs, net of accumulated amortization                                                                                                                                                                            |                           |                                                  | 20,875                         |                                |   | 12,830    |   |
| Fair                value of derivative instruments                                                                                                                                                                                                 |                           |                                                  | 2,252                          |                                |   | 4,660     |   |
| Other                                                                                                                                                                                                                                               |                           |                                                  | 2,754                          |                                |   | 1,620     |   |
| Total                assets                                                                                                                                                                                                                         |                           | $                                                     | 2,097,533                      |                                | $      | 1,363,298 |   |
|                                                                                                                                                                                                                                                |                           |                                                  |                           |                                |   |      |   |
| **LIABILITIES                AND STOCKHOLDERS’EQUITY**                                                                                                                                                                                        |                           |                                                  |                           |                                |   |      |   |
| Current                liabilities:                                                                                                                                                                                                                 |                           |                                                  |                           |                                |   |      |   |
| Due                to manager                                                                                                                                                                                                                       |                           | $                                                     | 4,284                          |                                | $      | 2,637     |   |
| Accounts                payable                                                                                                                                                                                                                     |                           |                                                  | 29,819                         |                                |   | 11,535    |   |
| Accrued                expenses                                                                                                                                                                                                                     |                           |                                                  | 19,780                         |                                |   | 13,994    |   |
| Current                portion of notes payable and capital leases                                                                                                                                                                                  |                           |                                                  | 4,683                          |                                |   | 2,647     |   |
| Current                portion of long-term debt                                                                                                                                                                                                    |                           |                                                  | 3,754                          |                                |   | 146       |   |
| Fair                value of derivative instruments                                                                                                                                                                                                 |                           |                                                  | 3,286                          |                                |   | —   |   |
| Other                                                                                                                                                                                                                                               |                           |                                                  | 6,533                          |                                |   | 3,639     |   |
| Total                current liabilities                                                                                                                                                                                                            |                           |                                                  | 72,139                         |                                |   | 34,598    |   |
| Capital                leases and notes payable, net of current portion                                                                                                                                                                             |                           |                                                  | 3,135                          |                                |   | 2,864     |   |
| Long-term                debt, net of current portion                                                                                                                                                                                               |                           |                                                  | 959,906                        |                                |   | 610,848   |   |
| Related                party long-term debt                                                                                                                                                                                                         |                           |                                                  | —                        |                                |   | 18,247    |   |
| Deferred                income taxes                                                                                                                                                                                                                |                           |                                                  | 163,923                        |                                |   | 113,794   |   |
| Fair                value of derivative instruments                                                                                                                                                                                                 |                           |                                                  | 453                            |                                |   | —   |   |
| Other                                                                                                                                                                                                                                               |                           |                                                  | 25,371                         |                                |   | 6,342     |   |
| Total                liabilities                                                                                                                                                                                                                    |                           |                                                  | 1,224,927                      |                                |   | 786,693   |   |
| Minority                interests                                                                                                                                                                                                                   |                           |                                                  | 8,181                          |                                |   | 8,940     |   |
| Stockholders’                equity:                                                                                                                                                                                                          |                           |                                                  |                           |                                |   |      |   |
| Trust                stock, no par value; 500,000,000 authorized; 37,562,165 shares issued                and                outstanding at December 31, 2006 and 27,050,745 shares issued and                outstanding at December 31, 2005 |                           |                                                  | 864,233                        |                                |   | 583,023   |   |
| Accumulated                other comprehensive income (loss)                                                                                                                                                                                        |                           |                                                  | 192                            |                                |   | (12,966   | )      |
| Accumulated                deficit                                                                                                                                                                                                                  |                           |                                                  | —                        |                                |   | (2,392    | )      |
| Total                stockholders’ equity                                                                                                                                                                                                     |                           |                                                  | 864,425                        |                                |   | 567,665   |   |
| Total                liabilities and stockholders’ equity                                                                                                                                                                                     |                           | $                                                     | 2,097,533                      |                                | $      | 1,363,298 |   |

----

|  |  |  |  |  |  |  |  |
|--|--|--|--|--|--|--|--|

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**CONSOLIDATED      STATEMENTS OF OPERATIONS**

|                                                                                      |                                |                                                                  |                                |                                               |                                |                                                                                           |        |        |           |        |
|--------------------------------------------------------------------------------------|--------------------------------|------------------------------------------------------------------|--------------------------------|-----------------------------------------------|--------------------------------|-------------------------------------------------------------------------------------------|--------|--------|-----------|--------|
|                                                                                 |                           | **Year                EndedDecember 31,2006**                    |                           | **Year                EndedDecember 31,2005** |                           | **April                13, 2004(inception)                toDecember 31, 2004** |   |
|                                                                                 |                           | ($                in thousands, except share and per share data) |                           |
| **Revenue**                                                                          |       |                                                             |       |                                          |       |                                                                                      |   |
| Revenue                from product sales                                            |                           | $                                                                | 313,298                        |                                          | $                              | 142,785                                                                                   |   | $      | 1,681     |   |
| Service                revenue                                                       |                           |                                                             | 201,835                        |                                          |                           | 156,655                                                                                   |   |   | 3,257     |   |
| Financing                and equipment lease income                                  |                           |                                                             | 5,118                          |                                          |                           | 5,303                                                                                     |   |   | 126       |   |
|                                                                                 |                           |                                                             |                           |                                          |                           |                                                                                      |   |   |      |   |
| Total                revenue                                                    |                           |                                                             | 520,251                        |                                          |                           | 304,743                                                                                   |   |   | 5,064     |   |
|                                                                                 |                           |                                                             |                           |                                          |                           |                                                                                      |   |   |      |   |
| **Costs                and expenses**                                                |                           |                                                             |                           |                                          |                           |                                                                                      |   |   |      |   |
| Cost                of product sales                                                 |                           |                                                             | 206,802                        |                                          |                           | 84,480                                                                                    |   |   | 912       |   |
| Cost                of services                                                      |                           |                                                             | 92,542                         |                                          |                           | 82,160                                                                                    |   |   | 1,633     |   |
| Selling,                general and administrative                                   |                           |                                                             | 120,252                        |                                          |                           | 82,636                                                                                    |   |   | 7,953     |   |
| Fees                to manager                                                       |                           |                                                             | 18,631                         |                                          |                           | 9,294                                                                                     |   |   | 12,360    |   |
| Depreciation                                                                         |                           |                                                             | 12,102                         |                                          |                           | 6,007                                                                                     |   |   | 175       |   |
| Amortization                of intangibles                                           |                           |                                                             | 43,846                         |                                          |                           | 14,815                                                                                    |   |   | 281       |   |
|                                                                                 |                           |                                                             |                           |                                          |                           |                                                                                      |   |   |      |   |
| Total                operating expenses                                         |                           |                                                             | 494,175                        |                                          |                           | 279,392                                                                                   |   |   | 23,314    |   |
|                                                                                 |                           |                                                             |                           |                                          |                           |                                                                                      |   |   |      |   |
| **Operating                income (loss)**                                           |                           |                                                             | 26,076                         |                                          |                           | 25,351                                                                                    |   |   | (18,250   | )      |
|                                                                                 |                           |                                                             |                           |                                          |                           |                                                                                      |   |   |      |   |
| **Other                income (expense)**                                            |                           |                                                             |                           |                                          |                           |                                                                                      |   |   |      |   |
| Dividend                income                                                       |                           |                                                             | 8,395                          |                                          |                           | 12,361                                                                                    |   |   | 1,704     |   |
| Interest                income                                                       |                           |                                                             | 4,887                          |                                          |                           | 4,064                                                                                     |   |   | 69        |   |
| Interest                expense                                                      |                           |                                                             | (77,746                        | )                                             |                           | (33,800                                                                                   | )      |   | (756      | )      |
| Equity                in earnings (loss) and amortization charges of investees       |                           |                                                             | 12,558                         |                                          |                           | 3,685                                                                                     |   |   | (389      | )      |
| Unrealized                losses on derivative instruments                           |                           |                                                             | (1,373                         | )                                             |                           | —                                                                                   |   |   | —   |   |
| Gain                on sale of equity investment                                     |                           |                                                             | 3,412                          |                                          |                           | —                                                                                   |   |   | —   |   |
| Gain                on sale of investment                                            |                           |                                                             | 49,933                         |                                          |                           | —                                                                                   |   |   | —   |   |
| Gain                on sale of marketable securities                                 |                           |                                                             | 6,738                          |                                          |                           | —                                                                                   |   |   | —   |   |
| Other                income, net                                                     |                           |                                                             | 594                            |                                          |                           | 123                                                                                       |   |   | 50        |   |
|                                                                                 |                           |                                                             |                           |                                          |                           |                                                                                      |   |   |      |   |
| Net                income (loss) before income taxes and minority interests          |                           |                                                             | 33,474                         |                                          |                           | 11,784                                                                                    |   |   | (17,572   | )      |
| Income                tax benefit                                                    |                           |                                                             | 16,421                         |                                          |                           | 3,615                                                                                     |   |   | —   |   |
|                                                                                 |                           |                                                             |                           |                                          |                           |                                                                                      |   |   |      |   |
| Net                income (loss) before minority interests                           |                           |                                                             | 49,895                         |                                          |                           | 15,399                                                                                    |   |   | (17,572   | )      |
|                                                                                 |                           |                                                             |                           |                                          |                           |                                                                                      |   |   |      |   |
| Minority                interests                                                    |                           |                                                             | (23                            | )                                             |                           | 203                                                                                       |   |   | 16        |   |
|                                                                                 |                           |                                                             |                           |                                          |                           |                                                                                      |   |   |      |   |
| **Net                income (loss)**                                                 |                           | $                                                                | 49,918                         |                                          | $                              | 15,196                                                                                    |   | $      | (17,588   | )      |
|                                                                                 |                           |                                                             |                           |                                          |                           |                                                                                      |   |   |      |   |
| Basic                earnings (loss) per share:                                      |                           | $                                                                | 1.73                           |                                          | $                              | 0.56                                                                                      |   | $      | (17.38    | )      |
| Weighted                average number of shares of trust stock outstanding: basic   |                           |                                                             | 28,895,522                     |                                          |                           | 26,919,608                                                                                |   |   | 1,011,887 |   |
| Diluted                earnings (loss) per share:                                    |                           | $                                                                | 1.73                           |                                          | $                              | 0.56                                                                                      |   | $      | (17.38    | )      |
| Weighted                average number of shares of trust stock outstanding: diluted |                           |                                                             | 28,912,346                     |                                          |                           | 26,929,219                                                                                |   |   | 1,011,887 |   |
| Cash                dividends declared per share                                     |                           | $                                                                | 2.075                          |                                          | $                              | 1.5877                                                                                    |   | $      | —   |   |

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**CONSOLIDATED      STATEMENTS OF STOCKHOLDERS’ EQUITY AND      COMPREHENSIVE INCOME**

|                                                                                                                                                                                                                                                                                |                                |                                                                                               |            |                                |        |                                                     |                                |                              |                                                                                                        |                                |        |                                                                                                                          |                                |        |                                                                                                        |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------------------------------------------------------------------------|------------|--------------------------------|--------|-----------------------------------------------------|--------------------------------|------------------------------|--------------------------------------------------------------------------------------------------------|--------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------|--------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                           |                           | **Trust                Stock**                                                                |       | **AccumulatedGain(Deficit)**   |   | **AccumulatedOtherComprehensiveIncome (Loss)** |                           | **TotalStockholders'Equity** |                                                                                                   |
| **Number                ofShares**                                                                                                                                                                                                                                             |                           | **Amount**                                                                                    |
|                                                                                                                                                                                                                                                                           |                           | ($                in thousands, except number of shares and per share                amounts) |       |
| Issuance                of trust stock, net of offering costs                                                                                                                                                                                                                  |       |                                                                                          | 26,610,100 |       | $      | 613,265                                             |       | $                            | —                                                                                                |       | $      | —                                                                                                                  |       | $      | 613,265                                                                                                |   |
| Other                comprehensive income (loss):                                                                                                                                                                                                                              |                           |                                                                                          |       |                           |   |                                                |                           |                         |                   |                           |   |                      |                           |   |                   |   |
| Net                loss for the period ended December 31, 2004                                                                                                                                                                                                                 |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | (17,588                                                                                                | )                              |   | —                                                                                                                  |                           |   | (17,588                                                                                                | )      |
| Translation                adjustment                                                                                                                                                                                                                                          |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | —                                                                                                |                           |   | 855                                                                                                                      |                           |   | 855                                                                                                    |   |
| Unrealized                loss on marketable securities                                                                                                                                                                                                                        |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | —                                                                                                |                           |   | (237                                                                                                                     | )                              |   | (237                                                                                                   | )      |
| Change                in fair value of derivatives                                                                                                                                                                                                                             |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | —                                                                                                |                           |   | 1                                                                                                                        |                           |   | 1                                                                                                      |   |
| Total                comprehensive loss for the period ended December 31, 2004                                                                                                                                                                                                 |                           |                                                                                          |       |                           |   |                                                |                           |                         |                                                                                                   |                           |   |                                                                                                                     |                           |   | (16,969                                                                                                | )      |
| Balance                at December 31, 2004                                                                                                                                                                                                                                    |                           |                                                                                          | 26,610,100 |                           | $      | 613,265                                             |                           | $                            | (17,588                                                                                                | )                              | $      | 619                                                                                                                      |                           | $      | 596,296                                                                                                |   |
| Issuance                of trust stock to manager                                                                                                                                                                                                                              |                           |                                                                                          | 433,001    |                           |   | 12,088                                              |                           |                         | —                                                                                                |                           |   | —                                                                                                                  |                           |   | 12,088                                                                                                 |   |
| Issuance                of trust stock to independent directors                                                                                                                                                                                                                |                           |                                                                                          | 7,644      |                           |   | 191                                                 |                           |                         | —                                                                                                |                           |   | —                                                                                                                  |                           |   | 191                                                                                                    |   |
| Adjustment                to offering costs                                                                                                                                                                                                                                    |                           |                                                                                          | —    |                           |   | 427                                                 |                           |                         | —                                                                                                |                           |   | —                                                                                                                  |                           |   | 427                                                                                                    |   |
| Distributions                to trust stockholders (comprising $1.5877 per share paid on 27,050,745                shares)                                                                                                                                                     |                           |                                                                                          | —    |                           |   | (42,948                                             | )                              |                         | —                                                                                                |                           |   | —                                                                                                                  |                           |   | (42,948                                                                                                | )      |
| Other                comprehensive income (loss):                                                                                                                                                                                                                              |                           |                                                                                          |       |                           |   |                                                |                           |                         |                                                                                                   |                           |   |                                                                                                                     |                           |   |                                                                                                   |   |
| Net                income for the year ended December 31, 2005                                                                                                                                                                                                                 |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | 15,196                                                                                                 |                           |   | —                                                                                                                  |                           |   | 15,196                                                                                                 |   |
| Translation                adjustment                                                                                                                                                                                                                                          |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | —                                                                                                |                           |   | (16,160                                                                                                                  | )                              |   | (16,160                                                                                                | )      |
| Unrealized                gain on marketable securities                                                                                                                                                                                                                        |                           |                                                                                          |       |                           |   |                                                |                           |                         |                                                                                                   |                           |   | 2,106                                                                                                                    |                           |   | 2,106                                                                                                  |   |
| Change                in fair value of derivatives, net of taxes of $1,707                                                                                                                                                                                                     |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | —                                                                                                |                           |   | 469                                                                                                                      |                           |   | 469                                                                                                    |   |
| Total                comprehensive income for the year ended December 31, 2005                                                                                                                                                                                                 |                           |                                                                                          |       |                           |   |                                                |                           |                         |                                                                                                   |                           |   |                                                                                                                     |                           |   | 1,611                                                                                                  |   |
| Balance                at December 31, 2005                                                                                                                                                                                                                                    |                           |                                                                                          | 27,050,745 |                           | $      | 583,023                                             |                           | $                            | (2,392                                                                                                 | )                              | $      | (12,966                                                                                                                  | )                              | $      | 567,665                                                                                                |   |
| Issuance                of trust stock, net of offering costs                                                                                                                                                                                                                  |                           |                                                                                          | 10,350,000 |                           |   | 291,104                                             |                           |                         | —                                                                                                |                           |   | —                                                                                                                  |                           |   | 291,104                                                                                                |   |
| Issuance                of trust stock to manager                                                                                                                                                                                                                              |                           |                                                                                          | 145,547    |                           |   | 4,134                                               |                           |                         | —                                                                                                |                           |   | —                                                                                                                  |                           |   | 4,134                                                                                                  |   |
| Issuance                of trust stock to independent directors                                                                                                                                                                                                                |                           |                                                                                          | 15,873     |                           |   | 450                                                 |                           |                         | —                                                                                                |                           |   | —                                                                                                                  |                           |   | 450                                                                                                    |   |
| Distributions                to trust stockholders (comprising $0.50 per share paid on 27,050,745                and                27,066,618 shares, $0.525 per share paid on 27,212,165 shares and                $0.55                per share paid on 37,562,165 shares) |                           |                                                                                          | —    |                           |   | (14,478                                             | )                              |                         | (47,526                                                                                                | )                              |   | —                                                                                                                  |                           |   | (62,004                                                                                                | )      |
| Change                in post-retirement benefit plans, net of taxesof $118                                                                                                                                                                                                    |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | —                                                                                                |                           |   | 187                                                                                                                      |                           |   | 187                                                                                                    |   |
| Other                comprehensive income (loss):                                                                                                                                                                                                                              |                           |                                                                                          |       |                           |   |                                                |                           |                         |                                                                                                   |                           |   |                                                                                                                     |                           |   |                                                                                                   |   |
| Net                income for the year ended December 31, 2006                                                                                                                                                                                                                 |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | 49,918                                                                                                 |                           |   | —                                                                                                                  |                           |   | 49,918                                                                                                 |   |
| Translation                adjustment                                                                                                                                                                                                                                          |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | —                                                                                                |                           |   | 13,597                                                                                                                   |                           |   | 13,597                                                                                                 |   |
| Translation                adjustment reversed upon sale of foreign investments                                                                                                                                                                                                |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | —                                                                                                |                           |   | 1,708                                                                                                                    |                           |   | 1,708                                                                                                  |   |
| Change                in fair value of derivatives, net of taxes of $832                                                                                                                                                                                                       |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | —                                                                                                |                           |   | 1,462                                                                                                                    |                           |   | 1,462                                                                                                  |   |
| Change                in fair value of derivatives reversed upon sale of foreign                investments                                                                                                                                                                    |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | —                                                                                                |                           |   | (1,927                                                                                                                   | )                              |   | (1,927                                                                                                 | )      |
| Unrealized                gain on marketable securities                                                                                                                                                                                                                        |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | —                                                                                                |                           |   | 7,416                                                                                                                    |                           |   | 7,416                                                                                                  |   |
| Gain                on marketable securities, realized                                                                                                                                                                                                                         |                           |                                                                                          | —    |                           |   | —                                             |                           |                         | —                                                                                                |                           |   | (9,285                                                                                                                   | )                              |   | (9,285                                                                                                 | )      |
| Total                comprehensive income for the year ended December 31, 2006                                                                                                                                                                                                 |                           |                                                                                          |       |                           |   |                                                |                           |                         |                                                                                                   |                           |   |                                                                                                                     |                           |   | 62,889                                                                                                 |   |
| Balance                at December 31, 2006                                                                                                                                                                                                                                    |                           |                                                                                          | 37,562,165 |                           | $      | 864,233                                             |                           | $                            | —                                                                                                |                           | $      | 192                                                                                                                      |                           | $      | 864,425                                                                                                |   |

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

|                                                                                                                 |                                |                                               |                                |                                               |                                |                                                                                |        |        |          |        |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------------------------|--------------------------------|-----------------------------------------------|--------------------------------|--------------------------------------------------------------------------------|--------|--------|----------|--------|--|--|--|--|--|--|--|--|
|                                                                                                            |                           | **Year                EndedDecember 31,2006** |                           | **Year                EndedDecember 31,2005** |                           | **April                13, 2004(inception) toDecember                31,2004** |   |
|                                                                                                            |                           | ($                in thousands)               |                           |
| **Operating                activities**                                                                         |       |                                          |       |                                          |       |                                                                           |   |
| Net                income (loss)                                                                                |                           | $                                             | 49,918                         |                                          | $                              | 15,196                                                                         |   | $      | (17,588  | )      |
| Adjustments                to reconcile net income to net cash provided by operating                activities: |                           |                                          |                           |                                          |                           |                                                                           |   |   |     |   |
| Depreciation                and amortization of property and equipment                                          |                           |                                          | 21,366                         |                                          |                           | 14,098                                                                         |   |   | 370      |   |
| Amortization                of intangible assets                                                                |                           |                                          | 43,846                         |                                          |                           | 14,815                                                                         |   |   | 281      |   |
| Loss                on disposal of equipment                                                                    |                           |                                          | 140                            |                                          |                           | 674                                                                            |   |   | —  |   |
| Equity                in (earnings) loss and amortization charges of investee                                   |                           |                                          | (4,293                         | )                                             |                           | 1,803                                                                          |   |   | 389      |   |
| Gain                on sale of unconsolidated business                                                          |                           |                                          | (3,412                         | )                                             |                           | —                                                                        |   |   | —  |   |
| Gain                on sale of investments                                                                      |                           |                                          | (49,933                        | )                                             |                           | —                                                                        |   |   | —  |   |
| Gain                on sale of marketable securities                                                            |                           |                                          | (6,738                         | )                                             |                           | —                                                                        |   |   | —  |   |
| Amortization                of finance charges                                                                  |                           |                                          | 6,178                          |                                          |                           | 6,290                                                                          |   |   | —  |   |
| Noncash                derivative loss                                                                          |                           |                                          | 1,373                          |                                          |                           | —                                                                        |   |   | —  |   |
| Noncash                interest expense                                                                         |                           |                                          | 4,506                          |                                          |                           | (4,166                                                                         | )      |   | —  |   |
| Noncash                performance fees expense                                                                 |                           |                                          | 4,134                          |                                          |                           | —                                                                        |   |   | —  |   |
| Noncash                directors fees expense                                                                   |                           |                                          | 181                            |                                          |                           | —                                                                        |   |   | —  |   |
| Accretion                of asset retirement obligation                                                         |                           |                                          | 224                            |                                          |                           | 222                                                                            |   |   | —  |   |
| Deferred                rent                                                                                    |                           |                                          | 2,475                          |                                          |                           | 2,308                                                                          |   |   | 80       |   |
| Deferred                revenue                                                                                 |                           |                                          | 109                            |                                          |                           | (130                                                                           | )      |   | (62      | )      |
| Deferred                taxes                                                                                   |                           |                                          | (14,725                        | )                                             |                           | (5,695                                                                         | )      |   | —  |   |
| Minority                interests                                                                               |                           |                                          | (23                            | )                                             |                           | 203                                                                            |   |   | 16       |   |
| Noncash                compensation                                                                             |                           |                                          | 706                            |                                          |                           | 209                                                                            |   |   | —  |   |
| Post                retirement obligations                                                                      |                           |                                          | 557                            |                                          |                           | (116                                                                           | )      |   | —  |   |
| Other                noncash income                                                                             |                           |                                          | (80                            | )                                             |                           | —                                                                        |   |   | —  |   |
| Accrued                interest expense on subordinated debt – related party                              |                           |                                          | 1,087                          |                                          |                           | 1,003                                                                          |   |   | 26       |   |
| Accrued                interest income on subordinated debt – related party                               |                           |                                          | (430                           | )                                             |                           | (399                                                                           | )      |   | (50      | )      |
| Changes                in operating assets and liabilities:                                                     |                           |                                          |                           |                                          |                           |                                                                           |   |   |     |   |
| Restricted                cash                                                                                  |                           |                                          | 4,216                          |                                          |                           | (462                                                                           | )      |   | —  |   |
| Accounts                receivable                                                                              |                           |                                          | (5,330                         | )                                             |                           | (7,683                                                                         | )      |   | (420     | )      |
| Equipment                lease receivable, net                                                                  |                           |                                          | 1,880                          |                                          |                           | 1,677                                                                          |   |   | (121     | )      |
| Dividend                receivable                                                                              |                           |                                          | 2,356                          |                                          |                           | (651                                                                           | )      |   | (1,704   | )      |
| Inventories                                                                                                     |                           |                                          | 352                            |                                          |                           | (178                                                                           | )      |   | 686      |   |
| Prepaid                expenses and other current assets                                                        |                           |                                          | (4,601                         | )                                             |                           | (39                                                                            | )      |   | (439     | )      |
| Due                to subsidiaries                                                                              |                           |                                          | —                        |                                          |                           | —                                                                        |   |   | 1,398    |   |
| Accounts                payable and accrued expenses                                                            |                           |                                          | (9,954                         | )                                             |                           | 1,882                                                                          |   |   | 798      |   |
| Income                taxes payable                                                                             |                           |                                          | (3,213                         | )                                             |                           | —                                                                        |   |   | —  |   |
| Due                to manager                                                                                   |                           |                                          | 1,647                          |                                          |                           | 2,419                                                                          |   |   | 12,306   |   |
| Other                                                                                                           |                           |                                          | 1,846                          |                                          |                           | 267                                                                            |   |   | (11      | )      |
| Net                cash provided by (used in) operating activities                                              |                           | $                                             | 46,365                         |                                          | $                              | 43,547                                                                         |   | $      | (4,045   | )      |
| **Investing                activities**                                                                         |                           |                                          |                           |                                          |                           |                                                                           |   |   |     |   |
| Acquisition                of businesses and investments, net of cash acquired                                  |                           | $                                             | (845,063                       | )                                             | $                              | (182,367                                                                       | )      | $      | (467,413 | )      |
| Additional                costs of acquisitions                                                                 |                           |                                          | (22                            | )                                             |                           | (60                                                                            | )      |   | —  |   |
| Deposits                and deferred costs on future acquisitions                                               |                           |                                          | (279                           | )                                             |                           | (14,746                                                                        | )      |   | —  |   |
| Goodwill                adjustment – cash received                                                        |                           |                                          | —                        |                                          |                           | 694                                                                            |   |   | —  |   |
| Proceeds                from sale of investment                                                                 |                           |                                          | 89,519                         |                                          |                           | —                                                                        |   |   | —  |   |
| Proceeds                from sale of marketable securities                                                      |                           |                                          | 76,737                         |                                          |                           | —                                                                        |   |   | —  |   |
| Collection                on notes receivable                                                                   |                           |                                          | —                        |                                          |                           | 358                                                                            |   |   | —  |   |
| Purchases                of property and equipment                                                              |                           |                                          | (18,409                        | )                                             |                           | (6,743                                                                         | )      |   | (81      | )      |
| Return                on investment in unconsolidated business                                                  |                           |                                          | 10,471                         |                                          |                           | —                                                                        |   |   | —  |   |
| Proceeds                received on subordinated loan                                                           |                           |                                          | 850                            |                                          |                           | 914                                                                            |   |   | —  |   |
| Other                                                                                                           |                           |                                          | —                        |                                          |                           | —                                                                        |   |   | 17       |   |
| Net                cash used in investing activities                                                            |                           | $                                             | (686,196                       | )                                             | $                              | (201,950                                                                       | )      | $      | (467,477 | )      |

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS –(continued)**

|                                                                                                                |                          |                                               |          |                                               |        |                                                                                |        |        |         |        |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------|--------------------------|-----------------------------------------------|----------|-----------------------------------------------|--------|--------------------------------------------------------------------------------|--------|--------|---------|--------|--|--|--|--|--|--|
|                                                                                                           |                     | **Year                EndedDecember 31,2006** |     | **Year                EndedDecember 31,2005** |   | **April                13, 2004(inception) toDecember                31,2004** |   |
|                                                                                                           |                     | ($                in thousands)               |     |
| **Financing                activities**                                                                        |      |                                          |     |                                          |   |                                                                           |   |   |    |   |
| Proceeds                from issuance of shares of trust stock                                                 |                     | $                                             | 305,325  |                                          | $      | —                                                                        |   | $      | 665,250 |   |
| Proceeds                from long-term debt                                                                    |                     |                                          | 537,000  |                                          |   | 390,742                                                                        |   |   | (1,500  | )      |
| Proceeds                from line-credit facility                                                              |                     |                                          | 455,957  |                                          |   | 850                                                                            |   |   | — |   |
| Contributions                received from minority shareholders                                               |                     |                                          | —  |                                          |   | 1,442                                                                          |   |   | — |   |
| Distributions                paid to trust shareholders                                                        |                     |                                          | (62,004  | )                                             |   | (42,948                                                                        | )      |   | — |   |
| Debt                financing costs                                                                            |                     |                                          | (14,217  | )                                             |   | (11,350                                                                        | )      |   | — |   |
| Distributions                paid to minority shareholders                                                     |                     |                                          | (736     | )                                             |   | (1,219                                                                         | )      |   | — |   |
| Payment                of long-term debt                                                                       |                     |                                          | (638,356 | )                                             |   | (197,170                                                                       | )      |   | — |   |
| Offering                and equity raise costs                                                                 |                     |                                          | (14,220  | )                                             |   | (1,844                                                                         | )      |   | (51,985 | )      |
| Restricted                cash                                                                            |                     |                                          | (4,228   | )                                             |   | (2,362                                                                         | )      |   | — |   |
| Payment                of notes and capital lease obligations                                                  |                     |                                          | (2,193   | )                                             |   | (1,605                                                                         | )      |   | — |   |
| Acquisition                of swap contract                                                                    |                     |                                          | —  |                                          |   | (689                                                                           | )      |   | — |   |
| Net                cash provided by financing activities                                                       |                     |                                          | 562,328  |                                          |   | 133,847                                                                        |   |   | 611,765 |   |
| Effect                of exchange rate changes on cash                                                         |                     |                                          | (272     | )                                             |   | (331                                                                           | )      |   | (193    | )      |
| Net                change in cash and cash equivalents                                                         |                     |                                          | (77,775  | )                                             |   | (24,887                                                                        | )      |   | 140,050 |   |
| Cash                and cash equivalents, beginning of period                                                  |                     |                                          | 115,163  |                                          |   | 140,050                                                                        |   |   | — |   |
| Cash                and cash equivalents, end of period                                                        |                     | $                                             | 37,388   |                                          | $      | 115,163                                                                        |   | $      | 140,050 |   |
|                                                                                                           |                     |                                          |     |                                          |   |                                                                           |   |   |    |   |
| **Supplemental                disclosures of cash flow information:**                                          |                     |                                          |     |                                          |   |                                                                           |   |   |    |   |
| Noncash                investing and financing activities:                                                     |                     |                                          |     |                                          |   |                                                                           |   |   |    |   |
| Accrued                deposits and deferred costs on acquisition, and equity offering                costs    |                     | $                                             | 3        |                                          | $      | —                                                                        |   | $      | 2,270   |   |
| Accrued                purchases of property and equipment                                                     |                     | $                                             | 1,438    |                                          | $      | 384                                                                            |   | $      | 810     |   |
| Acquisition                of property through capital leases                                                  |                     | $                                             | 2,331    |                                          | $      | 3,270                                                                          |   | $      | — |   |
| Issuance                of trust stock to manager for payment of December 2004 performance                fees |                     | $                                             | —  |                                          | $      | 12,088                                                                         |   | $      | — |   |
| Issuance                of trust stock to independent directors                                                |                     | $                                             | 269      |                                          | $      | 191                                                                            |   | $      | — |   |
| Taxes                paid                                                                                      |                     | $                                             | 1,835    |                                          | $      | 2,610                                                                          |   | $      | — |   |
| Interest                paid                                                                                   |                     | $                                             | 65,967   |                                          | $      | 30,902                                                                         |   | $      | 2,056   |   |

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. Organization and      Description of Business**

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**2. Summary of      Significant Accounting Policies**

***Principles of      Consolidation***

***Investments***

***Use of      Estimates***

***Cash      Equivalents***

***Restricted      Cash***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**2. Summary of      Significant Accounting Policies – (continued)**

***Allowance for      Doubtful Accounts***

***Inventory***

***Marketable      Securities***

***Property,      Equipment, Land and Leasehold Improvements***

|                                                |                                |                              |
|------------------------------------------------|--------------------------------|------------------------------|
| Buildings                                      |       | 9 to 68 years                |
| Leasehold                and land improvements |                           | 3 to 40 years                |
| Machinery                and equipment         |                           | 1 to 62 years                |
| Furniture                and fixtures          |                           | 3 to 25                years |

***Goodwill and      Intangible Assets***

***Impairment      of      Long-lived Assets, Excluding Goodwill***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**2. Summary of      Significant Accounting Policies – (continued)**

***Impairment      of      Goodwill***

***Impairment of      Indefinite-lived Intangibles, Excluding Goodwill***

***Debt Issuance      Costs***

***Derivative      Instruments***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**2. Summary of      Significant Accounting Policies – (continued)**

***Financial      Instruments***

***Concentrations      of      Credit Risk***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**2. Summary of      Significant Accounting Policies – (continued)**

***Foreign Currency      Translation***

***Earnings (Loss)      Per      Share***

***Comprehensive      Income (Loss)***

***Advertising***

***Revenue      Recognition***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**2. Summary of      Significant Accounting Policies – (continued)**

***Regulatory Assets      and Liabilities***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**2. Summary of      Significant Accounting Policies – (continued)**

***Income      Taxes***

***Reclassifications***

***Recently Issued      Accounting Standards***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**2. Summary of      Significant Accounting Policies – (continued)**

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**3. Earnings (Loss)      Per      Share**

|                                                                                      |                                |                                                |                                |                                                |                                |                                                                                            |
|--------------------------------------------------------------------------------------|--------------------------------|------------------------------------------------|--------------------------------|------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------|
|                                                                                 |                           | **Year                EndedDecember 31, 2006** |                           | **Year                EndedDecember 31, 2005** |                           | **Period                fromApril 13, 2004(inception)                toDecember 31, 2004** |
|                                                                                 |       |                                           |       |                                           |       |                                                                                       |
| Weighted                average number of shares of trust stock outstanding: basic   |                           | 28,895,522                                     |                           | 26,919,608                                     |                           | 1,011,887                                                                                  |
| Dilutive                effect of restricted stock unit grants                       |                           | 16,824                                         |                           | 9,611                                          |                           | —                                                                                    |
|                                                                                 |                           |                                           |                           |                                           |                           |                                                                                       |
| Weighted                average number of shares of trust stock outstanding: diluted |                           | 28,912,346                                     |                           | 26,929,219                                     |                           | 1,011,887                                                                                  |

**4.      Acquisitions**

***Acquisition of      GAH***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**4. Acquisitions –(continued)**

|                                                                     |                                |        |        |        |
|---------------------------------------------------------------------|--------------------------------|--------|--------|--------|
| Current                assets                                       |       | $      | 1,820  |   |
| Property,                equipment, land and leasehold improvements |                           |   | 12,680 |   |
| Intangible                assets:                                   |                           |   |   |   |
| Customer                relationships                               |                           |   | 1,100  |   |
| Airport                contract rights                              |                           |   | 18,800 |   |
| Non-compete                agreements                               |                           |   | 1,100  |   |
| Goodwill                                                            |                           |   | 15,686 |   |
| Total                assets acquired                                |                           |   | 51,186 |   |
| Current                liabilities                                  |                           |   | 882    |   |
| Net                assets acquired                                  |                           | $      | 50,304 |   |

***Acquisition of      EAR***

|                                                                     |                                |        |        |        |
|---------------------------------------------------------------------|--------------------------------|--------|--------|--------|
| Current                assets                                       |       | $      | 2,264  |   |
| Property,                equipment, land and leasehold improvements |                           |   | 17,259 |   |
| Intangible                assets:                                   |                           |   |   |   |
| Airport                contract rights                              |                           |   | 38,286 |   |
| Goodwill                                                            |                           |   | 3,905  |   |
| Total                assets acquired                                |                           |   | 61,714 |   |
| Current                liabilities                                  |                           |   | 1,934  |   |
| Net                assets acquired                                  |                           | $      | 59,780 |   |

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**4. Acquisitions –(continued)**

***Acquisition of      SunPark and Other Parking Facilities***

|                                                                     |                                |        |        |        |
|---------------------------------------------------------------------|--------------------------------|--------|--------|--------|
| Current                assets                                       |       | $      | 93     |   |
| Property,                equipment, land and leasehold improvements |                           |   | 18,859 |   |
| Intangible                assets:                                   |                           |   |   |   |
| Customer                relationships                               |                           |   | 1,020  |   |
| Trade                name                                           |                           |   | 500    |   |
| Leasehold                rights                                     |                           |   | 1,750  |   |
| Domain                names                                         |                           |   | 320    |   |
| Goodwill                                                            |                           |   | 44,396 |   |
| Total                assets acquired                                |                           |   | 66,938 |   |
| Current                liabilities                                  |                           |   | 60     |   |
| Net                assets acquired                                  |                           | $      | 66,878 |   |

***Acquisition of      IMTT***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**4. Acquisitions –(continued)**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                |        |          |        |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------|----------|--------|
| Current                assets                                                                                                             |       | $      | 78,074   |   |
| Non-current                assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           |   | 552,361  |   |
| Current                liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                           |   | (48,267  | )      |
| Non-current                liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | (395,321 | )      |
| Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                           |   | 239,279  |   |
| Gross                profit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                           |   | 104,407  |   |
| Net                income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                           |   | 19,814   |   |

***Acquisition of      TGC***

|                                                                     |        |        |         |        |
|---------------------------------------------------------------------|--------|--------|---------|--------|
| Current                assets                                       |   | $      | 42,297  |   |
| Property,                equipment, land and leasehold improvements |   |   | 127,075 |   |
| Intangible                assets:                                   |   |   |    |   |
| Customer                relationships                               |   |   | 7,400   |   |
| Trade                name                                           |   |   | 8,500   |   |
| Real                estate leases                                   |   |   | 100     |   |
| Goodwill                                                            |   |   | 119,703 |   |
| Other                assets                                         |   |   | 3,108   |   |
| Total                assets acquired                                |   |   | 308,183 |   |
| Current                liabilities                                  |   |   | 20,309  |   |
| Deferred                income taxes                                |   |   | 12,202  |   |
| Other                liabilities                                    |   |   | 12,931  |   |
| Total                liabilities assumed                            |   |   | 45,442  |   |
| Net                assets acquired                                  |   | $      | 262,741 |   |

----

|  |  |  |  |  |
|--|--|--|--|--|

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**4. Acquisitions –(continued)**

***Acquisition of      Trajen***

|                                                                                                                                                                  |                                |        |         |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------|---------|--------|
| Current                assets                                                                                                                                    |       | $      | 19,669  |   |
| Property,                equipment, land and leasehold                improvements              |                           |   | 57,966  |   |
| Intangible                assets:                                                                                                                                |                           |   |    |   |
| Customer                relationships                                                                                                                            |                           |   | 32,800  |   |
| Airport                contract rights                                                                                                                           |                           |   | 221,800 |   |
| Non-compete                agreements                                                                                                                            |                           |   | 200     |   |
| Trade                name                                                                                                                                        |                           |   | 100     |   |
| Goodwill                                                                                                                                                         |                           |   | 84,387  |   |
| Other                assets                                                                                                                                      |                           |   | 266     |   |
| Total                assets acquired                                                                                                                             |                           |   | 417,188 |   |
| Current                liabilities                                                                                                                               |                           |   | 17,941  |   |
| Deferred                income taxes                                                                                                                             |                           |   | 51,625  |   |
| Other                liabilities                                                                                                                                 |                           |   | 319     |   |
| Total                liabilities assumed                                                                                                                         |                           |   | 69,885  |   |
| Net                assets acquired                                                                                                                               |                           | $      | 347,303 |   |

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**4. Acquisitions –(continued)**

***Pending      Acquisitions***

***Pro Forma      Information***

**5.      Dispositions**

***Macquarie      Communications Infrastructure Group***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**5. Dispositions –(continued)**

***South East      Water***

***Macquarie      Yorkshire Limited***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**6. Direct Financing      Lease Transactions**

|                                                                                                                                                                                                                                                                                                                                                                                                       |                                |                                      |                                |                                            |        |         |        |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------|--------------------------------|--------------------------------------------|--------|---------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                  |                           | **December                31, 2006** |                           | ** December                31, 2005** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                  |       |                                 |       |                                       |   |
| Minimum                lease payments receivable                                                                                                                                                                                                                                                                                                                                                      |                           | $                                    | 83,919                         |                                       | $      | 90,879  |   |
| Less:                Unearned financing lease income                                                                                                                                                                                                                                                                                                                                                  |                           |                                 | (39,771                        | )                                          |   | (44,851 | )      |
| Net                investment in direct financing                leases                                                      |                           | $                                    | 44,148                         |                                       | $      | 46,028  |   |
| Equipment                lease:                                                                                                                                                                                                                                                                                                                                                                       |                           |                                 |                           |                                       |   |    |   |
| Current                portion                                                                                                                                                                                                                                                                                                                                                                        |                           | $                                    | 2,843                          |                                       | $      | 2,482   |   |
| Long-term                portion                                                                                                                                                                                                                                                                                                                                                                      |                           |                                 | 41,305                         |                                       |   | 43,546  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                  |                           | $                                    | 44,148                         |                                       | $      | 46,028  |   |

|            |                                |        |        |        |
|------------|--------------------------------|--------|--------|--------|
| 2007       |       | $      | 7,756  |   |
| 2008       |                           |   | 6,887  |   |
| 2009       |                           |   | 6,881  |   |
| 2010       |                           |   | 6,874  |   |
| 2011       |                           |   | 6,874  |   |
| Thereafter |                           |   | 48,647 |   |
| Total      |                           | $      | 83,919 |   |

**7. Property,      Equipment, Land and Leasehold Improvements**

|                                                                          |                                |                                      |                                |                                            |        |         |        |
|--------------------------------------------------------------------------|--------------------------------|--------------------------------------|--------------------------------|--------------------------------------------|--------|---------|--------|
|                                                                     |                           | **December                31, 2006** |                           | ** December                31, 2005** |   |
|                                                                     |       |                                 |       |                                       |   |
| Land                                                                     |                           | $                                    | 63,275                         |                                       | $      | 62,520  |   |
| Easements                                                                |                           |                                 | 5,624                          |                                       |   | 5,624   |   |
| Buildings                                                                |                           |                                 | 35,836                         |                                       |   | 32,866  |   |
| Leasehold                and land improvements                           |                           |                                 | 166,490                        |                                       |   | 108,726 |   |
| Machinery                and equipment                                   |                           |                                 | 259,897                        |                                       |   | 132,196 |   |
| Furniture                and fixtures                                    |                           |                                 | 5,473                          |                                       |   | 1,920   |   |
| Construction                in progress                                  |                           |                                 | 20,196                         |                                       |   | 3,486   |   |
| Property                held for future use                              |                           |                                 | 1,316                          |                                       |   | 1,196   |   |
| Other                                                                    |                           |                                 | 7,566                          |                                       |   | 764     |   |
|                                                                     |                           |                                 | 565,673                        |                                       |   | 349,298 |   |
| Less:                Accumulated depreciation                            |                           |                                 | (42,914                        | )                                          |   | (14,179 | )      |
| Property,                equipment, land and leasehold improvements, net |                           | $                                    | 522,759                        |                                       | $      | 335,119 |   |

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**8. Intangible      Assets**

|                                               |                                |                                                  |                                |                                      |                                |                                      |        |        |         |        |
|-----------------------------------------------|--------------------------------|--------------------------------------------------|--------------------------------|--------------------------------------|--------------------------------|--------------------------------------|--------|--------|---------|--------|
|                                          |                           | **Weighted                Average Life (Years)** |                           | **December                31, 2006** |                           | **December                31, 2005** |   |
|                                          |       |                                             |       |                                 |       |                                 |   |
| Contractual                arrangements       |                           |                                             | 30.5                           |                                 | $                              | 459,373                              |   | $      | 237,572 |   |
| Non-compete                agreements         |                           |                                             | 2.8                            |                                 |                           | 5,035                                |   |   | 4,835   |   |
| Customer                relationships         |                           |                                             | 10.1                           |                                 |                           | 66,840                               |   |   | 26,640  |   |
| Leasehold                rights               |                           |                                             | 12.2                           |                                 |                           | 8,359                                |   |   | 8,259   |   |
| Trade                names                    |                           |                                             | Indefinite                     | (1)                                  |                           | 17,499                               |   |   | 26,175  |   |
| Domain                names                   |                           |                                             | Indefinite                     | (2)                                  |                           | 2,092                                |   |   | 8,307   |   |
| Technology                                    |                           |                                             | 5                              |                                 |                           | 460                                  |   |   | 460     |   |
|                                          |                           |                                             |                           |                                 |                           | 559,658                              |   |   | 312,248 |   |
| Less:                Accumulated amortization |                           |                                             |                           |                                 |                           | (32,899                              | )      |   | (12,761 | )      |
| Intangible                assets, net         |                           |                                             |                           |                                 | $                              | 526,759                              |   | $      | 299,487 |   |

**9. Accrued      Expenses**

|                                                |                                |                                      |                                |                                      |        |        |        |
|------------------------------------------------|--------------------------------|--------------------------------------|--------------------------------|--------------------------------------|--------|--------|--------|
|                                           |                           | **December                31, 2006** |                           | **December                31, 2005** |   |
|                                           |       |                                 |       |                                 |   |
| Payroll                and related liabilities |                           | $                                    | 7,624                          |                                 | $      | 3,794  |   |
| Interest                                       |                           |                                 | 1,176                          |                                 |   | 1,082  |   |
| Insurance                                      |                           |                                 | 2,076                          |                                 |   | 1,909  |   |
| Real                estate taxes               |                           |                                 | 2,550                          |                                 |   | 2,484  |   |
| Other                                          |                           |                                 | 6,354                          |                                 |   | 4,725  |   |
|                                           |                           | $                                    | 19,780                         |                                 | $      | 13,994 |   |

**10. Long-term      Debt**

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**10. Long-term Debt–(continued)**

|                                            |                                |                                      |                                |                                      |        |         |        |
|--------------------------------------------|--------------------------------|--------------------------------------|--------------------------------|--------------------------------------|--------|---------|--------|
|                                       |                           | **December                31, 2006** |                           | **December                31, 2005** |   |
|                                       |       |                                 |       |                                 |   |
| Airport                services debt       |                           | $                                    | 480,000                        |                                 | $      | 300,000 |   |
| MDE                senior notes            |                           |                                 | 120,000                        |                                 |   | 120,000 |   |
| PCAA                (new facility)         |                           |                                 | 195,000                        |                                 |   | — |   |
| PCAA                (various) loan payable |                           |                                 | —                        |                                 |   | 125,448 |   |
| PCAA                Chicago loan payable   |                           |                                 | 4,474                          |                                 |   | 4,574   |   |
| PCAA                SP loan payable        |                           |                                 | —                        |                                 |   | 58,740  |   |
| RCL                Properties loan payable |                           |                                 | 2,186                          |                                 |   | 2,232   |   |
| TGC                loans payable           |                           |                                 | 162,000                        |                                 |   | — |   |
|                                       |                           |                                 | 963,660                        |                                 |   | 610,994 |   |
| Less                current portion        |                           |                                 | 3,754                          |                                 |   | 146     |   |
| Long-term                portion           |                           | $                                    | 959,906                        |                                 | $      | 610,848 |   |

|            |                                |        |         |        |
|------------|--------------------------------|--------|---------|--------|
| 2007       |       |   | 3,754   |   |
| 2008       |                           |   | 6,162   |   |
| 2009       |                           |   | 205,843 |   |
| 2010       |                           |   | 484,800 |   |
| 2011       |                           |   | 4,380   |   |
| Thereafter |                           |   | 258,721 |   |
|       |                           | $      | 963,660 |   |

***District Energy      Business***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**10. Long-term Debt–(continued)**

***Airport Services      Business***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**10. Long-term Debt–(continued)**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                |                             |                                |                                 |        |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------|--------------------------------|---------------------------------|--------|---|
| **Start                Date**                                                                                                                                                                                                                                                                                                                                                                                                                           |                           | **End                Date** |                           | **Average                Rate** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                    |       |                        |       |                            |   |
| December 14,                2005                                                                    |                           | September 28, 2007          |                           |                            | 4.27   | % |
| September 28,                2007                                                                                                                                                                                                                                                                                                                                                                                                                  |                           | November 7, 2007            |                           |                            | 4.73   | % |
| November 7,                2007                                                                                                                                                                                                                                                                                                                                                                                                                    |                           | October 21, 2009            |                           |                            | 4.85   | % |
| October 21,                2009                                                                                                                                                                                                                                                                                                                                                                                                                    |                           | December 14, 2010           |                           |                            | 4.98   | % |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                |                             |                                |                                 |        |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------|--------------------------------|---------------------------------|--------|---|
| **Start                Date**                                                                                                                                                                                                                                                                                                                                                                                                                                      |                           | **End                Date** |                           | **Average                Rate** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               |       |                        |       |                            |   |
| September                29,                2006                                                                    |                           | December 12, 2010           |                           |                            | 5.51   | % |

***Airport Parking      Business***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**10. Long-term      Debt– (continued)**

|                               |                                |                                                                                                                                                                                                                                             |
|-------------------------------|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Borrower:                     |       | Parking Company of America Airports,                LLC                                                                                                                                                                                     |
|                          |                           | Parking Company of America Airports Phoenix,                LLC                                                                                                                                                                             |
|                          |                           | PCAA SP, LLC                                                                                                                                                                                                                                |
|                          |                           | PCA Airports, LTD                                                                                                                                                                                                                           |
|                          |                           |                                                                                                                                                                                                                                        |
| Borrowings:                   |                           | $195.0 million term loan                                                                                                                                                                                                                    |
|                          |                           |                                                                                                                                                                                                                                        |
| Security:                     |                           | Borrower assets                                                                                                                                                                                                                             |
|                          |                           |                                                                                                                                                                                                                                        |
| Term:                         |                           | 3 years (September 2009) plus 2 one-year                optional                extensions subject to meeting certain covenants                                                                                                             |
|                          |                           |                                                                                                                                                                                                                                        |
| Amortization:                 |                           | Payable at maturity                                                                                                                                                                                                                         |
|                          |                           |                                                                                                                                                                                                                                        |
| Interest                rate: |                           | 1 month LIBOR plus                                                                                                                                                                                                                          |
| Years                1-3:     |                           | 1.90%                                                                                                                                                                                                                                       |
|                          |                           |                                                                                                                                                                                                                                        |
| Year                4:        |                           | 2.10%                                                                                                                                                                                                                                       |
|                          |                           |                                                                                                                                                                                                                                        |
| Year                5:        |                           | 2.30%                                                                                                                                                                                                                                       |
|                          |                           |                                                                                                                                                                                                                                        |
| Debt                Reserves: |                           | Various reserves totaling $1.4 million, together                with minimum liquidity requirement, represents a decrease of $400,000                over                the total reserves associated with the prior                loans. |

***Gas Production      and      Distribution Business***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**10. Long-term Debt–(continued)**

|                                                                                                                                                                                                                                                                                                                                                                                      |                                |                                                                                                                                                                                                                          |                                |                                                                                    |                                |                                                 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|------------------------------------------------------------------------------------|--------------------------------|-------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                 |                           | **Holding                Company Debt**                                                                                                                                                                                  |                           | **Operating                Company Debt**                                          |
|                                                                |       |                                      |       |                                                                               |       |                                            |
|                                                                                                                                                                                                                                                                                                                                                                                 |                           | HGC Holdings LLC                                                                                                                                                                                                         |                           | The Gas Company, LLC                                                               |                           |                                            |
|                                                                                                                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                                     |                           |                                                                               |                           |                                            |
| Borrowings:                                                                                                                                                                                                                                                                                                                                                                          |                           | $80.0 million Term Loan                                                                                                                                                                                                  |                           | $80.0 million Term Loan                                                            |                           | $20.0 million Revolver                          |
|                                                                                                                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                                     |                           |                                                                               |                           |                                            |
| Security:                                                                                                                                                                                                                                                                                                                                                                            |                           | First priority security interest on HGC assets                and equity interests                                                                                                                                       |                           | First priority security interest on TGC assets                and equity interests |
|                                                                                                                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                                     |                           |                                                                               |                           |                                            |
| Term:                                                                                                                                                                                                                                                                                                                                                                                |                           | 7 years                                                                                                                                                                                                                  |                           | 7 years                                                                            |                           | 7 years                                         |
|                                                                                                                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                                     |                           |                                                                               |                           |                                            |
| Amortization:                                                                                                                                                                                                                                                                                                                                                                        |                           | Payable at maturity                                                                                                                                                                                                      |                           | Payable at maturity                                                                |                           | Payable at the earlier of 12 months or maturity |
|                                                                                                                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                                     |                           |                                                                               |                           |                                            |
| Interest:                Years 1-5:                                                                                                                                                                                                                                                                                                                                                  |                           | LIBOR plus 0.60%                                                                                                                                                                                                         |                           | LIBOR plus 0.40%                                                                   |                           | LIBOR plus 0.40%                                |
| Interest:                Years 6-7:                                                                                                                                                                                                                                                                                                                                                  |                           | LIBOR plus 0.70%                                                                                                                                                                                                         |                           | LIBOR plus 0.50%                                                                   |                           | LIBOR plus 0.50%                                |
|                                                                                                                                                                                                                                                                                                                                                                                 |                           |                                                                                                                                                                                                                     |                           |                                                                               |                           |                                            |
| Hedging:                                                                                                                                                                                                                                                                                                                                                                             |                           | Interest rate swaps (fixed v. LIBOR) fixing                funding costs at 4.84% for 7 years on a notional value of $160.0                million                                                                       |                           | —                                                                            |

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**10. Long-term      Debt– (continued)**

***MIC Inc.***

**11. Derivative      Instruments and Hedging Activities**

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**11. Derivative      Instruments and Hedging Activities – (continued)**

***Anticipated future      cash flows***

***Debt      Obligations***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**12. Notes Payable      and      Capital Leases**

|                                                    |                                |                                  |                                |                                   |        |         |        |
|----------------------------------------------------|--------------------------------|----------------------------------|--------------------------------|-----------------------------------|--------|---------|--------|
|                                               |                           | **Notes                Payable** |                           | **Capital                Leases** |   |
|                                               |       |                             |       |                              |   |
| 2007                                               |                           | $                                | 2,665                          |                              | $      | 2,018   |   |
| 2008                                               |                           |                             | 460                            |                              |   | 1,354   |   |
| 2009                                               |                           |                             | 79                             |                              |   | 769     |   |
| 2010                                               |                           |                             | 73                             |                              |   | 303     |   |
| 2011                                               |                           |                             | 49                             |                              |   | 48      |   |
| Thereafter                                         |                           |                             | —                        |                              |   | — |   |
| Total                minimum payments              |                           | $                                | 3,326                          |                              | $      | 4,492   |   |
| Less:                Amounts representing interest |                           |                             | —                        |                              |   | — |   |
| Present                value of minimum payments   |                           |                             | 3,326                          |                              |   | 4,492   |   |
| Less                current portion                |                           |                             | (2,665                         | )                                 |   | (2,018  | )      |
| Long-term                portion                   |                           | $                                | 661                            |                              | $      | 2,474   |   |

**13. Stockholders’Equity**

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**13. Stockholders’Equity – (continued)**

**14. Reportable      Segments**

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**14. Reportable      Segments – (continued)**

|                                               |                                |                                     |                                |                                    |                                |                                    |                                |                                  |                                |           |        |         |        |        |         |        |
|-----------------------------------------------|--------------------------------|-------------------------------------|--------------------------------|------------------------------------|--------------------------------|------------------------------------|--------------------------------|----------------------------------|--------------------------------|-----------|--------|---------|--------|--------|---------|--------|
|                                          |                           | **Airport                Services** |                           | **Airport                Parking** |                           | **District                Energy** |                           | **GasProductionandDistribution** |                           | **Total** |   |
|                                          |       |                                |       |                               |       |                               |       |                             |       |      |   |
| **Revenue                from Product Sales** |                           |                                |                           |                               |                           |                               |                           |                             |                           |      |   |
| Fuel                sales                     |                           | $                                   | 225,570                        |                               | $                              | —                            |                           | $                                | —                        |      | $      | 87,728  |   | $      | 313,298 |   |
|                                          |                           |                                | 225,570                        |                               |                           | —                            |                           |                             | —                        |      |   | 87,728  |   |   | 313,298 |   |
| **Service                Revenue**            |                           |                                |                           |                               |                           |                               |                           |                             |                           |      |   |    |   |   |    |   |
| Other                services                 |                           |                                | 87,306                         |                               |                           | —                            |                           |                             | 3,163                          |      |   | — |   |   | 90,469  |   |
| Cooling                capacity revenue       |                           |                                | —                        |                               |                           | —                            |                           |                             | 17,407                         |      |   | — |   |   | 17,407  |   |
| Cooling                consumption revenue    |                           |                                | —                        |                               |                           | —                            |                           |                             | 17,897                         |      |   | — |   |   | 17,897  |   |
| Parking                services               |                           |                                | —                        |                               |                           | 76,062                             |                           |                             | —                        |      |   | — |   |   | 76,062  |   |
|                                          |                           |                                | 87,306                         |                               |                           | 76,062                             |                           |                             | 38,467                         |      |   | — |   |   | 201,835 |   |
| **Financing                and Lease Income** |                           |                                |                           |                               |                           |                               |                           |                             |                           |      |   |    |   |   |    |   |
| Financing                and equipment lease  |                           |                                | —                        |                               |                           | —                            |                           |                             | 5,118                          |      |   | — |   |   | 5,118   |   |
|                                          |                           |                                | —                        |                               |                           | —                            |                           |                             | 5,118                          |      |   | — |   |   | 5,118   |   |
|                                          |                           |                                |                           |                               |                           |                               |                           |                             |                           |      |   |    |   |   |    |   |
| **Total                Revenue**              |                           | $                                   | 312,876                        |                               | $                              | 76,062                             |                           | $                                | 43,585                         |      | $      | 87,728  |   | $      | 520,251 |   |

|                                                                                                                                                                                                              |                                |                                                 |                                |                                            |                                |                                        |                                |                         |                                |                                                                     |                                |                 |        |        |         |        |        |           |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------------------------------------|--------------------------------|--------------------------------------------|--------------------------------|----------------------------------------|--------------------------------|-------------------------|--------------------------------|---------------------------------------------------------------------|--------------------------------|-----------------|--------|--------|---------|--------|--------|-----------|--------|
|                                                                                                                                                                                                         |                           | **Year                Ended December 31, 2006** |                           | **December                31, 2006 ** |                           |
|                                                                                                                                                                                                         |                           | **SegmentProfit(1)**                            |                           | **InterestExpense**                        |                           | **Depreciation/Amortization(2) ** |                           | **CapitalExpenditures** |                           | **Property,Equipment,Land                andLeaseholdImprovements** |                           | **TotalAssets** |   |
|                                    |       |                                            |       |                                  |       |                              |       |               |       |                                                           |       |            |   |
| Airport                services                                                                                                                                                                              |                           | $                                               | 166,493                        |                                       | $                              | 30,456                                 |                           | $                       | 25,282                         |                                                                | $                              | 7,101           |   | $      | 149,623 |   | $      | 932,614   |   |
| Airport                parking                                                                                                                                                                               |                           |                                            | 21,425                         |                                       |                           | 17,262                                 |                           |                    | 29,118                         |                                                                |                           | 4,181           |   |   | 97,714  |   |   | 283,459   |   |
| District                energy                                                                                                                                                                               |                           |                                            | 14,179                         |                                       |                           | 8,683                                  |                           |                    | 7,077                          |                                                                |                           | 1,618           |   |   | 142,787 |   |   | 236,080   |   |
| Gas                production and distribution                                                                                                                                                               |                           |                                            | 18,810                         |                                       |                           | 5,426                                  |                           |                    | 3,735                          |                                                                |                           | 5,509           |   |   | 132,635 |   |   | 308,500   |   |
| Total                                                                                                                                                                                                        |                           | $                                               | 220,907                        |                                       | $                              | 61,827                                 |                           | $                       | 65,212                         |                                                                | $                              | 18,409          |   | $      | 522,759 |   | $      | 1,760,653 |   |

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**14. Reportable      Segments – (continued)**

|                                                                                                                                |                                |        |           |        |
|--------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------|-----------|--------|
| Total                reportable segments                                                                                       |       | $      | 1,760,653 |   |
| Equity                investments                                                                                              |                           |   |      |   |
| Investment                in IMTT                                                                                              |                           |   | 239,632   |   |
| Corporate                – Macquarie Infrastructure Company LLC and Macquarie Infrastructure                Company Inc. |                           |   | 462,605   |   |
| Less:                Consolidation entries                                                                                     |                           |   | (365,357  | )      |
| Total                consolidated assets                                                                                       |                           | $      | 2,097,533 |   |

|                                                                                     |                                |        |          |        |
|-------------------------------------------------------------------------------------|--------------------------------|--------|----------|--------|
| Total                reportable segments                                            |       | $      | 220,907  |   |
| Selling,                general and administrative                                  |                           |   | (120,252 | )      |
| Fees                to manager                                                      |                           |   | (18,631  | )      |
| Depreciation                and amortization                                        |                           |   | (55,948  | )      |
|                                                                                |                           |   | 26,076   |   |
| Other                income, net                                                    |                           |   | 7,398    |   |
| Total                consolidated income before income taxes and minority interests |                           | $      | 33,474   |   |

|                                                                                                                                                                                      |                                |                                     |                                |                                    |                                |                                    |                                |           |         |        |        |         |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------------------------|--------------------------------|------------------------------------|--------------------------------|------------------------------------|--------------------------------|-----------|---------|--------|--------|---------|--------|
|                                                                                                                                                                                 |                           | **Airport                Services** |                           | **Airport                Parking** |                           | **District                Energy** |                           | **Total** |    |
|                                                                                                                                                                                 |                           |                                |                           |                               |                           |                               |                           |      |    |
| **Revenue                from Product                Sales                    ** |       |                                |       |                               |       |                               |       |      |    |
| Fuel                sales                                                                                                                                                            |                           | $                                   | 142,785                        |                               | $                              | —                            |                           | $         | — |   | $      | 142,785 |   |
|                                                                                                                                                                                 |                           |                                | 142,785                        |                               |                           | —                            |                           |      | — |   |   | 142,785 |   |
| **Service                Revenue**                                                                                                                                                   |                           |                                |                           |                               |                           |                               |                           |      |    |   |   |    |   |
| Other                services                                                                                                                                                        |                           |                                | 58,701                         |                               |                           | —                            |                           |      | 2,855   |   |   | 61,556  |   |
| Capacity                revenue                                                                                                                                                      |                           |                                | —                        |                               |                           | —                            |                           |      | 16,524  |   |   | 16,524  |   |
| Consumption                revenue                                                                                                                                                   |                           |                                | —                        |                               |                           | —                            |                           |      | 18,719  |   |   | 18,719  |   |
| Parking                services                                                                                                                                                      |                           |                                | —                        |                               |                           | 59,856                             |                           |      | — |   |   | 59,856  |   |
|                                                                                                                                                                                 |                           |                                | 58,701                         |                               |                           | 59,856                             |                           |      | 38,098  |   |   | 156,655 |   |
| **Financing                and Lease Income**                                                                                                                                        |                           |                                |                           |                               |                           |                               |                           |      |    |   |   |    |   |
| Financing                and equipment lease                                                                                                                                         |                           |                                | —                        |                               |                           | —                            |                           |      | 5,303   |   |   | 5,303   |   |
|                                                                                                                                                                                 |                           |                                | —                        |                               |                           | —                            |                           |      | 5,303   |   |   | 5,303   |   |
|                                                                                                                                                                                 |                           |                                |                           |                               |                           |                               |                           |      |    |   |   |    |   |
| **Total                Revenue**                                                                                                                                                     |                           | $                                   | 201,486                        |                               | $                              | 59,856                             |                           | $         | 43,401  |   | $      | 304,743 |   |

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**14. Reportable      Segments – (continued)**

|                                 |                                |                                                                                     |                                |                                      |                                |                                  |                                |                         |                                |                                                                                        |                                |                 |        |        |         |        |        |           |        |
|---------------------------------|--------------------------------|-------------------------------------------------------------------------------------|--------------------------------|--------------------------------------|--------------------------------|----------------------------------|--------------------------------|-------------------------|--------------------------------|----------------------------------------------------------------------------------------|--------------------------------|-----------------|--------|--------|---------|--------|--------|-----------|--------|
|                            |                           | **From                the date of acquisition to December 31,                2005** |                           | **December                31, 2005** |                           |
|                            |                           | **SegmentProfit(1)**                                                                |                           | **InterestExpense**                  |                           | **Depreciation/Amortization(2)** |                           | **CapitalExpenditures** |                           | **Property,                Equipment, Land and Leasehold                Improvements** |                           | **TotalAssets** |   |
|                            |       |                                                                                |       |                                 |       |                             |       |                    |       |                                                                                   |       |            |   |
| Airport                services |                           | $                                                                                   | 109,100                        |                                 | $                              | 18,650                           |                           | $                       | 15,652                         |                                                                                   | $                              | 4,038           |   | $      | 92,906  |   | $      | 553,285   |   |
| Airport                parking  |                           |                                                                                | 14,780                         |                                 |                           | 10,350                           |                           |                    | 6,199                          |                                                                                   |                           | 1,679           |   |   | 94,859  |   |   | 288,846   |   |
| District                energy  |                           |                                                                                | 14,223                         |                                 |                           | 8,543                            |                           |                    | 7,062                          |                                                                                   |                           | 1,026           |   |   | 147,354 |   |   | 245,405   |   |
|                            |                           |                                                                                |                           |                                 |                           |                             |                           |                    |                           |                                                                                   |                           |            |   |   |    |   |   |      |   |
| Total                           |                           | $                                                                                   | 138,103                        |                                 | $                              | 37,543                           |                           | $                       | 28,913                         |                                                                                   | $                              | 6,743           |   | $      | 335,119 |   | $      | 1,087,536 |   |

|                                                                                                                 |                                |        |           |        |
|-----------------------------------------------------------------------------------------------------------------|--------------------------------|--------|-----------|--------|
| Total reportable segments                                                                                       |       | $      | 1,087,536 |   |
| Equity and cost investments:                                                                                    |                           |   |      |   |
| Equity                investment in toll road business                                                          |                           |   | 69,358    |   |
| Investment                in SEW                                                                                |                           |   | 35,295    |   |
| Investment                in MCG                                                                                |                           |   | 68,882    |   |
| Corporate – Macquarie Infrastructure Company LLC                and Macquarie Infrastructure Company Inc. |                           |   | 359,403   |   |
| Less: Consolidation entries                                                                                     |                           |   | (257,176  | )      |
| Total consolidated assets                                                                                       |                           | $      | 1,363,298 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                |        |         |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------|---------|--------|
| Total reportable                segments                                                                                            |       | $      | 138,103 |   |
| Selling, general and administrative                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                           |   | (82,636 | )      |
| Fees to manager                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                           |   | (9,294  | )      |
| Depreciation and amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                           |   | (20,822 | )      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                           |   | 25,351  |   |
| Other expense, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                           |   | (13,567 | )      |
| Total consolidated income before income taxes                and                minority interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                           | $      | 11,784  |   |

**15. Related Party      Transactions**

***Management Services      Agreement with Macquarie Infrastructure Management (USA) Inc., or      MIMUSA***

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**15. Related Party      Transactions – (continued)**

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**15. Related Party      Transactions – (continued)**

***Advisory and      Other      Services from the Macquarie Group***

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                |        |              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------|--------------|
| *Year                Ended December 31, 2006*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |       |   |         |
| Acquisition                of IMTT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                           |   |         |
| –                advisory services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           | $      | 4,232        |
| Acquisition                of TGC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                           |   |         |
| –                advisory services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | 3,750        |
| –                debt arranging services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                           |   | 900          |
| –                out of pocket expense reimbursement to MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | 53           |
| Acquisition                of Trajen                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                           |   |         |
| –                advisory services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | 5,260        |
| –                debt arranging services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                           |   | 900          |
| Disposition                of MCG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                           |   |         |
| –                broker services from MSAL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                           |   | 231          |
| Disposition                of SEW                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                           |   |         |
| –                advisory services from MBL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                           |   | 933          |
| Disposition                of MYL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                           |   |         |
| –                advisory services from MBL (accrued in 2006 and paid in 2007)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                           |   | 867          |
| Airport                Parking Business Refinancing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   |         |
| –                advisory services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | 1,463        |
| MIC                Inc. Acquisition Facility increase                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                           |   |         |
| –                advisory services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | 575          |
|                                                                                                                     |       |   |         |
| *Year                Ended December 31, 2005*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                           |   |         |
| Acquisition                of GAH                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                           |   |         |
| –                advisory services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           | $      | 1,070        |
| –                debt arranging services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                           |   | 160          |
| –                equity and debt underwriting services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                           |   | 913          |
| –                out of pocket expense reimbursement to MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | 16           |
| Acquisition                of EAR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                           |   |         |
| –                advisory services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | 1,000        |
| –                out of pocket expense reimbursement to MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | 9            |
| Acquisition                of SunPark                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                           |   |         |
| –                advisory services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | 1,000   |
| –                out of pocket expense reimbursement to MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | 1            |
| Airport                Services Business Long–term Debt Refinancing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                           |   |         |
| –                advisory services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | 1,983        |
| –                out of pocket expense reimbursement to MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | 48           |
| MIC                Inc. Acquisition Facility                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                           |   |         |
| –                advisory services from MSUSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           |   | 625          |
|                                                                                                                     |       |   |         |

----

|  |  |  |  |
|--|--|--|--|

**MACQUARIE INFRASTRUCTURE COMPANY      TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**15. Related Party      Transactions – (continued)**

***Long-term      Debt***

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                |        |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------|--------|
| *Year                ended December 31, 2006*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |       |   |   |
| Portion                of loan from MBL, as at December 31, 2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                           | $      | 50,000 |
| Interest                expense on MBL portion of loan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                           |   | 3,164  |
| Financing                fee to MBL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                           |   | 307    |
|                                                                                                                                       |                           |   |   |
| *Year                ended December 31, 2005*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                           |   |   |
| Financing                fee to MBL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                           | $      | 244    |
| Interest                expense on MBL portion of loan prior to refinancing in December                2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                           |   | 2,230  |
| Portion                of loan from MBL from refinancing, as at December 31, 2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                           |   | 60,000 |
| Underwriting                fee to MBL from refinancing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                           |   | 600    |
| Interest                expense on MBL portion of loan from refinancing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                           |   | 162    |
|                                                                                                                                       |       |   |   |

|                                                                                                                                                                                                                                 |                                |        |         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------|---------|
| *Year                ended December 31, 2006*                                                                                                                                                                                   |                           |   |    |
| Portion                of loan outstanding from MBL, as at December 31,                2006                       |       | $      | — |
| Maximum                drawdown on the loan from MBL during 2006                                                                                                                                                                |                           |   | 100,000 |
| Interest                expense on MBL portion of loan                                                                                                                                                                          |                           |   | 3,540   |
| Fees                paid to MBL for increase in facility                                                                                                                                                                        |                           |   | 250     |
|                                                                                                                                                                                                                            |                           |   |    |
| *Year                ended December 31, 2005*                                                                                                                                                                                   |                           |   |    |
| Portion                of acquisition facility commitment provided by MBL                                                                                                                                                       |                           | $      | 100,000 |
| Establishment                fees paid to MBL                                                                                                                                                                                   |                           |   | 250     |

----

|  |  |  |  |
|--|--|--|--|

**MACQUARIE INFRASTRUCTURE COMPANY      TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**15. Related Party      Transactions – (continued)**

***Derivative      Instruments and Hedging Activities***

**16. Income      Taxes**

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**16. Income Taxes–(continued)**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                |                                                    |                                |                                                    |        |         |        |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------------------------------------------------|--------------------------------|----------------------------------------------------|--------|---------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                           | **Year                EndedDecember 31,2006** |                           | **Year                EndedDecember 31,2005** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |       |                                               |       |                                               |   |
| Current                taxes:                                                                                |                           |                                               |                           |                                               |   |
| Federal                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                           | $                                                  | 176                            |                                               | $      | — |   |
| State                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                           |                                               | 1,663                          |                                               |   | 2,080   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                           |                                               |                           |                                               |   |    |   |
| Total                current taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                           |                                               | 1,839                          |                                               |   | 2,080   |   |
| Deferred                tax benefit:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                           |                                               |                           |                                               |   |    |   |
| Federal                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                           |                                               | (13,322                        | )                                                  |   | (463    | )      |
| State                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                           |                                               | (4,771                         | )                                                  |   | (862    | )      |
| Change                in valuation allowance                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                           |                                               | (167                           | )                                                  |   | (4,370  | )      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                           |                                               |                           |                                               |   |    |   |
| Total                tax expense (benefit)                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                           | $                                                  | (16,421                        | )                                                  | $      | (3,615  | )      |

|                                                                  |                                |                                           |                                |                                           |        |          |        |
|------------------------------------------------------------------|--------------------------------|-------------------------------------------|--------------------------------|-------------------------------------------|--------|----------|--------|
|                                                             |                           | **December 31,                2006** |                           | **December 31,                2005** |   |
| Deferred                tax assets:                              |       |                                      |       |                                      |   |
| Net                operating loss carryforwards                  |                           | $                                         | 23,801                         |                                      | $      | 15,115   |   |
| Capital                loss carryforwards                        |                           |                                      | 4,786                          |                                      |   | 4,885    |   |
| Lease                transaction costs                           |                           |                                      | 1,966                          |                                      |   | 2,131    |   |
| Amortization                of intangible assets                 |                           |                                      | 4,821                          |                                      |   | 4,398    |   |
| Deferred                revenue                                  |                           |                                      | 562                            |                                      |   | 515      |   |
| Accrued                compensation                              |                           |                                      | 3,210                          |                                      |   | 717      |   |
| Accrued                expenses                                  |                           |                                      | 1,857                          |                                      |   | 1,225    |   |
| SFAS                No. 143 retirement obligations          |                           |                                      | 1,224                          |                                      |   | 1,135    |   |
| Other                                                            |                           |                                      | 1,319                          |                                      |   | 1,569    |   |
| Unrealized                losses                                 |                           |                                      | 1,456                          |                                      |   | —  |   |
| Allowance                for doubtful accounts                   |                           |                                      | 474                            |                                      |   | —  |   |
| Total                gross deferred tax assets                   |                           |                                      | 45,476                         |                                      |   | 31,690   |   |
| Less:                Valuation allowance                         |                           |                                      | (5,271                         | )                                         |   | (5,451   | )      |
| Net                deferred tax assets after valuation allowance |                           |                                      | 40,205                         |                                      |   | 26,239   |   |
| Deferred                tax liabilities:                         |                           |                                      |                           |                                      |   |     |   |
| Intangible                assets                                 |                           |                                      | (129,176                       | )                                         |   | (70,259  | )      |
| Property                and equipment                            |                           |                                      | (61,915                        | )                                         |   | (59,133  | )      |
| Partnership                basis differences                     |                           |                                      | (7,727                         | )                                         |   | (6,373   | )      |
| Prepaid                expenses                                  |                           |                                      | (1,479                         | )                                         |   | (693     | )      |
| Other                                                            |                           |                                      | (1,420                         | )                                         |   | (1,474   | )      |
| Total                deferred tax liabilities                    |                           |                                      | (201,717                       | )                                         |   | (137,932 | )      |
| Net                deferred tax liability                        |                           |                                      | (161,512                       | )                                         |   | (111,693 | )      |
| Less:                current deferred tax asset                  |                           |                                      | 2,411                          |                                      |   | 2,101    |   |
| Noncurrent                deferred tax liability                 |                           | $                                         | (163,923                       | )                                         | $      | (113,794 | )      |

----

|  |  |  |  |  |  |  |  |
|--|--|--|--|--|--|--|--|

**MACQUARIE INFRASTRUCTURE COMPANY      TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**16. Income Taxes–(continued)**

|                                                                                     |                                |                                                    |                                |                                                    |        |         |        |
|-------------------------------------------------------------------------------------|--------------------------------|----------------------------------------------------|--------------------------------|----------------------------------------------------|--------|---------|--------|
|                                                                                |                           | **Year                EndedDecember 31,2006** |                           | **Year                EndedDecember 31,2005** |   |
|                                                                                |       |                                               |       |                                               |   |
| Tax                expense at U.S. statutory rate                              |                           | $                                                  | 11,724                         |                                               | $      | 4,124   |   |
| Effect                of permanent differences and other                            |                           |                                               | 648                            |                                               |   | 168     |   |
| State                income taxes, net of federal benefit                           |                           |                                               | (2,020                         | )                                                  |   | 1,125   |   |
| Tax                effect of flow-through entities                                  |                           |                                               | (23,223                        | )                                                  |   | (4,662  | )      |
| Tax                effect of IMTT basis difference and dividends received deduction |                           |                                               | (3,383                         | )                                                  |   | — |   |
| Change                in valuation allowance                                        |                           |                                               | (167                           | )                                                  |   | (4,370  | )      |
| Total                tax benefit                                                    |                           | $                                                  | (16,421                        | )                                                  | $      | (3,615  | )      |

**17.      Leases**

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**17. Leases –(continued)**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                |        |         |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------|---------|--------|
| 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |       | $      | 28,199  |   |
| 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                           |   | 28,063  |   |
| 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                           |   | 27,519  |   |
| 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                           |   | 25,656  |   |
| 2011                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                           |   | 24,957  |   |
| Thereafter                                                                                                                               |                           |   | 337,439 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                           | $      | 471,833 |   |

**18. Employee Benefit      Plans**

|                                                                                                                                                                                                                                                                                          |                                |        |          |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------|----------|--------|
| Opening                balance, December 31,                2005                                     |       | $      | 747,857  |   |
| Service                costs                                                                                                                                                                                                                                                             |                           |   | —  |   |
| Interest                costs                                                                                                                                                                                                                                                            |                           |   | 37,395   |   |
| Participant                contributions                                                                                                                                                                                                                                                 |                           |   | 35,100   |   |
| Actuarial                gains/losses                                                                                                                                                                                                                                                    |                           |   | 64,231   |   |
| Benefits                paid                                                                                                                                                                                                                                                             |                           |   | (206,065 | )      |
|                                                                                                                                                                                                                                                                                     |                           |   |     |   |
| Ending                balance, December 31, 2006                                                                                                                                                                                                                                         |                           | $      | 678,518  |   |

**Union Pension      Plan**

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**18. Employee      Benefit Plans – (continued)**

**Other Benefits      Plan**

|                                                                                                                                                                                                                                                                                                                                                                                                       |                                |                     |                                |                                |        |         |        |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------|--------------------------------|--------------------------------|--------|---------|--------|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                                                                                                                  |                           | **PensionBenefits** |                           | **OtherBenefits**              |   |
| Change                in benefit obligation:                                                                                                                                                                                                                                                                                                                                                          |       |                |       |                           |   |
| Benefit                obligation – beginning of                period                                                           |                           | $                   | 27,747                         |                           | $      | 1,495   |   |
| Service                cost                                                                                                                                                                                                                                                                                                                                                                           |                           |                | 345                            |                           |   | 19      |   |
| Interest                cost                                                                                                                                                                                                                                                                                                                                                                          |                           |                | 955                            |                           |   | 51      |   |
| Plan                amendments                                                                                                                                                                                                                                                                                                                                                                        |                           |                | —                        |                           |   | — |   |
| Participant                contributions                                                                                                                                                                                                                                                                                                                                                              |                           |                | —                        |                           |   | 12      |   |
| Actuarial                losses                                                                                                                                                                                                                                                                                                                                                                       |                           |                | 739                            |                           |   | 14      |   |
| Benefits                paid                                                                                                                                                                                                                                                                                                                                                                          |                           |                | (763                           | )                              |   | (39     | )      |
| Benefit                obligation – end of year                                                                                                                                                                                                                                                                                                                                                 |                           | $                   | 29,023                         |                           | $      | 1,552   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                  |                           | **PensionBenefits** |                           | **OtherBenefits**              |   |
| Change                in plan assets                                                                                                                                                                                                                                                                                                                                                                  |       |                |                           |       |   |    |   |
| Fair                value of plan assets – beginning of                period                                                    |                           | $                   | 22,790                         |                           | $      | — |   |
| Actual                return on plan assets                                                                                                                                                                                                                                                                                                                                                           |                           |                | 2,347                          |                           |   | — |   |
| Employer/participant                contributions                                                                                                                                                                                                                                                                                                                                                     |                           |                | —                        |                           |   | 39      |   |
| Expenses                paid                                                                                                                                                                                                                                                                                                                                                                          |                           |                | (62                            | )                              |   | — |   |
| Benefits                paid                                                                                                                                                                                                                                                                                                                                                                          |                           |                | (763                           | )                              |   | (39     | )      |
| Fair                value of plan assets – end of year                                                                                                                                                                                                                                                                                                                                          |                           | $                   | 24,312                         |                           | $      | — |   |

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**18. Employee      Benefit Plans – (continued)**

|                                                                                                                                                       |                                |                     |                                |                   |        |         |        |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------|--------------------------------|-------------------|--------|---------|--------|--|
|                                                                                                                                                  |                           | **PensionBenefits** |                           | **OtherBenefits** |   |
| Funded                status:                                                                                                                         |       |                |       |              |   |
| Funded                status at end of year                                                                                                           |                           | $                   | (4,710                         | )                 | $      | (1,552  | )      |
| Employer                contributions between measurement date and year end                                                                           |                           |                | —                        |              |   | — |   |
| Net                amount recognized in balance sheet (after SFAS No. 158)                                                                            |                           | $                   | (4,710                         | )                 | $      | (1,552  | )      |
|                                                                                                                                                  |                           |                |                           |              |   |    |   |
| Amounts                recognized in balance sheet consists of:                                                                                       |                           |                |                           |              |   |    |   |
| Non-current                assets                                                                                                                     |                           | $                   | —                        |              | $      | — |   |
| Current                liabilities                                                                                                                    |                           |                | —                        |              |   | (99     | )      |
| Non-current                liabilities                                                                                                                |                           |                | (4,710                         | )                 |   | (1,453  | )      |
| Net                amount recognized in balance sheet (after SFAS No. 158)                                                                            |                           | $                   | (4,710                         | )                 | $      | (1,552  | )      |
|                                                                                                                                                  |                           |                |                           |              |   |    |   |
| Amounts                not yet reflected in net periodic benefit cost and included in accumulated                other comprehensive income:          |                           |                |                           |              |   |    |   |
| Transition                obligation asset (obligation)                                                                                               |                           | $                   | —                        |              | $      | — |   |
| Prior                service credit (cost)                                                                                                            |                           |                | —                        |              |   | — |   |
| Accumulated                gain (loss)                                                                                                                |                           |                | 518                            |              |   | (14     | )      |
| Accumulated                other comprehensive income                                                                                                 |                           |                | 518                            |              |   | (14     | )      |
| Cumulative                employer contributions in excess of net periodic benefit cost                                                               |                           |                | (5,228                         | )                 |   | (1,538  | )      |
| Net                amount recognized in balance sheet (after SFAS No. 158)                                                                            |                           | $                   | (4,710                         | )                 | $      | (1,552  | )      |
|                                                                                                                                                  |                           |                |                           |              |   |    |   |
| Change                in accumulated other comprehensive income due to application of SFAS                No.                158:                     |                           |                |                           |              |   |    |   |
| Additional                minimum liability (before SFAS No. 158)                                                                                     |                           |                | —                        |              |   | — |   |
| Intangible                asset (before SFAS No. 158)                                                                                                 |                           |                | —                        |              |   | — |   |
| Accumulated                other comprehensive income (before SFAS No. 158)                                                                           |                           |                | —                        |              |   | — |   |
| Net                increase (decrease) in accumulated other comprehensive income due                to                SFASNo. 158                     |                           | $                   | 518                            |              | $      | (14     | )      |
| Estimated                amounts that will be amortized from accumulated other comprehensive                income                over the next year: |       |                |       |              |   |
| Amortization                of transition obligation (asset)                                                                                          |                           |                | —                        |              |   | — |   |
| Amortization                of prior service cost (credit)                                                                                            |                           |                | —                        |              |   | — |   |
| Amortization                of net (gain) loss                                                                                                        |                           |                | —                        |              |   | — |   |
|                                                                                                                                                  |                           |                |                           |              |   |    |   |
| Weighted                average assumptions:                                                                                                          |                           |                |                           |              |   |    |   |
| Discount                rate                                                                                                                          |                           |                | 6.00                           | %                 |   | 6.00    | %      |
| Expected                return on plan assets                                                                                                         |                           |                | 8.25                           | %                 |   | — |   |
| Rate                of compensation increases                                                                                                         |                           |                | —                        |              |   | — |   |
|                                                                                                                                                  |                           |                |                           |              |   |    |   |
| Assumed                healthcare cost trend rates:                                                                                                   |                           |                |                           |              |   |    |   |
| Initial                health care cost trend rate                                                                                                    |                           |                | —                        |              |   | 9.50    | %      |
| Ultimate                rate                                                                                                                          |                           |                | —                        |              |   | 5.00    | %      |
| Year                ultimate rate is reached                                                                                                          |                           |                | —                        |              |   | 2015    |   |

----

|  |  |  |  |  |  |  |  |  |
|--|--|--|--|--|--|--|--|--|

**MACQUARIE INFRASTRUCTURE COMPANY      TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**18. Employee Benefit      Plans – (continued)**

|                                                         |                                |                     |        |                                |        |         |        |
|---------------------------------------------------------|--------------------------------|---------------------|--------|--------------------------------|--------|---------|--------|
|                                                    |                           | **PensionBenefits** |   | **OtherBenefits**              |   |
| Components                of net periodic benefit cost: |       |                |   |       |   |    |   |
| Service                cost                             |                           | $                   | 345    |                           | $      | 19      |   |
| Interest                cost                            |                           |                | 955    |                           |   | 51      |   |
| Expected                return on plan assets           |                           |                | (1,029 | )                              |   | — |   |
| Net                periodic benefit cost                |                           | $                   | 271    |                           | $      | 70      |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                |        |        |              |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------|--------|--------------|
| Equity                instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |       | 66     | %      |    |
| Fixed                income                securities                                                                                                               |                           | 34     | %      |         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                           |   |   |         |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           | 100    | %      |         |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                |                     |                                |                   |        |     |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------|--------------------------------|-------------------|--------|-----|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                           | **PensionBenefits** |                           | **OtherBenefits** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |       |                |       |              |   |
| 2007                                                                                                                                |                           | $                   | 1,705                          |              | $      | 100 |   |
| 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                           |                | 1,782                          |              |   | 103 |   |
| 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                           |                | 1,895                          |              |   | 94  |   |
| 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                           |                | 1,991                          |              |   | 95  |   |
| 2011                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                           |                | 2,105                          |              |   | 129 |   |
| 2012-2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                           |                | 11,487                         |              |   | 703 |   |

**401(k) Savings      Plan**

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**19. Legal Proceedings      and Contingencies**

**20.      Dividends**

|                                  |                                |                                  |                                |                                           |                                |                                 |                                |                                       |                    |        |        |        |        |
|----------------------------------|--------------------------------|----------------------------------|--------------------------------|-------------------------------------------|--------------------------------|---------------------------------|--------------------------------|---------------------------------------|--------------------|--------|--------|--------|--------|
| **Date                Declared** |                           | **Quarter                Ended** |                           | **Holders                of Record Date** |                           | **Payment                Date** |                           | **Dividend                Per Share** |               |
|                             |       |                             |       |                                      |       |                            |       |                                  |               |
| May                14, 2005      |                           |                             | December 31, 2004              |                                      |                           | June 2, 2005                    |                           |                                  | June 7, 2005       |   | $      | 0.0877 |   |
| May                14, 2005      |                           |                             | March 31, 2005                 |                                      |                           | June 2, 2005                    |                           |                                  | June 7, 2005       |   |   | 0.50   |   |
| August                8, 2005    |                           |                             | June 30, 2005                  |                                      |                           | September 6, 2005               |                           |                                  | September 9, 2005  |   |   | 0.50   |   |
| November                7, 2005  |                           |                             | September 30, 2005             |                                      |                           | December 6, 2005                |                           |                                  | December 9, 2005   |   |   | 0.50   |   |
| March                14, 2006    |                           |                             | December 31, 2005              |                                      |                           | April 5, 2006                   |                           |                                  | April 10, 2006     |   |   | 0.50   |   |
| May                4, 2006       |                           |                             | March 31, 2006                 |                                      |                           | June 5, 2006                    |                           |                                  | June 9, 2006       |   |   | 0.50   |   |
| August                7, 2006    |                           |                             | June 30, 2006                  |                                      |                           | September 6, 2006               |                           |                                  | September 11, 2006 |   |   | 0.525  |   |
| November                8, 2006  |                           |                             | September 30, 2006             |                                      |                           | December 5, 2006                |                           |                                  | December 8, 2006   |   |   | 0.55   |   |

**21. Subsequent      Events**

**22. Quarterly Data      (Unaudited)**

----

**MACQUARIE      INFRASTRUCTURE COMPANY TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**22. Quarterly Data      (Unaudited) – (continued)**

|                               |                                |                                      |                                |                                            |                                |                                      |                                |          |                                |          |                                |          |                                |          |                                |          |                                |          |        |        |         |        |        |       |        |        |         |        |
|-------------------------------|--------------------------------|--------------------------------------|--------------------------------|--------------------------------------------|--------------------------------|--------------------------------------|--------------------------------|----------|--------------------------------|----------|--------------------------------|----------|--------------------------------|----------|--------------------------------|----------|--------------------------------|----------|--------|--------|---------|--------|--------|-------|--------|--------|---------|--------|
|                          |                           | **Operating                Revenue** |                           | **Operating                Income (Loss)** |                           | **Net                Income (Loss)** |                           |
|                          |                           | **2006**                             |                           | **2005**                                   |                           | **2004**                             |                           | **2006** |                           | **2005** |                           | **2004** |                           | **2006** |                           | **2005** |                           | **2004** |   |
|                          |                           | ($                in thousands)      |                           |
| Quarter                ended: |       |                                 |       |                                       |       |                                 |       |     |       |     |       |     |       |     |       |     |       |     |   |
| March                31       |                           | $                                    | 86,194                         |                                       | $                              | 65,735                               |                           | $        | —                        |     | $                              | 4,309    |                           | $        | 5,867                          |     | $                              | —  |   | $      | 7,561   |   | $      | 4,238 |   | $      | — |   |
| June                30        |                           |                                 | 105,933                        |                                       |                           | 72,519                               |                           |     | —                        |     |                           | 13,578   |                           |     | 7,513                          |     |                           | —  |   |   | 9,437   |   |   | 3,349 |   |   | — |   |
| September                30   |                           |                                 | 163,260                        |                                       |                           | 79,935                               |                           |     | —                        |     |                           | 13,808   |                           |     | 6,451                          |     |                           | —  |   |   | (10,018 | )      |   | 2,575 |   |   | — |   |
| December                31    |                           |                                 | 164,644                        |                                       |                           | 86,554                               |                           |     | 5,064                          |     |                           | (5,619   | )                              |     | 5,520                          |     |                           | (18,250  | )      |   | 42,938  |   |   | 5,034 |   |   | (17,588 | )      |

----

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

----

**NORTH      AMERICA CAPITAL HOLDING COMPANY(Successor to Executive Air Support,      Inc.)**

**CONSOLIDATED      STATEMENTS OF OPERATIONS**

|                                                                                                                                                                                |                                |                                                                       |         |                                                     |        |         |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------------------------------------------------|---------|-----------------------------------------------------|--------|---------|--------|
|                                                                                                                                                                           |                           | **North                AmericaCapital                HoldingCompany** |    | **Executive                AirSupport, Inc.**       |   |
|                                                                                                                                                                           |                           | **July                30, 2004 to December 22, 2004**                 |    | **January                1, 2004 to July 29, 2004** |   |
|                                                                                                                                                                           |                           | ($                in thousands)                                       |    |
| Fuel                revenue                                                                                                                                                    |       | $                                                                     | 29,465  |                            | $      | 41,146  |   |
| Service                revenue                                                                                                                                                 |                           |                                                                  | 9,839   |                                                |   | 14,616  |   |
| Total                revenue                                                                                                                                                   |                           |                                                                  | 39,304  |                                                |   | 55,762  |   |
| Cost                of revenue – fuel                                                                                                                               |                           |                                                                  | 16,599  |                                                |   | 21,068  |   |
| Cost                of revenue – service                                                                                                                            |                           |                                                                  | 849     |                                                |   | 1,428   |   |
| Gross                profit                                                                                                                                                    |                           |                                                                  | 21,856  |                                                |   | 33,266  |   |
| Selling,                general, and administrative expenses                                                                                                                   |                           |                                                                  | 13,942  |                                                |   | 22,378  |   |
| Depreciation                                                                                                                                                                   |                           |                                                                  | 1,287   |                                                |   | 1,377   |   |
| Amortization                                                                                                                                                                   |                           |                                                                  | 2,329   |                                                |   | 849     |   |
| Operating                profit                                                                                                                                                |                           |                                                                  | 4,298   |                                                |   | 8,662   |   |
| Other                income (expense):                                                                                                                                         |                           |                                                                  |    |                                                |   |    |   |
| Other                expense                                                                                                                                                   |                           |                                                                  | (39     | )                                                   |   | (5,135  | )      |
| Finance                fees                                                                                                                                                    |                           |                                                                  | (6,650  | )                                                   |   | — |   |
| Interest                expense                                                                                                                                                |                           |                                                                  | (2,907  | )                                                   |   | (4,655  | )      |
| Interest                income                                                                                                                                                 |                           |                                                                  | 28      |                                                |   | 17      |   |
| Loss                from continuing operations before income taxes                                                                                                             |                           |                                                                  | (5,270  | )                                                   |   | (1,111  | )      |
| Income                taxes                                                                                                                                                    |                           |                                                                  | 286     |                                                |   | (597    | )      |
| Loss                from continuing operations                                                                                                                                 |                           |                                                                  | (5,556  | )                                                   |   | (514    | )      |
| Discontinued                operations:                                                                                                                                        |                           |                                                                  |    |                                                |   |    |   |
| Net                income from operations of discontinued operations (net of applicable                tax                provision (benefit) of $80 and ($194), respectively) |                           |                                                                  | 116     |                                                |   | 159     |   |
| Net                loss                                                                                                                                                        |                           | $                                                                     | (5,440  | )                                                   | $      | (355    | )      |
| Net                loss applicable to common stockholders:                                                                                                                     |                           |                                                                  |    |                                                |   |    |   |
| Net                loss                                                                                                                                                        |                           | $                                                                     | (5,440  | )                                                   | $      | (355    | )      |
| Less                preferred stock dividends                                                                                                                                  |                           |                                                                  | — |                                                |   | 3,102   |   |
| Net                loss applicable to common stockholders                                                                                                                      |                           | $                                                                     | (5,440  | )                                                   | $      | (3,457  | )      |

----

**NORTH      AMERICA CAPITAL HOLDING COMPANY(Successor to Executive Air Support,      Inc.)**

**CONSOLIDATED      STATEMENTS OF STOCKHOLDERS’ EQUITY      (DEFICIT)AND COMPREHENSIVE INCOME (LOSS)**

|                                                                                                                                                                                     |                                |                                 |                                |                              |         |                                    |        |                        |                                |                                                                                 |         |                                                                             |        |         |                                |        |         |        |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------|--------------------------------|------------------------------|---------|------------------------------------|--------|------------------------|--------------------------------|---------------------------------------------------------------------------------|---------|-----------------------------------------------------------------------------|--------|---------|--------------------------------|--------|---------|--------|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                |                           | **Shares**                      |                           | **Par                Value** |    | **Paid                in Capital** |   | **AccumulatedDeficit** |                           | **Accumulated                Other Comprehensive Income                (Loss)** |    | **Total                Stockholders’Equity                (Deficit)** |   |
|                                                                                                                                                                                |                           | ($                in thousands) |                           |
| Executive                Air Support, Inc.                                                                                                                                          |       |                            |       |                         |    |           |   |                   |       |                                                                            |    |                                                    |   |    |       |   |    |   |
| Balance,                December 31, 2003                                                                                                                                      |                           | 1,895,684                       |                           |                         | 19      |                               |   | 195                    |                           |                                                                            | (3,787  | )                                                                           |   | (685    | )                              |   | (4,258  | )      |
| Net                loss, period January 1, 2004, through July 29, 2004                                                                                                    |                           | —                         |                           |                         | — |                               |   | —                |                           |                                                                            | (355    | )                                                                           |   | — |                           |   | (355    | )      |
| Interest                rate swap agreement, net of tax provision of $189                                                                                                           |                           | —                         |                           |                         | — |                               |   | —                |                           |                                                                            | — |                                                                        |   | 283     |                           |   | 283     |   |
| Reclassification                adjustment for realized loss on interest rate swap included in net                loss,                net of tax benefit of $268                   |                           | —                         |                           |                         | — |                               |   | —                |                           |                                                                            | — |                                                                        |   | 402     |                           |   | 402     |   |
| Comprehensive                income                                                                                                                                                 |                           |                            |                           |                         |    |                               |   |                   |                           |                                                                            |    |                                                                        |   |    |                           |   | 330     |   |
| Tax                benefit from exercise of stock options                                                                                                                           |                           | —                         |                           |                         | — |                               |   | 1,781                  |                           |                                                                            | — |                                                                        |   | — |                           |   | 1,781   |   |
| Elimination                of stockholders’ equity (deficit) balances upon acquisition of Executive                Air Support, Inc. by North America Capital Holding Company |                           | (1,895,684                      | )                              |                         | (19     | )                                  |   | (1,976                 | )                              |                                                                            | 4,142   |                                                                        |   | — |                           |   | 2,147   |   |
| Adjusted                balance, July 29, 2004                                                                                                                                 |                           | —                         |                           | $                            | — |                               | $      | —                |                           | $                                                                               | — |                                                                        | $      | — |                           | $      | — |   |
| North                America Capital Holding Company                                                                                                                                |                           |                            |                           |                         |    |                               |   |                   |                           |                                                                            |    |                                                                        |   |    |                           |   |    |   |
| Issuance                of common stock                                                                                                                                             |                           | 544,273                         |                           | $                            | 5       |                               | $      | 108,830                |                           | $                                                                               | — |                                                                        | $      | — |                           | $      | 108,835 |   |
| Net                loss, period July 30, 2004 through December 22, 2004                                                                                                   |                           | —                         |                           |                         | — |                               |   | —                |                           |                                                                            | (5,440  | )                                                                           |   | — |                           |   | (5,440  | )      |
| Interest                rate swap agreement, net of tax provision of $28                                                                                                            |                           | —                         |                           |                         | — |                               |   | —                |                           |                                                                            | — |                                                                        |   | 41      |                           |   | 41      |   |
| Comprehensive                loss                                                                                                                                                   |                           |                            |                           |                         |    |                               |   |                   |                           |                                                                            |    |                                                                        |   |    |                           |   | (5,399  | )      |
| Balance,                December 22, 2004                                                                                                                                      |                           | 544,273                         |                           | $                            | 5       |                               | $      | 108,830                |                           | $                                                                               | (5,440  | )                                                                           | $      | 41      |                           | $      | 103,436 |   |

----

**NORTH      AMERICA CAPITAL HOLDING COMPANY(Successor to Executive Air Support,      Inc.)**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

|                                                                                                                               |                                |                                                                       |                                |                                                    |        |         |        |
|-------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------------------------------------------------|--------------------------------|----------------------------------------------------|--------|---------|--------|
|                                                                                                                          |                           | **North                AmericaCapital                HoldingCompany** |                           | **Executive                AirSupport, Inc.**      |   |
|                                                                                                                          |                           | **July                30, 2004 toDecember 22,                2004**   |                           | **January                1, 2004 toJuly 29, 2004** |   |
|                                                                                                                          |                           | ($                in thousands)                                       |                           |
| Cash                flows from operating activities:                                                                          |       |                                                                  |       |                                               |   |
| Net                loss                                                                                                       |                           | $                                                                     | (5,440                         | )                                                  |   | (355    | )      |
| Adjustments                to reconcile net loss to net cash (used in) provided by operating                activities:       |                           |                                                                  |                           |                                               |   |    |   |
| Fair                value adjustment for outstanding warrant liability                                                        |                           |                                                                  | —                        |                                               |   | 5,280   |   |
| Depreciation                and amortization                                                                                  |                           |                                                                  | 3,616                          |                                               |   | 2,226   |   |
| Noncash                interest expense and other                                                                             |                           |                                                                  | (240                           | )                                                  |   | 2,760   |   |
| Deferred                income taxes                                                                                          |                           |                                                                  | (954                           | )                                                  |   | (953    | )      |
| Changes                in assets and liabilities, net of acquisition:                                                         |                           |                                                                  |                           |                                               |   |    |   |
| Accounts                receivable                                                                                            |                           |                                                                  | (304                           | )                                                  |   | (127    | )      |
| Inventories                                                                                                                   |                           |                                                                  | (447                           | )                                                  |   | 3       |   |
| Prepaid                expenses and other                                                                                     |                           |                                                                  | (659                           | )                                                  |   | 1,049   |   |
| Liabilities                from discontinued operations                                                                       |                           |                                                                  | (177                           | )                                                  |   | (131    | )      |
| Accounts                payable                                                                                               |                           |                                                                  | 1,575                          |                                               |   | 572     |   |
| Accrued                payroll, payroll related, environmental, interest, &                other                     |                           |                                                                  | 1,007                          |                                               |   | 191     |   |
| Customer                deposits and deferred hangar rent                                                                     |                           |                                                                  | 20                             |                                               |   | 24      |   |
| Receivable                from related party                                                                                  |                           |                                                                  | 301                            |                                               |   | (734    | )      |
| Income                taxes                                                                                                   |                           |                                                                  | 1,125                          |                                               |   | (2,048  | )      |
| Net                cash (used in) provided by operating activities                                                            |                           |                                                                  | (577                           | )                                                  |   | 7,757   |   |
| Cash                flows from investing activities:                                                                          |                           |                                                                  |                           |                                               |   |    |   |
| Purchase                of Executive Air Support, net of cash acquired                                                        |                           |                                                                  | (218,544                       | )                                                  |   | — |   |
| Funds                received on July 29, 2004 for option and warrant payments made on                July 30, 2004 |                           |                                                                  | (6,015                         | )                                                  |   | 6,015   |   |
| Capital                expenditures                                                                                           |                           |                                                                  | (3,198                         | )                                                  |   | (3,049  | )      |
| Collections                on note receivable from sale of division                                                           |                           |                                                                  | 47                             |                                               |   | 45      |   |
| Other                                                                                                                         |                           |                                                                  | (435                           | )                                                  |   | — |   |
| Net                cash (used in) provided by investing activities                                                            |                           |                                                                  | (228,145                       | )                                                  |   | 3,011   |   |
| Cash                flows from financing activities:                                                                          |                           |                                                                  |                           |                                               |   |    |   |
| Proceeds                from issuance of common stock                                                                         |                           |                                                                  | 108,835                        |                                               |   | — |   |
| Proceeds                from issuance of redeemable preferred stock                                                           |                           |                                                                  | 1,023                          |                                               |   | — |   |
| Proceeds                from debt                                                                                             |                           |                                                                  | 130,000                        |                                               |   | — |   |
| Deferred                financing costs                                                                                       |                           |                                                                  | (4,014                         | )                                                  |   | — |   |
| Restricted                cash                                                                                                |                           |                                                                  | (3,856                         | )                                                  |   | — |   |
| Repayment                of short-term note                                                                                   |                           |                                                                  | —                        |                                               |   | (2,354  | )      |
| Payments                on capital lease obligations                                                                          |                           |                                                                  | (145                           | )                                                  |   | (325    | )      |
| Payments                under revolving credit agreement                                                                      |                           |                                                                  | —                        |                                               |   | (1,000  | )      |
| Repayment                on subordinated debt                                                                                 |                           |                                                                  | —                        |                                               |   | (17,850 | )      |
| Repayments                of borrowings under bank term loans                                                                 |                           |                                                                  | —                        |                                               |   | (17,753 | )      |
| Purchase                of common stock warrants                                                                              |                           |                                                                  | —                        |                                               |   | (7,525  | )      |
| Termination                of interest rate swap                                                                              |                           |                                                                  | —                        |                                               |   | (670    | )      |
| Deemed                capital contribution from parent company for debt and warrant                payments                   |                           |                                                                  | —                        |                                               |   | 41,736  |   |
| Net                cash provided by (used in) financing activities                                                            |                           |                                                                  | 231,843                        |                                               |   | (5,741  | )      |
| Net                change in cash and cash equivalents                                                                        |                           |                                                                  | 3,121                          |                                               |   | 5,027   |   |
| Cash                and cash equivalents at beginning of period                                                               |                           |                                                                  | —                        |                                               |   | 2,438   |   |
| Cash                and cash equivalents at end of period                                                                     |                           | $                                                                     | 3,121                          |                                               |   | 7,465   |   |
| Supplemental                disclosure of cash flow information:                                                              |                           |                                                                  |                           |                                               |   |    |   |
| Cash                paid during the period for:                                                                               |                           |                                                                  |                           |                                               |   |    |   |
| Interest                                                                                                                      |                           | $                                                                     | 1,447                          |                                               | $      | 2,550   |   |
| Income                taxes                                                                                                   |                           | $                                                                     | 134                            |                                               | $      | 2,601   |   |

----

**NORTH      AMERICA CAPITAL HOLDING COMPANY(Successor to Executive Air Support,      Inc.)**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTSDecember 22, 2004**

**(1) Basis of      Presentation**

**(2) The Company      and      Corporate Restructuring**

**(3) Summary of      Significant Accounting Policies**

***(a) Basis of      Consolidation***

----

**NORTH      AMERICA CAPITAL HOLDING COMPANY(Successor to Executive Air Support,      Inc.)**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTSDecember 22, 2004**

**(3) Summary of      Significant Accounting Policies – (continued)**

***(b) Revenue      Recognition***

***(c) Accounting      Estimates***

***(d) Cash and      Cash      Equivalents***

***(e)      Depreciation of Property and      Equipment***

***(f) Accounting      for Stock-Based Employee Compensation Arrangements***

***(g)      Derivative Financial      Instruments***

***(h) New      Accounting Pronouncements***

----

**NORTH      AMERICA CAPITAL HOLDING COMPANY(Successor to Executive Air Support,      Inc.)**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTSDecember 22, 2004 and December 31,      2003**

**(3) Summary of      Significant Accounting Policies – (continued)**

**(4) Business      Combination**

----

**NORTH      AMERICA CAPITAL HOLDING COMPANY(Successor to Executive Air Support,      Inc.)**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTSDecember 22, 2004**

**(4) Business      Combination – (continued)**

|                                              |        |        |         |        |
|----------------------------------------------|--------|--------|---------|--------|
| Net                working capital           |   | $      | 1,988   |   |
| Airport                contract rights       |   |   | 132,120 |   |
| Plant                and equipment           |   |   | 42,700  |   |
| Customer                relationships        |   |   | 3,900   |   |
| Tradename                                    |   |   | 6,800   |   |
| Technology                (intangible asset) |   |   | 500     |   |
| Noncompete                agreements         |   |   | 4,310   |   |
| Other                                        |   |   | 404     |   |
| Goodwill                                     |   |   | 93,205  |   |
| Total                assets acquired         |   |   | 285,927 |   |
| Long-term                liabilities assumed |   |   | (1,757  | )      |
| Deferred                income taxes         |   |   | (61,051 | )      |
| Net                assets acquired           |   | $      | 223,119 |   |

**(5) Income      Taxes**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                |                                                                                |                                |                                                                                        |        |      |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------|--------------------------------|----------------------------------------------------------------------------------------|--------|------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                           | **North                AmericaCapital                HoldingCompany**          |                           | **Executive                AirSupport, Inc.**                                          |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                           | **July                30, 2004 to                December 22, 2004** |                           | **January 1, 2004                to                July 29, 2004** |   |
| Continuing operations:                                                                                    |       |                                                                           |       |                                                                                   |   |
| Federal –                current                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                           | $                                                                              | 966                            |                                                                                   | $      | (10  | )      |
| Federal –                deferred                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                           |                                                                           | (672                           | )                                                                                      |   | (281 | )      |
| State –                current                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           |                                                                           | 274                            |                                                                                   |   | 366  |   |
| State –                deferred                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                           |                                                                           | (282                           | )                                                                                      |   | (672 | )      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                           |                                                                           | 286                            |                                                                                   |   | (597 | )      |
| Discontinued                operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                           |                                                                           | 80                             |                                                                                   |   | (194 | )      |
| Total                provision (benefit) for income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           | $                                                                              | 366                            |                                                                                   | $      | (791 | )      |

----

**NORTH      AMERICA CAPITAL HOLDING COMPANY(Successor to Executive Air Support,      Inc.)**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTSDecember 22, 2004**

**(5) Income Taxes–(continued)**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                |                                                                                          |                                |                                                                                  |        |       |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|------------------------------------------------------------------------------------------|--------------------------------|----------------------------------------------------------------------------------|--------|-------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                           | **North                AmericaCapital                HoldingCompany**                    |                           | **Executive                AirSupport, Inc.**                                    |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                           | **July 30, 2004                to                December 22, 2004** |                           | **January 1, 2004                to                July29, 2004** |   |
|                                                                                                                          |       |                                                                                     |       |                                                                             |   |
| Provision                (benefit) for federal income taxes at statutory rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                           | $                                                                                        | (1,844                         | )                                                                                | $      | (378  | )      |
| State                income taxes, net of federal tax benefit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                           |                                                                                     | (6                             | )                                                                                |   | (675  | )      |
| Nondeductible                transaction costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                           |                                                                                     | 1,805                          |                                                                             |   | 87    |   |
| Nondeductible                warrant liability                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                           |                                                                                     | —                        |                                                                             |   | 1,795 |   |
| Resolution                of tax contingency                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                           |                                                                                     | —                        |                                                                             |   | (915  | )      |
| Other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                           |                                                                                     | 331                            |                                                                             |   | (511  | )      |
| Provision                (benefit) for income taxes for continuing operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                           | $                                                                                        | 286                            |                                                                             | $      | (597  | )      |

**(6) Employee Benefit      Plans**

----

**NORTH      AMERICA CAPITAL HOLDING COMPANY(Successor to      Executive Air Support, Inc.)**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTSDecember 22, 2004**

**(7) Commitments and      Contingencies**

***(a) Operating      Leases***

***(b) Environmental      Matters***

***(c) Legal      Proceedings***

**(8) Related-Party      Transactions**

----

**NORTH      AMERICA CAPITAL HOLDING COMPANY(Successor to      Executive Air Support, Inc.)**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTSDecember 22, 2004**

**(8) Related-Party      Transactions – (continued)**

**(9) Stock      Options**

|                                                    |                                |                                     |                                |                                                    |        |         |        |
|----------------------------------------------------|--------------------------------|-------------------------------------|--------------------------------|----------------------------------------------------|--------|---------|--------|
|                                               |                           | **Number                of Shares** |                           | **Weighted                Average Exercise Price** |   |
|                                               |       |                                |       |                                               |   |
| Outstanding,                December 31, 2003 |                           |                                | 1,398,848                      |                                               | $      | 3.62    |   |
| Granted                at fair value               |                           |                                | —                        |                                               |   | — |   |
| Forfeited                                          |                           |                                | —                        |                                               |   | — |   |
| Exercised                                          |                           |                                | 1,398,848                      |                                               |   | 3.62    |   |
| Outstanding,                July 29, 2004     |                           |                                | —                        |                                               |   | — |   |
| Granted                at fair value               |                           |                                | —                        |                                               |   | — |   |
| Forfeited                                          |                           |                                | —                        |                                               |   | — |   |
| Exercised                                          |                           |                                | —                        |                                               |   | — |   |
| Outstanding,                December 22, 2004 |                           |                                | —                        |                                               | $      | — |   |

**(10) Sale of Flight      Services**

----

**SCHEDULE      II — VALUATION AND QUALIFYING      ACCOUNTS**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                |                                                   |                                |                                                  |        |           |                                |                |         |                                             |        |                                |                                |        |        |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------------------|--------------------------------|--------------------------------------------------|--------|-----------|--------------------------------|----------------|---------|---------------------------------------------|--------|--------------------------------|--------------------------------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                           | **Balance                at Beginning of Period** |                           | **Charged                to Costs and Expenses** |   | **Other** |                           | **Deductions** |    | **Balance                at End of Period** |   |
|                                                                                  |                           | (in                thousands)                     |                           |
| Allowance                for Doubtful Accounts                                                                                                                                                                                                                                                                                                                                                                                                                                                   |       |                                              |       |                         |   |      |       |           |    |                    |   |       |       |   |   |   |
| For                the Period April 13, 2004 (inception) to December 31,                2004:                                                                                                                                                                                                                                                                                                                                                                                          |                           | $                                                 | —                        |                                             | $      | 26        |                           | $              | 1,333   |                                        | $      | —                        |                           | $      | 1,359  |   |
| For                the Year Ended December 31, 2005:                                                                                                                                                                                                                                                                                                                                                                                                                                        |                           | $                                                 | 1,359                          |                                             | $      | 4         |                           | $              | — |                                        | $      | (524                           | )                              | $      | 839    |   |
| For                the Year Ended December 31, 2006:                                                                                                                                                                                                                                                                                                                                                                                                                                        |                           | $                                                 | 839                            |                                             | $      | 635       |                           | $              | 64      |                                        | $      | (103                           | )                              | $      | 1,435  |   |

----

**Item 9. Changes      in      and Disagreements with Accountants on Accounting and Financial      Disclosure**

**Item 9A. Controls      and      Procedures**

***(a) Management’s      Evaluation of Disclosure Controls and Procedures***

***(b) Management’s      Annual Report on Internal Control over Financial Reporting***

----

***(c) Changes in      internal controls over financial reporting***

----

**REPORT      OF INDEPENDENT REGISTERED      PUBLIC ACCOUNTING FIRM**

----

----

**Item      9B. Other      Information**

----

**PART      III**

**Item 10. Directors      and      Executive Officers of the Registrants**

**Item 11. Executive      Compensation**

**Item 12. Security      Ownership of Certain Beneficial Owners and Management and Related Stockholder      Matters**

**Item 13. Certain      Relationships and Related Transactions**

**Item 14. Principal      Accounting Fees and Services**

----

**PART      IV**

**Item 15. Exhibits,      Financial Statement Schedules**

**Financial Statements      and Schedules**

**Exhibits**

----

**SIGNATURES**

|        |                                                                    |                       |
|--------|--------------------------------------------------------------------|-----------------------|
|   |                                                               |                  |
|   | Macquarie Infrastructure Company Trust                (Registrant) |
|   |                                                               |                  |
|   | By:                                                      | /s/ Peter Stokes |
|   | Regular Trustee                                                    |
|   |                                                               |
|   |                                                               |                  |
|   | Macquarie Infrastructure Company LLC                (Registrant)   |
|   |                                                               |                  |
|   | By:                                                      | /s/ Peter Stokes |
|   | Chief Executive Officer                                            |
|   |                                                               |

----

|                                                                                                                                                                                                                                                                                                        |                                    |                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|----------------------------------------------------------------------|
| **Signature**                                                                                                                                                                                                                                                                                          | **     ** | **Title**                                                            |
|                                                   |                               |                                                                 |
| /s/                Peter Stokes                                                                                                                                                                                                                                                                        |                               | Chief Executive Officer (Principal Executive                Officer) |
|  Peter                Stokes                                                                                                                                                                                                                                                                      |                               |
|                                                                                                                                                                                                                                                                                                   |                               |                                                                 |
| /s/                Francis T. Joyce                                                                                                                                                                                                                                                                    |                               | Chief Financial Officer(Principal Financial                Officer)  |
| Francis                T. Joyce                                                                                                                                                                                                                                                                        |                               |
|                                                                                                                                                                                                                                                                                                   |                               |                                                                 |
| /s/                Todd Weintraub                                                                                                                                                                                                                                                                      |                               | Principal Accounting Officer                                         |
|  Todd                Weintraub                                                                                                                                                                                                                                                                    |                               |
|                                                                                                                                                                                                                                                                                                   |                               |                                                                 |
| /s/                John Roberts                                                                                                                                                                                                                                                                        |                               | Chairman of the Board of Directors                                   |
|  John                Roberts                                                                                                                                                                                                                                                                      |                               |
|                                                                                                                                                                                                                                                                                                   |                               |                                                                 |
| /s/                Norman H. Brown, Jr.                                                                                                                                                                                                                                                                |                               | Director                                                             |
|  Norman                H. Brown, Jr.                                                                                                                                                                                                                                                              |                               |
|                                                                                                                                                                                                                                                                                                   |                               |                                                                 |
| /s/                George W. Carmany III                                                                                                                                                                                                                                                               |                               | Director                                                             |
|  George                W. Carmany III                                                                                                                                                                                                                                                             |                               |
|                                                                                                                                                                                                                                                                                                   |                               |                                                                 |
| /s/                William H. Webb                                                                                                                                                                                                                                                                     |                               | Director                                                             |
|  William                H. Webb                                                                                                                                                                                                                                                                   |                               |
|                                                                                                                                                                                                                                                                                                   |                               |                                                                 |
|                                                                                                                                                                                                                                                                                                   |                               |                                                                 |
|                                                                                                                                                                                                                                                                                                   |                               |

----

**Exhibit      Index**

|                                   |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----------------------------------|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Exhibit                Number** |                           | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                              |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 2.1                               |                           | Purchase and Sale Agreement dated April 18,                2006                by and among Trajen Holdings, Inc., the stockholders thereof and                Macquarie                FBO Holdings, LLC. (incorporated by reference to Exhibit 2.1 to the                Registrants’ Quarterly Report on Form 10-Q for the quarter ended March 31,                2006, filed with the SEC on May 10, 2006 (the “March 2006 Quarterly                Report”)                                     |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 2.2                               |                           | Stock Subscription Agreement dated April                14, 2006                between Macquarie Terminal Holdings LLC, IMTT Holdings Inc. and the                Current Owners (incorporated by reference to Exhibit 2.1 of the                Registrants’ Current Report on Form 8-K, filed with the SEC on April 17,                2006)                                                                                                                                                                  |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 2.3                               |                           | Irrevocable Undertaking and Drag Along Request                (incorporated by reference to Exhibit 2.1 of the Registrants’ Current                Report on Form 8-K filed with the SEC on October 2, 2006)                                                                                                                                                                                                                                                                                                     |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 2.4*                              |                           | Sale and Purchase Agreement dated December                21,                2006 among Macquarie Yorkshire LLC, MIC European Financing SarL,                Macquarie                Infrastructure Company LLC and Balfour Beatty PLC, and related Tax                Deed                                                                                                                                                                                                                                           |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 2.5*                              |                           | Business Purchase Agreement (Santa Monica),                dated                as of December 21, 2006, among David G, Price, individually and as                trustee                for the David G. Price 2006 Family Trust dated January 13, Dallas                P.                Price-Van Breda, individually and as trustee for the Dallas Price-Van                Breda 2006 Family Trust dated May 3, 2006, Supermarine Aviation,                Limited                and Macquarie FBO Holdings LLC |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 2.6*                              |                           | Membership Interest Purchase Agreement (Stewart),                dated as of December 21, 2006, between David G. Price and Macquarie                FBO                Holdings LLC                                                                                                                                                                                                                                                                                                                                    |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 3.1                               |                           | Second Amended and Restated Trust Agreement                dated                as of September 1, 2005 of Macquarie Infrastructure Company Trust                (incorporated by reference to Exhibit 3.1 of the Registrants’ Current                Report on Form 8-K, filed with the SEC on September 7, 2005 (the                “September Current Report”))                                                                                                                                   |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 3.2                               |                           | Second Amended and Restated Operating Agreement                dated as of September 1, 2005 of Macquarie Infrastructure Company                LLC                (incorporated by reference to Exhibit 3.2 of the September Current                Report)                                                                                                                                                                                                                                                           |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 3.3                               |                           | Amended and Restated Certificate of Trust                of                Macquarie Infrastructure Assets Trust (incorporated by reference                to                Exhibit 3.7 of Amendment No. 2 to the Registrants’ Registration Statement                on Form S-1 (Registration No. 333-116244) (“Amendment No. 2”)                                                                                                                                                                  |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 3.4                               |                           | Amended and Restated Certificate of Formation                of                Macquarie Infrastructure Assets LLC (incorporated by reference to                Exhibit                3.8 of Amendment No. 2)                                                                                                                                                                                                                                                                                                         |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 4.1                               |                           | Specimen certificate evidencing share of                trust                stock of Macquarie Infrastructure Company Trust (incorporated by                reference                to Exhibit 4.1 of the Registrants’ Annual Report on Form 10-K for the year                ended December 31, 2004 (the “2004 Annual Report”))                                                                                                                                                                  |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 4.2                               |                           | Specimen certificate evidencing LLC interest                of                Macquarie Infrastructure Company LLC (incorporated by reference to                Exhibit                4.2 of the 2004 Annual Report)                                                                                                                                                                                                                                                                                                  |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.1                              |                           | Management Services Agreement among Macquarie                Infrastructure Company LLC, certain of its subsidiaries named therein                and                Macquarie Infrastructure Management (USA) Inc. dated as of December                21,                2004 (incorporated by reference to Exhibit 99.1 of the Registrants’                Current Report on Form 8-K, filed with the SEC on December 27,                2004)                                                                |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

----

|                                   |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----------------------------------|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Exhibit                Number** |                           | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                              |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.2                              |                           | Amendment No. 1 to the Management Services                Agreement dated as of August 8, 2006, among Macquarie Infrastructure                Management (USA) Inc., Macquarie Infrastructure Company LLC and certain                of                its subsidiaries named therein (incorporated by reference to Exhibit                10.6                of the Registrants’ Quarterly Report on Form 10-Q for the quarter ended                June 30, 2006, filed with the SEC on August 9, 2006 (the “June 2006                Quarterly Report”))                                                                                                                                                                                              |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.3                              |                           | Registration Rights Agreement among Macquarie                Infrastructure Company Trust, Macquarie Infrastructure Company LLC                and                Macquarie Infrastructure Management (USA) Inc. dated as of December                21,                2004 (incorporated by reference to Exhibit 99.4 of the Registrants’                Current Report on Form 8-K, filed with the SEC on December 27, 2004)                                                                                                                                                                                                                                                                                                                                       |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.4                              |                           | Loan Agreement dated as of September 1, 2006                between Parking Company of America Airports, LLC, Parking Company                of                America Airports Phoenix, LLC, PCAA SP, LLC and PCA Airports, Ltd.,                as                borrowers, and Capmark Finance Inc., as lender (incorporated by reference                to Exhibit 10.1 of the Registrants’ Current Report on Form 8-K filed with                the SEC on September 7, 2006)                                                                                                                                                                                                                                                                                   |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.5                              |                           | District Cooling System Use Agreement dated                as of                October 1, 1994 between the City of Chicago, Illinois and MDE Thermal                Technologies, Inc., as amended on June 1, 1995, July 15, 1995, February                1,                1996, April 1, 1996, October 1, 1996, November 7, 1996, January 15,                1997,                May 1, 1997, August 1, 1997, October 1, 1997, March 12, 1998, June                1,                1998, October 8, 1998, April 21, 1999, March 1, 2000, March 15, 2000,                June                1, 2000, August 1, 2001, November 1, 2001, June 1, 2002, and June                30, 2004                (incorporated by reference to Exhibit 10.25 of Amendment No. 2) |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.6                              |                           | Twenty-Third Amendment to the District Cooling                System Use Agreement dated as of November 1, 2005 by and between                the City                of Chicago and Thermal Chicago Corporation (incorporated by reference                to                Exhibit 10.5 of the June 2006 Quarterly Report)                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.7                              |                           | Note Purchase Agreement dated as of September                27,                2004 among Macquarie District Energy, Inc., John Hancock Life Insurance                Company, John Hancock Variable Life Insurance Company, The Manufacturers                Life Insurance Company (U.S.A.), Allstate Life Insurance Company                and                Allstate Insurance Company (incorporated by reference to Exhibit                10.26 of                Amendment No. 2)                                                                                                                                                                                                                                                                                  |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.8                              |                           | Macquarie Infrastructure Company LLC –                Independent Directors Equity Plan (incorporated by reference to Exhibit                10.25 of the 2004 Annual Report)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.9                              |                           | Shareholder’s Agreement dated April 14, 2006                between Macquarie Terminal Holdings LLC, IMTT Holdings Inc., the                Current                Shareholders and the Current Beneficial Owners named therein (incorporated                by reference to Exhibit 10.1 of the Registrants’ Current Report on Form                8-K, filed with the SEC on April 17, 2006).                                                                                                                                                                                                                                                                                                                                                                 |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.10*                            |                           | Letter Agreement dated January 23, 2007 between                Macquarie Terminal Holdings LLC, IMTT Holdings Inc., the Current                Shareholders and the Current Beneficial Owners named therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.11                             |                           | Amended and Restated Credit Agreement dated                as of                May 9, 2006 among Macquarie Infrastructure Company Inc., Macquarie                Infrastructure Company LLC, the Lenders and Issuers party thereto                and                Citicorp North America, Inc., as Administrative Agent (incorporated                by                reference to exhibit 10.2 to the March 2006 Quarterly Report).                                                                                                                                                                                                                                                                                                                                   |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.12                             |                           | Amended and Restated Loan Agreement, dated                as of                June 28, 2006, among North America Capital Holding Company, as Borrower,                the Lenders defined therein and Mizuho Corporate Bank, Ltd. (incorporated                by reference to Exhibit 10.1 of the June 2006 Quarterly                Report)                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

----

|                                   |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----------------------------------|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Exhibit                Number** |                           | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                              |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.13                             |                           | Amended and Restated Loan Agreement dated                as of                June 7, 2006, among HGC Holdings LLC, Macquarie Gas Holdings LLC,                the                Lenders named herein and Dresdner Bank AG London Branch (incorporated                by                reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K,                filed with the SEC on June 12, 2006)                                                                         |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.14                             |                           | Amended and Restated Loan Agreement, dated                as of                June 7, 2006, among The Gas Company LLC, Macquarie Gas Holdings LLC,                the                Lenders defined therein and Dresdner Bank AG London Branch (incorporated                by reference to Exhibit 10.2 of the Registrant’s Current Report on Form                8-K, filed with the SEC on June 12, 2006)                                                                                 |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.15                             |                           | Petroleum Feedstock Agreement, dated as of                October 31, 1997, by and between BHP Petroleum Americas Refining                Inc. and                Citizens Utilities Company (incorporated by reference to Exhibit                10.4 of                the June 2006 Quarterly Report)                                                                                                                                                                                             |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.16                             |                           | Membership Interest Purchase Agreement dated                May                26, 2005 between Gene H. Yamagata and Macquarie FBO Holdings LLC,                relating                to the acquisition of Las Vegas Executive Air Terminal (incorporated                by                reference to the Registrants’ Current Report on Form 8-K filed with the                SEC on May 31, 2005)                                                                                      |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.17                             |                           | Purchase Agreement dated August 2, 2005,                as                amended August 17, 2005, among k1 Ventures Limited, K-1 HGC Investment,                L.L.C. and Macquarie Investment Holdings Inc, and related joinder                agreement and assignment agreement (incorporated by reference to                Exhibits                2.1, 2.2 and 2.3 to the Registrants’ Current Report on Form 8-K filed with                the SEC on August 19, 2005)                |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.18                             |                           | Second Amendment to Purchase Agreement dated                October 21, 2005 among k1 Ventures Limited, K-1 HGC Investment, L.L.C.                and                Macquarie Gas Holdings LLC (incorporated by reference to Exhibit                2.2 of                the Registrants’ Quarterly Report on Form 10-Q for the quarter ended                September 30, 2005, filed with the SEC on November 11, 2005 (the                “September 2005 Quarterly Report”)) |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.19                             |                           | Joinder Agreement dated September 16, 2005                between Macquarie Infrastructure Company Inc., k1 Ventures Limited,                K-1                HGC Investment, L.L.C. and Macquarie Gas Holdings LLC (incorporated                by                reference to Exhibit 2.3 of the Registrants’ September 2005 Quarterly                Report)                                                                                                                              |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.20                             |                           | Assignment Agreement dated September 16,                2005                between Macquarie Infrastructure Company Inc. and Macquarie Gas Holdings                LLC (incorporated by reference to Exhibit 2.4 of the Registrants’                September 2005 Quarterly Report)                                                                                                                                                                                                          |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.21                             |                           | Side Letter, dated March 7, 2006, amending                the                Purchase Agreement dated August 2, 2005, as amended, among k1 Ventures                Limited, K-1 HGC Investment, LLC and Macquarie Gas Holdings LLC                (incorporated by reference to Exhibit 2.1 of the Registrant’s Current                Report on Form 8-K, filed with the SEC on June 12, 2006)                                                                                                |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.22*                            |                           | Letter Agreement, dated December 21, 2006,                among                Macquarie FBO Holdings, Mizuho Corporate Bank, Ltd., the Governor                and                Company of the Bank of Ireland and Bayerische Landesbank, New York                Branch.                                                                                                                                                                                                                         |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 21.1*                             |                           | Subsidiaries of the Registrants                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 23.1*                             |                           | Consent of KPMG LLP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 24.1*                             |                           | Powers of Attorney (included in signature                pages)                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                              |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

----

|                                   |                                |                                                                                                          |
|-----------------------------------|--------------------------------|----------------------------------------------------------------------------------------------------------|
| **Exhibit                Number** |                           | **Description**                                                                                          |
|                              |       |                                                                                                     |
| 31.1*                             |                           | Rule 13a-14(a)/15d-14(a) Certification of                the                Chief Executive Officer      |
|                              |                           |                                                                                                     |
| 31.2*                             |                           | Rule 13a-14(a)/15d-14(a) Certification of                the                Chief Financial Officer      |
|                              |                           |                                                                                                     |
| 31.3*                             |                           | Rule 13a-14(a)/15d-14(a) Certification of                the                Principal Accounting Officer |
|                              |                           |                                                                                                     |
| 32.1*                             |                           | Section 1350 Certifications                                                                              |
|                              |                           |                                                                                                     |
| 99.1*                             |                           | Press Release                                                                                            |