Macquarie Infrastructure : 2020 Q3 Conference Call Supplemental Materials

MIC

Third Quarter 2020

Earnings Conference Call

Supplemental Materials

November 9, 2020

Important Notice

This presentation by Macquarie Infrastructure Corporation (MIC) is proprietary and all rights are reserved. Any reproduction, in whole or in part, without the prior written consent of MIC is prohibited.

This presentation is based on information generally available to the public and does not contain any material, non-public information. The presentation has been prepared solely for informational purposes. It is not a solicitation of any offer to buy or sell any security or instrument.

The presentation is qualified in its entirety by disclosures made in MIC's Form 10-K filed with the SEC on February 25, 2020, and other materials filed with the SEC subsequently, including our Form 10-Q filed with the SEC on November 9, 2020.

Forward-Looking Statements

This presentation contains forward-looking statements including regarding the anticipated specific and overall impacts of the COVID-19 pandemic. Forward- looking statements in this presentation are subject to a number of risks and uncertainties, some of which are beyond our control. Our actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. A description of known risks that could cause our actual results to differ appears under the caption "Risk Factors" in our Form 10-K filed with the SEC on February 25, 2020, and other materials filed with the SEC subsequently, including our Form 10-Q filed with the SEC on November 9, 2020. Additional risks of which we are not currently aware could also cause our actual results to differ.

These forward-looking statements are made as of the date of this presentation. We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

With respect to the Company's guidance for EBITDA and Free Cash Flow in 2020, a reconciliation of EBITDA to net income (loss), the most comparable GAAP measure and a reconciliation of Free Cash Flow to cash from operating activities, the most comparable GAAP measure, are not available without unreasonable effort due to the Company's limited visibility into and inability to make accurate projections and estimates of items including management fees, hedging agreements, depreciation and any (benefit) provision for income taxes.

These items may vary greatly from year to year and could significantly impact MIC's results as reported in accordance with GAAP.

"Macquarie Group" consists of Macquarie Group Limited and its worldwide subsidiaries and affiliates.

MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of MIC.

Use of Non-GAAP Metrics

In addition to our results under U.S. GAAP, we use certain non-GAAP measures to assess the performance and prospects of our businesses. In particular, we use EBITDA excluding non-cash items and Free Cash Flow.

We define EBITDA excluding non-cash items as net income (loss) or earnings

• the most comparable GAAP measure - before interest, taxes, depreciation and amortization and non-cash items including impairments, unrealized derivative gains and losses, adjustments for other non-cash items and pension expense reflected in the statements of operations. Other non-cash items excludes the adjustment to bad debt expense related to the specific reserve component, net of recoveries. EBITDA excluding non-cash items also excludes base management fees and performance fees, if any, whether paid in cash or stock.

We define Free Cash Flow as cash from operating activities - the most comparable GAAP measure - which reflects cash interest, tax payments and pension contributions, less maintenance capital expenditures, which includes principal repayments on capital lease obligations used to fund maintenance capital expenditures, and excludes changes in working capital.

Please review our Form 10-Q and earnings release, filed on November 9, 2020, for a complete discussion of our use of non-GAAP metrics and any of our Form 10-Q, earnings release or the appendix to this document for reconciliations of non-GAAP measures to the most comparable GAAP measures.

PAGE 2

MIC - Overview

On November 8, 2020, consistent with its previously announced intention to pursue strategic alternatives, MIC signed an agreement for the sale of IMTT

Continuing Operations1:

Atlantic

AviationOne of the largest networks of fixed base operations (FBOs) providing fuel and other services to general aviation across the U.S.

MIC

HawaiiHawaii Gas and other businesses engaged in efforts to reduce the cost and improve the reliability and sustainability of energy in Hawaii

89%

11%

2EBITDA 3Q20 of Proportion

Discontinued Operations1:

IMTT

An industry leader in the storage and handling of bulk liquid petroleum, chemical and agricultural products. On November 8, 2020, MIC announced the signing of an agreement to sell IMTT to an entity affiliated with Riverstone Holdings LLC

1. During the quarter ended September 30, 2020, IMTT was classified as a discontinued operation and eliminated as a reportable segment. Any contribution from IMTT to our consolidated results for the quarter and year to date periods ending September 30, 2020 are reflected in Discontinued Operations. All prior periods have been adjusted to reflect the treatment of IMTT as a discontinued operation. On November 8, 2020, we entered into an agreement pursuant to which we will sell our IMTT business. Effective October 1, 2018, the Bayonne Energy Center (BEC) and substantially all of our portfolio of solar and wind power generation businesses were classified as discontinued operations and our Contracted Power segment was eliminated. All periods reflect this change. In September 2019, we completed the last of the sales of our solar and wind power generation businesses included in discontinued operations including our majority interest in a renewable power development business. A relationship with a third-party developer of renewable power facilities was reported as a component of Corporate and Other through the expiration of the relationship in July 2019.
2. Excludes the expenses incurred at MIC Corporate of $4 million.

PAGE 3

Sale of IMTT

MIC agreed to sell IMTT for $2.685 billion; transaction expected to close in late 4Q20 or early 2021

The sale follows a robust process over the preceding 12 months:

• On November 8, 2020, MIC entered into an agreement to sell its bulk liquid storage and handling business, IMTT, to an entity affiliated with Riverstone Holdings LLC for $2.685 billion in cash and assumed debt
• The transaction is expected to close in late 4Q20 or early 2021, subject to receipt of approvals and satisfaction of the conditions precedent set forth in the sales agreement
• • Approvals and conditions precedent include, among others, regulatory approvals, accuracy of representations and warranties and receipt of certain consents and waivers
• All net proceeds after taxes and expenses expected to be distributed to shareholders and used to reduce holding company debt:
• • MIC intends to pay a special dividend of approximately $10.75 per share in cash
  • • Both the record date for the dividend and final amount remain subject to approval by MIC's board of directors, which is expected following the closing of the sale based on business and economic conditions at the time
    • Approximately 50% of the distribution is currently estimated to be characterized as a dividend for U.S. federal income tax purposes
  • Repay or offset holding company level debt of approximately $400 million
  • • Pro-formafor the completion of the sale and the payment of the special dividend, the Company expects its leverage ratio to be approximately 4.3x at December 31, 2020
  • On closing of the sale, MIC anticipates paying capital gains taxes of approximately $158 million, additional transaction expenses of approximately $25 million and a payment to the Company's external Manager of approximately $28 million pursuant to the Disposition Agreement entered into between the Company and the Manager on October 30, 2019

PAGE 4

Results for 3Q20

3Q20 Results

Results reflect impact of COVID-19 on Atlantic Aviation and MIC Hawaii

Selected Results:		Consolidated
$ millions	3Q20	3Q19	%
Net (Loss) Income - Continuing Operations	(158)	2	NM
Adjusted EBITDA ex Non-Cash Items - Continuing Operations1	60	69	▼ 13%
Cash from Operating Activities - Continuing Operations	44	101	▼ 56%
Adjusted Free Cash Flow - Continuing Operations1	38	50	▼ 24%

3Q20 vs 3Q19 Commentary:

• Net (Loss) Income - Continuing Operations decreased reflecting reduced revenue from each of Atlantic Aviation and MIC Hawaii, driven by the COVID-related decline in business activity versus the prior comparable period. In addition, given the probability that IMTT will be sold in a taxable transaction, the Company recorded a deferred tax liability on the difference between the book and tax basis in its investment in IMTT. The net loss was partially offset by reduced operating expenses and lower interest expense
• Adjusted EBITDA ex Non-CashItems - Continuing Operations1 decreased primarily reflecting the reduced contributions from each of Atlantic Aviation and MIC Hawaii
• Cash from Operating Activities - Continuing Operations decreased reflecting the absence of a federal income tax liability in the prior corresponding period related to the gain on sale of the Company's renewable power generation businesses and reduced EBITDA excluding non-cash items generated by each of Atlantic Aviation and MIC Hawaii, partially offset by favorable movements in accounts receivable
• Adjusted Free Cash Flow - Continuing Operations1 declined reflecting the reduced Adjusted EBITDA excluding non-cash items and a current income tax liability versus an income tax benefit in the prior comparable period. These were partially offset by lower interest expense and lower maintenance capital expenditures

NM - Not meaningful

1. Adjusted EBITDA excluding non-cash items and Adjusted Free Cash Flow excludes costs relating to certain investment and acquisition/disposition activities.

PAGE 6

3Q20 Adjusted Free Cash Flow

Decline in Continuing Operations reflects lower Adjusted EBITDA excluding non-cash items and higher cash taxes, partially offset by lower interest expense and maintenance capital expenditures

Adjusted Free Cash Flow1:

100

46 84

 Decline in Continuing Operations

Adjusted Free Cash Flow1 reflects:

- Decreased contribution from

Atlantic Aviation and MIC

	80
millions$	60	FCF
		50
	40	Ops Adj.
	20	Cont.

0

3Q19

						FCF	FCF
Segment Adj. EBITDA1				OpsAdj.	Adjusted
(10)						Disc.
	(5)	6	1	2	(6)
				38
				Interest Expense
Atlantic Aviation	MIC Hawaii	Corporate1	Maintenance Capex	Cash Taxes	Cont. Ops Adj. FCF

3Q20

	Hawaii, partially offset by
	increased contribution from
	Corporate1
-	Increased cash taxes
-	Lower interest expense
-	Lower maintenance capital
	expenditures
 Weighted average shares
outstanding increased to

1. million in 3Q20 from

1. million in 3Q19

1. Adjusted EBITDA excluding non-cash items and Adjusted Free Cash Flow excludes costs relating to certain investment and acquisition/disposition activities.

PAGE 7

3Q20 Operations

Operations reflect impact of COVID-19 on Atlantic Aviation and MIC Hawaii

Continuing Operations:

Atlantic Aviation

• Performance reflects the impact of COVID-19 on GA flight activity, partially offset by continued effective cost control
• 3Q20 GA flight activity vs. 3Q19 declined 14% nationwide and by an average of 19% at airports on which Atlantic Aviation operates, reflecting Atlantic Aviation's exposure to centers of business and economic activity
• An increase in the proportion of shorter, domestic flights, together with a reduction in the size of the average aircraft in use, disproportionately reduced jet fuel sales relative to flight activity at Atlantic Aviation
• Weighted average remaining lease life of 19.9 years

MIC Hawaii

• Performance reflects the impact of COVID-19, as a 94% decline in the number of tourists visiting Hawaii during 3Q20 vs. 3Q19 resulted in a reduction in the demand for gas

 Reduced demand for gas by hospitality industry including resorts, restaurants and commercial laundries resulted in an approximately 37% decline in gas consumption vs. 3Q19

Discontinued Operations:

IMTT

• Improved performance reflects higher average capacity utilization of 95.8% in 3Q20 vs. 85.2% in 3Q19. The increase in average utilization primarily reflects the effect of a contango in prices for refined petroleum products
• The outlook for storage demand across petroleum, chemical and agricultural products is favorable and overall utilization

remains above historically normal levels causing some customers to seek renewal of contracts ahead of their scheduled maturity in order to ensure ongoing access to capacity

 Firm commitments had a revenue weighted average remaining contract life of 1.7 years at the end of 3Q20

PAGE 8

Debt Maturity Profile

No substantial near-term maturities

Continuing Operations Debt Maturity Profile as of November 5, 20201:

1,200

1,000

millions$	800
600
	400
	200
	-

2020	2021	2022	2023	2024	2025	2026	2027
			MIC Corporate			Atlantic Aviation		MIC Hawaii

1. Does not reflect the scheduled amortization on these facilities.

PAGE 9

Debt Profile

As September 30, 2020, aggregate Net Debt / Adjusted EBITDA (TTM) of 4.8x; and 5.7x for MIC's Continuing Operations

• MIC rated BB / Negative outlook (S&P)

Continuing Operations Debt Metrics as of November 5, 2020:

		Weighted Average	Balance	Weighted
		Remaining Life	Outstanding	Average
Business	Debt	(Years)	($ millions)	Rate1
MIC Corporate	Convertible Senior Notes	2.9	403	2.00%
	Revolving Facility	1.2	150	2.38%
Atlantic Aviation	Term Loan2	5.1	1,007	4.22%
MIC Hawaii	Term Loan2	2.8	94	1.89%
	Senior Notes	1.8	100	4.22%
Total		3.9	1,754	3.43%

Pro-forma for the completion of the sale of IMTT and the payment of the special dividend,

MIC expects its leverage ratio to be approximately 4.3x as at December 31, 2020

1. Reflects annualized interest rate on all facilities including interest rate hedges.
2. The weighted average remaining life does not reflect the scheduled amortization on these facilities.

PAGE 10

2020E Guidance

Re-initiated financial guidance for 2020

2020 Financial Metrics - Continuing Operations1:

$ millions	2020E
Adjusted EBITDA ex Non-cash Items2	200 - 215
Atlantic Aviation	185 - 195
MIC Hawaii	35 - 40
Corporate and Other2	(20)
Growth Capital Expenditures	50 - 55

• Guidance for continuing operations assumes:
• • No material change in the level of GA flight activity through to the end of 2020
  • Modest growth in gas consumption based on an expected increase in the number of visitors to Hawaii through to the end of 2020
  • Growth capital deployment totaled $36 million year-to- date

1. During the quarter ended September 30, 2020, IMTT was classified as a discontinued operation and eliminated as a reportable segment. Any contribution from IMTT to our consolidated results for the quarter and year to date periods ending September 30, 2020 are reflected in Discontinued Operations. All prior periods have been adjusted to reflect the treatment of IMTT as a discontinued operation. On November 8, 2020, we entered into an agreement pursuant to which we will sell our IMTT business. Effective October 1, 2018, the Bayonne Energy Center (BEC) and substantially all of our portfolio of solar and wind power generation businesses were classified as discontinued operations and our Contracted Power segment was eliminated. All periods reflect this change. In September 2019, we completed the last of the sales of our solar and wind power generation businesses included in discontinued operations including our majority interest in a renewable power development business. A relationship with a third- party developer of renewable power facilities was reported as a component of Corporate and Other through the expiration of the relationship in July 2019.
2. Adjusted EBITDA excluding non-cash items excludes costs relating to certain investment and acquisition/disposition activities during 2020E.

PAGE 11

Appendices

Summary Financial Information

		Quarter Ended			Change					Nine Months Ended		Change
		September 30,			Favorable / (Unfavorable)	September 30,		Favorable / (Unfavorable)
($ in Millions, Except Share and Per Share Data) (Unaudited)		2020		2019	$			%				2020	2019	$			%
GAAP Metrics
Continuing Operations
Net (loss) income		(158)		2			(160)			NM		(190)		20		(210)			NM
Net (loss) income per share attributable to MIC		(1.82)		0.03			(1.85)			NM		(2.19)		0.24		(2.43)			NM
Cash provided by operating activities		44		101			(57)			(56)		114		220		(106)			(48)
Discontinued Operations
Net (loss) income		(735)		59			(794)			NM		(700)		119		(819)			NM
Net (loss) income per share attributable to MIC		(8.44)		0.68			(9.12)			NM	(8.05)		1.42		(9.47)			NM
Cash provided by operating activities		66		9			57			NM	168		139		29			21
Weighted average number of shares outstanding: basic		87,030,751		86,276,237			754,514			1	86,864,951		86,075,394		789,557			1
MIC Non-GAAP Metrics
EBITDA excluding non-cash items - continuing operations		57		71		(14)			(20)		138		237		(99)			(42)
Investment and acquisition/disposition costs		3		(2)		5			NM		16		1		15			NM
Adjusted EBITDA excluding non-cash items - continuing operations		60		69		(9)			(13)		154		238		(84)			(35)
Cash interest		(16)		(18)		2			11		(55)		(57)		2			4
Cash taxes		(3)		3		(6)			NM		(2)		6		(8)			(133)
Maintenance capital expenditures		(3)		(4)		1			25		(12)		(13)		1			8
Adjusted Free Cash Flow - continuing operations		38		50		(12)			(24)		85		174		(89)			(51)
EBITDA excluding non-cash items - discontinued operations		67		61		6			10		212		251		(39)			(16)
Cash interest		(10)		(10)		-			-		(30)		(38)		8			21
Cash taxes		1		(59)		60			102		(2)		(71)		69			97
Maintenance capital expenditures		(12)		(14)		2			14		(31)		(28)		(3)			(11)
Adjusted Free Cash Flow - discontinued operations		46		(22)		68			NM		149		114		35			31
Adjusted Free Cash Flow - consolidated		84		28		56			NM		234		288		(54)			(19)
NM - Not meaningful

PAGE 13

Total Free Cash Flow

Quarter Ended September 30, 2020

					For the Quarter Ended September 30, 2020
($ in Millions) (Unaudited)	Atlantic			MIC Hawaii		Corporate and		Total Continuing		Discontinued		Total
Aviation				Other		Operations		Operations
Net income (loss)		13	1	(172)	(158)	(735)	(893)
Interest expense, net(1)		11	2	6	19	9	28
Provision for income taxes		6	-	153	159	4	163
Impairment(2)			-		-		-		-		750		750
Depreciation and amortization			24		4		-		28		34		62
Fees to Manager-related party			-		-		5		5		-		5
Other non-cash expense, net(3)			-		-		4		4		5		9
EBITDA excluding non-cash items			54		7		(4)		57		67		124
EBITDA excluding non-cash items			54		7		(4)		57		67		124
Interest expense, net(1)			(11)		(2)		(6)		(19)		(9)		(28)
Non-cash interest expense, net(1)			1		-		2		3		(1)		2
(Provision) benefit for current income taxes		(3)	-	-	(3)	1	(2)
Changes in working capital		6	-	-	6	8	14
Cash provided by (used in) operating activities			47		5		(8)		44		66		110
Changes in working capital			(6)		-		-		(6)		(8)		(14)
Maintenance capital expenditures		(2)	(1)	-	(3)	(12)	(15)
Free Cash Flow			39		4		(8)		35		46		81

1. Interest expense, net, includes non-cash adjustments to derivative instruments, non-cash amortization of deferred financing fees and non-cash amortization of debt discount related to the 2.00% Convertible Senior Notes due October 2023.
2. As part of classifying IMTT as held for sale, the Company recognized an impairment of the IMTT disposal group of $750 million, which includes a goodwill impairment of $725 million reported in discontinued operations for the quarter ended September 30, 2020.
3. Other non-cash expense, net, includes pension expense, non-cashmark-to-market adjustment of the value of the commodity hedge contracts, non-cash compensation expense incurred in relation to the incentive plans for senior management of our operating businesses, and non-cash gains (losses) related to the write-off or disposal of assets or liabilities. Pension expense consists primarily of interest cost, expected return on plan assets, and amortization of actuarial and performance gains and losses. Other non-cash expense, net, excludes the adjustment to bad debt expense related to the specific reserve component, net of recoveries, for which this adjustment is reported in working capital in the above table. See "Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) excluding non-cashitems and Free Cash Flow" in MIC's 3Q20 Form 10-Q for further discussion.

PAGE 14

Total Free Cash Flow

Quarter Ended September 30, 2019

					For the Quarter Ended September 30, 2019
($ in Millions) (Unaudited)	Atlantic			MIC Hawaii		Corporate and		Total Continuing		Discontinued		Total
Aviation				Other		Operations		Operations
Net income (loss)		14	1	(13)	2	59	61
Interest expense, net(1)		18	3	3	24	11	35
Provision (benefit) for income taxes		5	1	(3)	3	36	39
Depreciation and amortization		27	4	-	31	32	63
Fees to Manager-related party		-	-	8	8	-	8
Other non-cash expense (income), net(2)		-	3	-	3	(77)	(74)
EBITDA excluding non-cash items			64		12		(5)		71		61		132
EBITDA excluding non-cash items		64	12	(5)	71	61	132
Interest expense, net(1)		(18)	(3)	(3)	(24)	(11)	(35)
Non-cash interest expense, net(1)		3	1	2	6	1	7
(Provision) benefit for current income taxes		(4)	(1)	8	3	(59)	(56)
Changes in working capital(3)		4	2	39	45	17	62
Cash provided by operating activities			49		11		41		101		9		110
Changes in working capital(3)			(4)		(2)		(39)		(45)		(17)		(62)
Maintenance capital expenditures		(3)	(1)	-	(4)	(14)	(18)
Free Cash Flow			42		8		2		52		(22)		30

1. Interest expense, net, includes non-cash adjustments to derivative instruments, non-cash amortization of deferred financing fees and non-cash amortization of debt discount related to the 2.00% Convertible Senior Notes due October 2023.
2. Other non-cash expense (income), net, includes pension expense, non-cashmark-to-market adjustment of the value of the commodity hedge contracts, non-cash compensation expense incurred in relation to the incentive plans for senior management of our operating businesses, and non-cash gains (losses) related to the write-off or disposal of assets or liabilities. Pension expense consists primarily of interest cost, expected return on plan assets, and amortization of actuarial and performance gains and losses. Other non-cash expense, net, excludes the adjustment to bad debt expense related to the specific reserve component, net of recoveries, for which this adjustment is reported in working capital in the above table. See "Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) excluding non-cashitems and Free Cash Flow" in MIC's 3Q20 Form 10-Q for further discussion.
3. For the quarter and nine months ended September 30, 2019, the change in working capital includes the current federal income tax liability of $42 million primarily related to the gain on sale of the renewable businesses reported in the results from discontinued operations.

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Total Free Cash Flow

Nine Months Ended September 30, 2020

					For the Nine Months Ended September 30, 2020
($ in Millions) (Unaudited)		Atlantic			MIC Hawaii		Corporate and		Total Continuing		Discontinued		Total
	Aviation				Other		Operations		Operations
Net income (loss)			10	9	(209)	(190)	(700)	(890)
Interest expense, net(1)			44	7	18	69	34	103
Provision for income taxes			5	4	142	151	16	167
Impairment(2)			-	-	-	-	750	750
Depreciation and amortization			76	12	-	88	102	190
Fees to Manager-related party			-	-	16	16	-	16
Other non-cash expense (income), net(3)			2	(3)	5	4	10	14
EBITDA excluding non-cash items			137		29		(28)		138		212		350
EBITDA excluding non-cash items			137	29	(28)	138	212	350
Interest expense, net(1)			(44)	(7)	(18)	(69)	(34)	(103)
Non-cash interest expense, net(1)			8	1	5	14	4	18
(Provision) benefit for current income taxes			(3)	(3)	4	(2)	(2)	(4)
Changes in working capital			31	4	(2)	33	(12)	21
Cash provided by (used in) operating activities			129		24		(39)		114		168		282
Changes in working capital			(31)	(4)		2		(33)		12		(21)
Maintenance capital expenditures			(7)	(5)	-	(12)	(31)	(43)
Free Cash Flow			91		15		(37)		69		149		218

1. Interest expense, net, includes non-cash adjustments to derivative instruments, non-cash amortization of deferred financing fees and non-cash amortization of debt discount related to the 2.00% Convertible Senior Notes due October 2023.
2. As part of classifying IMTT as held for sale, the Company recognized an impairment of the IMTT disposal group of $750 million, which includes a goodwill impairment of $725 million reported in discontinued operations for the quarter ended September 30, 2020.
3. Other non-cash expense (income), net, includes pension expense, non-cashmark-to-market adjustment of the value of the commodity hedge contracts, non-cash compensation expense incurred in relation to the incentive plans for senior management of our operating businesses, and non-cash gains (losses) related to the write-off or disposal of assets or liabilities. Pension expense consists primarily of interest cost, expected return on plan assets, and amortization of actuarial and performance gains and losses. Other non-cash expense, net, excludes the adjustment to bad debt expense related to the specific reserve component, net of recoveries, for which this adjustment is reported in working capital in the above table. See "Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) excluding non-cashitems and Free Cash Flow" in MIC's 3Q20 Form 10-Q for further discussion.

PAGE 16

Total Free Cash Flow

Nine Months Ended September 30, 2019

					For the Nine Months Ended September 30, 2019
($ in Millions) (Unaudited)		Atlantic			MIC Hawaii		Corporate and		Total Continuing		Discontinued		Total
	Aviation				Other		Operations		Operations
Net income (loss)			48	11	(39)	20	119	139
Interest expense, net(1)			59	8	13	80	51	131
Provision (benefit) for income taxes			18	5	(12)	11	54	65
Depreciation and amortization			79	12	-	91	98	189
Fees to Manager-related party			-	-	23	23	-	23
Other non-cash expense (income), net(2)			1	10	1	12	(71)	(59)
EBITDA excluding non-cash items			205		46		(14)		237		251		488
EBITDA excluding non-cash items			205	46	(14)	237	251	488
Interest expense, net(1)			(59)	(8)	(13)	(80)	(51)	(131)
Non-cash interest expense, net(1)			15	2	6	23	13	36
(Provision) benefit for current income taxes			(14)	(4)	24	6	(71)	(65)
Changes in working capital(3)			6	3	25	34	(3)	31
Cash provided by operating activities			153		39		28		220		139		359
Changes in working capital(3)			(6)	(3)	(25)	(34)	3		(31)
Maintenance capital expenditures			(8)	(5)	-	(13)	(28)	(41)
Free Cash Flow			139		31		3		173		114		287

1. Interest expense, net, includes non-cash adjustments to derivative instruments, non-cash amortization of deferred financing fees and non-cash amortization of debt discount related to the 2.00% Convertible Senior Notes due October 2023.
2. Other non-cash expense (income), net, includes pension expense, non-cashmark-to-market adjustment of the value of the commodity hedge contracts, non-cash compensation expense incurred in relation to the incentive plans for senior management of our operating businesses, and non-cash gains (losses) related to the write-off or disposal of assets or liabilities. Pension expense consists primarily of interest cost, expected return on plan assets, and amortization of actuarial and performance gains and losses. Other non-cash expense, net, excludes the adjustment to bad debt expense related to the specific reserve component, net of recoveries, for which this adjustment is reported in working capital in the above table. See "Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) excluding non-cashitems and Free Cash Flow" in MIC's 3Q20 Form 10-Q for further discussion.
3. For the quarter and nine months ended September 30, 2019, the change in working capital includes the current federal income tax liability of $42 million primarily related to the gain on sale of the renewable businesses reported in the results from discontinued operations.

PAGE 17