<SUBMISSION>
<ACCESSION-NUMBER>0000950123-04-015385
<TYPE>SC 13D
<PUBLIC-DOCUMENT-COUNT>5
<FILING-DATE>20041230
<DATE-OF-FILING-DATE-CHANGE>20041230
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>Macquarie Infrastructure CO Trust
<CIK>0001289788
<ASSIGNED-SIC>5172
<IRS-NUMBER>206196808
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13D
<ACT>34
<FILE-NUMBER>005-80247
<FILM-NUMBER>041233584
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>600 FIFTH AVENUE, 21ST FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10020
<PHONE>212-548-6555
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>600 FIFTH AVENUE, 21ST FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10020
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>Macquarie Infrastructure Assets Trust
<DATE-CHANGED>20040510
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>Macquarie Infrastructure Management (USA) INC
<CIK>0001311388
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0331
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13D
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>600 FIFTH AVENUE, 21ST FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10020
<PHONE>212-548-6538
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>600 FIFTH AVENUE, 21ST FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10020
</MAIL-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>y04227sc13d.htm
<DESCRIPTION>MACQUARIE INFRASTRUCTURE CO. TRUST
<TEXT>
<HTML>
<HEAD>
<TITLE>MACQUARIE INFRASTRUCTURE CO. TRUST</TITLE>
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<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B><BR>
<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B></DIV>
<P align="center" style="font-size: 18pt"><B>SCHEDULE 13D</B>

<P align="center"><B>Under the Securities Exchange Act of 1934</B>

<P><DIV align="center" style="font-size: 20pt">Macquarie Infrastructure Company Trust</DIV>
<HR size="1" noshade>
<DIV align="center" style="font-size: 10pt">(Name of Issuer)</DIV>

<P><DIV align="center" style="font-size: 14pt">Shares of Trust
Stock</div><BR>
<HR size="1" noshade>
<DIV align="center" style="font-size: 10pt">(Title of Class of Securities)</DIV>

<P><DIV align="center" style="font-size: 14pt">55607X 10 8<BR>
<HR size="1" noshade>
(Cusip Number)</DIV>

<P> <DIV align="center" style="font-size: 14pt"> Peter Stokes<BR>Macquarie Infrastructure Company Trust<BR>
600 Fifth Avenue, 21st Floor<BR>New York, NY 10020<BR>
Telephone: (212) 548-6538<BR><BR>
Shemara Wikramanayake<BR>Macquarie Infrastructure Management (USA) Inc.<BR>
600 Fifth Avenue, 21st Floor<BR>New York, NY 10020<BR>
Telephone: (212) 581-8037</div><BR>
<HR size="1" noshade>
<DIV align="center" style="font-size: 10pt">(Name, Address and Telephone Number of Person<BR>Authorized to Receive Notices and Communications)</DIV>
<P align="center" style="font-size: 14pt">Copy to:


<P align="center" style="font-size: 14pt">Antonia E. Stolper<BR>
Shearman &#038; Sterling LLP<BR>
599 Lexington Avenue<BR>
New York, New York 10022<BR>
Telephone: (212)&nbsp;848-4000

<P align="center" style="font-size: 10pt">
<P><DIV align="center" style="font-size: 14pt">December 21, 2004</div><BR>
<HR size="1" noshade>
<DIV align="center" style="font-size: 10pt">(Date of Event Which Requires Filing of this Statement)</DIV>
<P align="left" style="font-size: 10pt">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &#167;&#167;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. <FONT face="wingdings">&#111;</FONT>

<P align="center" style="font-size: 10pt">Page 1 of 94

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<TABLE width="100%" border="0" cellspacing="0" cellpadding="4" style="font-size: 10pt">
<TR>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="28%">&nbsp;</TD>
<TD width="14%">&nbsp;</TD>
<TD width="45%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="5">CUSIP No. 55607X 10 8 </td> <TD colspan="2" align="right">&nbsp;</TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>

<TR>
<TD>&nbsp;</TD>
<TD valign=top>1.</TD>
<TD valign=top colspan=3>Name of Reporting Person:<BR>Macquarie
Infrastructure Management (USA) Inc.</TD>
<TD valign=top colspan=2>I.R.S. Identification Nos. of above persons (entities only):<BR>
</TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>

<TR>
<TD>&nbsp;</TD>
<TD valign=top>2.</TD>
<TD valign=top colspan=5>Check the Appropriate Box if a Member of a Group (See Instructions):</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD valign=top>(a)</TD>
<TD valign=top><FONT face="wingdings">&#111;</FONT></TD>
<TD valign=top colspan=3>&nbsp;</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD valign=top>(b)</TD>
<TD valign=top><FONT face="wingdings">&#111;</FONT></TD>
<TD valign=top colspan=3>&nbsp;</TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>

<TR>
<TD>&nbsp;</TD>
<TD valign=top>3.</TD>
<TD valign=top colspan=5>SEC Use Only:</TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>

<TR>
<TD>&nbsp;</TD>
<TD valign=top>4.</TD>
<TD valign=top colspan=5>Source of Funds (See Instructions):<BR>AF</TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>


<TR>
<TD>&nbsp;</TD>
<TD valign=top>5.</TD>
<TD valign=top colspan=5>Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e): <FONT face="wingdings">&#111;</FONT> </TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>

<TR>
<TD>&nbsp;</TD>
<TD valign=top>6.</TD>
<TD valign=top colspan=5>Citizenship or Place of Organization:<BR>United States</TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>

<TR><TD colspan="3" rowspan="8" align="center">Number of<BR>Shares<BR>Beneficially<BR>Owned by<BR> Each Reporting<BR>Person With</TD></TR>

<TR><TD valign=top>7.</TD>
<TD valign=top colspan=3>Sole Voting Power:<BR>2,000,100</TD></TR>

<TR><TD colspan=4><hr noshade></TD></TR>

<TR><TD valign=top>8.</TD><TD valign=top colspan=3> Shared Voting Power:<BR>0</TD></TR>

<TR><TD colspan=4><hr noshade></TD></TR>

<TR><TD valign=top>9.</TD><TD valign=top colspan=3> Sole Dispositive Power:<BR>2,000,100</TD></TR>

<TR><TD colspan=4><hr noshade></TD></TR>

<TR><TD valign=top>10.</TD><TD valign=top colspan=3>Shared Dispositive Power:<BR>0</TD></TR>

<TR><TD colspan=7><hr noshade></TD></TR>

<TR><TD>&nbsp;</TD>
<TD valign=top>11.</TD><TD valign=top colspan=5>Aggregate Amount Beneficially Owned by Each Reporting Person: <BR>2,000,100</TD>
</TR>

<TR><TD colspan=7><hr noshade></TD></TR>

<TR><TD>&nbsp;</TD>
<TD valign=top>12.</TD><TD valign=top colspan=5>Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions):<BR> <FONT face="wingdings">&#111;</FONT> </TD>
</TR>

<TR><TD colspan=7><hr noshade></TD></TR>

<TR><TD>&nbsp;</TD>
<TD valign=top>13.</TD><TD valign=top colspan=5>Percent of Class Represented by Amount in Row (11):<BR>7.52%</TD></TR>

<TR><TD colspan=7><hr noshade></TD></TR>

<TR><TD>&nbsp;</TD>
<TD valign=top>14.</TD><TD valign=top colspan=5>Type of Reporting Person (See Instructions):<BR>CO</TD></TR>

<TR><TD colspan=7><hr noshade></TD></TR>
</TABLE>

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<DIV style="font-family: 'Times New Roman',Times,serif">

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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
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</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;1. Security and Issuer.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;2. Identity and Background.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Source and Amount of Funds or Other Consideration.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Purpose of Transaction.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interest in Securities of the Issuer.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Material to Be Filed as Exhibits.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">Signatures</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">Schedule&nbsp;I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">Schedule&nbsp;II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y04227exv99wa.htm">EX-99.A PROMISSORY NOTE</A></TD></TR>
<TR><TD colspan="9"><A HREF="y04227exv99wb.htm">EX-99.B PRIVATE PLACEMENT AGREEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="y04227exv99wc.htm">EX-99.C MANAGEMENT SERVICES AGREEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="y04227exv99wd.htm">EX-99.D REGISTRATION RIGHTS AGREEMENT</A></TD></TR>
</TABLE>
</CENTER>
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<!-- link2 "Item&nbsp;1. Security and Issuer. " -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;1. <U>Security and Issuer</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The class of equity securities to which this Statement on Schedule&nbsp;13D relates is the shares
of Trust stock (the &#147;<U>Shares of Trust Stock</U>&#148;) of Macquarie Infrastructure Company Trust, a
Delaware statutory trust (the &#147;<U>Issuer</U>&#148;), with its principal executive offices located at
600 Fifth Avenue, 21<SUP>st</SUP> Floor, New York, New York, 10020.

<!-- link2 "Item&nbsp;2. Identity and Background." -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;2. <U>Identity and Background</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This statement on Schedule&nbsp;13D is being filed by Macquarie Infrastructure Management (USA)
Inc., a corporation organized under the laws of Delaware (the &#147;<U>Reporting Person</U>&#148;). The
Reporting Person has its principal offices at 600 Fifth Avenue, 21<SUP>st</SUP> Floor, New York,
New York, 10020, United States.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Reporting Person is an indirect wholly owned subsidiary of Macquarie
Bank Limited (&#147;<U>MBL</U>&#148;), a company formed under the laws of
Australia. The Reporting Person is 100% directly owned by Macquarie
Investment Holdings Inc. (&#147;<U>MIHI</U>&#148;), a Delaware corporation.
Macquarie Holdings (USA) Inc. (&#147;<U>MHUSA</U>&#148;), a Delaware
corporation, owns 90% of the shares of common stock of MIHI, the
remaining 10% being held by Macquarie International Investments Pty
Limited, a company formed under the laws of Australia
(&#147;<U>MIIPL</U>&#148;). 100% of MIHI&#146;s preferred stock is held by
MIIPL. MHUSA is a direct wholly owned subsidiary of Macquarie Equities
(US) Holdings Pty Limited, a company formed under the laws of
Australia (&#147;<U>MEUSH</U>&#148;). MIIPL and MEUSH are direct wholly
owned subsidiaries of MBL, the ultimate controlling entity of the
Reporting Person.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBL,
MEUSH and MIIPL have their principal offices at No.&nbsp;1 Martin
Place, Sydney, New South Wales 2000, Australia. MHUSA and MIHI have
their principal offices at 600 Fifth Avenue, 21st Floor, New York,
New York, 10020, United States.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors and executive officers of the Reporting Person and the directors and executive
officers of MBL are set forth on Schedules I and II attached hereto, respectively. Schedules I and
II set forth the following information with respect to each such person:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) name;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) business address (or residence address where indicated);



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) present principal occupation or employment and the name, principal business and
address of any corporation or other organization in which such employment is conducted; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) citizenship.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)-(e) During the last five years, neither the Reporting Person nor any person named in
Schedules I and II has been (i)&nbsp;convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or (ii)&nbsp;a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree
or final order enjoining future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to such laws.

<!-- link2 "Item&nbsp;3. Source and Amount of Funds or Other Consideration." -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;3. <U>Source and Amount of Funds or Other Consideration</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This statement on Schedule&nbsp;13D is being filed as a result of the Reporting Person entering
into the Private Placement Agreement (as defined in Item&nbsp;4) in connection with the Management
Services Agreement (as defined in Item&nbsp;4) and the Registration Rights Agreement (as defined in Item
4). The full amount of the $50&nbsp;million purchase price for the
Shares of Trust Stock acquired in connection with the Private
Placement (as defined in Item&nbsp;4) was provided to the Reporting
Person by MIHI, an affiliate of both
the Reporting Person and MBL, and an indirect wholly-owned subsidiary
of MBL, pursuant to the terms of a promissory note (the
&#147;<u>Promissory Note</u>&#148;) annexed hereto as Exhibit&nbsp;A.


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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link2 "Item&nbsp;4. Purpose of Transaction." -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;4. <U>Purpose of Transaction</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reporting Person acquired 2,000,000 of Shares of Trust Stock of the Issuer pursuant to a
Private Placement Agreement dated December&nbsp;15, 2004 (the &#147;<U>Private Placement Agreement</U>&#148;)
among the Reporting Person, Macquarie Infrastructure Company LLC, a Delaware limited liability
company (the &#147;<U>LLC</U>&#148;) and the Issuer. The Private Placement Agreement was executed in
connection with (i)&nbsp;a Management Services Agreement dated December&nbsp;21, 2004 (the &#147;<U>Management
Services Agreement</U>&#148;) among the Reporting Person, the LLC, Macquarie Infrastructure Company
Inc., a Delaware corporation, and certain directly wholly owned subsidiaries of the LLC (each a
&#147;<U>Managed Subsidiary</U>&#148; and, together, the &#147;<U>Managed Subsidiaries</U>&#148;), and (ii)&nbsp;a
Registration Rights Agreement dated December&nbsp;21, 2004 (the &#147;<U>Registration Rights Agreement</U>&#148;)
among the Reporting Person, the LLC and the Issuer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Management Services Agreement, the LLC and each Managed Subsidiary has agreed
to appoint the Reporting Person to manage their business and affairs under the supervision and
control of the respective board of directors of the LLC and each Managed Subsidiary and to perform
the services described therein in accordance with the terms of the Management Services Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a condition to the entering into the Management Services Agreement, the Reporting Person
agreed, pursuant to the Private Placement Agreement, to acquire from the LLC, in a separate private
placement closing concurrently with the initial public offering of the Shares of Trust Stock (the
&#147;<U>IPO</U>&#148;), 2,000,000 of Shares of Trust Stock having an aggregate purchase price of $50
million (the &#147;<U>Private Placement</U>&#148;), at a per share purchase price equal to the per share IPO
price (the &#147;<U>IPO Price</U>&#148;), consisting of (i)&nbsp;1,400,000 of Shares of Trust Stock comprising
70% of the Reporting Person&#146;s Private Placement (the &#147;<U>Initial Investment</U>&#148;) and (ii)&nbsp;600,000
Shares of Trust Stock comprising 30% of the Reporting Person&#146;s Private Placement (the
&#147;<U>Additional Investment</U>&#148;). The Additional Investment may be disposed at any time from and
after the closing of the IPO, which occurred on December&nbsp;21, 2004 (the &#147;<U>IPO Closing Date</U>&#148;).
The Initial Investment is required to be held for a period of not less than 12&nbsp;months from the IPO
Closing Date. At any time from and after the first anniversary of the IPO Closing Date, the
Reporting Person may dispose of a further 35% of the Private Placement and may dispose of the
balance of the Private Placement at any time from and after the third anniversary of the IPO
Closing Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the Management Services Agreement, the Reporting Person may be
entitled to receive additional shares of Trust stock of the Issuer. The Reporting Person has the
right but not the obligation to invest all or portion of the management fees it receives from the
LLC and the Managed Subsidiaries, from time to time, in shares of Trust stock in accordance with
the terms therein (each, a &#147;<U>Management Fee Investment</U>&#148;, together, the &#147;<U>Management Fee
Investments</U>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the Management Services Agreement, for so long as the Reporting
Person or any affiliate of the Reporting Person holds shares of Trust stock with an aggregate value
of no less than $5&nbsp;million, based on the IPO Price, the Reporting Person has the


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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">right to appoint one director to the LLC&#146;s board of directors and an alternate for such
appointee, and such director, or alternate, if applicable, will serve as the chairman of the board
of directors. The Reporting Person will also second to the LLC the LLC&#146;s chief executive officer
and chief financial officer on a wholly dedicated basis. In addition, the Reporting Person will
second to the LLC one or more individuals to serve as officers or
otherwise of the LLC, as agreed between the Reporting Person and the
LLC.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a condition to the Reporting Person&#146;s obligation to purchase shares of Trust stock in the
Initial Investment and the Additional Initial Investment and in order to induce the Reporting
Person to make Management Fee Investments, the LLC entered into the Registration Rights
Agreement. Pursuant to such Registration Rights Agreement, among other things, each of the LLC and
the Issuer has agreed to file a shelf registration statement under the Securities Act of 1933, as
amended, relating to the resale of all the shares of Trust stock owned by the Reporting Person as
soon as reasonably possible following the first anniversary of the
IPO Closing Date, or earlier if requested by the Reporting Person to cover the Additional Investment or any Management Fee
Investment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth above, the Reporting Person has not formulated any plans or proposals
which relate to or would result in: (a)&nbsp;the acquisition by any person of additional securities of
the Issuer or the disposition of securities of the Issuer, (b)&nbsp;an extraordinary corporate
transaction involving the Issuer or any of its subsidiaries, (c)&nbsp;a sale or transfer of a material
amount of the assets of the Issuer or any of its subsidiaries, (d)&nbsp;any change in the present board
of directors or management of the Issuer, (e)&nbsp;any material change in the Issuer&#146;s capitalization or
dividend policy, (f)&nbsp;any other material change in the Issuer&#146;s business or corporate structure, (g)
any change in the Issuer&#146;s organizational documents or other or instrument corresponding thereto or other
action which may impede the acquisition of control of the Issuer by any person, (h)&nbsp;causing a class
of the Issuer&#146;s securities to be deregistered or delisted, (i)&nbsp;a class of equity securities of the
Issuer becoming eligible for termination of registration or (j)&nbsp;any action similar to any of those
enumerated above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Private Placement Agreement, the Management Services Agreement and the Registration Rights
Agreement are annexed hereto as Exhibit&nbsp;B, C and D, respectively.

<!-- link2 "Item&nbsp;5. Interest in Securities of the Issuer." -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;5. <U>Interest in Securities of the Issuer</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)-(b) In connection with the formation of the Issuer and the LLC, the Reporting Person
purchased 100 shares of Trust stock of the Issuer. Therefore, as of this date of this filing, the
Reporting Person beneficially owns 2,000,100 shares, which represent 7.52% of the total number of
shares of Trust stock outstanding. This ownership percentage assumes there are 26,610,100 shares of
Trust stock of the Issuer outstanding, based on the most recently available filing with the
Securities and Exchange Commission. As a result, the Reporting Person has sole power to direct the
vote and to direct the disposition of 2,000,100 Shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Except as disclosed in Item&nbsp;4, the Reporting Person has not effected any transaction in
the Shares of Trust Stock during the past 60&nbsp;days.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Not applicable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Not applicable.


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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer." -->
<DIV align="left"><A NAME="005"></A></DIV>

<P>

<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>
<TR valign="top">
    <TD nowrap>Item&nbsp;6.&nbsp;</TD>
    <TD><U>Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</U>.</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than the Promissory Note, the Private Placement Agreement, the Management Services Agreement and the
Registration Rights Agreement mentioned above, to the best knowledge of the Reporting Person, there
are no contracts, arrangements, understandings or relationships (legal or otherwise) among the
persons named in Item&nbsp;2 and between such persons and any persons with respect to any securities of
the Issuer, including, but not limited to, transfer or voting of any of the Shares of Trust Stock,
finder&#146;s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits,
division of profits or loss, or the giving of withholding of proxies.


<P align="center" style="font-size: 10pt">Page 6 of 94
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;7. Material to Be Filed as Exhibits." -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;7. <U>Material to Be Filed as Exhibits</U>.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Promissory Note dated
December&nbsp;21, 2004 among Macquarie Infrastructure Management
(USA) Inc. and Macquarie Investment Holdings Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">B.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Private Placement Agreement dated December&nbsp;15, 2004 among Macquarie Infrastructure
Management (USA)&nbsp;Inc., Macquarie Infrastructure Company LLC and Macquarie Infrastructure
Company Trust</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Services Agreement dated December&nbsp;21, 2004 among Macquarie Infrastructure
Management (USA)&nbsp;Inc., Macquarie Infrastructure Company LLC, Macquarie Infrastructure
Company Inc. and certain directly wholly owned subsidiaries of Macquarie Infrastructure
Company LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">D.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration Rights Agreement dated December&nbsp;21, 2004 among Macquarie Infrastructure
Management (USA)&nbsp;Inc., Macquarie Infrastructure Company LLC and Macquarie Infrastructure
Company Trust</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">Page 7 of 94
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "Signatures" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;Signature


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable inquiry and to the best of my knowledge and belief, I certify that the
information set forth in this Statement is true, complete and correct.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">December&nbsp;30, 2004&nbsp;</TD>
    <TD colspan="3" align="left">MACQUARIE INFRASTRUCTURE MANAGEMENT (USA)&nbsp;INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                                             /s/ Peter Stokes
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Peter Stokes&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Page 8 of 94
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<!-- link1 "Schedule&nbsp;I" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center" style="font-size: 10pt">Schedule&nbsp;I




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and present principal occupation of each of the executive officers and directors of
Macquarie Infrastructure Management (USA)&nbsp;Inc. are set forth below. Unless otherwise noted, each
of these persons is an Australian citizen and has as his/her business address 600 Fifth Avenue,
21<SUP>st</SUP> Floor, New York, New York, 10020, United States.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position with Reporting</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Person</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Peter Stokes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Investment Banker</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Greg Osborne
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executive Director<BR>(Business
Address: No. 1 Martin Place, Sydney, NSW 2000, Australia)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Investment Banker</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Shemara Wikramanayake
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executive Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Investment Banker</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Alan Stephen Peet
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Division Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Investment Banker</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD align="center" valign="top">John B. Mullin<BR>(US Citizen)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Secretary and Treasurer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Investment Banker</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">Page 9 of 94
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "Schedule&nbsp;II" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt">Schedule&nbsp;II



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and present principal occupation of each of the executive officers and directors of
MBL are set forth below. Unless otherwise noted,
each of these persons is an
Australia citizen and has as his/her business address No.1 Martin Place, Sydney New South Wales
2000, Australia.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position with MBL</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Principal Occupation</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">David S. Clarke
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executive Chairman
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Investment Banker</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Mark R.G. Johnson
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Deputy Chairman
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Investment Banker</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Allan E. Moss
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Managing Director and<BR>
Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Investment Banker</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">John G. Allpass
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-Executive Voting<BR>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Company Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Laurence G. Cox
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executive Voting Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Investment Banker</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Peter M. Kirby
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-Executive Voting<BR>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Company Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Catherine B. Livingstone
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-Executive Voting<BR>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Company Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Barrie R. Martin
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-Executive Voting<BR>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Company Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">H. Kevin McCann
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-Executive Voting<BR>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Company Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">John R. Niland
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-Executive Voting<BR>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Company Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Helen M. Nugent
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-Executive Voting<BR>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Company Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">Gregory Ward
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Financial Officer

</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Investment Banker</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">Dennis Leong
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Company Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Company Secretary</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">Wallace Richard Sheppard
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Deputy Managing Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Investment Banker</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">Angela Michelle Blair
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Assistant Company Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Company Secretary</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD align="center" valign="top">Amelia Cho
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Assistant Company Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Company Secretary</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">Page 10 of 94
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt">EXHIBIT INDEX


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Page No.</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Promissory Note dated
December&nbsp;21, 2004 among Macquarie Infrastructure Management
(USA) Inc. and Macquarie Investment Holdings Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">A-1</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">B.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Private Placement Agreement dated December&nbsp;15, 2004
among Macquarie Infrastructure Management (USA)
Inc., Macquarie Infrastructure Company LLC and
Macquarie Infrastructure Company Trust
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">B-1</TD>
</TR>


<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Services Agreement dated December&nbsp;21,
2004 among Macquarie Infrastructure Management (USA)
Inc., Macquarie Infrastructure Company LLC,
Macquarie Infrastructure Company Inc. and certain
directly wholly owned subsidiaries of Macquarie
Infrastructure Company LLC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">C-1</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">D.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration Rights Agreement dated December&nbsp;21,
2004 among Macquarie Infrastructure Management (USA)
Inc., Macquarie Infrastructure Company LLC and
Macquarie Infrastructure Company Trust
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">D-1</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Page 11 of 94
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>y04227exv99wa.htm
<DESCRIPTION>EX-99.A PROMISSORY NOTE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">Exhibit&nbsp;A

<P align="right" style="font-size: 10pt">&nbsp; A-1

<P align="left" style="margin-left:6%; font-size: 10pt">THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO TRANSFER,
SALE OR OTHER DISPOSITION OF THIS NOTE MAY BE MADE UNLESS A REGISTRATION STATEMENT WITH
RESPECT TO THIS NOTE HAS BECOME EFFECTIVE UNDER SAID ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM REGISTRATION.


<P align="center" style="font-size: 10pt"><B>PROMISSORY NOTE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$50,000,000.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;21, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt"><B>FOR VALUE RECEIVED, </B>Macquarie Infrastructure Management (USA)&nbsp;Inc., a Delaware corporation
(&#147;Borrower&#148;), hereby unconditionally promises to pay to the order of Macquarie Investment Holdings
Inc., a Delaware corporation, its successors and permitted assigns (&#147;Lender&#148;), the principal sum of
FIFTY MILLION DOLLARS ($50,000,000.00) on June&nbsp;15, 2010 (the &#147;Maturity Date&#148;) in lawful money of
the United States of America, with interest calculated at the Interest Rate (as defined below) on
the principal sum outstanding from time to time, such interest to be computed from the date of this
Promissory Note (this &#147;Note&#148;) through the date that the loan evidenced hereby (the &#147;Loan&#148;) is
repaid in full, and on the terms hereinafter provided.



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest Payments</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower promises to pay interest on each March&nbsp;31, June&nbsp;30, September&nbsp;30
and December&nbsp;31 (each, a &#147;Quarterly Distribution Date&#148;) in each year,
commencing on December&nbsp;31, 2004, on the unpaid principal amount hereof until
the principal hereof is repaid in full, at a variable rate (the &#147;Interest Rate&#148;) that
(i)&nbsp;for the period from the date of this Note through December&nbsp;31, 2004 shall
equal, as a rate per annum, the sum of (a)&nbsp;the LIBOR rate in effect on the date of
this Note plus (b)&nbsp;250 basis points and (ii) thereafter shall be adjusted effective
the first day of each calendar month to equal, as a rate per annum, the sum of
(y)&nbsp;the LIBOR rate in effect on the last business day of the immediately preceding
calendar month plus (z)&nbsp;250 basis points, which adjusted interest rate shall remain
in effect until the first day of the next succeeding calendar month. For purposes
of this paragraph, &#147;business day&#148; means any day other than Saturdays, Sundays,
legal holidays in the State of New York and other days on which banking
institutions are authorized or required to be closed under the laws of the State of
New York.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest accruing for any Interest Period (as defined below) shall accrue for the period from
and including the first day of such Interest Period to and including the last day of the Interest
Period. Interest shall be computed on the basis of a 360-day year and the actual number of days
elapsed. &#147;Interest Period&#148; means (i)&nbsp;in the case of the initial Interest Period, the period from,
and including, the date of this</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Page 12 of 94
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"><TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Note to, but excluding, the first Quarterly Distribution Date; and (ii)&nbsp;thereafter, the period
from, and including, the Quarterly Distribution Date immediately following the last day of the
immediately preceding Interest Period to, but excluding, the next succeeding Quarterly Distribution
Date.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All payments made pursuant to this Note shall be made by wire transfer to Lender&#146;s office. All
payments shall be made in immediately available funds of such transferable coin or currency of the
United States of America as at the time of payment shall be legal tender for the payment of public
and private debts.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Extension of Term. The Borrower may at its sole option change the Maturity Date from
June&nbsp;15, 2010 to December&nbsp;15, 2010 by giving a written notice to that effect to the Lender not
later than May&nbsp;15, 2010.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepayment. The Borrower may prepay any or all amounts due under this Note at any time,
and from time to time, without penalty or premium.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Covenants. The Borrower covenants and agrees that so long as this Note is in effect and
until the Loan has been paid in full, it will not suffer or permit to occur or exist any of the
following events or conditions, without the prior written approval of the Lender:</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Limitation on Indebtedness. The Borrower shall not incur any additional indebtedness so long as
the Loan remains outstanding.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Limitation on Liens. The Borrower shall not incur, create, assume or suffer to exist any lien,
charge, encumbrance, security interest, pledge or other restriction (each, a &#147;Lien&#148;), upon any
property or other assets of the Borrower, whether now owned or hereafter acquired, except for Liens
for taxes, assessments and other governmental charges either (i)&nbsp;not yet payable or (ii)&nbsp;being
contested in good faith by appropriate proceedings.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sale of Assets. The Borrower shall not sell, convey, transfer, lease or otherwise dispose of all
or substantially all of its assets.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Change of Business; Business Interruption. The Borrower shall not suffer or permit any material
change in the nature of its business. The Borrower shall not suffer or permit any material
interruption or cessation of any material part of its business for any reason whatsoever, whether
or not within its control, for any period exceeding 15&nbsp;days in duration or, in the case of any
interruption or cessation covered by business interruption insurance, a reasonable period of time
for the restoration of normal operations.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transactions with Affiliates. The Borrower shall not, directly or indirectly, enter into any
transaction with an affiliate on terms less favorable to the Borrower than would be the case if
such transaction had been effected at arm&#146;s length with a person other than an affiliate.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">Page 13 of 94
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendments to Organizational Documents. The Borrower shall not materially amend its
certificate of incorporation, bylaws or any other organizational document.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Events of Default.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Events of Default. The following conditions or events shall constitute &#147;Events of Default&#148;
hereunder (and any condition which, with notice or the lapse of time or both, would become an Event
of Default shall be deemed a &#147;Default&#148; hereunder):</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the failure to pay, within five days after the date when due, any payment of principal or
interest on this Note or any other payment due hereunder;</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a default by the Borrower in the observance or performance of any of the covenants and
agreements contained in this Note;</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the entry by a court having jurisdiction of a decree or order for relief in an involuntary case
in respect of the Borrower under the Federal bankruptcy laws, as now constituted or hereafter
amended, or any other applicable Federal or state insolvency or other similar law, for the
appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) for the Borrower, or for any substantial part of any of its property, or for the
winding-up or liquidation of any of the Borrower&#146;s affairs, and the continuance of any such decree
or order unstayed and in effect for a period of sixty (60)&nbsp;consecutive days;</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the commencement by the Borrower of a voluntary case seeking reorganization of the Borrower or
an arrangement with the Borrower&#146;s creditors, or to take advantage of insolvency, under the Federal
bankruptcy laws, as now constituted or hereafter amended, or any other applicable Federal or state
insolvency or other similar law, or the consent by the Borrower to the appointment of or taking
possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar
official) for the Borrower or for any substantial part of its property, or the malting by the
Borrower of any assignment for the benefit of creditors, or the failure of the Borrower to pay its
debts as such debts become due, or the taking by the Borrower of any action to authorize or effect
any of the foregoing; and</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the occurrence of any material adverse change in the financial condition or operations of the
Borrower.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Remedies. Following the occurrence and during the continuation of an Event of Default, the
Lender may by written notice to the Borrower at any time declare the principal amount of the Loan,
all interest accrued and unpaid thereon and all other amounts owing or payable under or pursuant to
this Note to be immediately due</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Page 14 of 94
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"><TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and payable, without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived by the Borrower to the extent permitted by law. The rights provided for
in this Note are cumulative and are not exclusive of any other rights, powers, privileges or
remedies provided by law or in equity or under any other instrument, document or agreement now
existing or hereafter arising.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All payments to be made by the Borrower hereunder shall be reduced by all applicable withholding
taxes imposed or levied by or on behalf of the United States or any authority in the United States
having the power to tax.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, in the discretion of Lender, it becomes necessary to employ counsel to collect this
obligation, whether or not suit is brought, Borrower agrees to pay Lender&#146;s reasonable attorneys&#146;
fees, including fees on appeal.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Note may be changed, modified or terminated only by an agreement in writing signed by the
party against whom enforcement of such change, modification or termination is sought.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrower hereby waives presentment for payment, demand, notice of demand, notice of nonpayment
or dishonor, protest and notice of protest of this Note, and all other notices in connection with
the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and
agrees that Borrower&#146;s liability shall not be affected in any manner by any indulgence, extension
of time, renewal, waiver or modification granted or consented to by Lender.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lender shall not be deemed, by any act of omission or commission, to have waived any of its
rights or remedies hereunder unless such waiver is in writing and signed by Lender, and then only
to the extent specifically set forth in such writing. A waiver of one event shall not be construed
as continuing, or as a bar to, or waiver of, any right or remedy with respect to a subsequent or
other event.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any notice, demand, request or other communication which Borrower or Lender shall desire to give
the other hereunder shall be deemed sufficient if in writing and mailed by certified mail, postage
prepaid, or sent by overnight courier or sent by facsimile transmission with a copy also sent by
overnight courier, addressed as follows:</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">Page 15 of 94
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">If to the Borrower:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Macquarie Infrastructure Management (USA)&nbsp;Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">600 Fifth Avenue &#151; 21st Floor</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York 10020</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Treasurer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile transmission number: 212-399-8929</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">If to the Lender:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Macquarie Infrastructure Management (USA)&nbsp;Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">600 Fifth Avenue &#151; 21st Floor</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York 10020</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Treasurer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile transmission number: 212-399-8929</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or, in either case, to such other address or facsimile transmission number as
the party to be given such notice, demand, request or other communication shall
last previously have designated to the other by notice given in accordance with
this paragraph.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any provision of this Note is held to be invalid or unenforceable by a court of
competent jurisdiction, the other provisions of this Note shall remain in full
force
and effect and shall be liberally construed in favor of the Lender in order to
effect
the provisions of this Note.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any other provision of this Note or any other document to the
contrary, in no event shall the rate of interest under this Note exceed the
maximum rate of interest permitted to be charged by applicable law, and any
interest paid in excess of the permitted rate shall be refunded by the Lender.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lender may not assign this Note in whole or in part without the prior written
consent of the Borrower, which consent shall not be unreasonably withheld.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Note shall be construed in accordance with the laws of the State of New
York without regard to the rules of conflict of laws.</TD>
</TR>

</TABLE>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MACQUARIE INFRASTRUCTURE MANAGEMENT (USA)&nbsp;INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Peter Stokes
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Peter Stokes&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>3
<FILENAME>y04227exv99wb.htm
<DESCRIPTION>EX-99.B PRIVATE PLACEMENT AGREEMENT
<TEXT>
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<HEAD>
<TITLE>EX-99.B</TITLE>
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<P align="center" style="font-size: 10pt">Exhibit&nbsp;B



<P align="right" style="font-size: 10pt">&nbsp; B-1


<P align="right" style="font-size: 10pt"><B>EXECUTION VERSION</B>


<P align="center" style="font-size: 10pt"><B>PRIVATE PLACEMENT AGREEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRIVATE PLACEMENT AGREEMENT dated as of December&nbsp;15, 2004, by and among Macquarie
Infrastructure Company LLC, a Delaware limited liability company (the &#147;<B>Company</B>&#148;), Macquarie
Infrastructure Company Trust, a Delaware statutory trust (the &#147;<B>Trust</B>&#148;), and Macquarie
Infrastructure Management (USA)&nbsp;Inc., a Delaware corporation (&#147;<B>MIMUSA</B>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trust will issue 21,400,000 shares (24,610,000 with full overallotment exercise)
(the &#147;<B>Original Shares</B>&#148;) of its trust stock (&#147;<B>Trust Stock</B>&#148;) to the Company in exchange for an equal
number of membership interests (&#147;<B>LLC Interests</B>&#148;) of the Company to be issued to the Trust, and the
Company will sell the Original Shares in an initial public offering of the Trust (the &#147;<B>IPO</B>&#148;)
pursuant to the Purchase Agreement dated December&nbsp;15, 2004 (the &#147;<B>Purchase Agreement</B>&#148;) at a price
per share of $25.00 (the &#147;<B>IPO Price</B>&#148;), for an aggregate purchase price of $535,000,000
($615,250,000 with full overallotment exercise); and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trust proposes to issue to the Company the number of shares of Trust Stock equal
to (i) $50,000,000.00 divided by (ii)&nbsp;the IPO Price, or 2,000,000 shares (the &#147;<B>New Shares</B>&#148;), in
exchange for an equal number of LLC interests of the Company issued to the Trust in exchange for,
and in consideration for, the New Shares, and MIMUSA has agreed, subject to the terms and
conditions set forth herein, to purchase the New Shares at a price per share equal to the IPO
Price;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, it is agreed:


<P align="center" style="font-size: 10pt"><B>ARTICLE 1<BR>
ISSUANCE OF NEW SHARES AND LLC INTERESTS; CONSIDERATION; CONDITIONS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 1.01. </B><B><I>Issuance of New Shares and LLC Interests. </I></B>On the basis of the representations,
warranties and covenants contained in this Private Placement Agreement, and subject to the terms
and conditions contained herein, the Trust agrees to issue the New Shares to the Company, the
Company agrees to issue to the Trust a number of LLC Interests equal to the number of New Shares in
exchange for and in consideration for the New Shares and the Company agrees to sell to MIMUSA, and
MIMUSA agrees to purchase from the Company, the New Shares for a total purchase price of
$50,000,000.00 (the &#147;<B>Purchase Price</B>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 1.02. </B><B><I>Closing. </I></B>Subject to the terms and conditions contained in this Private
Placement Agreement, the closing of the purchase and sale of the New Shares (the &#147;<B>Closing</B>&#148;) shall
take place at the offices of Shearman &#038; Sterling LLP, 599 Lexington Avenue, New York, New York
10022, at 10:00&nbsp;a.m., New York City time, on December&nbsp;21, 2004, or at such other location or at
such other time on the same date or such other date as shall be agreed upon by MIMUSA and the
Company. Payment of the Purchase Price shall be made by wire transfer of immediately available
funds to an account specified in writing by the Company.


<P align="center" style="font-size: 10pt">Page 17 of 94
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Upon payment of the Purchase Price, (i)&nbsp;immediately prior to the delivery of the New Shares,
the Company, as Sponsor of the Trust, will cause the Trust to issue to the Company the New Shares
in exchange for, and in consideration for, an equal number of LLC Interests, and (ii)&nbsp;the Company
shall deliver to MIMUSA a stock certificate evidencing the New Shares, registered in the name of
MIMUSA or its nominee.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 1.03. </B><B><I>Conditions. </I></B>The obligations of MIMUSA to purchase the New Shares and to pay
the Purchase Price at the Closing shall be subject to the satisfaction of each of the following
conditions as of the Closing:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties contained in Section&nbsp;2 and in Section&nbsp;3 hereof
shall be true and correct at and as of the Closing as though then made, and the Company and
the Trust each shall have performed all of the covenants to be performed by it hereunder
prior to the Closing;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) MIMUSA shall have received counterparts of the Registration Rights Agreement in the
form of <B>Exhibit&nbsp;A </B>hereto (the &#147;<B>Registration Rights Agreement</B>&#148;) and the Management Services
Agreement in the form of <B>Exhibit&nbsp;B </B>hereto (the &#147;<B>Management Services Agreement</B>&#148;) signed by
each of the parties hereto or thereto (or, in the case of any party as to which an executed
counterpart shall not have been received, MIMUSA shall have received facsimile transmission,
email or other written confirmation from such party of execution of a counterpart hereof or
thereof by such party), and the Registration Rights Agreement shall be in full force and
effect as of the Closing;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the closing of the IPO as contemplated in the Purchase Agreement shall occur
simultaneously with the Closing; and



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) MIMUSA shall have received evidence reasonably satisfactory to it as to the due
authorization, execution and delivery of the New Shares by the Trust.


<P align="center" style="font-size: 10pt"><B>ARTICLE 2<BR>
REPRESENTATIONS BY THE COMPANY</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company represents and warrants to MIMUSA as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.01. </B><B><I>Corporate Existence and Power. </I></B>The Company has been duly formed and is validly
existing as a limited liability company in good standing under the laws of the State of Delaware
and has limited liability company power and authority to own, lease and operate its properties and
to conduct its business as described in the Prospectus (as defined in the Purchase Agreement) and
to enter into and perform its obligations under this Private Placement Agreement; and the Company
is duly qualified to transact business as a foreign limited liability company and is in good
standing in each other jurisdiction in which such qualification is required, whether by reason of
the ownership or leasing of property or the conduct of business, except where the failure to
qualify or to be in good standing would not result in a Material Adverse Effect (as defined in the
Purchase Agreement);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.02. </B><B><I>LLC Interests Fully Paid and Non-Assessable; No Liability. </I></B>Upon delivery of
the LLC Interests as payment of consideration in exchange for the New Shares


<P align="center" style="font-size: 10pt">Page 18 of 94
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">acquired as herein contemplated, the LLC Interests will be fully paid and non-assessable; the
LLC Interests, when issued, will conform to all statements relating thereto contained in the
Prospectus and such description will conform in all material respects to the rights set forth in
the instruments defining the same; and no holder of the LLC Interests will be subject to personal
liability by reason of being such a holder.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.03. </B><B><I>Authority, Approval and Enforceability. </I></B>The execution, delivery and
performance by the Company of this Private Placement Agreement, the Management Services Agreement
and the Registration Rights Agreement (collectively, the &#147;<B>Company Documents</B>&#148;) to which it is a
party and the issuance of the LLC Interests by the Company have been duly and validly authorized
and are within the Company&#146;s powers. This Private Placement Agreement has been duly executed and
delivered by the Company and constitutes its valid and binding agreement, enforceable against it in
accordance with its terms. Each other Company Document has been duly authorized and, when executed
and delivered by the Company, will constitute its valid and binding agreement, enforceable against
it in accordance with its terms and, solely in the case of the Registration Rights Agreement,
subject to applicable bankruptcy, insolvency and other similar laws affecting creditors&#146; rights
generally and to equitable principles of general applicability.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.04. </B><B><I>Ownership of New Shares. </I></B>Immediately prior to the consummation of the
transactions contemplated herein, the Company will own and will have good and valid title to the
New Shares to be sold hereunder, free and clear of any security interest, mortgage, pledge, lien,
encumbrance, claim, equity or encumbrance of any kind (&#147;<B>Security Interest</B>&#148;); and upon delivery of
such New Shares and payment of the Purchase Price therefor as herein contemplated, MIMUSA will
receive good and valid title to the New Shares purchased by it from the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.05. </B><B><I>Authorization of Transfer of the New Shares. </I></B>All necessary action has been
taken by the Company to duly and validly sell, assign and transfer to MIMUSA the New Shares to be
sold by the Company hereunder, to deliver the New Shares to be sold by the Company hereunder, to
accept payment therefor and otherwise to consummate the transactions contemplated herein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.06. </B><B><I>Purchase Agreement Representations. </I></B>The representations and warranties
contained in Section&nbsp;1(a)(ii) &#151; (v), (ix), (x), (xii), and (xv) &#151; (xxiv)&nbsp;in the Purchase Agreement
are true and correct as of the day hereof.


<P align="center" style="font-size: 10pt"><B>ARTICLE 3<BR>
REPRESENTATIONS BY THE TRUST</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, as Sponsor of the Trust, represents and warrants to MIMUSA as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 3.01. </B><B><I>Corporate Existence and Power. </I></B>The Trust has been duly formed and is validly
existing as a statutory trust in good standing under the laws of the State of Delaware, is and will
be treated as a &#147;grantor trust&#148; for federal income tax purposes under existing law, has the trust
power and authority to enter into this Private Placement Agreement


<P align="center" style="font-size: 10pt">Page 19 of 94
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">and to conduct its business as described in the Prospectus and is not required to be
authorized to do business in any other jurisdiction. When issued by the Trust and delivered by the
Company pursuant to this Private Placement Agreement against payment of the consideration set forth
in this Private Placement Agreement, the New Shares will represent beneficial interests in the
Trust.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 3.02. </B><B><I>Due Authority of Trustees. </I></B>The Regular Trustee of the Trust, as defined in the
Trust Agreement, is authorized in such capacity to execute and deliver this Private Placement
Agreement and to authorize the delivery to the Company of the New Shares to be sold by the Trust
under this Private Placement Agreement and to accept payment therefor in the form of the LLC
Interests.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 3.03. </B><B><I>Authority, Approval and Enforceability. </I></B>This Private Placement Agreement has
been duly authorized, executed and delivered by the Trust and constitutes its valid and binding
agreement, enforceable against it in accordance with its terms. The Registration Rights Agreement
has been duly authorized and, when duly executed and delivered by the Trust, will constitute its
valid and binding agreement, enforceable against it in accordance with its terms, subject to
applicable bankruptcy, insolvency and other similar laws affecting creditors&#146; rights generally and
to equitable principles of general applicability.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 3.04. </B><B><I>Authorization of New Shares; New Shares Fully Paid and Non-Assessable; No
Liability; No Preemption. </I></B>All necessary action has been taken by the Trust to duly and validly
authorize, issue and deliver the New Shares to the Company in a number equal to the number of LLC
Interests delivered to the Trust as consideration for such New Shares; upon delivery of such New
Shares and payment of such consideration therefor, in exchange for the LLC Interests acquired as
herein contemplated, the New Shares to be purchased from the Trust by the Company in exchange for
the LLC Interests will be fully paid and non-assessable; no holder of New Shares will be subject to
personal liability by reason of being such a holder; and the issuance of the New Shares is not
subject to statutory or contractual preemptive or other similar rights.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 3.05. </B><B><I>Ownership of LLC Interests. </I></B>Upon consummation of the transactions contemplated
hereby, the Trust will own the LLC Interests free and clear of any Security Interest.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 3.06. </B><B><I>Purchase Agreement Representations. </I></B>The representations and warranties
contained in Section&nbsp;1(b)(v) &#151; (viii)&nbsp;and (x)&nbsp;in the Purchase Agreement are true and correct as of
the day hereof.


<P align="center" style="font-size: 10pt"><B>ARTICLE 4<BR>
REPRESENTATIONS OF MIMUSA</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIMUSA represents and warrants to the Company and the Trust as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 4.01. </B><B><I>Corporate Power</I></B><B>. </B>MIMUSA has the corporate power and authority to enter into
this Private Placement Agreement.


<P align="center" style="font-size: 10pt">Page 20 of 94
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 4.02. </B><B><I>Authority, Approval and Enforceability. </I></B>This Private Placement Agreement has
been duly authorized, executed and delivered by MIMUSA and constitutes its valid and binding
agreement, enforceable against it in accordance with its terms. The Management Services Agreement
has been duly authorized by MIMUSA and, when executed and delivered by MIMUSA, will constitute its
valid and binding agreement, enforceable against it in accordance with its terms.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 4.03. </B><B><I>Private Placement.</I></B>



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MIMUSA understands that the offering and sale of the New Shares to it as
contemplated hereby are intended to be exempt from registration under the Securities Act of
1933, as amended (the &#147;<B>1933 Act</B>&#148;), pursuant to Section&nbsp;4(2) thereunder.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The New Shares to be acquired by MIMUSA pursuant to this Private Placement
Agreement are being acquired for its own account for investment and without a view to the
public distribution of such New Shares or any interest therein; provided that nothing
contained herein shall prevent MIMUSA and subsequent holders of the Restricted Securities,
as defined in Section&nbsp;5.05 below, from transferring such securities in compliance with the
provisions of Article&nbsp;5 hereof.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) MIMUSA has sufficient knowledge and experience in financial and business matters so
as to be capable of evaluating the merits and risks of its investment in the New Shares, and
MIMUSA is capable of bearing the economic risks of such investment, including a complete
loss of its investment in the New Shares.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) MIMUSA has been given the opportunity to ask questions of and receive answers from
the Company and the Trust concerning the Company, the Trust, the New Shares, the LLC
Interests and other related matters. MIMUSA further represents and warrants to the Company
and the Trust that it has been furnished with all information it deems necessary or
desirable to evaluate the merits and risks of the acquisition of the New Shares and that the
Company and the Trust have made available to MIMUSA or its agents all documents and
information relating to an investment in the New Shares requested by or on behalf of MIMUSA.
In evaluating the suitability of an investment in the New Shares, MIMUSA has not relied
upon any other representations or other information (other than as contemplated by the
preceding sentences), whether oral or written, made by or on behalf of the Company or the
Trust.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) MIMUSA is an &#147;Accredited Investor&#148; as such term is defined in Regulation&nbsp;D under
the 1933 Act.


<P align="center" style="font-size: 10pt"><B>ARTICLE 5<BR>
TRANSFER OF RESTRICTED SECURITIES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 5.01. </B><B><I>General Provisions. </I></B>Restricted Securities are transferable only pursuant to
(i)&nbsp;public offerings registered under the 1933 Act, (ii)&nbsp;Rule&nbsp;144 under the 1933 Act (or any
similar rule or rules then in force) if such rule is available, (iii)&nbsp;registration pursuant to the
terms of the Registration Rights Agreement, or (iv)&nbsp;subject to the conditions specified in Section
5.02 below, any other applicable exemption from registration legally available under the


<P align="center" style="font-size: 10pt">Page 21 of 94
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">1933 Act; and in the cases of clauses (i)&nbsp;through (iv)&nbsp;above, inclusive, only to the extent
set forth in Article&nbsp;6 below.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 5.02. </B><B><I>Opinion Delivery. </I></B>In connection with the transfer of any Restricted Securities
(other than a transfer described in Section&nbsp;5.01(i) or (ii)&nbsp;above), the holder thereof shall
deliver written notice to the Company describing in reasonable detail the transfer or proposed
transfer, together with an opinion of Shearman &#038; Sterling LLP or other counsel that, to the
Company&#146;s reasonable satisfaction, is knowledgeable in securities law matters to the effect that
such transfer of Restricted Securities may be effected without registration of such Restricted
Securities under the 1933 Act. In addition, if the holder of the Restricted Securities delivers to
the Company an opinion of Shearman &#038; Sterling LLP or other counsel that no subsequent transfer of
such Restricted Securities shall require registration under the 1933 Act, the Company, as Sponsor
of the Trust, shall cause the Trust to, promptly upon such contemplated transfer, deliver new
certificates for such Restricted Securities that do not bear the 1933 Act legend set forth below in
Section&nbsp;5.03. If the Company is not required to cause the Trust to deliver new certificates for
such Restricted Securities bearing such legend, the holder thereof shall not transfer the same
until the prospective transferee has confirmed to the Company and the Trust in writing its
agreement to be bound by the conditions contained in this Section&nbsp;5.02. Notwithstanding anything
to the contrary herein, transfers to or among affiliates of MIMUSA shall not require delivery of
the opinion required in this Section&nbsp;5.02.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 5.03. </B><B><I>Legend. </I></B>Each certificate or instrument representing Restricted Securities
shall be imprinted with a legend in substantially the following form:



<P align="left" style="margin-left:6%; font-size: 10pt">&#147;THE SHARES OF TRUST STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES
ACT&#148;), THE SECURITIES LAWS OF ANY STATE OR THE SECURITIES LAWS OF ANY OTHER
JURISDICTION, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. THE
SHARES OF TRUST STOCK HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION, BY ANY STATE SECURITIES COMMISSION OR BY
ANY OTHER REGULATORY AUTHORITY OF ANY OTHER JURISDICTION. ANY
REPRESENTATION TO THE CONTRARY IS UNLAWFUL.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 5.04. </B><B><I>Legend Removal. </I></B>If any Restricted Securities become eligible for sale pursuant
to Rule&nbsp;144(k), the Company, as Sponsor of the Trust, shall direct the Trust, upon the request of
the holder of such Restricted Securities, to remove the legend set forth in Section&nbsp;5.03 from the
certificates for such Restricted Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 5.05. </B><B><I>Definition of Restricted Securities. </I></B>For the purposes of this Private
Placement Agreement, &#147;<B>Restricted Securities</B>&#148; means (i)&nbsp;the New Shares issued hereunder and (ii)&nbsp;any
securities issued with respect to the New Shares by way of a stock dividend or stock split or in
connection with a combination of shares, recapitalization, merger,


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">consolidation or other reorganization. As to any particular Restricted Securities, such
securities shall cease to be Restricted Securities when they have (a)&nbsp;been effectively registered
under the 1933 Act and disposed of in accordance with the registration statement covering them, (b)
been distributed to the public through a broker, dealer or market maker pursuant to Rule&nbsp;144 (or
any similar provision then in force) under the 1933 Act or become eligible for sale pursuant to
Rule 144(k) (or any similar provision then in force) under the 1933 Act or (c)&nbsp;been otherwise
transferred and new stock certificates not bearing the 1933 Act legend set forth in Section&nbsp;5.03
have been delivered by the Trust in accordance with Section&nbsp;5.02. Whenever any particular
securities cease to be Restricted Securities, the holder thereof shall be entitled to receive from
the Trust, without expense, new certificates representing securities of like tenor not bearing a
1933 Act legend of the character set forth in Section&nbsp;5.03.



<P align="center" style="font-size: 10pt"><B>ARTICLE 6<BR>
MISCELLANEOUS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 6.01. </B><B><I>Notices</I></B><B>. </B>All notices and other communications required or permitted under this
Private Placement Agreement shall be deemed to have been duly given and made if in writing and if
served by personal delivery to the party for whom intended, by facsimile transmission, by telegram
or telex or by registered or certified mail (postage prepaid, return receipt requested), sent to
the following addresses (or such other address for a party as shall be specified by like notice):


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if to the Company:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Macquarie Infrastructure Company LLC<BR>
600 Fifth Avenue, 21st Floor<BR>
New York, New York 10020<BR>
Facsimile: (212)&nbsp;581-8037<BR>
Attention: David Mitchell</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if to the Trust:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Macquarie Infrastructure Company Trust<BR>
600 Fifth Avenue, 21st Floor<BR>
New York, New York 10020<BR>
Facsimile: (212)&nbsp;581-8037<BR>
Attention: Peter Stokes</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if to MIMUSA:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Macquarie Infrastructure Management (USA)&nbsp;Inc.<BR>
600 Fifth Avenue, 21st Floor<BR>
New York, New York 10020<BR>
Facsimile: (212)&nbsp;581-8037<BR>
Attention: Stephen Peet</TD>
</TR>

</TABLE>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:6%; font-size: 10pt">and, in the case of any notice sent to the Company or to the Trust, with a copy to:

<P align="left" style="font-size: 10pt; margin-left: 9%">Shearman &#038; Sterling LLP<BR>
599 Lexington Avenue<BR>
New York, New York 10022<BR>
Attention: Antonia E. Stolper, Esq.<BR>
Fax: 646-848-5009


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 6.02. </B><B><I>Amendments and Waivers. </I></B>Any provision of this Private Placement Agreement may
be amended, modified, supplemented or waived if, but only if, such amendment or waiver is in
writing and is signed, in the case of an amendment, by each party to this Private Placement
Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 6.03. </B><B><I>Successors and Assigns. </I></B>The provisions of this Private Placement Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns, <I>provided </I>that no party may assign, delegate or otherwise transfer any of
its rights or obligations under this Private Placement Agreement without the consent of each other
party hereto, and <I>provided further </I>that, notwithstanding the foregoing, MIMUSA may assign, delegate
or otherwise transfer any of its rights or obligations under this Agreement to any of its
affiliates (as such term is defined in Rule&nbsp;144 under the 1933 Act).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 6.04. </B><B><I>Severability. </I></B>Any provision of this Private Placement Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions of
this Private Placement Agreement or affecting the validity or enforceability of such provision in
any other jurisdiction.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 6.05. </B><B><I>Counterparts; Effectiveness; Third-Party Beneficiaries. </I></B>This Private Placement
Agreement may be signed in any number of counterparts, each of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same instrument. This Private
Placement Agreement shall become effective when each party hereto shall have received a counterpart
hereof signed by the other parties hereto. No provision of this Private Placement Agreement is
intended to confer upon any person other than the parties hereto any rights or remedies hereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 6.06. </B><B><I>Entire Agreement. </I></B>This Private Placement Agreement and the other Company
Documents constitute the entire agreement among the parties with respect to the subject matter of
this Private Placement Agreement and supersede and preempt all prior agreements and understandings,
both oral and written, among the parties with respect to the subject matter of this Private
Placement Agreement in any way.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 6.07. </B><B><I>Captions. </I></B>The captions herein are included for convenience of reference only
and shall be ignored in the construction or interpretation hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 6.08. </B><B><I>Governing Law. </I></B>This Private Placement Agreement shall be governed by and
construed in accordance with laws of the State of New York.


<P align="center" style="font-size: 10pt">&#091;Signature Page Follows&#093;



<P align="center" style="font-size: 10pt">Page 24 of 94
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Private Placement Agreement to be duly
executed by their respective authorized officers as of the day and year first above written.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MACQUARIE INFRASTRUCTURE COMPANY LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David M. Mitchell
<HR size="1" noshade>
Name: David M. Mitchell</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MACQUARIE INFRASTRUCTURE COMPANY TRUST</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BY: MACQUARIE INFRASTRUCTURE COMPANY LLC, as Sponsor</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David M. Mitchell
<HR size="1" noshade>
Name: David M. Mitchell</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MACQUARIE INFRASTRUCTURE MANAGEMENT (USA)&nbsp;INC.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Peter Stokes<BR>
<HR size="1" noshade>
Name: Peter Stokes</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: President and Chief Executive Officer</TD>
</TR>

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<DOCUMENT>
<TYPE>EX-99.C
<SEQUENCE>4
<FILENAME>y04227exv99wc.htm
<DESCRIPTION>EX-99.C MANAGEMENT SERVICES AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.C</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">Exhibit&nbsp;C



<P align="right" style="font-size: 10pt">C-1


<P align="right" style="font-size: 10pt"><B>EXECUTION VERSION</B>


<P align="center" style="font-size: 10pt">MANAGEMENT SERVICES AGREEMENT



<P align="center" style="font-size: 10pt">AMONG



<P align="center" style="font-size: 10pt">MACQUARIE INFRASTRUCTURE COMPANY LLC,<BR>
MACQUARIE INFRASTRUCTURE COMPANY INC.,<BR>
MACQUARIE YORKSHIRE LLC,<BR>
SOUTH EAST WATER LLC,<BR>
COMMUNICATIONS INFRASTRUCTURE LLC



<P align="center" style="font-size: 10pt">AND



<P align="center" style="font-size: 10pt">MACQUARIE INFRASTRUCTURE MANAGEMENT (USA)&nbsp;INC.



<P align="center" style="font-size: 10pt">Dated as of December&nbsp;21, 2004



<P align="center" style="font-size: 10pt">Page 26 of 94
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<P align="center" style="font-size: 10pt">TABLE OF CONTENTS


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-10px">ARTICLE I<br>
DEFINITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">ARTICLE II<br>
APPOINTMENT OF THE MANAGER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.1 Appointment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.2 Initial Investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.3 Agreement to Bind Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.4 Term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">ARTICLE III<br>
SERVICES TO BE PERFORMED BY THE MANAGER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;3.1 Duties of the Manager</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;3.2 Obligations of the Company and the Managed Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">ARTICLE IV<br>
POWERS OF THE MANAGER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;4.1 Powers of the Manager</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;4.2 Delegation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;4.3 Manager&#146;s Duties Exclusive</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-10px">ARTICLE V<br>
INSPECTION OF RECORDS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;5.1 Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">ARTICLE VI<br>
AUTHORITY OF THE COMPANY,<br>
THE MANAGED SUBSIDIARIES AND THE MANAGER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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<P align="center" style="font-size: 10pt">Page 27 of 94
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="88%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>

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<TR valign="bottom" style="background: #eeeeee">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-10px">ARTICLE VII<br>
MANAGEMENT FEES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.1 Structuring Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.2 Base Management Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.3 Performance Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.4 Registration Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.5 Ability to Issue Trust Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">ARTICLE VIII<br>
SECONDMENT OF PERSONNEL BY THE MANAGER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;8.1 Secondment of CEO and CFO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;8.2 Remuneration of CEO and CFO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;8.3 Secondment of Additional Personnel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;8.4 Removal of Seconded Individuals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;8.5 Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-10px">ARTICLE IX<br>
EXPENSE REIMBURSEMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;9.1 Company Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD align="center"><DIV style="margin-left:40px; text-indent:-10px">ARTICLE X<br>
RESIGNATION AND REMOVAL OF THE MANAGER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.1 Resignation by the Manager</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.2 Removal of the Manager</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.3 Withdrawal of Branding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.4 Resignation of the Chairman and the Seconded Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.5 Directions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-10px">ARTICLE XI<br>
INDEMNITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.1 Indemnification of Manager</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.2 Indemnification of Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.3 Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="88%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
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    <TD width="4%">&nbsp;</TD>
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    <TD align="center"><DIV style="margin-left:30px; text-indent:-10px">ARTICLE XII<br>
LIMITATION OF LIABILITY OF THE MANAGER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;12.1 Limitation of Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;12.2 Manager May Rely</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">ARTICLE XIII<br>
LEGAL ACTIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;13.1 Third Party Claims</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-10px">ARTICLE XIV<br>
MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;14.1 Obligation of Good Faith; No Fiduciary Duties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;14.2 Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;14.3 Effect of Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;14.4 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;14.5 Captions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;14.6 Applicable Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;14.7 Amendment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;14.8 Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;14.9 Entire Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Schedule&nbsp;I &#151; Priority Protocol</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT SERVICES AGREEMENT (this &#147;<B><I>Agreement</I></B>&#148;), dated as of December&nbsp;21, 2004, among
Macquarie Infrastructure Company LLC, a Delaware limited liability company (the &#147;<B><I>Company</I></B>&#148;),
Macquarie Infrastructure Company Inc., a Delaware corporation, Macquarie Yorkshire LLC, a Delaware
limited liability company, South East Water LLC, a Delaware limited liability company,
Communications Infrastructure LLC, a Delaware limited liability company (each a &#147;<B><I>Managed
Subsidiary</I></B>&#148; and, together with any directly owned Subsidiary of the Company as from time to time
may exist and that has executed a counterpart of this Agreement in accordance with Section&nbsp;2.3
herein, collectively, the &#147;<B><I>Managed Subsidiaries</I></B>&#148;), and Macquarie Infrastructure Management (USA)
Inc., a Delaware corporation (the &#147;<B><I>Manager</I></B>&#148;). Individually, each party hereto shall be referred to
as a &#147;<B><I>Party</I></B>&#148; and collectively as the &#147;<B><I>Parties</I></B>.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Managed Subsidiaries have agreed to appoint the Manager to manage
their business and affairs as herein described; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Manager has agreed to act as Manager on the terms and subject to the conditions
set forth herein;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual covenants herein contained, the Parties hereto
agree as follows:


<P align="center" style="font-size: 10pt"><B>ARTICLE I</B>



<P align="center" style="font-size: 10pt"><B>DEFINITIONS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Additional Offering</I></B>&#148; means for any Fiscal Quarter in which a Performance Fee is being
calculated any offering of shares of Trust Stock other than shares of Trust Stock issued in
connection with the Trust&#146;s initial public offering or concurrent private placement to the Manager
in which the total number of shares of Trust Stock issued in such offering equals or exceeds 15% of
the total number of shares of Trust Stock issued and outstanding immediately prior to such
offering; <I>provided </I>that &#147;Additional Offering&#148; shall not include:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any issuance of shares of Trust Stock to the Manager pursuant to Article&nbsp;VII
hereof;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issuance of any shares of Trust Stock pursuant to any present or future plan
providing for the reinvestment of dividends or interest payable on securities of the Company
and the investment of additional optional amounts in shares of Common Stock under any such
plan; or



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future employee, director or consultant benefit plan or
program of, or any such plan or program assumed by the Company or any of its subsidiaries.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Additional Offering Foreign Net Equity Value</I></B>&#148; means the aggregate USD amount of the total
proceeds from any Additional Offering which is to be applied to increase Foreign Net Equity Value.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Additional Offering Macquarie Infrastructure Company Trust Accumulation Index</I></B>&#148; means, with
respect to the relevant Additional Shares, the Additional Offering Macquarie Infrastructure Company
Trust Accumulation Index calculated by Morgan Stanley Capital International Inc., in accordance
with the methodology used to calculate the indices used in the calculation of clause (ii)&nbsp;of the
Benchmark Return for the relevant Fiscal Quarter; <I>provided </I>that, in the event that the Macquarie
Infrastructure Company Trust Accumulation Index is not calculated by Morgan Stanley Capital
International Inc., the Manager shall cause the institution then used to calculate the Macquarie
Infrastructure Company Trust Accumulation Index to calculate the Additional Offering Macquarie
Infrastructure Company Trust Accumulation Index in accordance with the methodology used to
calculate the indices used in the calculation of clause (ii)&nbsp;of the Benchmark Return for the
relevant Fiscal Quarter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Additional Offering U.S. Net Equity Value</I></B>&#148; means the aggregate USD amount of the total
proceeds from any Additional Offering which is to be applied to increase U.S. Net Equity Value.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Additional Offering Weighted Average Percentage Change Of The MSCI Europe Utilities Index</I></B>&#148;
means the change in percentage terms for a relevant Fiscal Quarter calculated according to the
following formula:


<P align="left" style="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z2
= N2 x (Q2 - P2) / P2


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>where</I>



<P align="left" style="margin-left:6%; font-size: 10pt">Z2 = the Additional Offering Weighted Average Percentage Change Of The MSCI Europe
Utilities Index;



<P align="left" style="margin-left:6%; font-size: 10pt">N2 = the percentage determined by dividing (i)&nbsp;the Additional Offering Foreign Net
Equity Value by (ii)&nbsp;the sum of the Additional Offering Foreign Net Equity Value and
the Additional Offering U.S. Net Equity Value;



<P align="left" style="margin-left:6%; font-size: 10pt">P2 = the average closing MSCI Europe Utilities Index over the last 15 Trading Days
ending immediately prior to the first day of trading of the relevant Additional
Shares; and



<P align="left" style="margin-left:6%; font-size: 10pt">Q2 = the average closing MSCI Europe Utilities Index over the last 15 Trading Days
of the current Fiscal Quarter, or over such lesser number of Trading Days from and
including the first day of trading with respect to the Additional Shares through and
including the Fiscal Quarter End Date of such Fiscal Quarter.


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Additional Offering Weighted Average Percentage Change Of The MSCI U.S. IMI/Utilities Index</I></B>&#148;
means the change in percentage terms for a relevant Fiscal Quarter calculated according to the
following formula:



<P align="left" style="margin-left:6%; font-size: 10pt">Y2 = J2 x (L2 - K2) / K2



<P align="left" style="margin-left:6%; font-size: 10pt">where



<P align="left" style="margin-left:6%; font-size: 10pt">Y2 = the Additional Offering Weighted Average Percentage Change Of The MSCI U.S.
IMI/Utilities Index;



<P align="left" style="margin-left:6%; font-size: 10pt">J2 = the percentage determined by dividing (i)&nbsp;the Additional Offering U.S. Net
Equity Value by (ii)&nbsp;the sum of the Additional Offering Foreign Net Equity Value and
the Additional Offering U.S. Net Equity Value;



<P align="left" style="margin-left:6%; font-size: 10pt">K2 = the average closing MSCI U.S. IMI/Utilities Index over the last 15 Trading Days
ending immediately prior to the first day of trading of the relevant Additional
Shares; and



<P align="left" style="margin-left:6%; font-size: 10pt">L2 = the average closing MSCI U.S. IMI/Utilities Index over the last 15 Trading Days
of the current Fiscal Quarter, or over such lesser number of Trading Days from and
including the first day of trading with respect to the Additional Shares through and
including the Fiscal Quarter End Date of such Fiscal Quarter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Additional Shares</I></B>&#148; means the aggregate number of shares of Trust Stock issued in an
Additional Offering (including any shares issued pursuant to the exercise of an over-allotment
option).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Affiliate</I></B>&#148; means, with respect to any Person, (i)&nbsp;any Person directly or indirectly
controlling, controlled by or under common control with such Person or (ii)&nbsp;any officer, director,
general member, member or trustee of such Person. For purposes of this definition, the terms
&#147;<I>controlling</I>,&#148; &#147;<I>controlled by</I>&#148; or &#147;<I>under common control with</I>&#148; shall mean the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a Person
or entity, whether through the ownership of voting securities, by contract or otherwise, or the
power to elect at least 50% of the directors, managers, general members, or Persons exercising
similar authority with respect to such Person or entity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Agreement</I></B>&#148; or &#147;<B><I>Management Services Agreement</I></B>&#148; means this Management Services Agreement,
including all Exhibits and Schedules attached hereto, as amended from time to time. Words such as
&#147;<I>herein</I>,&#148; &#147;<I>hereinafter</I>,&#148; &#147;<I>hereof</I>,&#148; &#147;<I>hereto</I>&#148; and &#147;<I>hereunder</I>&#148; refer to this Agreement as a whole,
unless the context otherwise requires.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>AUD</I></B>&#148; means the lawful currency of the Commonwealth of Australia.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Bankruptcy Law</I></B>&#148; means title 11, United States Code or any similar federal or state law for
the relief of debtors.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Base Management Fee</I></B>&#148; means in respect of a Fiscal Quarter:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where the Net Investment Value is less than or equal to USD500&nbsp;million, 0.375% per
Fiscal Quarter of the Net Investment Value,



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Net Investment Value is greater than USD500&nbsp;million but less than or
equal to USD1,500&nbsp;million, USD1.875&nbsp;million per Fiscal Quarter plus 0.3125% per Fiscal
Quarter of such Net Investment Value exceeding USD500&nbsp;million but not exceeding USD1,500
million, or



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where the Net Investment Value is greater than USD1,500&nbsp;million, USD5.0&nbsp;million
per Fiscal Quarter plus 0.25% per Fiscal Quarter of such Net Investment Value exceeding
USD1,500&nbsp;million;



<P align="left" style="margin-left:6%; font-size: 10pt">adjusted on a pro rata basis if the Fiscal Quarter in respect of which the calculation is
made is the Fiscal Quarter commencing on the Commencement Date;



<P align="left" style="margin-left:6%; font-size: 10pt">less



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the USD amount of any fees paid by the Company or any of its Subsidiaries during
the Fiscal Quarter to any individuals seconded to the Company pursuant to Article&nbsp;VIII, or
to any officer, director, staff member or employee of the Manager or any Manager Affiliate,
as compensation for serving as a director on the Board of Directors of the Company, any
Subsidiary of the Company, or any company in which the Company or its Subsidiaries have
invested, excluding amounts paid as reimbursement for expenses, in each case to the extent
not subsequently paid to the Company or a Subsidiary of the Company;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the amount of any management fees other than performance-based management fees
payable to the Manager or a Manager Affiliate for that Fiscal Quarter (adjusted, to the
extent required, on a pro rata basis if the Fiscal Quarter in respect of which the
calculation is made is the Fiscal Quarter commencing on the Commencement Date) in relation
to the management of a Macquarie Managed Investment Vehicle (calculated in USD using the
applicable exchange rate on the last Business Day of such Fiscal Quarter) multiplied by the
Company&#146;s percentage ownership in the Macquarie Managed Investment Vehicle on the last
Business Day of the Fiscal Quarter; <I>provided </I>that, to the extent that such management fee
accrues over a period in excess of any Fiscal Quarter, such management fee for any Fiscal
Quarter will be estimated by the Manager and will be adjusted to actual in the Fiscal
Quarter such fee becomes payable. For the avoidance of doubt such management fees do not
include expense reimbursements or indemnities for Costs; and



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) all Base Management Fees previously earned in any Fiscal Quarter in relation to any
Future Investment if it was determined conclusively during the relevant Fiscal Quarter that
such Future Investment would not be made.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Benchmark Return</I></B>&#148; means the amount expressed in USD in respect of a Fiscal Quarter in
accordance with the following formula:


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<P align="left" style="margin-left:6%; font-size: 10pt">BR = BR1 &#043; BR2



<P align="left" style="margin-left:6%; font-size: 10pt"><I>where</I>



<P align="left" style="margin-left:6%; font-size: 10pt">BR = the Benchmark Return for the Fiscal Quarter;



<P align="left" style="margin-left:6%; font-size: 10pt"><I>and</I>



<P align="left" style="margin-left:6%; font-size: 10pt">(i)&nbsp;BR1 = X1 x (Y1 &#043; Z1)



<P align="left" style="margin-left:9%; font-size: 10pt"><I>where</I>



<P align="left" style="margin-left:9%; font-size: 10pt">BR1 = the Benchmark Return for the Fiscal Quarter applicable to all shares of
Trust Stock other than those included in the calculation of BR2;



<P align="left" style="margin-left:9%; font-size: 10pt">X1 = has the same meaning as &#147;A1&#148; in the definition of Return;



<P align="left" style="margin-left:9%; font-size: 10pt">Y1 = the Weighted Average Percentage Change of the MSCI U.S. IMI/Utilities
Index over the Fiscal Quarter; and



<P align="left" style="margin-left:9%; font-size: 10pt">Z1 = the Weighted Average Percentage Change of the MSCI Europe Utilities Index
over the Fiscal Quarter.



<P align="left" style="margin-left:6%; font-size: 10pt">(ii)&nbsp;BR2 = X2 x (Y2 &#043; Z2)



<P align="left" style="margin-left:9%; font-size: 10pt"><I>where</I>



<P align="left" style="margin-left:9%; font-size: 10pt">BR2 = the Benchmark Return for the Fiscal Quarter applicable solely to the
Additional Shares issued in an Additional Offering during the relevant Fiscal
Quarter;



<P align="left" style="margin-left:9%; font-size: 10pt">X2 = has the same meaning as &#147;A2&#148; in the definition of Return;



<P align="left" style="margin-left:9%; font-size: 10pt">Y2 = the Additional Offering Weighted Average Percentage Change of the MSCI
U.S. IMI/Utilities Index over the period from and including the first day of
trading with respect to any Additional Shares issued during the Fiscal Quarter
for which a Performance Fee is being calculated, through and including the
Fiscal Quarter End Date of such Fiscal Quarter; and



<P align="left" style="margin-left:9%; font-size: 10pt">Z2 = the Additional Offering Weighted Average Percentage Change of the MSCI
Europe Utilities Index over the period from and including the first day of
trading with respect to any Additional Shares issued during the Fiscal Quarter
for which a Performance Fee is being calculated, through and including the
Fiscal Quarter End Date of such Fiscal Quarter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Board</I></B>&#148; or &#147;<B><I>Board of Directors</I></B>&#148; means, with respect to the Company, any Managed Subsidiary or
any Subsidiary, as the case may be, the Board of Directors of the Company, such Managed Subsidiary
or Subsidiary, or any committee of the Board of Directors that has been duly authorized by the
Board of Directors to make a decision on the matter in


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<P align="left" style="font-size: 10pt">question or bind the Company, such Managed Subsidiary or such Subsidiary, as the case may be,
as to the matter in question.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Business</I></B>&#148; means the business of owning and operating businesses and making investments in the
United States and elsewhere, as may be conducted or made, directly and indirectly, by the Company
from time to time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Business Day</I></B>&#148; means a day of the year on which banks are not required or authorized to close
in The City of New York.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>CAD</I></B>&#148; means the lawful currency of Canada.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Chairman</I></B>&#148; means the Chairman of the Board of Directors of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Chief Executive Officer</I></B>&#148; means the Chief Executive Officer of the Company, including any
interim Chief Executive Officer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Chief Financial Officer</I></B>&#148; means the Chief Financial Officer of the Company, including any
interim Chief Financial Officer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Commencement Date</I></B>&#148; has the meaning set forth in Section&nbsp;2.4.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Company</I></B>&#148; has the meaning set forth in the first paragraph of this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Company Officers</I></B>&#148; means the Chief Executive Officer and the Chief Financial Officer and any
other officer of the Company hereinafter appointed by the Board of Directors of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Compensation Committee</I></B>&#148; means the Compensation Committee of the Board of Directors of the
Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Contracted Assets</I></B>&#148; means businesses that derive a majority of their revenues from long-term
contracts with other businesses or governments.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Costs</I></B>&#148; includes costs, charges, fees, expenses, commissions, liabilities, losses, damages and
Taxes and all amounts payable in respect of them or like amounts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Custodian</I></B>&#148; means any receiver, trustee, assignee, liquidator or other similar official under
any Bankruptcy Law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Delisting Event</I></B>&#148; means a transaction or series of related transactions involving the
acquisition of Trust Stock by third parties in an amount that results in the Trust Stock ceasing to
be listed on a nationally recognized U.S. exchange or on the Nasdaq National Market because the
Trust Stock ceased to meet the distribution and trading criteria of such exchange or market.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Deficit</I></B>&#148; means the aggregate amounts in USD in respect of each Fiscal Quarter since a
Performance Fee has become due and payable (or, if a Performance Fee has not been paid, since the
Commencement Date), not including the Fiscal Quarter in respect of which a


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<P align="left" style="font-size: 10pt">calculation is being made, by which the Benchmark Return for each such Fiscal Quarter exceeds
the Return for that Fiscal Quarter (if any).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Earnings Release Day</I></B>&#148; means any Business Day that the Company releases to the public
quarterly or annual historical consolidated financial information.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Exchange Act</I></B>&#148; means the Securities Exchange Act of 1934, as amended.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Fiscal Quarter</I></B>&#148; means (i)&nbsp;the period commencing on the Commencement Date and ending on
December&nbsp;31, 2004, and (ii)&nbsp;any subsequent three-month period commencing on each of October&nbsp;1,
January&nbsp;1, April 1 and July 1 and ending on the last day before the next such date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Fiscal Quarter End Date</I></B>&#148; means the last day of a Fiscal Quarter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Fiscal Year</I></B>&#148; means (i)&nbsp;the period commencing on the Commencement Date and ending on December
31, 2004 and (ii)&nbsp;any subsequent 12-month period commencing on January 1 and ending on December&nbsp;31.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Foreign Net Equity Value</I></B>&#148; means the Net Equity Value for the portion of the Business held
outside of the United States (measured in USD based on the then-applicable exchange rate) as
determined by the Manager and approved by the Compensation Committee of the Company (which approval
shall not be unreasonably withheld, delayed or conditioned).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Future Investment</I></B>&#148; means a contractual commitment to invest represented by a definitive
agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>GAAP</I></B>&#148; means generally accepted accounting principles in effect in the United States of
America from time to time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Independent Director</I></B>&#148; means a director who (a) (i)&nbsp;is not an officer or employee of the
Company, or an officer, director or employee of any of the Managed Subsidiaries or any Subsidiary,
(ii)&nbsp;was not appointed as a director pursuant to the terms of this Agreement and (iii)&nbsp;is not
affiliated with the Manager or any Manager Affiliate; and (b)&nbsp;complies with the independence
requirements under the Exchange Act and the NYSE Rules.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Initial Investment</I></B>&#148; has the meaning set forth in Section&nbsp;2.2.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Initial Level of the Additional Offering Macquarie Infrastructure Company Trust Accumulation
Index</I></B>&#148; means the initial value designated at the time of the establishment of the relevant
Additional Offering Macquarie Infrastructure Company Trust Accumulation Index, which shall be based
on the offering price of the Additional Shares issued in the relevant Additional Offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Initial Level of the Macquarie Infrastructure Company Trust Accumulation Index</I></B>&#148; means the
initial value designated at the time of the establishment of the Macquarie Infrastructure Company
Trust Accumulation Index, which shall be based on the initial public offering price of the Trust
Stock.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>ISF</I></B>&#148; has the meaning set forth in Section&nbsp;3.1(b)(iii).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Liabilities</I></B>&#148; has the meaning set forth in Section&nbsp;11.1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>LLC Agreement</I></B>&#148; means the Amended and Restated Operating Agreement of Macquarie Infrastructure
Company LLC dated as of December&nbsp;21, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>LLC Interest</I></B>&#148; means a limited liability company interest in the Company in accordance with
the LLC Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Manager Affiliate</I></B>&#148; means any Affiliate of the Manager other than the Trust, the Company, any
Subsidiary of the Company or any Person who would be deemed a Manager Affiliate solely as a result
of such Person&#146;s association with the Trust, the Company or any Subsidiary of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Macquarie Infrastructure Company Trust Accumulation Index</I></B>&#148; means the Macquarie Infrastructure
Company Trust Accumulation Index as calculated by Morgan Stanley Capital International Inc., in
accordance with the methodology used to calculate the indices used in the calculation of clause (i)
of the Benchmark Return from time to time. In the event that the indices used in the calculation
of the Benchmark Return are not calculated by Morgan Stanley Capital International Inc., the
Manager may select another institution of comparable recognized standing that is not a Manager
Affiliate to calculate the Macquarie Infrastructure Company Trust Accumulation Index in a manner
consistent with the methodology used to calculate the indices then used in the calculation of
clause (i)&nbsp;of the Benchmark Return.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Macquarie Managed Investment Vehicle</I></B>&#148; means an entity which is managed by the Manager or a
Manager Affiliate where such Person receives remuneration, other than expense reimbursement or
indemnity for Costs, for managing the entity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Managed Subsidiary</I></B>&#148; and &#147;<B><I>Managed Subsidiaries</I></B>&#148; have the meanings set forth in the first
paragraph of this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Manager</I></B>&#148; has the meaning set forth in the first paragraph of this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Market Value of the Trust Stock</I></B>&#148; means the product of (1)&nbsp;the average number of shares of
Trust Stock issued and outstanding, other than treasury shares, during the last 15 Trading Days in
the relevant Fiscal Quarter or, for the Fiscal Quarter commencing on the Commencement Date, over
such lesser number of Trading Days from and including the first day of trading for the Trust Stock
through and including the Fiscal Quarter End Date of such Fiscal Quarter, multiplied by (2)&nbsp;the
volume weighted average trading price per share of Trust Stock traded on the NYSE over those 15
Trading Days or, for the Fiscal Quarter commencing on the Commencement Date, over such lesser
number of Trading Days from and including the first day of trading for the Trust Stock through and
including the Fiscal Quarter End Date of such Fiscal Quarter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Member</I></B>&#148; with respect to the Company means the Trust as original Member and any successor to
the original Member, in accordance with the terms of the LLC Agreement. &#147;<B><I>Members</I></B>&#148; means all
Persons that at any time are Members of the Company.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>MSCI Europe Utilities Index</I></B>&#148; means the total return equity index with that name calculated in
USD and published by Morgan Stanley Capital International Inc. or, if that index ceases to be
calculated or ceases to be publicly available, the nearest equivalent available index selected by
the Manager and reasonably acceptable to the Compensation Committee of the Company that is (a)
calculated by an institution of comparable recognized standing that is not a Manager Affiliate and
(b)&nbsp;publicly available.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>MSCI U.S. IMI/Utilities Index</I></B>&#148; means the total return equity index with that name calculated
in USD and published by Morgan Stanley Capital International Inc. or, if that index ceases to be
calculated or ceases to be publicly available, the nearest equivalent available index selected by
the Manager and reasonably acceptable to the Compensation Committee of the Company that is (a)
calculated by an institution of comparable recognized standing that is not a Manager Affiliate and
(b)&nbsp;publicly available.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Net Equity Value</I></B>&#148; means the fair value of the equity of the Business (as measured in USD,
based on the then-applicable exchange rates, if applicable) as determined by the Manager and
approved by the Compensation Committee of the Company (which approval shall not be unreasonably
withheld, delayed or conditioned).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Net Investment Value</I></B>&#148; means:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Market Value of the Trust Stock; plus



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of any borrowings (other than intercompany borrowings) of the Company
and its Managed Subsidiaries (but not including borrowings on behalf of any Subsidiary of
the Managed Subsidiaries); plus



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the value of Future Investments of the Company and/or any of its Subsidiaries other
than cash or cash equivalents, as calculated by the Manager and approved by the Compensation
Committee of the Company (which approval shall not be unreasonably withheld, delayed or
conditioned); <I>provided </I>that such Future Investment has not been outstanding for more than
two consecutive Fiscal Quarters; less



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the aggregate amount held by the Company and its Managed Subsidiaries in cash or
cash equivalents (but not including cash or cash equivalents held specifically for the
benefit of any Subsidiary of a Managed Subsidiary).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>New Investment Vehicle</I></B>&#148; has the meaning set forth in Section&nbsp;3.1(b)(iii).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>NYSE</I></B>&#148; means the New York Stock Exchange, Inc.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>NYSE Rules</I></B>&#148; means the rules of the New York Stock Exchange.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Performance Fee</I></B>&#148; for a Fiscal Quarter means, if the Return for such Fiscal Quarter is greater
than zero, 20% of the amount (if any) by which the Return for such Fiscal Quarter together with any
Surplus exceeds the Benchmark Return for such Fiscal Quarter together with any Deficit.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Performance Test Return</I></B>&#148; means the amount expressed in percentage terms in accordance with
the following formula:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C1 - B1) / B1


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>where</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B1 and C1 are as defined in the definition of Return.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Performance Test Benchmark Return</I></B>&#148; means the amount expressed in percentage terms in
accordance with the following formula:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y1 &#043; Z1


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>where</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y1 and Z1 are as defined in the definition of Benchmark Return.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Person</I></B>&#148; means any individual, company (whether general or limited), limited liability
company, corporation, trust, estate, association, nominee or other entity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Regulated Assets</I></B>&#148; means businesses that are the sole or predominant providers of at least one
essential service in their service areas and where the level of revenue earned or charges imposed
are regulated by government entities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Return</I></B>&#148; means the amount expressed in USD in respect of a Fiscal Quarter in accordance with
the following formula:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R = R1 &#043; R2


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>where</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R = the Return for the Fiscal Quarter


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>and</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;R1 = A1 x (C1 - B1) / B1



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>where</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 = the Return for the Fiscal Quarter applicable to all shares of Trust Stock
other than those included in the calculation of R2;



<P align="left" style="font-size: 10pt; margin-left:55px; text-indent:-0px">A1 = the average number of shares of Trust Stock issued and outstanding, other
than treasury shares, during the last 15 Trading Days in the previous Fiscal
Quarter (or, if the previous Fiscal Quarter was the Fiscal Quarter commencing
on the Commencement Date, over such lesser number of Trading Days from and
including the first day of trading for the Trust Stock through and including
the Fiscal Quarter End Date of the previous Fiscal


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<P align="left" style="margin-left:9%; font-size: 10pt">Quarter) multiplied by the volume weighted average trading price per share of
Trust Stock traded on the NYSE during such 15 Trading Days (or, if the
previous Fiscal Quarter was the Fiscal Quarter commencing on the Commencement
Date, over such lesser number of Trading Days from and including the first day
of trading for the Trust Stock through and including the Fiscal Quarter End
Date of the previous Fiscal Quarter) or, for the Fiscal Quarter commencing on
the Commencement Date, the aggregate number of shares of Trust Stock issued
and outstanding on the last closing date of the initial public offering
(including the shares of Trust Stock issued to the Manager pursuant to Section
2.2) multiplied by the initial public offer price;



<P align="left" style="margin-left:9%; font-size: 10pt">B1 = the average of the daily closing Macquarie Infrastructure Company Trust
Accumulation Index over the last 15 Trading Days of the previous Fiscal
Quarter (or, if the previous Fiscal Quarter was the Fiscal Quarter commencing
on the Commencement Date, over such lesser number of Trading Days from and
including the first day of trading for the Trust Stock through and including
the Fiscal Quarter End Date of the previous Fiscal Quarter) or, for the Fiscal
Quarter Commencing on the Commencement Date, the Initial Level of the
Macquarie Infrastructure Company Trust Accumulation Index; and



<P align="left" style="margin-left:9%; font-size: 10pt">C1 = the average of the daily closing Macquarie Infrastructure Company Trust
Accumulation Index over the last 15 Trading Days of the current Fiscal Quarter
or, for the Fiscal Quarter commencing on the Commencement Date, over such
lesser number of Trading Days from and including the first day of trading for
the Trust Stock through and including the Fiscal Quarter End Date of such
Fiscal Quarter.



<P align="left" style="margin-left:6%; font-size: 10pt">(ii)&nbsp;R2
= A2 x (C2 - B2) / B2



<P align="left" style="margin-left:9%; font-size: 10pt"><I>where</I>



<P align="left" style="margin-left:9%; font-size: 10pt">R2 = the Return for the Fiscal Quarter applicable solely to the Additional
Shares issued during such Fiscal Quarter;



<P align="left" style="margin-left:9%; font-size: 10pt">A2 = the number of such Additional Shares times the per share offer price for
those Additional Shares;



<P align="left" style="margin-left:9%; font-size: 10pt">B2 = the Initial Level of the Additional Offering Macquarie Infrastructure
Company Trust Accumulation Index applicable to such Additional Shares; and



<P align="left" style="margin-left:9%; font-size: 10pt">C2 = the average of the daily closing Additional Offering Macquarie
Infrastructure Company Trust Accumulation Index applicable to such Additional
Shares over the last 15 Trading Days of the current Fiscal Quarter, or over
such lesser number of Trading Days from and including the first day of trading
with respect to the Additional Shares through and including the Fiscal Quarter
End Date of such Fiscal Quarter.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Rules and Regulations</I></B>&#148; means the rules and regulations promulgated under the Exchange Act or
the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Securities Act</I></B>&#148; means the Securities Act of 1933, as amended.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Services</I></B>&#148; has the meaning set forth in Section&nbsp;3.1(b).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Share Price Period</I></B>&#148; means the 15 Trading Days beginning on the Trading Day immediately
following a record date with respect to the payment of cash dividends relating to the most recent
Fiscal Quarter; <I>provided</I>, <I>however, </I>that if either (i)&nbsp;the Company has not declared a cash dividend
with respect to such Fiscal Quarter on or prior to the relevant Earnings Release Date or (ii)&nbsp;the
Company has set a record date with respect to such cash dividend that is more than 45&nbsp;days after
the relevant Earnings Release Date related to such Fiscal Quarter, the Share Price Period shall
begin on the third Trading Day following the Earnings Release Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Structuring Fee</I></B>&#148; has the meaning set forth in Section&nbsp;7.1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Subsidiary</I></B>&#148; means, with respect to any Person, any corporation, company, joint venture,
limited liability company, association or other entity in which such Person owns, directly or
indirectly, more than 50% of the outstanding equity securities or interests, the holders of which
are generally entitled to vote for the election of the Board of Directors or other governing body
of such entity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Surplus</I></B>&#148; means the aggregate amounts in USD in respect of each Fiscal Quarter since a
Performance Fee has become due and payable (or, if a Performance Fee has not been paid, since the
Commencement Date), not including the Fiscal Quarter in respect of which a calculation is being
made, by which the Return for each such Fiscal Quarter exceeds the Benchmark Return for that Fiscal
Quarter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Tax</I></B>&#148; or &#147;<B><I>Taxes</I></B>&#148; means any and all taxes, fees, levies, duties, tariffs, imposts, and other
charges of any kind (together with any and all interest, penalties, additions to tax and additional
amounts imposed with respect thereto) imposed by any government or taxing authority, including
taxes or other charges on or with respect to income, franchises, windfall or other profits, gross
receipts, property, sales, use, capital stock, payroll, employment, social security, workers&#146;
compensation, unemployment compensation, or net worth; taxes or other charges in the nature of
excise, withholding, ad valorem, stamp, transfer, value added, or gains taxes; license,
registration and documentation fees; and customs&#146; duties, tariffs, and similar charges.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Termination Date</I></B>&#148; means the date on which this Agreement and the obligations of the Manager
hereunder terminate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Termination Fee</I></B>&#148; means the amount calculated as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the sum of (i)&nbsp;all accrued and unpaid Base Management Fees and Performance Fees for the period
from the previous Fiscal Quarter End Date to the Delisting Event, using the volume weighted average
price per share of Trust Stock paid by an acquiror in the transaction or series of transactions
that led to the Delisting Event to calculate such fees, <U>plus</U> (ii)(a) if the price


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<P align="left" style="font-size: 10pt">per share of Trust Stock stated in (i)&nbsp;above multiplied by the aggregate number of shares of
Trust Stock issued and outstanding, other than treasury shares, on the date of the Delisting Event,
is less than or equal to $500&nbsp;million, 10% of such value, or (b)&nbsp;if the price per share of Trust
Stock stated in (i)&nbsp;above multiplied by the aggregate number of shares of Trust Stock issued and
outstanding, other than treasury shares, on the date of the Delisting Event is greater than $500
million, $50&nbsp;million plus 1.5% of the value in excess of $500&nbsp;million.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>The Macquarie Group</I></B>&#148; means the Macquarie Group of companies, which comprises Macquarie Bank
Limited and its subsidiaries and affiliates worldwide.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Trading Day</I></B>&#148; means a day during which trading in securities generally occurs on the NYSE or,
if the Trust Stock is not listed on the NYSE, on the principal other national or regional
securities exchange or interdealer quotation system on which the Trust Stock is then listed or
quoted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Trust</I></B>&#148; means Macquarie Infrastructure Company Trust, which holds one hundred percent (100%)
of the ownership interest in the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Trust Certificate</I></B>&#148; means the certificates representing shares of Trust Stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Trust Stock</I></B>&#148; means the shares of beneficial interest of the Trust; <I>provided </I>that, in the
event that all outstanding shares of beneficial interest of the Trust are exchanged for LLC
Interests in accordance with the terms of the LLC Agreement, all references herein to &#147;Trust Stock&#148;
or &#147;shares of Trust Stock&#148; shall automatically be deemed to refer to LLC Interests upon such
exchange.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>USD</I></B>&#148; means the lawful currency of the United States of America.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>User Pays Assets</I></B>&#148; means businesses that are transportation-related and derive a majority of
their revenues from a per use fee or charge.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>US Net Equity Value</I></B>&#148; means the Net Equity Value for the portion of the Business held inside
the United States as determined by the Manager and approved by the Compensation Committee of the
Company (which approval shall not be unreasonably withheld, delayed or conditioned).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Weighted Average Percentage Change Of The MSCI Europe Utilities Index</I></B>&#148; means the change in
percentage terms for a period calculated according to the following formula:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z1
= N1 x (Q1 - P1) / P1


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>where</I>



<P align="left" style="margin-left:6%; font-size: 10pt">Z1 = the Weighted Average Percentage Change Of The MSCI Europe Utilities Index;



<P align="left" style="margin-left:6%; font-size: 10pt">N1 = the percentage of Net Equity Value attributable to the Foreign Net Equity Value
on the last Business Day of the previous Fiscal Quarter, or where the


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<P align="left" style="margin-left:6%; font-size: 10pt">current Fiscal Quarter commenced on the Commencement Date, the Foreign Net Equity
Value on the Commencement Date;



<P align="left" style="margin-left:6%; font-size: 10pt">P1 = the average closing MSCI Europe Utilities Index over the last 15 Trading Days
of the previous Fiscal Quarter (or if the previous Fiscal Quarter was the Fiscal
Quarter commencing on the Commencement Date, over such lesser number of Trading Days
from and including the first day of trading for the Trust Stock through and
including the Fiscal Quarter End Date of the previous Fiscal Quarter), or where the
current Fiscal Quarter commenced on the Commencement Date, the average closing MSCI
Europe Utilities Index over the last 15 Trading Days immediately prior to the
Commencement Date; and



<P align="left" style="margin-left:6%; font-size: 10pt">Q1 = the average closing MSCI Europe Utilities Index over the last 15 Trading Days
of the current Fiscal Quarter or, for the Fiscal Quarter commencing on the
Commencement Date, over such lesser number of Trading Days from and including the
first day of trading for the Trust Stock through and including the Fiscal Quarter
End Date of such Fiscal Quarter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Weighted Average Percentage Change Of The MSCI U.S. IMI/Utilities Index</I></B>&#148; means the change in
percentage terms for a Fiscal Quarter calculated according to the following formula:



<P align="left" style="margin-left:6%; font-size: 10pt">Y1 = J1 x (L1 &#150; K1) / K1



<P align="left" style="margin-left:6%; font-size: 10pt"><I>where</I>



<P align="left" style="margin-left:6%; font-size: 10pt">Y1 = the Weighted Average Percentage Change Of The MSCI U.S. IMI/Utilities Index;



<P align="left" style="margin-left:6%; font-size: 10pt">J1 = the percentage of Net Equity Value attributable to the U.S. Net Equity Value on
the last Business Day of the previous Fiscal Quarter, or where the current Fiscal
Quarter commenced on the Commencement Date, the U.S. Net Equity Value on the
Commencement Date;



<P align="left" style="margin-left:6%; font-size: 10pt">K1 = the average closing MSCI U.S. IMI/Utilities Index over the last 15 Trading Days
of the previous Fiscal Quarter (or if the previous Fiscal Quarter was the Fiscal
Quarter commencing on the Commencement Date, over such lesser number of Trading Days
from and including the first day of trading for the Trust Stock through and
including the Fiscal Quarter End Date of the previous Fiscal Quarter) or, where the
current Fiscal Quarter commenced on the Commencement Date, the average closing MSCI
U.S. IMI/Utilities Index over the last 15 Trading Days immediately prior to the
Commencement Date; and



<P align="left" style="margin-left:6%; font-size: 10pt">L1 = the average closing MSCI U.S. IMI/Utilities Index over the last 15 Trading Days
of the current Fiscal Quarter or, for the Fiscal Quarter commencing on the
Commencement Date, over such lesser number of Trading Days from and including the
first day of trading for the Trust Stock through and including the Fiscal Quarter
End Date of such Fiscal Quarter.


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<P align="center" style="font-size: 10pt"><B>ARTICLE II</B>



<P align="center" style="font-size: 10pt"><B>APPOINTMENT OF THE MANAGER</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.1
<U>Appointment.</U> The Company and each of the Managed Subsidiaries hereby jointly and
severally agree to appoint the Manager to manage their business and affairs under the supervision
and control of the Board of Directors of the Company and such Managed Subsidiary and to perform the
Services in accordance with the terms of this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.2 <U>Initial Investment.</U> The Manager will acquire from the Company the number of
shares of Trust Stock having an aggregate purchase price of $50&nbsp;million, concurrently with the
initial public offering of the Trust Stock (the &#147;<B><I>Initial Investment</I></B>&#148;) and at a per share purchase
price equal to the per share initial public offering price. 30% of the Initial Investment may be
disposed of at anytime. 70% of the Initial Investment will be held for a period of not less than
12&nbsp;months from the Commencement Date. At any time from and after the first anniversary of the
Commencement Date, the Manager may dispose of a further 35% of the Initial Investment and may
dispose of the balance of the Initial Investment at any time from and after the third anniversary
of the Commencement Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.3 <U>Agreement to Bind Subsidiaries.</U> The Company covenants and agrees to cause any
Managed Subsidiary created or acquired after the date of this Agreement to execute a counterpart of
this Agreement agreeing to be bound by the terms hereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.4 <U>Term.</U> The Manager shall provide Services to the Company and its Managed
Subsidiaries from the date of the closing of the initial public offering by the Trust and the
Company (the &#147;<B><I>Commencement Date</I></B>&#148;) until the termination of this Agreement in accordance with
Article&nbsp;X.


<P align="center" style="font-size: 10pt"><B>ARTICLE III</B>



<P align="center" style="font-size: 10pt"><B>SERVICES TO BE PERFORMED BY THE MANAGER</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.1
<U>Duties of the Manager.</U> (a)&nbsp;Subject always to the oversight and supervision of
the Board of Directors of the Company, the Manager will manage the Company&#146;s and the Managed
Subsidiaries&#146; business and affairs. In the performance of its duties, the Manager will comply with
the provisions of the LLC Agreement, as amended from time to time, and the operating objectives,
policies and restrictions of the Company in existence from time to time. The Company will promptly
provide the Manager with all amendments to the LLC Agreement and all stated operating objectives,
policies and restrictions of the Company approved by the Board of Directors of the Company and any
other available information requested by the Manager.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Manager further agrees and covenants that it will perform the following, referred to
herein as the &#147;<B><I>Services:</I></B>&#148;


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<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cause the carrying out of all day-to-day management, secretarial, accounting,
administrative, liaison, representative, regulatory and reporting functions and obligations
of the Company and the Managed Subsidiaries, and any such obligations of the Company with
respect to the Trust;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) establish and maintain books and records for the Company and the Managed
Subsidiaries consistent with industry standards and in compliance with the Rules and
Regulations and with GAAP;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) identify, evaluate and recommend, through the Company Officers, acquisitions or
investment opportunities from time to time; if the Board of Directors of the Company
approves any acquisition or investment, negotiate and manage such acquisitions or
investments on behalf of the Company; and thereafter manage those acquisitions or
investments, as a part of the Company&#146;s Business hereunder, on behalf of the Company and any
relevant Managed Subsidiary in accordance with this Section&nbsp;3.1. To the extent acquisition
or investment opportunities covered by the priority protocol set forth in Schedule&nbsp;I to this
Agreement are offered to the Manager or to entities that are managed by subsidiaries of
Macquarie Bank Limited within the Infrastructure and Specialized Funds Division (or any
successor thereto) of the Macquarie Group (&#147;<B><I>ISF</I></B>&#148;), the Manager will offer any such
acquisition or investment opportunities to the Company in accordance with such priority
protocol unless the Chief Executive Officer notifies the Manager in writing that the
acquisition or investment opportunity does not meet the Company&#146;s acquisition criteria, as
determined by the Board of Directors from time to time. The Company acknowledges and agrees
that (i)&nbsp;no Manager Affiliate has any obligation to offer any acquisition or investment
opportunities covered by the priority protocol set forth in Schedule&nbsp;I to this Agreement to
the Manager or to ISF; (ii)&nbsp;any Manager Affiliate is permitted to establish further
investment vehicles that will seek to invest in infrastructure businesses in the United
States (a &#147;<B><I>New Investment Vehicle</I></B>&#148;); <I>provided </I>that the then-existing rights of the Company
and the Managed Subsidiaries pursuant to this Agreement are preserved; and (iii)&nbsp;in the
event that an acquisition or investment opportunity is offered to the Company by the Manager
and the Company determines that it does not wish to pursue the acquisition or investment
opportunity in full, any portion of the opportunity which the Company does not wish to
pursue may be offered to any other Person, including a New Investment Vehicle or any other
Macquarie Managed Investment Vehicle, in the sole discretion of the Manager or any Manager
Affiliate;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) attend to all matters necessary to ensure the professional management of any
Business controlled by the Company;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) identify, evaluate and recommend the sale of all or any part of the Business owned
by the Company from time to time in accordance with the Company&#146;s criteria and policies then
in effect and, if such proposed sale is approved by the Boards of Directors of the Company
and any relevant Managed Subsidiary, negotiate and manage the execution of the sale on
behalf of the Company and such relevant Managed Subsidiary;


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<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) recommend and, if approved by the Board of Directors of the Company, use its
reasonable efforts to procure the raising of funds whether by way of debt, equity or
otherwise, including the preparation, review, distribution and promotion of any prospectus
or offering memorandum in respect thereof, but without any obligation to provide such funds;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) recommend to the Board of Directors of the Company amendments and modifications
to the LLC Agreement and this Agreement;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) recommend to the Board of Directors of the Company capital reductions including
repurchases of LLC Interests and corresponding Trust Stock;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) recommend to the Board of Directors of the Company and, as applicable, the Board
of Directors of the Managed Subsidiaries the appointment, hiring and dismissal (including
all material terms related thereto) of officers, staff and consultants to the Company, the
Managed Subsidiaries and any of their Subsidiaries, as the case may be;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) cause the carrying out of maintenance to, or development of, any part of the
Business or any asset of the Company or any Managed Subsidiary approved by the Board of
Directors of the Company;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) when appropriate, recommend to the Board of Directors of the Company nominees of
the Company as directors of the Managed Subsidiaries and any of their Subsidiaries or
companies in which the Company, the Managed Subsidiaries or any of their Subsidiaries has
made an investment;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) recommend to the Board of Directors of the Company the payment of dividends and
interim dividends to its Members;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) prepare all necessary budgets for submission to the Board of Directors of the
Company for approval;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) make recommendations to the Board of Directors of the Company and the Managed
Subsidiaries for the appointment of auditors, accountants, legal counsel and other
accounting, financial or legal advisers and technical, commercial, marketing or other
independent experts;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) make recommendations with respect to the exercise of the voting rights to which
the Company or any of the Managed Subsidiaries is entitled in respect of its investments;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) recommend and, subject to approval of the Company&#146;s Board of Directors, provide
or procure all necessary technical, business management and other resources for Subsidiaries
of the Company, including the Managed Subsidiaries, and any other entities in which the
Company has made an investment;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) do all things necessary on its part to enable compliance by the Company and each
Managed Subsidiary, as applicable, with:


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<P align="left" style="margin-left:9%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the requirements of applicable law, including the Rules and Regulations or
the rules, regulations or procedures of any foreign, federal, state or local
governmental, judicial, regulatory or administrative authority, agency or
commission; and



<P align="left" style="margin-left:9%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any contractual obligations by which the Company or any Managed Subsidiary
is bound;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) prepare and, subject to the approval of the Company&#146;s Board of Directors (which
approval shall not be unreasonably withheld, delayed or conditioned), arrange to be filed on
behalf of the Company with the Securities and Exchange Commission, any other applicable
regulatory body, the NYSE or any other applicable stock exchange or automated quotation
system, in a timely manner, all annual, quarterly, current and other reports the Company is
required to file with the Securities and Exchange Commission pursuant to Sections&nbsp;13(a),
13(c), 14 or 15(d) of the Exchange Act;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) attend to all matters necessary for any reorganization, bankruptcy proceedings,
dissolution or winding up of the Company or any Managed Subsidiary, subject to approval by
the relevant Board of Directors of the Company or any such Managed Subsidiary;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) attend to the timely calculation and payment of Taxes payable, and the filing of
all Tax returns due, by the Company and each of its Subsidiaries;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) attend to the opening, closing, operation and management of all the Company and
Managed Subsidiary bank accounts and the Company and Managed Subsidiary accounts held with
other financial institutions, including making any deposits and withdrawals reasonably
necessary for the management of the Company&#146;s and the Managed Subsidiaries&#146; day-to-day
operations;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) cause the consolidated financial statements of the Company and its Subsidiaries
for each Fiscal Year to be prepared and quarterly interim financial statements to be
prepared in accordance with applicable accounting principles for review and audit at least
to such extent and with such frequency as may be required by law or regulation;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) recommend the arrangements for the holding and safe custody of the Company&#146;s
property including the appointment of custodians or nominees;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) manage litigation in which the Company or any Managed Subsidiary is sued or
commence litigation after consulting with, and subject to the approval of, the Board of
Directors of the Company or such Managed Subsidiary;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) carry out valuations of any of the assets of the Company or any of its
Subsidiaries or arrange for such valuation to occur as and when the Manager deems necessary
or desirable in connection with the performance of its obligations hereunder, or as
otherwise approved by the Board of Directors of the Company;



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<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) make recommendations in relation to and effect the entry into insurance of the
assets of the Company, the Managed Subsidiaries and their Subsidiaries, together with other
insurances against other risks, including directors and officers insurance, as the Manager
and the Board of Directors of the Company or any Managed Subsidiary, as applicable, may from
time to time agree; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) provide all such other services as may from time to time be agreed with the
Company, including any and all accounting and investor relations services (such as the
preparation and organization of communications with shareholders and shareholder meetings)
and all other duties reasonably related to the day-to-day operations of the Company and the
Managed Subsidiaries.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition, the Manager must:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obtain professional indemnity insurance and fraud and other insurance and maintain
such coverage as is reasonable having regard to the nature and extent of the Manager&#146;s
obligations under this Agreement;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercise all due care, loyalty, skill and diligence in carrying out its duties
under this Agreement as required by applicable law;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide the Board of Directors of the Company and/or the Compensation Committee
with all information in relation to the performance of the Manager&#146;s obligations under this
Agreement as the Board of Directors and/or the Compensation Committee may reasonably
request;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly deposit all amounts payable to the Company or the Managed Subsidiaries,
as the case may be, to a bank account held in the name of the Company or the Managed
Subsidiaries, as applicable;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) ensure that all property of the Company and the Managed Subsidiaries is clearly
identified as such, held separately from property of the Manager and, where applicable, in
safe custody;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure that all property of the Company and the Managed Subsidiaries (other than
money to be deposited to any bank account of the Company or the Managed Subsidiaries, as the
case may be) is transferred to or otherwise held in the name of the Company or the Managed
Subsidiaries, as the case may be, or any nominee or custodian appointed by the Company or
the Managed Subsidiaries, as the case may be;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) prepare detailed papers and agendas for scheduled meetings of the Boards of
Directors (and all committees thereof) of the Company and the Managed Subsidiaries that,
where applicable, contain such information as is reasonably available to the Manager to
enable the Boards of Directors (and any such committees) to base their opinion; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in conjunction with the papers referred to in paragraph (vii)&nbsp;above, prepare or
cause to be prepared reports to be considered by the Boards of Directors of the


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<P align="left" style="margin-left:3%; font-size: 10pt">Company or
the Managed Subsidiaries (or any applicable committee thereof) in accordance with the
Company&#146;s internal policies and procedures (1)&nbsp;on any acquisition, investment or sale of any
part of the Business proposed for consideration by any such Board of Directors (or any
applicable committee thereof), (2)&nbsp;on the management of the Business and (3)&nbsp;otherwise in
respect of the performance of the Manager&#146;s obligations under this Agreement, in each case
that the Company may require and in such form that the Company and the Manager agree or as
otherwise reasonably requested by any such Board of Directors (or any applicable committee
thereof).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In connection with the performance of its obligations under this Agreement, the Manager
shall obtain approval of the Company&#146;s and any relevant Managed Subsidiary&#146;s Board of Directors, in
each case in accordance with the Company&#146;s internal policy regarding action requiring Board
approval or as otherwise determined by any such Board of Directors (or any applicable committee
thereof) or the Company Officers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.2
<u>Obligations of the Company and the Managed Subsidiaries</u>. (a)&nbsp;The Company
and the Managed Subsidiaries will do all things reasonably necessary on their part as requested by
the Manager consistent with the terms of this Agreement to enable the Company, the Managed
Subsidiaries and the Manager, as the case may be, to fulfill their obligations under this
Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company and the Managed Subsidiaries must ensure that:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of their officers and employees, each of their Subsidiaries and each of their
Subsidiaries&#146; officers and employees act in accordance with the terms of this Agreement and
the reasonable directions of the Manager in fulfilling its obligations and exercising its
powers under this Agreement; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company, the Managed Subsidiaries and each of their Subsidiaries provide to
the Manager all reports (including monthly management reports and all other relevant
reports) which the Manager may reasonably require and on such dates as the Manager may
reasonably require.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;During the term of this Agreement, the Company must not (i)&nbsp;issue LLC Interests or cause
the Trust to issue or sell Trust Stock, (ii)&nbsp;amend the LLC Agreement, (iii)&nbsp;make a decision to or
effect a purchase or sale of any assets of the Company or any Managed Subsidiary, or (iv)&nbsp;effect
any capital reduction, including a repurchase of Trust Stock or LLC Interests, in each case without
requesting and considering a recommendation from the Manager in relation to the same.
Notwithstanding the foregoing, without the prior written consent of the
Manager, the Company will not (x)&nbsp;make a decision to acquire or purchase, or effect the
acquisition or purchase of, any assets or businesses unless in the reasonable opinion of the Board
of Directors of the Company the acquisition or purchase could not be expected to negatively affect
the ability of the Trust to maintain its dividend per share of Trust Stock in accordance with the
then existing dividend policy of the Company, or (y)&nbsp;amend any provision of the LLC Agreement that
affects the rights of the Manager thereunder or hereunder.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Company agrees that it will, and will cause each of its wholly owned Subsidiaries to,
give Manager Affiliates preferred provider status in respect of any financial advisory services to
be contracted for by the Company or any of its wholly owned Subsidiaries, including, but not
limited to, asset acquisitions, refinancings, advice on mergers and acquisitions, debt and equity
raising, hedging activities and the like. Such services will be contracted for on an arm&#146;s-length
basis on market terms and will be subject to approval by the Independent Directors (or a committee
thereof, comprised of at least three independent directors) in accordance with the Company&#146;s
internal policies related to conflicts of interest and related party transactions. The Independent
Directors (or a committee thereof, comprised of at least three independent directors) may take
whatever measures they deem prudent to confirm the arm&#146;s length basis of any fees to be paid to any
Manager Affiliate. Any fees payable to any Manager Affiliate in respect of such financial advisory
services will be in addition to all amounts owing under Article&nbsp;VII.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Company agrees that, in connection with the performance of its obligations hereunder,
the Manager may recommend to the Company, and on behalf of the Company may engage, in transactions
with Manager Affiliates, <I>provided </I>that any such transactions will be subject to the Company&#146;s
internal policies regarding conflicts of interest and related party transactions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Company will ensure that it maintains at least three Independent Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Company will take any and all actions necessary to ensure that it does not become an
&#147;investment company&#148; as defined in Section&nbsp;3(a)(1) of the Investment Company Act of 1940, as
amended, as such Section may be amended from time to time, or any successor provision thereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The Company shall grant rights to indemnification, and rights to be paid by the Company
the expenses incurred in defending any proceeding in advance of its final disposition, to each
person seconded to the Company by the Manager, in their respective capacities at the Company, in
each case to the fullest extent of the provisions of the LLC Agreement with respect to the
indemnification and advancement of expenses of directors and officers of the Company, and shall
maintain adequate directors and officers insurance customary for publicly traded companies with
comparable market capitalization, at its expense.


<P align="center" style="font-size: 10pt"><B>ARTICLE IV</B>



<P align="center" style="font-size: 10pt"><B>POWERS OF THE MANAGER</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.1 <u>Powers of the Manager</u>. (a)&nbsp;The Manager shall have no power to enter into
any contract or subject the Company or the Managed Subsidiaries to any obligation, such power to be
the sole right and obligation of the Company, acting through its Board of Directors and/or Company
Officers, or of the applicable Managed Subsidiary, acting through its Board of Directors and/or
officers.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In accordance with the terms of the LLC Agreement, for so long as the Manager or any
Manager Affiliate holds shares of Trust Stock with an aggregate value of no less than $5.0&nbsp;million,
based on the per share price of the shares sold in the initial public offering (as adjusted to
reflect any subsequent stock splits or similar recapitalizations), the Manager shall have the right
to appoint one suitably qualified person as a director of the Company&#146;s Board of Directors and an
alternate for such appointee, and such director, or alternate if applicable, shall serve as the
Chairman. The Company shall cause such appointees to be appointed as Chairman of the Board of
Directors and as alternate therefor, as soon as reasonably practicable after notice of such
appointment has been given to the Company by the Manager.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Manager shall have the power to engage any agents (including real estate agents and
managing agents), valuers, contractors and advisers (including accounting, financial, tax and legal
advisers) that it deems necessary or desirable in connection with the performance of its
obligations hereunder, which costs therefor will be subject to reimbursement under Section&nbsp;9.1(k),
subject to applicable law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.2 <u>Delegation</u>. The Manager may delegate or appoint (a)&nbsp;any Manager Affiliate
as an agent, at its expense, in respect of all or any of its duties and powers to manage the
Business and affairs of the Company or (b)&nbsp;any other Person as agent, at its expense, in respect of
any of its duties and powers to manage the Business and affairs of the Company which, in its sole
discretion, are not critical to the ability of the Manager to perform its obligations hereunder;
<I>provided</I>, <I>however</I>, that in either case the Manager shall not be relieved of any of its
responsibilities or obligations to the Company as a result of such delegation. The Manager shall
be permitted to share Company information with its appointed agents subject to appropriate
confidentiality arrangements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.3 <u>Manager&#146;s Duties Exclusive</u>. The Company and the Managed Subsidiaries
agree that during the term of this Agreement the duties and obligations imposed on the Manager
under Article&nbsp;III are to be performed exclusively by the Manager or its delegates or agents and the
Company and the Managed Subsidiaries will not, through the exercise of the powers of their
employees, Boards of Directors or their shareholders or members, as the case may be, perform the
duties and obligations to be performed by the Manager except in circumstances where it is necessary
to do so to comply with applicable law or as otherwise agreed by the Manager in writing.


<P align="center" style="font-size: 10pt"><B>ARTICLE V</B>



<P align="center" style="font-size: 10pt"><B>INSPECTION OF RECORDS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1 <u>Books and Records</u>. At all reasonable times and on reasonable notice, any
person authorized by the Company or by any of the Managed Subsidiaries may inspect and audit the
records and books of the Manager kept pursuant to this Agreement.


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<P align="center" style="font-size: 10pt"><B>ARTICLE VI</B>



<P align="center" style="font-size: 10pt"><B>AUTHORITY OF THE COMPANY,<BR>
THE MANAGED SUBSIDIARIES AND THE MANAGER</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Party represents to the others that it is duly authorized with full power and authority
to execute, deliver and perform this Agreement. The Company and each Managed Subsidiary represents
that the engagement of the Manager has been duly authorized by the Company and each Managed
Subsidiary and is in accordance with all governing documents of the Company and each Managed
Subsidiary.


<P align="center" style="font-size: 10pt"><B>ARTICLE VII</B>



<P align="center" style="font-size: 10pt"><B>MANAGEMENT FEES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the services provided and the expenses assumed pursuant to this Agreement, the Company and
the Managed Subsidiaries will pay the Manager, and the Manager agrees to accept as full
compensation therefor, the fees set forth in this Article&nbsp;VII.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.1 <u>Structuring Fee</u>. Within five Business Days of the Commencement Date, the
Company and the Managed Subsidiaries will pay the Manager in cash a fee (the &#147;<B><I>Structuring Fee</I></B>&#148;) in
the total amount of USD8,000,000. The Structuring Fee will be allocated between the Company and
the Managed Subsidiaries in accordance with the Company&#146;s corporate allocation policy and otherwise
in accordance with GAAP.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.2 <u>Base Management Fees</u>. (a)&nbsp;The Manager is entitled to receive a Base
Management Fee in respect of each Fiscal Quarter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Base Management Fee for a Fiscal Quarter is to be calculated by the Manager as of the
Fiscal Quarter End Date for the relevant Fiscal Quarter and notice of such
Base Management Fee calculation shall be provided to the Company and the Compensation
Committee within 20 Business Days after that Fiscal Quarter End Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Base Management Fee calculated pursuant to Section&nbsp;7.2(b) above will be allocated
between the Company and the Managed Subsidiaries in accordance with the Company&#146;s corporate
allocation policy and otherwise in accordance with GAAP.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Base Management Fee to which the Manager is entitled under this Section&nbsp;7.2 is due at
the Fiscal Quarter End Date of the relevant Fiscal Quarter and is payable in cash by the Company
and the Managed Subsidiaries (in accordance with the allocation pursuant to Section&nbsp;7.2(c) above)
to the Manager within 10 Business Days of receipt by the Company of notification pursuant to
Section&nbsp;7.2(b), subject to Section&nbsp;7.2(e).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Manager has the right but not the obligation to invest all or a portion of the Base
Management Fee to which the Manager is entitled under this Section&nbsp;7.2 in Trust Stock.


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<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Manager determines to invest all or any portion of its Base Management Fee
with respect to a Fiscal Quarter in Trust Stock, the Manager shall be entitled to purchase,
upon payment, that number of shares of Trust Stock equal to such amount of the Base
Management Fee divided by the volume weighted average trading price of a share of Trust
Stock during the Share Price Period beginning after the relevant Fiscal Quarter.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event the Manager determines to invest all or any portion of its Base
Management Fee in Trust Stock, it shall notify the Company and the Compensation Committee at
the time of the notification pursuant to Section&nbsp;7.2(b) and the Trust Stock shall be issued
to the Manager on the Business Day immediately following the last day of the relevant Share
Price Period. The Manager may apply amounts owing to it pursuant to this Section&nbsp;7.2
against amounts payable by the Manager in relation to the subscription for Trust Stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.3 <u>Performance Fee</u>. (a)&nbsp;The Manager shall be entitled to receive the
applicable Performance Fee, if any, in respect of each Fiscal Quarter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Performance Fee, Performance Test Return and Performance Test Benchmark Return for a
Fiscal Quarter is to be calculated by the Manager as of the Fiscal Quarter End Date for the
relevant Fiscal Quarter and notice of such Performance Fee, Performance Test Return and Performance
Test Benchmark Return, including the calculation thereof, shall be provided to the Company and the
Compensation Committee within 20 Business Days after that Fiscal Quarter End Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Performance Fee calculated pursuant to Section&nbsp;7.3(b) above will be allocated between
the Company and the Managed Subsidiaries in accordance with the Company&#146;s corporate allocation
policy and otherwise in accordance with GAAP.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Performance Fee, if any, to which the Manager is entitled under this clause is due at
the Fiscal Quarter End Date of the relevant Fiscal Quarter and is payable in cash
by the Company and the Managed Subsidiaries (in accordance with the allocation pursuant to
Section&nbsp;7.3(c) above) to the Manager within 10 Business Days of receipt by the Company of
notification pursuant to Section&nbsp;7.3(b), subject to Section&nbsp;7.3(e).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Manager has the right but not the obligation to invest all or a portion of the
Performance Fee to which the Manager is entitled under this Section&nbsp;7.3 in Trust Stock.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Manager determines to invest all or any portion of its Performance Fee with
respect to a Fiscal Quarter in Trust Stock, the Manager shall be entitled to purchase, upon
payment, that number of shares of Trust Stock equal to such amount of the Performance Fee
divided by the volume weighted average trading price of a share of Trust Stock during the
Share Price Period beginning after the relevant Fiscal Quarter End Date.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event the Manager determines to invest all or any portion of its
Performance Fee in Trust Stock, it shall notify the Company and the Compensation Committee
at the time of the notification pursuant to Section&nbsp;7.3(b) and the Trust Stock


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<P align="left" style="margin-left:3%; font-size: 10pt">shall be
issued to the Manager on the Business Day immediately following the last day of the relevant
Share Price Period. The Manager may apply amounts owing pursuant to this Section&nbsp;7.3
against amounts payable by the Manager in relation to the subscription for Trust Stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Manager will notify the Company and the Compensation Committee of the Net Equity
Value, Foreign Net Equity Value and U.S. Net Equity Value, and the calculations thereof, to be
applied in the calculation of the Performance Fees payable in the then current Fiscal Quarter
within 30 Business Days of the Fiscal Quarter End Date for the immediately prior Fiscal Quarter or,
in the case of the initial Fiscal Quarter, within 30 Business Days of the Commencement Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Manager will notify the Company and the Compensation Committee of the Additional
Offering Foreign Net Equity Value and Additional Offering U.S. Net Equity Value, and the
calculations thereof, to be applied in the calculation of the Performance Fees payable in the then
current Fiscal Quarter within 30 Business Days of the first day of trading of the relevant
Additional Offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.4 <u>Registration Rights</u>. On the Commencement Date, the Company and the
Manager will enter into a registration rights agreement whereby the Company shall undertake to
register with the Securities and Exchange Commission the offer and resale of any shares of Trust
Stock purchased by the Manager, including but not limited to shares of Trust Stock purchased as the
Initial Investment pursuant to Section&nbsp;2.2 and shares of Trust Stock purchased pursuant to this
Article&nbsp;VII.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.5 <u>Ability to Issue Trust Stock</u>. The Company will, and will cause the Trust to, at all times have reserved a sufficient
number of LLC Interests and shares of Trust Stock, respectively, to enable the Manager to invest
all reasonably foreseeable fees received in shares of Trust Stock.


<P align="center" style="font-size: 10pt"><B>ARTICLE VIII</B>



<P align="center" style="font-size: 10pt"><B>SECONDMENT OF PERSONNEL BY THE MANAGER</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.1 <u>Secondment of CEO and CFO</u>. The Manager will arrange for the secondment to
the Company on a wholly dedicated basis of individuals acceptable to the Company&#146;s Board of
Directors to serve as Chief Executive Officer and Chief Financial Officer. The Company&#146;s Board of
Directors will elect the seconded Chief Executive Officer and Chief Financial Officer as Officers
of the Company in accordance with the terms of the LLC Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.2 <u>Remuneration of CEO and CFO</u>. (a)&nbsp;The Chief Executive Officer and Chief
Financial Officer seconded to the Company pursuant to this Article&nbsp;VIII will, at all times, remain
employees of, and be remunerated by, the Manager or a Manager Affiliate. The services performed by
the Chief Executive Officer and the Chief Financial Officer will be provided at the cost of the
Manager or a Manager Affiliate.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In establishing the level of remuneration for each of the Chief Executive Officer and the
Chief Financial Officer, the Manager or a Manager Affiliate will reflect the following
considerations:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the standard remuneration guidelines as adopted by the Manager or a Manager
Affiliate from time to time;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assessment by the Manager or a Manager Affiliate of the respective individual&#146;s
performance, the Manager&#146;s performance and the performance, financial or otherwise, of the
Company and its Subsidiaries; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) assessment by the Board of Directors of the Company of the respective
individual&#146;s performance and the performance of the Manager.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Manager will disclose the amount of remuneration of the Chief Executive Officer and
Chief Financial Officer to the Board of Directors of the Company to the extent required for the
Company to comply with the requirements of applicable law, including the Rules and Regulations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.3 <u>Secondment of Additional Personnel</u>. The Manager and the Board of Directors of the Company may agree from time to time that the
Manager will second to the Company one or more additional individuals to serve as officers or
otherwise of the Company, upon such terms as the Manager and the Board of Directors of the Company
may mutually agree. Any such individuals will have such titles and fulfill such functions as the
Manager and the Company may mutually agree.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.4 <u>Removal of Seconded Individuals</u>. The Board of Directors of the Company,
after due consultation with the Manager, may at any time request that the Manager replace any
individual seconded to the Company as provided in this Article&nbsp;VIII and the Manager shall, as
promptly as practicable, replace any individual with respect to whom the Board of Directors shall
have made its request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.5 <u>Indemnification</u>. The Company shall grant rights to indemnification, and
rights to be paid by the Company the expenses incurred in defending any proceeding in advance of
its final disposition, to any individuals seconded to the Company as provided in this Article&nbsp;VIII
in their respective capacities and in each case to the fullest extent of the provisions of the LLC
Agreement.


<P align="center" style="font-size: 10pt"><B>ARTICLE IX</B>



<P align="center" style="font-size: 10pt"><B>EXPENSE REIMBURSEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.1 <u>Company Expenses</u>. The Company and the Managed Subsidiaries agree, jointly
and severally, to indemnify and reimburse the Manager for, or pay on demand, all Costs incurred in
relation to the proper performance of its powers and duties under this Agreement or in relation to
the administration or management of the Company. All Costs


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<P align="left" style="font-size: 10pt">incurred by the Manager to be
reimbursed hereunder shall be included in the annual budget for the Company to be approved by the
Company&#146;s Board of Directors and shall be subject to review and approval by the Audit Committee of
the Board of Directors of the Company. This includes, but is not limited to, Costs incurred by the
Manager with respect to:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the performance by the Manager of its obligations under this Agreement;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all fees required to be paid to the Securities and Exchange Commission;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the acquisition, disposition, insurance, custody and any other transaction in
connection with assets of the Company or any Managed Subsidiary, <I>provided </I>that no
reimbursement will be made except for Costs that have been authorized by the Company and the
relevant Managed Subsidiary;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any proposed acquisition, disposition or other transaction in connection with an
investment provided that no reimbursement will be made except for Costs that have been
authorized by the Company and the relevant Managed Subsidiary;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the administration or management of the Company, the Managed Subsidiaries and the
Business, including travel and accommodation expenses and all expenses of the relevant
Boards of Directors and committees thereof, including Director compensation and out of
pocket reimbursement. The Manager appointed member of the Company&#146;s Board of Directors
shall only receive out of pocket reimbursement for Board participation;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) financing arrangements on behalf of the Company or any Managed Subsidiary or
guarantees in connection with the Company or any Managed Subsidiary, including hedging
Costs;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) stock exchange listing fees;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) underwriting of any offer and sale of Trust Stock, including underwriting fees,
handling fees, costs and expenses, amounts payable under indemnification or reimbursement
provisions in the underwriting agreement and any amounts becoming payable in respect of any
breach (other than for negligence, fraud or breach of duty) by the Manager of its
obligations, representations or warranties (if any) under any such underwriting agreement;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) convening and holding meetings of holders of Trust Stock, Members or shareholders,
as the case may be, the implementation of any resolutions and communications with holders of
Trust Stock or Members or shareholders, as the case may be, and attending any meetings of
shareholders, Members, Boards of Directors or committees of the Company or the Managed
Subsidiaries;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Taxes incurred by the Manager on behalf of the Company or any Subsidiary
(including any amount charged by a supplier of goods or services or both to the Manager by
way of or as a reimbursement for value added taxes) and financial institution fees;


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<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the engagement of agents (including real estate agents and managing agents),
valuers, contractors and advisers (including accounting, financial, tax and legal advisers)
whether or not the agents, valuers, contractors or advisers are associates of the Manager;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) engagement of accountants for the preparation and/or audit of financial
information, financial statements and tax returns of the Company and the Managed
Subsidiaries;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) termination of this Agreement and the retirement or removal of the Manager and the
appointment of a replacement;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any court proceedings, arbitration or other dispute concerning the Company or any
of the Managed Subsidiaries, including proceedings against the Manager, except to the extent
that the Manager is found by a court to have acted with gross negligence, willful
misconduct, bad faith or reckless disregard of its duties in carrying out its obligations
under this Agreement, or engaged in fraudulent or dishonest acts, in which case any expenses
paid or reimbursed under this Section&nbsp;9.1(n) must be repaid;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) advertising Costs of the Company or any of the Managed Subsidiaries generally;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any Costs related to promoting the Company, including Costs associated with
investor relations activities; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) complying with any other applicable law or regulation.


<P align="center" style="font-size: 10pt"><B>ARTICLE X</B>



<P align="center" style="font-size: 10pt"><B>RESIGNATION AND REMOVAL OF THE MANAGER</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.1 <U>Resignation by the Manager</U>. (a)&nbsp;The Manager may resign from its
appointment as Manager and terminate this Agreement upon 90&nbsp;days&#146; written notice to the Company.
If the Manager resigns pursuant to this Section&nbsp;10.1(a), until the date on which the resignation
becomes effective, the Manager will, upon request of the Board of Directors of the Company, use
reasonable efforts to assist the Board of Directors of the Company to find replacement management.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If there is a Delisting Event, then



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unless otherwise approved in writing by the Manager: (A)&nbsp;any proceeds from the
sale, lease or exchange of the assets of the Company or any of its Subsidiaries, subsequent
to the Delisting Event, in one or more transactions, which in aggregate exceeded 15% of the
value of the Trust (as calculated by multiplying the price per share of Trust Stock stated
in clause (i)&nbsp;of the definition of Termination Fee by the aggregate


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<P align="left" style="margin-left:3%; font-size: 10pt">number of shares of
Trust Stock issued and outstanding, other than treasury shares, on the date of the Delisting
Event) shall be reinvested in new assets of the Company (other than cash or cash
equivalents) within six months of the date on which the aggregate proceeds from such
transaction or transactions exceeded 15% of the value of the Trust;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) neither the Company nor any of its Subsidiaries shall incur any new
indebtedness or engage in any transactions with the shareholders of the Trust, the
Company or Affiliates of shareholders of the Trust or the Company; and



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Macquarie Group shall no longer have any obligation to provide
investment opportunities to the Company pursuant to the Priority Protocol on
Schedule&nbsp;1 hereto, which Priority Protocol shall terminate immediately; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Manager shall, as soon as practicable, provide a proposal for an alternate
method to calculate fees to act as Manager on substantially similar terms as set forth in
this Agreement to the Board of Directors for approval, which approval shall not be
unreasonably withheld or delayed; or



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Manager may elect to resign from its appointment as Manager and terminate
this Agreement upon 30&nbsp;days&#146; written notice to the Company and be paid the Termination Fee
within 45&nbsp;days of such notice.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.2 <U>Removal of the Manager</U>. (a)&nbsp;The Manager&#146;s appointment and this
Agreement may be terminated upon notice of the Board of Directors of the Company only if:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Performance Test Return (as calculated by the Manager and approved by the
Compensation Committee as of a Fiscal Quarter End Date (which approval shall not be
unreasonably withheld, delayed or conditioned)) is both:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) less than the number calculated by:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>multiplying the Performance Test
Benchmark Return (as calculated by the Manager and approved by
the Compensation Committee as of such Fiscal Quarter End Date
(which approval shall not be unreasonably withheld, delayed or
conditioned) by 0.7 if such Performance Test Benchmark Return is
greater than 0 or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>multiplying the Performance Test
Benchmark Return (as calculated by the Manager and approved by
the Compensation Committee as of such Fiscal Quarter End Date)
by 1.3 if such Performance Test Benchmark Return is less than 0;
and</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) less than the number calculated by subtracting 0.025 (2.5&nbsp;percent) from the
Performance Test Benchmark Return (as calculated by the Manager and approved by the
Compensation Committee as of such Fiscal Quarter End Date (which approval shall not
be unreasonably withheld, delayed or conditioned))


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<P align="left" style="margin-left:3%; font-size: 10pt">in 16 out of 20 consecutive Fiscal Quarters prior to and including the most recent full
Fiscal Quarter and the holders of a minimum of 66 2/3% of Trust Stock, excluding from such
calculation any Trust Stock owned by the Manager or any Manager Affiliate, vote to remove
the Manager;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Manager pursuant to or within the meaning of any Bankruptcy Law:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) commences a voluntary case;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) consents to the entry of an order for relief against it in an involuntary
case;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) consents to the appointment of a Custodian of it or for all or
substantially all of its property; or



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) makes a general assignment for the benefit of its creditors;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is for relief against the Manager in an involuntary case;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) appoints a Custodian of the Manager or for all or substantially all of its
property; or



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) orders the liquidation of the Manager;



<P align="left" style="margin-left:3%; font-size: 10pt">and the order or decree remains unstayed and in effect for 90&nbsp;days;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Manager is in material breach of its obligations under this Agreement and such
breach continues for a period of 60&nbsp;days after notice thereof is given; or



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Manager shall have (A)&nbsp;acted with gross negligence, willful misconduct, bad
faith or reckless disregard of its duties in carrying out its obligations under this
Agreement or (B)&nbsp;engaged in fraudulent or dishonest acts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If the Manager&#146;s appointment is terminated pursuant to this Section&nbsp;10.2, all directors,
executives, employees, representatives, secondees, assignees and delegates of the Manager and
Manager Affiliates within ISF who are performing the services that are the subject of this
Agreement will cease work at the date of the Manager&#146;s termination or at any other time as
determined by the Manager.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.3 <U>Withdrawal of Branding</U>. Upon termination of this Agreement pursuant to
Section&nbsp;10.1(a), within 30&nbsp;days of notice of resignation of the Manager pursuant to Section
10.1(b)(iii) or within 30&nbsp;days of termination pursuant to Section&nbsp;10.2, the Company and the Managed
Subsidiaries will cease to use, and will cause their Subsidiaries to cease to use, the Macquarie
brand entirely including (without limitation) changing their respective names, and causing the
Trust to change its name, to remove any reference to &#147;Macquarie&#148;, provided that, to


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<P align="left" style="font-size: 10pt">the extent the
Board of Directors of the Company deems it necessary or advisable, the Trust, the Company and the
Managed Subsidiaries may use &#147;Macquarie&#148; when referencing their previous names.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.4 <U>Resignation of the Chairman and the Seconded Officers</U>. Upon the termination of this Agreement, each of the Chairman, his or her alternate, the
Chief Executive Officer, the Chief Financial Officer and any other individuals seconded to the
Company pursuant to Article&nbsp;VIII shall resign his or her respective position with the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.5 <U>Directions</U>. After a written notice of termination has been given under
this Article&nbsp;X, the Company may direct the Manager to undertake any actions necessary to transfer
any aspect of the ownership or control of the assets of the Company to the Company or to any
nominee of the Company and to do all other things necessary to bring the appointment of the Manager
to an end, and the Manager will comply with all such reasonable directions. In addition, the
Manager must at the Company&#146;s expense deliver to new management or the Company any books or records
held by the Manager under this Agreement and must execute and deliver such instruments and do such
things as may reasonably be required to permit new management of the Company to effectively assume
its responsibilities.


<P align="center" style="font-size: 10pt"><B>ARTICLE XI</B>



<P align="center" style="font-size: 10pt"><B>INDEMNITY</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.1 <U>Indemnification of Manager</U>. The Company and each Managed Subsidiary,
jointly and severally, agrees to indemnify the Manager, any controlling person of the Manager, and
each of their respective directors, officers, employees, agents, Affiliates and representatives
(each, an &#147;<B><I>Indemnified Party</I></B>&#148;) and hold each of them harmless against any and all losses
(including lost profits), claims, damages, expenses or liabilities, joint or several (collectively,
&#147;<B><I>Liabilities</I></B>&#148;), to which the Indemnified Parties may become liable, directly or indirectly, arising
out of, or relating to, this Agreement, unless it is finally judicially determined that the
Liabilities resulted from the gross negligence, willful misconduct, bad faith or reckless disregard
of duty of any Indemnified Party or fraudulent or dishonest acts of such Indemnified Party. The
Company and the Managed Subsidiaries further agree to reimburse each Indemnified Party immediately
upon request for all expenses (including reasonable attorneys&#146; fees and expenses) as they are
incurred in connection with the investigation of, preparation for, defense of, or providing
evidence in any action, claim, suit, proceeding or investigation, directly or indirectly, arising
out of, or relating to, this Agreement or the Manager&#146;s services hereunder, whether or not pending
or threatened and whether or not any Indemnified Party is a party to such proceeding. The Company
and the Managed Subsidiaries also agree that no Indemnified Party shall have any liability (whether
direct or indirect, in contract or tort or otherwise) to the Company, the Managed Subsidiaries, or
any person asserting claims on behalf of or in right of the Company or the Managed Subsidiaries,
directly or indirectly, arising out of, or relating to, this Agreement or the Manager&#146;s services
thereunder, unless it is finally judicially determined that such Liability resulted from the gross
negligence, willful misconduct, bad faith or reckless disregard of duty of such Indemnified Party
or fraudulent or dishonest acts of such Indemnified


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<P align="left" style="font-size: 10pt">Party. Moreover, in no event, regardless of
the legal theory advanced, shall any Indemnified Party be liable to the Company, the Managed
Subsidiaries, or any person asserting claims on behalf of or in the right of the Company or the
Managed Subsidiaries for any consequential, indirect, incidental or special damages of any nature.
In the event that an Indemnified Party is requested or required to appear as a witness in any
action brought by or on behalf of or against the Company or the Managed Subsidiaries or any
Affiliate of the Company or the Managed Subsidiaries in which such Indemnified Party is not named
as a defendant, the Company and the Managed Subsidiaries agree to reimburse the Manager for all
expenses incurred by it in connection with such Indemnified Party&#146;s appearing and preparing to
appear as such a witness, including, without limitation, the reasonable fees and disbursements of
its legal counsel.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Managed Subsidiaries agree that, without the Manager&#146;s prior written
consent, they will not settle, compromise or consent to the entry of any judgment in or otherwise
seek to terminate any claim, action, suit, proceeding or investigation in respect of which
indemnification could be sought hereunder (whether or not the Manager or any other Indemnified
Party is an actual or potential party to such claim, action, suit, proceeding or investigation),
unless (a)&nbsp;such settlement, compromise, consent or termination includes an unconditional release of
each Indemnified Party from any liabilities arising out of such claim action, suit, proceeding or
investigation and (b)&nbsp;the parties agree that the terms of such settlement shall remain
confidential.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.2 <U>Indemnification of Company</U>. The Manager agrees to indemnify the Company
and the Trust and hold each of them harmless against any Liabilities to the same extent as the
foregoing indemnity from the Company and the Managed Subsidiaries to the Manager, but only insofar
as it is finally judicially determined that the Liabilities arose out of or were based on the gross
negligence, willful misconduct, bad faith or reckless disregard of duty of the Manager in the
performance of its duties under this Agreement or its fraudulent or dishonest acts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.3 <U>Indemnification</U>. The rights of the Indemnified Parties referred to above
shall be in addition to any rights that any Indemnified Party may otherwise have. The indemnities
referred to in this Article&nbsp;XI survive the termination of this Agreement.


<P align="center" style="font-size: 10pt"><B>ARTICLE XII</B>



<P align="center" style="font-size: 10pt"><B>LIMITATION OF LIABILITY OF THE MANAGER</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.1 <U>Limitation of Liability</U>. The Manager shall not be liable for, and the
Company and the Managed Subsidiaries will not take any action against the Manager to hold the
Manager liable for, any error of judgment or mistake of law or for any loss suffered by the Company
and the Managed Subsidiaries (including, without limitation, by reason of the purchase, sale or
retention of any security) in connection with the performance of the Manager&#146;s duties under this
Agreement,
except for a loss resulting from gross negligence, willful misconduct or bad faith on the part
of the Manager in the performance of its duties under this Agreement, or by reason of its reckless
disregard of its obligations and duties under this Agreement or its fraudulent or dishonest acts.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.2 <U>Manager May Rely</U>. The Manager may take and may act upon:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the opinion or advice of legal counsel, which may be in-house counsel to the
Company or the Manager, any U.S.-based law firm of recognized standing, or other legal
counsel reasonably acceptable to the Board of Directors of the Company, in relation to the
interpretation of this Agreement or any other document (whether statutory or otherwise) or
generally in connection with the Company;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) advice, opinions, statements or information from bankers, accountants, auditors,
valuation consultants and other persons consulted by the Manager who are in each case
believed by the Manager in good faith to be expert in relation to the matters upon which
they are consulted;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a document which the Manager believes in good faith to be the original or a copy of
an appointment by a Member in respect of an LLC Interest or holder of a Trust Certificate in
respect of a share of Trust Stock of a person to act as their agent for any purpose
connected with the Company; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other document provided to the Manager in connection with the Company upon
which it is reasonable for the Manager to rely;


<P align="left" style="font-size: 10pt">and the Manager will not be liable for anything done, suffered or omitted by it in good faith in
reliance upon such opinion, advice, statement, information or document.


<P align="center" style="font-size: 10pt"><B>ARTICLE XIII</B>



<P align="center" style="font-size: 10pt"><B>LEGAL ACTIONS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;13.1 <U>Third Party Claims</U>. (a)&nbsp;The Manager will notify the Company promptly of
any claim made by any third Party in relation to the assets of the Company and will send to the
Company any notice, claim, summons or writ served on the Manager concerning the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Manager will not without the express written consent of the Board of Directors of the
Company purport to accept any claims or liabilities of which it receives notification pursuant to
Section&nbsp;13.1(a) above on behalf of the Company or any Managed Subsidiaries or make any settlement
or compromise with any third Party in respect of the Company.



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<P align="center" style="font-size: 10pt"><B>ARTICLE XIV</B>



<P align="center" style="font-size: 10pt"><B>MISCELLANEOUS</B>



<P align="left" style="font-size: 10pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Section&nbsp;14.1
<u>Obligation of Good Faith; No Fiduciary Duties</u>. The Manager must perform
its duties under this Agreement in good faith and for the benefit of the Company. The relationship
of the Manager to the Company and the Managed Subsidiaries is as an independent contractor and
nothing in this Agreement shall be construed to impose on the Manager an express or implied
fiduciary duty.


<P align="left" style="font-size: 10pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Section&nbsp;14.2
<u>Compliance</u>. (a)&nbsp;The Manager must (and must ensure that each of its
officers and agents) comply with any law, including the Rules and Regulations and the NYSE Rules,
to the extent that it concerns the functions of the Manager under this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Manager must maintain management systems, policies, procedures and internal contracts
that reasonably ensure that the Manager observes its duties and obligations under this Agreement.


<P align="left" style="font-size: 10pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Section&nbsp;14.3
<u>Effect of Termination</u>. Termination of this Agreement shall not affect
(i)&nbsp;the right of the Manager to receive payments on any unpaid balance of the compensation
described in Article&nbsp;VII hereof earned prior to such termination and for any additional period
during which the Manager serves as such for the Company or the Managed Subsidiaries or to receive
reimbursement of expenses pursuant to Article&nbsp;IX hereof, in each case subject to applicable law or
(ii)&nbsp;the obligations of the parties hereto under Sections&nbsp;10.3 and 10.5.


<P align="left" style="font-size: 10pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Section&nbsp;14.4
<u>Notices</u>. Any notice under this Agreement shall be sufficient in all
respects if given in writing and delivered by commercial courier providing proof of delivery or
sent by facsimile and addressed as follows or addressed to such other person or address as such
Party may designate in writing for receipt of such notice.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Company or the Managed Subsidiaries:


<P align="left" style="font-size: 10pt; margin-left: 6%">600 Fifth Avenue, 21<SUP>st</SUP> Floor<BR>
New York, New York 10020<BR>
Facsimile: (212)&nbsp;581-8037<BR>
Attention: David Mitchell


<P align="left" style="font-size: 10pt; margin-left: 6%">If to the Manager:


<P align="left" style="font-size: 10pt; margin-left: 6%">Macquarie Infrastructure Management (USA)&nbsp;Inc.<BR>
600 Fifth Avenue, 21<SUP>st</SUP> Floor<BR>
New York, New York 10020<BR>
Facsimile: (212)&nbsp;581-8037<BR>
Attention: David Mitchell


<P align="left" style="font-size: 10pt">&nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp;Section&nbsp;14.5
<u>Captions</u>. The captions in this Agreement are included for convenience of
reference only and in no way define or delimit any of the provisions hereof or


<P align="center" style="font-size: 10pt">Page 63 of 94
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">otherwise affect their construction or effect. This Agreement will be binding upon and shall
inure to the benefit of the Parties hereto and their respective successors.


<P align="left" style="font-size: 10pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Section&nbsp;14.6
<u>Applicable Law</u>. This Agreement shall be construed in accordance with the
laws of the State of New York.


<P align="left" style="font-size: 10pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Section&nbsp;14.7
<u>Amendment</u>. This Agreement may only be amended, or its provisions
modified or waived, in a writing signed by the Party against which such amendment, modification or
waiver is sought to be enforced.


<P align="left" style="font-size: 10pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Section&nbsp;14.8
<u>Severability</u>. Each provision of this Agreement is intended to be
severable from the others so that if, any provision or term hereof is illegal or invalid for any
reason whatsoever, such illegality or invalidity shall not affect the validity of the remaining
provisions and terms hereof, <I>provided</I>, <I>however</I>, that the provisions governing payment of the
Management Fee described in Article&nbsp;VII hereof are not severable.


<P align="left" style="font-size: 10pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Section&nbsp;14.9
<u>Entire Agreement</u>. This Agreement constitutes the sole and entire
agreement of the Parties with regards to the subject matter of this Agreement. Any written or oral
agreements, statements, promises, negotiations or representations not expressly set forth in this
Agreement are of no force and effect.


<P align="center" style="font-size: 10pt"><B>&#091;Remainder of Page Left Intentionally Blank&#093;</B>



<P align="center" style="font-size: 10pt">Page 64 of 94
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Company, the Managed Subsidiaries and the Manager have caused this
Agreement to be executed as of the day and year first above written.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">MACQUARIE INFRASTRUCTURE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MACQUARIE INFRASTRUCTURE</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">COMPANY LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MANAGEMENT (USA)&nbsp;INC.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Peter Stokes
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John B. Mullin</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Peter Stokes
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: John B. Mullin</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Secretary/Treasurer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">MACQUARIE INFRASTRUCTURE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">COMPANY INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Peter Stokes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Peter Stokes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">MACQUARIE YORKSHIRE LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Macquarie Infrastructure Company LLC, as</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Member of Macquarie Yorkshire LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Peter Stokes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Peter Stokes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">SOUTH EAST WATER LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Macquarie Infrastructure Company LLC, as</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Member of South East Water LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Peter Stokes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Peter Stokes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">Page 65 of 94
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">COMMUNICATIONS INFRASTRUCTURE LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Macquarie Infrastructure Company LLC, as</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Member of Communications Infrastructure LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Peter Stokes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Peter Stokes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Acknowledged: for purposes of Article&nbsp;VII.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">MACQUARIE INFRASTRUCTURE COMPANY TRUST</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MACQUARIE INFRASTRUCTURE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">COMPANY LLC, as Sponsor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Peter Stokes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Peter Stokes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">Page 66 of 94
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">SCHEDULE I



<P align="center" style="font-size: 10pt"><B>Priority Protocol</B>


<P align="left" style="font-size: 10pt">The Company has first priority ahead of all current and future entities
managed by the Manager or by members of the Macquarie Group within the ISF in
each of the following infrastructure acquisition opportunities that are within
the United States:



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>airport fixed base operations,</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>district energy,</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>airport parking and</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>User Pays Assets, Contracted Assets and Regulated Assets that
represent an investment of greater than AUD 40&nbsp;million, subject to the
Existing Qualifications set forth below.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">The above priority of the Company in User Pays Assets, Contracted Assets and
Regulated Assets is subject to the following (collectively, the &#147;<B><I>Existing
Qualifications</I></B>&#148;):


<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="97%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Roads:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company has second priority
after Macquarie Infrastructure
Group.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Airport Ownership:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company has second priority
after Macquarie Airports
(consisting of Macquarie
Airports Group (MAG)&nbsp;and
Macquarie Airports (MAp)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Communications:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company has second priority
after Macquarie Communications
Infrastructure Group.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Regulated Assets
(including, but not limited
to, electricity and gas
transmission and
distribution and water
services):
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company has second priority
after Macquarie Essential Assets
Partnership (MEAP)&nbsp;until such
time as MEAP has invested a
further CAD 45&nbsp;million in the
United States. Thereafter, the
Company will have first
priority.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">The Company has first priority ahead of all current and future entities
managed by the Manager or any Manager Affiliate in all investment
opportunities originated by a party other than the Manager or any Manager
Affiliate where such party offers the opportunity exclusively to the Company
and not to any other entity under the management of the Manager or any Manager
Affiliate within ISF.



<P align="center" style="font-size: 10pt">Page 67 of 94
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.D
<SEQUENCE>5
<FILENAME>y04227exv99wd.htm
<DESCRIPTION>EX-99.D REGISTRATION RIGHTS AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.D</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">Exhibit&nbsp;D



<P align="right" style="font-size: 10pt">D-1


<P align="right" style="font-size: 10pt">EXECUTION VERSION

<P align="center" style="font-size: 10pt"><HR noshade size="1" width="25%" align="center">

<P align="center" style="font-size: 10pt">REGISTRATION RIGHTS AGREEMENT



<P align="center" style="font-size: 10pt">AMONG



<P align="center" style="font-size: 10pt">MACQUARIE INFRASTRUCTURE COMPANY LLC,



<P align="center" style="font-size: 10pt">MACQUARIE INFRASTRUCTURE COMPANY TRUST



<P align="center" style="font-size: 10pt">AND



<P align="center" style="font-size: 10pt">MACQUARIE INFRASTRUCTURE MANAGEMENT (USA)&nbsp;INC.



<P align="center" style="font-size: 10pt">Dated as of December&nbsp;21, 2004


<P align="center" style="font-size: 10pt"><HR noshade size="1" width="25%" align="center">


<P align="center" style="font-size: 10pt">Page 68 of 94
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
REGISTRATION RIGHTS AGREEMENT (this &#147;<u>Agreement</u>&#148;), dated as of December&nbsp;21, 2004,
is among Macquarie Infrastructure Company LLC, a Delaware limited liability company (the
&#147;<U>LLC</U>&#148;), Macquarie Infrastructure Company Trust, a Delaware statutory trust (the
&#147;<u>Trust</u>&#148; and, together with the LLC, the
&#147;<u>Company</u>&#148;), and Macquarie Infrastructure
Management (USA)&nbsp;Inc., a Delaware corporation (the
&#147;<u>Manager</u>&#148;), and a holder of Trust Stock
(as defined below).


<P align="center" style="font-size: 10pt"><B>RECITALS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company has resolved to issue and sell in an underwritten registered initial
public offering up to a determined number of shares representing beneficial interests in the Trust;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to the terms of a Management Services Agreement (the &#147;<u>Management
Services Agreement</u>&#148;) dated as of the date hereof among the Manager, the LLC, Macquarie
Infrastructure Company Inc. and certain directly wholly owned subsidiaries of the LLC (each, a
&#147;<u>Managed Subsidiary</u>&#148;; together, the &#147;<u>Managed
Subsidiaries</u>&#148;), the LLC and each
Managed Subsidiary have agreed to appoint the Manager to manage their respective businesses and
affairs as therein described;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, in connection with the formation of the Trust and the Company, the Manager purchased
one hundred (100)&nbsp;shares of Trust Stock (the &#147;<u>Formation
Shares</u>&#148;);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Manager has agreed to purchase from the LLC, in a separate private placement
closing concurrently with the Offering (defined below), 2,000,000 of shares of Trust Stock having
an aggregate purchase price of $50&nbsp;million (the
&#147;<u>Manager&#146;s Private Placement</u>&#148;), at a per
share price equal to the initial public offering price, consisting of (i)&nbsp;1,400,000 of shares of
Trust Stock comprising 70% of the Manager&#146;s Private Placement
(the &#147;<u>Initial Investment</u>&#148;)
and (ii)&nbsp;600,000 shares of Trust Stock comprising 30% of the Manager&#146;s Private Placement (the
&#147;<u>Additional Initial Investment</u>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to the terms of the Management Services Agreement, the Manager has the right
but not the obligation to invest all or a portion of the management fees it receives from the LLC
and the Managed Subsidiaries, from time to time, in Trust Stock in accordance with the terms
therein (each, a &#147;<u>Management Fee Investment</u>&#148;; together, the &#147;<u>Management Fee
Investments</u>&#148;);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, as a condition to the Manager&#146;s obligation to purchase shares of Trust Stock in the
Initial Investment and the Additional Initial Investment, the Company has agreed to enter into this
Agreement;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company desires to provide the Manager with the rights set forth herein in order
to induce the Manager to make Management Fee Investments; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the parties hereto desire to enter into this Agreement with respect to certain rights
and obligations of the Manager in connection with its ownership of the Trust Stock.


<P align="center" style="font-size: 10pt">Page 69 of 94
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the foregoing and the covenants contained herein, the
parties agree as follows:


<P align="center" style="font-size: 10pt"><B>SECTION 1<BR>
DEFINITIONS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1
<u>Definitions</u>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following terms, when used in this Agreement, shall, except where the context otherwise
requires, have the following meanings (such definitions to be equally applicable to the singular
and plural forms thereof):



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Additional
Initial Investment</u>&#148; shall have the meaning set forth in the
Recitals hereto.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Business
Day</u>&#148; means each Monday, Tuesday, Wednesday, Thursday and Friday that
is not a day on which banking institutions in The City of New York are authorized or
obligated by law or executive order to close.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Commission</u>&#148; means the Securities and Exchange Commission.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Company
Registration Statement</u>&#148; shall have the meaning set forth in Section
3.1.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Deferral
Notice</u>&#148; shall have the meaning set forth in Section&nbsp;4.2.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Effective
Period</u>&#148; means, with respect to a Registration Statement, the period
commencing from the time such Registration Statement becomes or is declared effective until
all Registrable Shares registered under such Registration Statement shall have been sold
pursuant thereto or shall have otherwise ceased to be Registrable Shares.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Exchange
Act</u>&#148; means the Securities Exchange Act of 1934, as amended.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Formation
Shares</u>&#148; shall have the meaning set forth in the Recitals hereto.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Initial
Investment</u>&#148; shall have the meaning set forth in the Recitals hereto.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>LLC
Agreement</u>&#148; means the Amended and Restated Operating Agreement of Macquarie
Infrastructure Company LLC dated as of the date hereof.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>LLC
Interest</u>&#148; means a limited liability company interest in the Company with
the terms specified in the LLC Agreement.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Managed
Subsidiary</u>&#148; shall have the meaning set forth in the Recitals hereto.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Management
Fee Investment</u>&#148; shall have the meaning set forth in the Recitals
hereto.


<P align="center" style="font-size: 10pt">Page 70 of 94
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Management
Services Agreement</u>&#148; shall have the meaning set forth in the
Recitals hereto.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Manager&#146;s
Private Placement</u>&#148; shall have the meaning set forth in the Recitals
hereto.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Material
Event</u>&#148; shall have the meaning set forth in Section&nbsp;4.1(iv).



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>NASD</u>&#148; means the National Association of Securities Dealers, Inc.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Notice
and Questionnaire</u>&#148; shall have the meaning set forth in Section&nbsp;2.3.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Offering</u>&#148; means the initial public offering of the Trust Stock by the Company.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Person</u>&#148; means any natural person, corporation, firm, partnership, association,
government, governmental agency or other entity, whether acting in an individual, fiduciary
or other capacity.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Prospectus</u>&#148; means the prospectus included in any Shelf Registration Statement
filed in accordance with Section&nbsp;2 or a Company Registration Statement described in Section
3, as amended or supplemented by any amendment or prospectus supplement, including
post-effective amendments, and all materials incorporated by reference or explicitly deemed
to be incorporated by reference in such Prospectus.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Public
Offering</u>&#148; means the closing of a firm commitment, underwritten
registered public offering of the Trust Stock (following the Offering and other than an
offering covered by a registration statement relating solely to a sale of securities of the
Company pursuant to a stock purchase or other equity plan or a transaction within the scope
of Rule&nbsp;145 promulgated under the Securities Act).



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Registrable
Shares</u>&#148; means (i)&nbsp;at any time from and after the closing of the
Offering, the Formation Shares and all shares of Trust Stock purchased by the Manager as the
Additional Initial Investment, (ii)&nbsp;at any time from and after the date that is the first
anniversary of the closing of the Offering, 50% of the number of shares of Trust Stock
purchased by the Manager as the Initial Investment, (iii)&nbsp;at any time from and after the
third anniversary of such closing, the balance of such shares of Trust Stock purchased by
the Manager as the Initial Investment and (iv)&nbsp;at any time from and after the closing of the
Offering, the number of shares of Trust Stock purchased by the Manager in connection with
Management Fee Investments, all shares of Trust Stock purchased by the Manager as the
Additional Initial Investment; <u>provided</u>, <u>however</u>, that Registrable Shares
shall not include any shares of Trust Stock that have been sold to the public either
pursuant to a registration statement or Rule&nbsp;144 or that have been sold in a private
transaction in which the transferor&#146;s rights under this Agreement were not assigned.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Registration
Expenses</u>&#148; shall have the meaning set forth in Section&nbsp;6.


<P align="center" style="font-size: 10pt">Page 71 of 94
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<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Registration
Statement</u>&#148; means any Shelf Registration Statement or any Company
Registration Statement.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Rule&nbsp;144</u>&#148; means Rule&nbsp;144 promulgated under the Securities Act.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Securities
Act</u>&#148; means the Securities Act of 1933, as amended.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Shelf
Registration Statement</u>&#148; means any of the shelf registration statements
referred to in Section&nbsp;2.1, as amended or supplemented by any amendment or supplement,
including post-effective amendments, and all materials incorporated by reference or
explicitly deemed to be incorporated by reference in each such Shelf Registration Statement.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Trust
Stock</u>&#148; means the shares of beneficial interest of the Trust;
<u>provided</u> that in the event that all outstanding shares of beneficial interest of the
Trust are exchanged for LLC Interests in accordance with the terms of the LLC Agreement, all
references herein to &#147;Trust Stock&#148; or &#147;Shares of Trust Stock&#148; shall automatically be deemed
to refer to LLC Interests upon such exchange.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other terms defined herein shall have the meanings assigned to them herein, and capitalized
terms used herein without definition shall have the meanings ascribed thereto in the Management
Services Agreement.


<P align="center" style="font-size: 10pt"><B>SECTION 2<BR>
REGISTRATION UNDER THE SECURITIES ACT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Company agrees to file under the Securities Act, as soon as reasonably possible after
the first anniversary of the closing of the Offering or, with respect to the offer and sale of the
Formation Shares, the Additional Initial Investment or any Management Fee Investments, at such
earlier time as the Manager reasonably requests, a Shelf Registration Statement (the &#147;Initial Shelf
Registration Statement&#148;) providing for the registration, and the sale on a continuous or delayed
basis (including through brokers and dealers) by the Manager, of the Registrable Shares it owns on
such filing date, pursuant to Rule&nbsp;415 or any similar rule that may be adopted by the Commission.
The Company agrees to use its best efforts to cause the Initial Shelf Registration Statement to
become or be declared effective as soon as possible after the filing of the Initial Shelf
Registration Statement and to keep the Initial Shelf Registration Statement continuously effective
throughout the Effective Period subject to Section&nbsp;4.2.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as the Manager holds Registrable Shares or can be reasonably foreseen to acquire
Registrable Shares pursuant to future Management Fee Investments that have not been previously
registered pursuant hereto the Company agrees, upon request of the Manager, to use its best efforts
to file one or more subsequent Shelf Registration Statements (each, a &#147;<u>Subsequent Shelf
Registration Statement</u>&#148;) (which may include Registrable Securities covered by a prior Shelf
Registration Statement) providing for the registration, and the sale on a continuous or delayed
basis (including through brokers and dealers) by the Manager, of all such Registrable Shares,
pursuant to Rule&nbsp;415 or any similar rule that may be adopted by the Commission;


<P align="center" style="font-size: 10pt">Page 72 of 94
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<P align="left" style="font-size: 10pt"><u>provided</u>, <u>however</u>, that the Company shall not be obligated to file more than
four (4)&nbsp;such subsequent Shelf Registration Statements in any twelve-month period. The Company
agrees to use its best efforts to cause each Subsequent Shelf Registration Statement to become or
be declared effective as soon as possible after the filing of the Subsequent Shelf Registration
Statement and to keep the Subsequent Shelf Registration Statement continuously effective throughout
the Effective Period subject to Section&nbsp;4.2.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager shall be named as a selling security holder in such Shelf Registration Statement
and the related Prospectus in such a manner as to permit the Manager to deliver such Prospectus to
purchasers of Registrable Shares in accordance with applicable law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Company further agrees that it shall cause each Shelf Registration Statement and the
related Prospectus, and any amendment or supplement thereto, as of the effective date of such Shelf
Registration Statement or such amendment or supplement, (i)&nbsp;to comply in all material respects with
the applicable requirements of the Securities Act; and (ii)&nbsp;not to contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein (in the case of the related Prospectus, in light of the
circumstances under which they were made) not misleading. If any Shelf Registration Statement, as
amended or supplemented from time to time, ceases to be effective for any reason at any time during
an Effective Period (other than because all Registrable Shares registered thereunder shall have
been sold pursuant thereto or shall have otherwise ceased to be Registrable Shares), the Company
shall use its best efforts to obtain the prompt withdrawal of any order suspending the
effectiveness thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Manager agrees that if it wishes to sell Registrable Shares pursuant to a Shelf
Registration Statement and related Prospectus, it will do so only in accordance with this Section
2.3. The Manager agrees to deliver a Notice and Questionnaire, a form of which is attached as
Schedule&nbsp;1 to this Agreement (the &#147;Notice and Questionnaire&#148;), to the Company at least ten (10)
Business Days prior to the filing of any Shelf Registration Statement.


<P align="center" style="font-size: 10pt"><B>SECTION 3<BR>
PIGGYBACK REGISTRATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1
<u>Right to Piggyback</u>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Subject to the terms and conditions hereof, at any time after the closing of the Offering,
whenever the Company proposes to register, either for its own account or the account of a security
holder or holders, any shares of Trust Stock under the Securities Act and the form of registration
statement (the &#147;<u>Company Registration Statement</u>&#148;) to be used, may be used for the
registration of Registrable Shares (a &#147;<u>Piggyback
Registration</u>&#148;), the Company shall give
prompt written notice to the Manager of the Company&#146;s intention to effect such a registration and
shall include in the Company Registration Statement all Registrable Shares with respect to which
the Manager has provided the Company with a written request for inclusion therein within twenty
(20)&nbsp;calendar days after the receipt of the Company&#146;s notice.


<P align="center" style="font-size: 10pt">Page 73 of 94
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the foregoing, the Company shall not be required to notify the Manager or
include Registrable Shares in any registration on (i)&nbsp;Form&nbsp;S-1, S-3 or S-8, or their successor
forms, under the Securities Act relating solely to stock purchase or other equity plans, (ii)&nbsp;Form
S-4 or successor forms relating solely to a transaction within the scope of Rule&nbsp;145, or (iii)&nbsp;any
other form (other than Form <BR>
S-1, S-2, S-3, SB-1 or SB-2, or their successor forms) that does not
include substantially the same information as would be required to be included in a Shelf
Registration Statement covering a registration pursuant to Section&nbsp;2 above.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company shall have the right to terminate or withdraw any Company Registration
Statement initiated by it under this Section&nbsp;3 prior to the effectiveness of such Company
Registration Statement, whether or not the Manager has elected to include securities in such
Company Registration Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2
<u>Underwriting</u>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company Registration Statement with respect to which the Company gives notice is for a
public offering involving an underwriting, the Company shall so advise the Manager as a part of the
written notice given pursuant to Section&nbsp;3.1(a). In such event, the right of the Manager to be
named selling security holder in a Company Registration Statement pursuant to this Section&nbsp;3 shall
be conditioned upon the Manager&#146;s participation in such underwriting and the inclusion of the
Manager&#146;s Registrable Shares in the underwriting to the extent provided herein. The Company and
the Manager shall enter into an underwriting agreement in customary form, with the underwriters
selected by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3
<u>Cutback</u>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Section&nbsp;3 to the contrary, if the representative
of the underwriters determines that marketing factors require a limitation of the number of shares
to be underwritten, the underwriters and the Company may limit the number of Registrable Shares to
be included in the Company Registration Statement and underwriting. In the event of any such
limitation of the number of shares of Trust Stock to be underwritten, the Company shall so advise
the Manager, and the number of shares included in such Company Registration Statement and
underwriting shall be allocated first to the Company for securities being sold for its own account
and thereafter to the Manager. If the Manager disapproves of the terms of any such underwriting,
it may elect to withdraw therefrom by written notice to the Company and the underwriter, and such
Registrable Shares shall be withdrawn from such Company Registration Statement.


<P align="center" style="font-size: 10pt"><B>SECTION 4<BR>
REGISTRATION PROCEDURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following provisions shall apply to any Registration Statement filed pursuant to Sections
2 and 3 hereof.



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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <U>The Company shall</U>:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare and file with the Commission a Registration Statement on any form that may
be utilized by the Company and that shall permit the disposition of the Registrable Shares
in accordance with the intended method or methods thereof, as specified in writing by the
Manager;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) before filing any Registration Statement or related Prospectus or any amendments
or supplements thereto with the Commission, furnish to the Manager copies of all such
documents proposed to be filed and reflect in each such document, when so filed with the
Commission, such comments as the Manager reasonably shall propose within five (5)&nbsp;Business
Days of the delivery of such copies to the Manager;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A)&nbsp;prepare and file with the Commission such amendments and post-effective
amendments to any Registration Statement and file with the Commission any other required
document that may be necessary to keep such Registration Statement continuously effective
until the expiration of the Effective Period, subject to Section&nbsp;4.2, (B)&nbsp;cause the related
Prospectus to be supplemented by any required Prospectus supplement and, as so supplemented,
to be filed pursuant to Rule&nbsp;424 (or any similar provisions then in force) under the
Securities Act, and (C)&nbsp;comply with the provisions of the Securities Act applicable to it
with respect to the disposition of all Registrable Shares covered by a Registration
Statement during the Effective Period in accordance with the intended methods of disposition
by the Manager set forth in a Registration Statement as so amended or such Prospectus as so
supplemented;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly notify the Manager (A)&nbsp;when each Registration Statement or the Prospectus
included therein, or any amendment or supplement to the Prospectus or post-effective
amendment, has been filed with the Commission, and, with respect to each Registration
Statement or any post-effective amendment, when the same has become effective, (B)&nbsp;of any
request, following the effectiveness of each Registration Statement, by the Commission or
any other federal or state governmental authority for amendments or supplements to a
Registration Statement or related Prospectus or for additional information, (C)&nbsp;of the
issuance by the Commission of any stop order suspending the effectiveness of a Registration
Statement or the initiation or written threat of any proceedings for that purpose, (D)&nbsp;of
the receipt by the Company of any notification with respect to the suspension of the
qualification of the Registrable Shares for sale in any jurisdiction or the initiation or
written threat of any proceeding for such purpose, (E)&nbsp;of the occurrence of (but not the
nature of or details concerning) any event or the existence of any fact (a &#147;<U>Material
Event</U>&#148;) as a result of which any Registration Statement shall contain any untrue
statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading or any Prospectus shall
contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading (<U>provided</U>, <U>however</U>,
that no notice by the Company shall be required pursuant to this clause (E)&nbsp;in the event
that the Company either promptly files a Prospectus supplement to update the


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<P align="left" style="margin-left:3%; font-size: 10pt">Prospectus or a Form 8-K or other appropriate Exchange Act report that is incorporated
by reference into a Registration Statement, which, in either case, contains the requisite
information with respect to such Material Event that results in such Registration Statement
no longer containing any untrue statement of material fact or omitting to state a material
fact necessary to make the statements contained therein not misleading), (F)&nbsp;of the
determination by the Company that a post-effective amendment to a Registration Statement
will be filed with the Commission, which notice may, at the discretion of the Company (or as
required pursuant to Section&nbsp;4.2), state that it constitutes a Deferral Notice, in which
event the provisions of Section&nbsp;4.2 shall apply or (G)&nbsp;at any time during which a Prospectus
is required to be delivered under the Securities Act, that a Registration Statement,
Prospectus, Prospectus amendment or supplement or post-effective amendment does not conform
in all material respects to the applicable requirements of the Securities Act and the rules
and regulations of the Commission thereunder;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) prior to any public offering of the Registrable Shares pursuant to a Registration
Statement, use its best efforts to register or qualify or cooperate with the Manager in
connection with the registration or qualification (or exemption from such registration or
qualification) of such Registrable Shares for offer and sale under the securities or &#147;blue
sky&#148; laws of such jurisdictions within the United States as the Manager reasonably requests
in writing (which request may be included in the Notice and Questionnaire);



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) prior to any public offering of the Registrable Shares pursuant to a Registration
Statement, use its best efforts to keep each such registration or qualification (or
exemption therefrom) effective during the Effective Period in connection with the Manager&#146;s
offer and sale of Registrable Shares pursuant to such registration or qualification (or
exemption therefrom) and do any and all other acts or things necessary or advisable to
enable the disposition in such jurisdictions of such Registrable Shares in the manner set
forth in the Registration Statement and the related Prospectus; <U>provided</U> that the
Company will not be required to (A)&nbsp;qualify as a foreign corporation or as a dealer in
securities in any jurisdiction in which it would not otherwise be required to qualify but
for this Agreement, (B)&nbsp;take any action that would subject it to general service of process
in suits or to taxation in any such jurisdiction in which it is not then so subject, or (C)
become subject to the reporting requirements of such jurisdiction;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) use its best efforts to prevent the issuance of and, if issued, to obtain the
withdrawal of any order suspending the effectiveness of a Registration Statement, or any
post-effective amendment thereto, and to lift any suspension of the qualification of any of
the Registrable Shares for sale in any jurisdiction in which they have been qualified for
sale, in each case at the earliest practicable date;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) upon reasonable notice, for a reasonable period prior to the filing of a
Registration Statement, and throughout the applicable Effective Period, make available at
reasonable times at the Company&#146;s principal place of business or such other reasonable place
for inspection by a representative of any underwriter, placement agent or counsel


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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:3%; font-size: 10pt">appointed by the Manager in connection with an underwritten offering, such financial
and other information and books and records of the Company, and cause the officers,
directors, trustees and independent certified public accountants of the Company to respond
to such inquiries, as shall be reasonably necessary, in the judgment of the counsel to the
Manager, to conduct a reasonable &#147;due diligence&#148; investigation; <U>provided</U>,
<U>however</U>, that each such representative appointed by the Manager in connection with
an underwritten offering shall be required to maintain in confidence and not to disclose to
any other person any information or records reasonably designated by the Company in writing
as being confidential, subject to customary exceptions;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if reasonably requested by the Manager, promptly incorporate in a Prospectus
supplement or post-effective amendment to a Registration Statement such information as the
Manager shall, on the basis of a written opinion of nationally recognized counsel
experienced in such matters, determine to be required to be included therein by applicable
law and make any required filings of such Prospectus supplement or such post-effective
amendment; <U>provided</U> that the Company shall not be required to take any actions under
this Section&nbsp;4.1(viii) that are not, in the reasonable opinion of counsel for the Company,
in compliance with applicable law;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) promptly furnish to the Manager, upon its request and without charge, at least one
(1)&nbsp;conformed copy of each Registration Statement and any amendments thereto, including
financial statements but excluding schedules, all documents incorporated or deemed to be
incorporated therein by reference and all exhibits (unless requested in writing to the
Company by the Manager); and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) during each Effective Period, deliver to the Manager in connection with any sale
of Registrable Shares pursuant to a Registration Statement, without charge, as many copies
of the Prospectus relating to such Registrable Shares (including each preliminary
Prospectus) and any amendment or supplement thereto as the Manager may reasonably request;
and the Company hereby consents (except during such periods in which a Deferral Notice is
outstanding and has not been revoked or during any period that is not a &#147;trading window&#148; as
defined in the Company&#146;s Insider Trading Policy) to the use of such Prospectus or each
amendment or supplement thereto by the Manager in connection with any offering and sale of
the Registrable Shares covered by such Prospectus or any amendment or supplement thereto in
the manner set forth therein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Upon (i)&nbsp;the issuance by the Commission of a stop order suspending the effectiveness of a
Registration Statement or the initiation of proceedings with respect to a Registration Statement
under Section 8(d) or 8(e) of the Securities Act or (ii)&nbsp;the occurrence of any event or the
existence of any Material Event as a result of which a Registration Statement shall contain any
untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading, or any Prospectus shall contain
any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading, the Company will (A)&nbsp;in the case of clause
(ii)&nbsp;above, subject to the third sentence of this provision, as promptly as practicable,
prepare and


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">file a post-effective amendment to such Registration Statement or a supplement to the related
Prospectus or any document incorporated therein by reference or file any other required document
that would be incorporated by reference into such Registration Statement and Prospectus so that
such Registration Statement does not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein
not misleading, and such Prospectus does not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, as thereafter
delivered to the purchasers of the Registrable Shares being sold thereunder, and, in the case of a
post-effective amendment to a Registration Statement, use best efforts to cause it to be declared
effective as promptly as practicable, and (B)&nbsp;in the case of clauses (i)&nbsp;and (ii)&nbsp;above, give
notice to the Manager that the availability of a Registration Statement is suspended (a &#147;Deferral
Notice&#148;). Upon receipt of any Deferral Notice, the Manager agrees not to sell any Registrable
Shares pursuant to a Registration Statement until the Manager&#146;s receipt of copies of the
supplemented or amended Prospectus provided for in clause (A)&nbsp;above, or until it is advised in
writing by the Company that the Prospectus may be used, and has received copies of any additional
or supplemental filings that are incorporated or deemed incorporated by reference in such
Prospectus. The Company will use its best efforts to ensure that the use of the Prospectus may be
resumed (x)&nbsp;in the case of clause (i)&nbsp;above, as promptly as practicable, (y)&nbsp;in the case of clause
(ii)&nbsp;above, as soon as, in the sole judgment of the Company, public disclosure of such Material
Event would not be prejudicial to or contrary to the interests of the Company or, if necessary to
avoid unreasonable burden or expense, as soon as practicable thereafter.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Manager agrees that, upon receipt of any Deferral Notice from the Company, the Manager
shall forthwith discontinue (and cause any placement or sales agent or underwriters acting on their
behalf to discontinue) the disposition of Registrable Shares pursuant to the Registration Statement
applicable to such Registrable Shares until the Manager (i)&nbsp;shall have received copies of such
amended or supplemented Prospectus and, if so directed by the Company, deliver to the Company (at
the Company&#146;s expense) all copies, other than permanent file copies, then in the Manager&#146;s
possession of the Prospectus covering such Registrable Shares at the time of receipt of such notice
or (ii)&nbsp;shall have received notice from the Company that the disposition of Registrable Shares
pursuant to the Registration Statement may continue.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Company may require the Manager in connection with the Registrable Shares as to which
any Registration Statement pursuant to Section&nbsp;2.1 or 3 is being effected to furnish to the Company
such information regarding the Manager and the Manager&#146;s intended method of distribution of such
Registrable Shares as the Company may from time to time reasonably request in writing, but only to
the extent that such information is required in order to comply with the Securities Act. The
Manager agrees to notify the Company as promptly as practicable of any inaccuracy or change in
information previously furnished by the Manager to the Company or of the occurrence of any event in
either case as a result of which any Prospectus relating to such Registration Statement contains or
would contain an untrue statement of a material fact regarding the Manager or the Manager&#146;s
intended method of disposition of such Registrable Shares or omits to state any material fact
regarding the Manager or the Manager&#146;s intended method of disposition of such Registrable Shares
required to be stated therein or


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">necessary to make the statements therein not misleading, and promptly to furnish to the
Company any additional information required to correct and update any previously furnished
information or required so that such Prospectus shall not contain, with respect to the Manager or
the disposition of such Registrable Shares, an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not
misleading.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 The Company shall comply with all applicable rules and regulations of the Commission and
timely file such reports pursuant to the Exchange Act as are necessary in order to make generally
available to its security holders as soon as practicable an earnings statement for the purposes of,
and to provide the benefits contemplated by, the last paragraph of Section 11(a) of the Securities
Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 The Company shall provide CUSIP numbers for all Registrable Shares covered by a
Registration Statement no later than the effective date of such Registration Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 The Company and the Manager shall provide such information as is required for any filings
required to be made with the NASD.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 From the period beginning with the termination of the Management Services Agreement and
ending two years after the last Management Fee Investment, the Company will not, and will not
permit any of its &#147;affiliates&#148; (as defined in Rule&nbsp;144) to, resell any of the Securities that have
been reacquired by any of them except pursuant to an effective registration statement under the
Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 The Company shall enter into such customary agreements and take all such other necessary
and lawful actions in connection therewith in order to expedite or facilitate disposition of such
Registrable Shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 Upon (i)&nbsp;the filing of the Initial Shelf Registration Statement and (ii)&nbsp;the
effectiveness of the Initial Shelf Registration Statement, the Company shall issue a press release
to announce the same.


<P align="center" style="font-size: 10pt"><B>SECTION 5<BR>
MANAGER&#146;S OBLIGATIONS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager agrees, by acquisition of the Registrable Shares, that it shall not be entitled to
sell any of such Registrable Shares pursuant to a Registration Statement or to receive a Prospectus
relating thereto, unless it has furnished the Company with a Notice and Questionnaire as required
pursuant to Section&nbsp;2.3 hereof (including the information required to be included in such Notice
and Questionnaire) and the information set forth in the next sentence. The Manager agrees promptly
to furnish to the Company all information required to be disclosed in order to make the information
previously furnished by it to the Company not misleading and any other information regarding the
Manager and the distribution of the Registrable Shares that may be required to be disclosed in a
Registration Statement under applicable law or pursuant to


<P align="center" style="font-size: 10pt">Page 79 of 94
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Commission comments. The Manager agrees, so long as the Management Services Agreement is in
effect, to comply with the Company&#146;s Insider Trading Policy. The Manager further agrees not to
sell any Registrable Shares pursuant to a Registration Statement without delivering, or causing to
be delivered, a Prospectus to the purchaser thereof and, within ten (10)&nbsp;Business Days of a request
by the Company confirm the amount of Registrable Shares sold pursuant to any Registration
Statement. In the absence of a response, the Company may assume that all of the Manager&#146;s
Registrable Shares were so sold.



<P align="center" style="font-size: 10pt"><B>SECTION 6<BR>
REGISTRATION EXPENSES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to bear and to pay or cause to be paid promptly upon request being made
therefor all expenses incident to the Company&#146;s performance of or compliance with this Agreement,
including (i)&nbsp;all Commission and any NASD registration and filing fees and expenses, (ii)&nbsp;all fees
and expenses in connection with the qualification of the Registrable Shares for offering and sale
under the state securities and blue sky laws referred to in Section&nbsp;4.1(v) hereof, including
reasonable fees and disbursements of one counsel for the placement agent or underwriters, if any,
in connection with such qualifications, (iii)&nbsp;all expenses relating to the preparation, printing,
distribution and reproduction of a Registration Statement, the related Prospectus, each amendment
or supplement to each of the foregoing, the certificates representing the Registrable Shares and
all other documents relating hereto, (iv)&nbsp;fees and expenses of the registrar and transfer agent for
the Trust Stock, (v)&nbsp;fees, disbursements and expenses of counsel and independent certified public
accountants of the Company (including the expenses of any opinions or &#147;cold comfort&#148; letters
required by or incident to such performance and compliance) and (vi)&nbsp;reasonable fees, disbursements
and expenses of one counsel for the Manager retained in connection with any underwritten offering
of the Registrable Shares pursuant to a Registration Statement, as selected by the Manager and
reasonably acceptable to the Company (including the expenses of any opinion), and fees, expenses
and disbursements of any other persons, including special experts, retained by the Company in
connection with such registration (collectively, the &#147;<U>Registration Expenses</U>&#148;). To the
extent that any Registration Expenses are incurred, assumed or paid by the Manager or any placement
agent therefor or underwriter thereof, the Company shall promptly after receipt of a documented
request therefor reimburse such person for the full amount of the Registration Expenses so
incurred, assumed or paid. Notwithstanding the foregoing, the Manager shall pay all placement
agent fees and commissions and underwriting discounts and commissions attributable to the sale of
the Registrable Shares being registered and the fees and disbursements of any counsel or other
advisors or experts retained by the Manager, other than the counsel and experts specifically
referred to above.


<P align="center" style="font-size: 10pt"><B>SECTION 7<BR>
INDEMNIFICATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <U>Indemnification by the Company</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will indemnify the Manager, each of its officers, directors and partners, each
person controlling the Manager within the meaning of either the Securities Act of


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">the Exchange Act, each underwriter of public offerings effected pursuant to this Agreement, if
any, and each person who controls any such underwriter within the meaning of either the Securities
Act and the Exchange Act against all claims, losses, expenses, damages and liabilities (or actions,
proceedings or settlements with respect thereto) arising out of or based on any untrue statement
(or alleged untrue statement) of a material fact contained in any Registration Statement as
originally filed or in any amendment thereof, or in any preliminary Prospectus or the Prospectus,
or in any Registration Statement, or amendment thereof or supplement thereto, or based on any
omission (or alleged omission) to state therein a material fact required to be stated therein or
necessary to make the statement therein not misleading (in the case of any preliminary Prospectus
or the Prospectus, in the light of the circumstances under which they were made), or any violation
or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities
law applicable to the Company or any rule or regulation promulgated under the Securities Act, the
Exchange Act or any such state law and relating to action or inaction required of the Company in
connection with any such Registration Statement as originally filed or any amendment thereof,
preliminary Prospectus or Prospectus. The Company will reimburse the Manager, each of its
officers, directors and partners, and each person controlling the Manager, each such underwriter
and each person who controls any such underwriter for any reasonable legal and any other expenses
incurred in connection with investigating, defending or settling any such claim, loss, damage,
liability or action; <U>provided</U>, <U>however</U>, that the indemnity agreement contained in
this Section&nbsp;7.1 shall not apply to amounts paid in settlement of any such claim, loss, damage,
liability or action if such settlement is effected without the consent of the Company (which
consent shall not be unreasonably withheld); and <U>provided</U> <U>further</U> that the Company
will not be liable in any such case to the extent that any such claim, loss, damage or liability
arises out of or is based on any untrue statement or omission based upon written information
furnished to the Company by the Manager or underwriter specifically for use therein. The foregoing
indemnity agreement with respect to any preliminary Prospectus shall not inure to the benefit of
the Manager or underwriter, or any person controlling the Manager, or underwriter, from whom the
persons asserting any such losses, claims, damages or liabilities purchased shares in the offering,
if a copy of the Prospectus (as then amended or supplemented if the Company shall have furnished
any amendments or supplements thereto) was not sent or given by or on behalf of the Manager or
underwriter to such person at or prior to the written confirmation of the sale of the shares to
such person, and if the Prospectus (as so amended or supplemented) would have cured the defect
giving rise to such loss, claim, damage or liability.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <U>Indemnification by the Manager</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager will, as to each registration in which the Manager participates, indemnify the
Company, each of its directors and officers, each underwriter and each person who controls the
Company or such underwriter within the meaning of either the Securities Act or the Exchange Act,
and the Manager, each of its officers, directors and partners and each person controlling the
Manager, against all claims, losses, expenses, damages and liabilities (or actions, proceedings or
settlements in respect thereof) arising out of or based on any untrue statement (or alleged untrue
statement) of a material fact contained in any Registration Statement as originally filed or in any
amendment thereof, or in any preliminary Prospectus or the Prospectus, or any omission (or alleged
omission) to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading (in the case of any preliminary


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Prospectus or the Prospectus, in the light of the circumstances under which they were made),
and will reimburse the Company, and each of its directors, officers, partners, underwriters and
controlling persons for any reasonable legal and any other expenses incurred in connection with
investigating, defending or settling any such claim, loss, damage, liability or action, in each
case to the extent, but only to the extent, that such untrue statement (or alleged untrue
statement) or omission (or alleged omission) is made in any such Registration Statement as
originally filed or any amendment thereof, preliminary Prospectus or Prospectus, in reliance upon
and in conformity with written information furnished to the Company by the Manager specifically for
use therein; <U>provided</U>, <U>however</U>, that (i)&nbsp;the indemnity agreement contained in this
Section&nbsp;7.2 shall not apply to amounts paid in settlement of any such claim, loss, damage,
liability or action if such settlement is effected without the consent of the Manager (which
consent shall not be unreasonably withheld) and (ii)&nbsp;that the total amount for which the Manager
shall be liable under this Section&nbsp;7.2. shall not in any event exceed the aggregate net proceeds
received by the Manager from the sale of Registrable Shares held by the Manager in such
registration.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <U>Indemnification Procedures</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each party entitled to indemnification under this Section&nbsp;7 (the &#147;<U>Indemnified Party</U>&#148;)
shall give notice to the party required to provide indemnification (the &#147;<U>Indemnifying
Party</U>&#148;) promptly after such Indemnified Party has actual knowledge of any claim as to which
indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such
claim or any litigation resulting therefrom; <U>provided</U> that counsel for the Indemnifying
Party proposed to conduct the defense of such claim or litigation shall be approved by the
Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party
may participate in such defense at such Indemnified Party&#146;s election and expense; <U>provided</U>
<U>further</U>, that the failure of any Indemnified Party to give notice as provided herein shall
not relieve the Indemnifying Party of its obligations hereunder, unless such failure resulted in
prejudice to the Indemnifying Party; and <U>provided</U> <U>further</U>, that an Indemnified
Party (together with all other Indemnified Parties which may be represented without conflict by one
counsel) shall have the right to retain one separate counsel, with the fees and expenses of such
counsel to be paid by the Indemnifying Party, if representation of such Indemnified Party by the
counsel retained by the Indemnifying Party would be inappropriate due to actual or potential
differing interests between such Indemnified Party and any other party represented by counsel for
the Indemnifying Party in such proceeding. No Indemnifying Party, in the defense of any such claim
or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any
judgment or enter into any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to all Indemnified Parties of a release from all liability in
respect to such claim or litigation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <U>Survival; Contribution</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The indemnification provided for under this Agreement shall remain in full force and
effect regardless of any investigation made by or on behalf of the Indemnified Party or any
officer, director or controlling person of such Indemnified Party and shall survive the transfer of
securities. If the indemnification provided for in this Section&nbsp;7 is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party with respect to any losses,


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">claims, damages or liabilities referred to herein, the Indemnifying Party, in lieu of
indemnifying such Indemnified Party hereunder, shall, to the extent permitted by applicable law,
contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim,
damage or liability in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party on the one hand, and of the Indemnified Party, on the other, in connection with
the circumstances that resulted in such loss, claim, damage or liability, as well as any other
relevant equitable considerations. The relative fault of the Indemnifying Party and of the
Indemnified Party shall be determined by a court of law by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission to state a
material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party
and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding anything in this Section&nbsp;7 to the contrary, to the extent that the
provisions on indemnification and contribution contained in the underwriting agreement entered into
in connection with the underwritten public offering are in conflict with the foregoing provisions,
the provisions of the underwriting agreement shall control.


<P align="center" style="font-size: 10pt"><B>SECTION 8<BR>
PARTICIPATION IN UNDERWRITTEN REGISTRATIONS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 No person may participate in any registration hereunder which is underwritten unless the
person (i)&nbsp;agrees to accept the terms of the underwriting agreement as agreed upon by the Company
and the underwriters selected in accordance with this Agreement, and (ii)&nbsp;completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements.


<P align="center" style="font-size: 10pt"><B>SECTION 9<BR>
REPORTS UNDER THE SECURITIES LAWS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 With a view to making available to the Manager the benefits of Rule&nbsp;144 and any other rule
or regulation of the Commission that may at any time permit the Manager to sell shares of Trust
Stock to the public without registration, the Company agrees to use its commercially reasonable
efforts to:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make and keep public information available, as those terms are understood and
defined in Rule&nbsp;144, at all times subsequent to ninety (90)&nbsp;days after the effective date of
any registration statement covering an underwritten public offering filed under the
Securities Act by the Company;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) file with the Commission in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act at any time after it
is subject to the reporting requirements thereof; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) furnish to the Manager upon request a written statement by the Company that it has
complied with the reporting requirements of Rule&nbsp;144 (at any time after ninety


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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:3%; font-size: 10pt">(90)&nbsp;days after the effective date of the registration statement filed by the Company),
and of the Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements), a copy of the most recent annual or quarterly report of the
Company, and such other reports and documents so filed by the Company as may be reasonably
requested by the Manager in availing itself of any rule or regulation of the Commission
permitting the selling of any of the securities without registration.


<P align="center" style="font-size: 10pt"><B>SECTION 10<BR>
TRANSFER OF REGISTRATION RIGHTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided that the Company is given written notice by the Manager at the time of any transfer
of Registrable Shares by the Manager stating the name and address of the transferee of such
Registrable Shares and identifying the securities with respect to which the rights under this
Agreement are being assigned, the rights of the Manager under Sections&nbsp;2 and 3 of this Agreement
may be assigned to a transferee or assignee who (i)&nbsp;receives the number of shares equal to the
number of shares acquired by the Manager in the Additional Initial Investment (as adjusted for
stock dividends, stock splits, recapitalizations and the like that occur after the date of this
Agreement) or (ii)&nbsp;is a subsidiary, affiliate, parent, general partner, limited partner or retired
partner of the Manager, so long as such transfer of securities is in accordance with the LLC
Agreement and any other agreements with the Company regarding transfer of Registrable Shares and
all applicable state and federal securities laws and regulations, and <U>provided</U>
<U>further</U> that the transferee or assignee of such rights assumes in writing the obligations
of the Manager under this Agreement. The Company may prohibit the transfer of the Manager&#146;s rights
under this Section to any proposed transferee or assignee who the Company reasonably believes is a
competitor of the Company.


<P align="center" style="font-size: 10pt"><B>SECTION 11<BR>
INFORMATION FURNISHED BY THE MANAGER</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager shall furnish to the Company such information regarding the Manager and the
distribution proposed by the Manager as the Company may reasonably request in writing and as shall
be reasonably required in connection with any registration, qualification or compliance referred to
in this Agreement.


<P align="center" style="font-size: 10pt"><B>SECTION 12<BR>
MISCELLANEOUS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <U>Representations</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties hereto represents that this Agreement has been duly authorized, executed
and delivered by such party and constitutes a legal, valid and binding obligation of such party,
enforceable against it in accordance with the terms of this Agreement, except (i)&nbsp;as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general
application affecting enforcement of creditors&#146; rights generally, (ii)&nbsp;as limited by laws relating
to the availability of specific performance, injunctive relief, or other equitable


<P align="center" style="font-size: 10pt">Page 84 of 94
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">remedies and (iii)&nbsp;to the extent that the indemnification provisions contained in this
Agreement may be limited by applicable laws.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <U>Expenses</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section&nbsp;6, the Company and the Manager shall each bear their own
expenses incurred with respect to this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <U>Notices</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices and other communications required or permitted under this Agreement shall be
deemed to have been duly given and made if in writing and if served by personal delivery to the
party for whom intended, by facsimile transmission, by telegram or telex or by registered or
certified mail (postage prepaid, return receipt requested), sent to the following addresses (or
such other address for a party as shall be specified by like notice):


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If to the Company:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Macquarie Infrastructure Company LLC<BR>
600 Fifth Avenue, 21st Floor<BR>
New York, New York 10020<BR>
Facsimile: (212)&nbsp;581-8037<BR>
Attention: David Mitchell</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If to the Manager:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Macquarie Infrastructure Management (USA)&nbsp;Inc.<BR>
600 Fifth Avenue, 21st Floor<BR>
New York, New York 10020<BR>
Facsimile: (212)&nbsp;581-8037<BR>
Attention: Stephen Peet</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If to the Trust:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Macquarie Infrastructure Company Trust<BR>
600 Fifth Avenue, 21st Floor<BR>
New York, New York 10020<BR>
Facsimile: (212)&nbsp;581-8037<BR>
Attention: Peter Stokes</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4
<U>Waiver</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No delay on the part of any party hereto with respect to the exercise of any right, power,
privilege or remedy under this Agreement shall operate as a waiver thereof, nor shall any exercise
or partial exercise of any such right, power, privilege or remedy preclude any further exercise
thereof or the exercise of any other right, power, privilege or remedy. No modification or waiver
by either party hereto of any provision of this Agreement, or consent to any departure


<P align="center" style="font-size: 10pt">Page 85 of 94
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">by the other party therefrom, shall be effective in any event unless in writing as set forth
in Section&nbsp;12.12 hereof, and then only in the specific instance and for the purpose for which
given. Notwithstanding the foregoing, each party hereto shall have the right to waive compliance by
the other party with any of the provisions hereof, or to modify such provisions to a less
restrictive obligation of the other party on such terms as such party shall determine, with or
without prior notice to the other party.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <U>Remedies</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights, powers, privileges and remedies hereunder are cumulative and not exclusive of any
other right, power, privilege or remedy the parties hereto would otherwise have.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <U>Entire Agreement</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement constitutes the entire agreement and understanding between the Manager and the
Company, and supersedes all prior agreements and understandings relating to the subject matter
hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <U>Governing Law</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by and construed in accordance with the laws of the State of
New York.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 <U>Counterparts</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same instrument. The execution and delivery of
this Agreement by facsimile shall have the same force and effect as delivery of original signatures
and each party may use such facsimile signatures as evidence of the execution and delivery of this
Agreement by all parties to the same extent that an original signature could be used.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 <U>Severability</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Agreement or affecting the
validity or enforceability of such provision in any other jurisdiction.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 <U>Headings</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The various headings of this Agreement are inserted for convenience only and shall not affect
the meaning or interpretation of this Agreement or any provisions hereof.


<P align="center" style="font-size: 10pt">Page 86 of 94
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 <U>Amendment and Waiver</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided herein, no modification, amendment or waiver of any provision of
this Agreement will be effective unless such modification, amendment or waiver is approved in
writing by the Company and the Manager and any such amendment, waiver, discharge or termination
shall be binding on the Company and the Manager. Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively) only with the written consent of the Company
and the written consent of the Manager. Any amendment or waiver effected in accordance with this
Section&nbsp;12.11 shall be binding upon the Company and the Manager, and each of their respective
successors and permitted assigns.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 <U>Succession and Assignment</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided herein, the provisions hereof shall inure to the
benefit of, and be binding upon, the successors, permitted assigns, heirs, executors and
administrators of the parties hereto. Except as otherwise expressly provided to the contrary, the
provisions of this Agreement and the rights and obligations of the parties hereunder shall inure to
the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon
the Manager and each of the Manager&#146;s legal representatives, heirs, legatees, distributees,
permitted assigns and transferees by operation of law, whether or not any such person has become a
party to this Agreement or has agreed in writing to join herein and to be bound by the terms,
conditions and restrictions hereof, and shall not otherwise be for the benefit of any third party.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 <U>Information Confidential</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each party hereto acknowledges that the information received pursuant hereto may be
confidential and for its use only, and it will not use such confidential information in violation
of the Exchange Act or reproduce, disclose or disseminate such information to any other person
(other than its employees or agents having a need to know the contents of such information and its
attorneys), except in connection with the exercise of rights under this Agreement, unless such
information is available to the public generally or such party is required by a governmental body
to disclose such information.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 <U>Right to Enforcement</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager shall have the right to directly enforce the agreements made hereunder by the
Company, to the extent they deem such enforcement necessary or advisable to protect its rights.


<P align="center" style="font-size: 10pt">Page 87 of 94
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have each executed this Registration Rights Agreement
as of the date first written above.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE LLC:<BR>
MACQUARIE INFRASTRUCTURE COMPANY LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                      /s/ David M. Mitchell
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">David M. Mitchell&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE TRUST:<BR>
MACQUARIE INFRASTRUCTURE COMPANY TRUST<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                      /s/ Peter Stokes
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Peter Stokes&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Regular Trustee&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE MANAGER:<BR>
MACQUARIE INFRASTRUCTURE MANAGEMENT (USA)&nbsp;INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                       /s/ John B. Mullin
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">John B. Mullin&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Secretary/Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">Page 88 of 94
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>SCHEDULE 1</B>


<P align="center" style="font-size: 10pt"><B>FORM OF NOTICE AND QUESTIONNAIRE</B>



<P align="center" style="font-size: 10pt"><B>SHARES OF TRUST STOCK OF<BR>
MACQUARIE INFRASTRUCTURE COMPANY TRUST</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Infrastructure Management (USA)&nbsp;Inc. (the &#147;<U>Manager</U>&#148;), beneficial holder of &nbsp;&#149;
shares of beneficial interest (the &#147;<U>Registrable Shares</U>&#148;) of Macquarie Infrastructure
Company Trust (the &#147;<U>Trust</U>&#148;), understands that Macquarie Infrastructure Company LLC (the
&#147;<U>LLC</U>&#148;, and together with the Trust, the &#147;<U>Company</U>&#148;) and the Trust have filed or
intend to file with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) a
registration statement on Form S-3 (the &#147;<U>Shelf Registration Statement</U>&#148;) for the
registration and resale under Rule&nbsp;415 of the Securities Act of 1933, as amended (the
&#147;<U>Securities Act</U>&#148;), of the Registrable Shares in accordance with the terms of the Trust
Stock Registration Rights Agreement (the &#147;<U>Registration Rights Agreement</U>&#148;) to be dated as of
&nbsp;&#149;, 2004 between the Company and the Manager. All capitalized terms not otherwise defined herein
shall have the meanings ascribed thereto in the Registration Rights Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager, as a beneficial owner of Registrable Shares, is entitled to the benefits of the
Registration Rights Agreement. In order to sell or otherwise dispose of any Registrable Shares
pursuant to the Shelf Registration Statement, the Manager generally will be required to be named as
a selling security holder in the related Prospectus and to deliver a Prospectus to purchasers of
Registrable Shares. If the Manager does not complete this Notice and Questionnaire and deliver it
to the Company as provided below, the Manager will not be named as a selling security holder in the
Prospectus and therefore will not be permitted to sell any Registrable Shares pursuant to a Shelf
Registration Statement. Upon receipt of a completed Notice and Questionnaire from the Manager
following the effectiveness of any Shelf Registration Statement, the Company will, as promptly as
practicable but in any event within five Business Days of such receipt, file such amendments to the
Shelf Registration Statement or supplements to the related Prospectus as are necessary to permit
the Manager to deliver such Prospectus to purchasers of Registrable Shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal consequences arise from being named as a selling security holder in the Shelf
Registration Statement and the related Prospectus. Accordingly, the Manager, as a holder and
beneficial owner of Registrable Shares, is advised to consult its own securities law counsel
regarding the consequences of being named or not being named as a selling security holder in the
Shelf Registration Statement and the related Prospectus.


<P align="center" style="font-size: 10pt"><B>NOTICE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager hereby gives notice to the Company of its intention to sell or otherwise dispose
of Registrable Shares beneficially owned by it and listed below in Item&nbsp;3 (unless otherwise
specified under Item&nbsp;3) pursuant to a Shelf Registration Statement. The Manager, by signing and
returning this Notice and Questionnaire, understands that it will be bound by the terms and
conditions of this Notice and Questionnaire and the Registration Rights Agreement.


<P align="center" style="font-size: 10pt">Page 89 of 94
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Registration Rights Agreement, the Manager has agreed to indemnify and hold
harmless the Company&#146;s directors and officers and each person, if any, who controls the Company
within the meaning of either the Securities Act or the Securities Exchange Act of 1934, as amended
(the &#147;<U>Exchange Act</U>&#148;), from and against certain losses arising in connection with statements
concerning the undersigned made in a Shelf Registration Statement or the related Prospectus in
reliance upon the information provided in this Notice and Questionnaire.


<P align="center" style="font-size: 10pt">Page 90 of 94
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>QUESTIONNAIRE</B>



<P align="center" style="font-size: 10pt"><B>COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE SHOULD BE<BR>
RETURNED TO THE COMPANY AS FOLLOWS:</B>



<P align="center" style="font-size: 10pt"><B>1 Copy by Facsimile to &nbsp;&#149;, Fax: &nbsp;&#149;</B>



<P align="center" style="font-size: 10pt"><B>With the original copy to follow to:</B>



<P align="center" style="font-size: 10pt">MACQUARIE INFRASTRUCTURE COMPANY LLC AT:<BR>
600 Fifth Avenue, 21st Floor<BR>
New York, New York 10020<BR>
Attention: Peter Stokes



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby provides the following information to the Company and represents and
warrants that such information is accurate and complete.


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Full legal name of the Manager, as a selling security holder:<br>
<I>Macquarie Infrastructure Management (USA)&nbsp;Inc.</I></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Full legal name of The Depository Trust Company Participant (if applicable) through
which Registrable Shares listed in (3)&nbsp;below are held: <br>
Name:<br>
DTC No.:<br>
Contact Person:<br>
Telephone No.:</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Are you a broker-dealer registered pursuant to Section&nbsp;15 of the Exchange Act?</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If your response to Item 1(b) above is no, are you an &#147;affiliate&#148; of a
broker-dealer registered pursuant to Section&nbsp;15 of the Exchange Act?</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of this Item&nbsp;1(c), an &#147;affiliate&#148; of a registered
broker-dealer shall include any company that directly, or indirectly through one or
more intermediaries, controls, or is controlled by, or is under common control with,
such broker-dealer, and does not include any individuals employed by such
broker-dealer or its affiliates.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">Page 91 of 94
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Address for notices to Manager:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:5%; font-size: 10pt"><I>600 Fifth Avenue, 21st Floor </I><br><I>
New York, New York 10020</I>



<P align="left" style="margin-left:5%; font-size: 10pt">Telephone, including area code: &nbsp;&#149; <br><br>



<P align="left" style="margin-left:5%; font-size: 10pt">Fax, including area code: <I>(212)&nbsp;581-8037 </I><br><br>



<P align="left" style="margin-left:5%; font-size: 10pt">Contact Person:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Beneficial ownership of Registrable Shares:</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Number of Registrable Shares beneficially owned:<br>
<u>&nbsp;&nbsp;&nbsp;</u> <I>shares of beneficial interest of Macquarie Infrastructure Company Trust</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CUSIP No(s). of such Registrable Shares beneficially owned:<br><br></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Beneficial Ownership of the Trust securities (other than Registrable Securities) owned by the
Manager: <br></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Except as set forth below in this Item (4), the undersigned is not the beneficial or
registered owner of any shares of Trust Stock other than the Registrable Shares listed above
in Item (3).</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Type and Amount of other shares of Trust Stock beneficially owned by the Manager:
<br><br><br>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;CUSIP No(s). of such other shares of Trust Stock beneficially owned:<br><br><br>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nature of Beneficial Ownership:</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Full legal name of Manager&#146;s controlling stockholders who have sole or shared
voting or dispositive power over the Registrable Shares: <br><br></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Business address (including street address) (or residence if no business address),
telephone number and facsimile number of such person(s):<br>
Address:<br><br></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Telephone:<br>
Fax:</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">Page 92 of 94
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Plan of Distribution:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as set forth below, the Manager (including its donees or pledgees) intends to
distribute the Registrable Shares listed above in Item (3)&nbsp;pursuant to the Shelf Registration
Statement only as follows (if at all): Such Registrable Shares may be sold from time to time
directly by the Manager or alternatively through underwriters or broker-dealers or agents. If
the Registrable Shares are sold through underwriters or broker-dealers, the Manager will be
responsible for underwriting discounts or commissions or agents&#146; commissions. Such
Registrable Shares may be sold in one or more transactions at fixed prices, at prevailing
market prices at the time of sale, at varying prices determined at the time of sale, or at
negotiated prices. Such sales may be effected in transactions (which may involve block
transactions) (i)&nbsp;on any national securities exchange or quotation service on which the
Registrable Shares may be listed or quoted at the time of sale, (ii)&nbsp;in the over-the-counter
market, (iii)&nbsp;in transactions otherwise than on such exchanges or services or in the
over-the-counter market or (iv)&nbsp;through the writing of options. In connection with sales of
the Registrable Shares or otherwise, the undersigned may enter into hedging transactions with
broker-dealers, which may in turn engage in short sales of the Registrable Shares, and deliver
Registrable Shares to close out such short positions, or loan or pledge Registrable Shares to
broker-dealers that in turn may sell such securities.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>State any exceptions here:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note:&nbsp;</TD>
    <TD>In no event will such method(s) of distribution take the form of an underwritten
offering of the Registrable Shares without the prior agreement of the Company.</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager acknowledges that it understands its obligation to comply with the provisions of
the Exchange Act, and the rules thereunder relating to stock manipulation, particularly Regulation
M thereunder (or any successor rules or regulations), and the provisions of the Securities Act
relating to Prospectus delivery, in connection with any offering of Registrable Shares pursuant to
a Shelf Registration Statement. The Manager agrees that neither it nor any person acting on its
behalf will engage in any transaction in violation of such provisions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager hereby acknowledges its obligations under the Registration Rights Agreement to
indemnify and hold harmless certain persons set forth therein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Registration Rights Agreement, the Company has agreed under certain
circumstances to indemnify the Manager against certain liabilities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the Manager&#146;s obligation under the Registration Rights Agreement to provide
such information as may be required by law for inclusion in a Shelf Registration Statement, the
Manager agrees to promptly notify the Company of any inaccuracies or changes in the information
provided herein that may occur subsequent to the date hereof at any time while a Shelf Registration
Statement remains effective. All notices to the Manager hereunder and pursuant to the Registration
Rights Agreement shall be made in writing to the Manager at the address set forth in Item 1(a) of
this Notice and Questionnaire.


<P align="center" style="font-size: 10pt">Page 93 of 94
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing below, the Manager acknowledges that it is the beneficial owner of the Registrable
Shares set forth herein, represents that the information herein is accurate and consents to the
disclosure of the information contained herein in its answers to Items (1)&nbsp;through (6)&nbsp;above and
the inclusion of such information in a Shelf Registration Statement and the related Prospectus.
The undersigned understands that such information will be relied upon by the Company in connection
with the preparation or amendment of a Shelf Registration Statement and the related Prospectus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once this Notice and Questionnaire is executed by the undersigned beneficial owner and
received by the Company, the terms of this Notice and Questionnaire, and the representations and
warranties contained herein, shall be binding on, shall inure to the benefit of and shall be
enforceable by the respective successors, heirs, personal representatives and assigns of the
Company and the Manager. This Agreement shall be governed in all respects by the laws of the State
of New York.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Manager, by authority duly given, has caused this Notice and
Questionnaire to be executed and delivered either in person or by its duly authorized agent.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE MANAGER:<BR>
<BR>
<BR>
MACQUARIE INFRASTRUCTURE MANAGEMENT (USA)&nbsp;INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Dated:



<P align="center" style="font-size: 10pt">Page 94 of 94
</DIV>


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