MIC provides update on year-to-date operating performance

• IMTT Benefits from Increasing Storage Demand with Utilization over 90%
• Performance of Atlantic Aviation Stable Year-to-Date

Macquarie Infrastructure Corporation (NYSE: MIC) today announced that  the performance of its businesses has been consistent with the Company’s expectations over the first ten weeks of 2020.

At International-Matex Tank Terminals (“IMTT”), market conditions have been supportive of the storage and handling of petroleum products. Utilization at IMTT is expected to increase to over 90% in April, up from 86% at yearend 2019.

“IMTT has leased a substantial amount of storage capacity in the past two weeks, primarily distillate tanks at its Bayonne, New Jersey terminal with a weighted average term of over one year,” said Christopher Frost, chief executive officer of MIC.

General aviation flight activity, the primary driver of the performance of Atlantic Aviation, was stable during the period resulting in jet fuel sales being generally consistent with 2019.

“While the impact of COVID-19 on general aviation flight activity in the future is unclear, including as a result of government and corporate travel restrictions and the cancellation of sporting and other events, Atlantic has performed well during the period and remains focused on serving the needs of the general aviation community and operating safely and efficiently,” Frost said.

MIC Management remains committed to maximizing value for shareholders and believes that a sale of the Company or one or more of its operating businesses may be the best path to achieving that objective. “Our top priority at this time is ensuring the health and safety of our employees and customers as we closely monitor the evolving situation,” Frost noted. MIC announced its decision to actively pursue strategic alternatives for the Company on October 31, 2019.

The Company notes that there can be no assurances as to the form and timing of any transaction as a result of its pursuit of strategic alternatives, or if any transactions will be consummated, and any final decisions remain subject to approval by the MIC board of directors. MIC does not intend to update the market on its progress unless or until it determines that further disclosure is appropriate or required by law.