Macquarie Infrastructure Corporation discloses performance fee payable for second quarter of 2015

Macquarie Infrastructure Corporation (MIC) announced that a performance fee of US$135.6m is payable to its external Manager, Macquarie Infrastructure Management (USA), as a result of outperformance by the Company of its benchmark index over the second quarter of 2015. The fee represents outperformance of MIC’s benchmark of approximately 10.8% during the quarter ended June 30, 2015. Performance fees are payable when total shareholder returns are positive and exceed the total return for the benchmark index in both the quarter and cumulatively. The Company will settle the fee in two payments with US$67.8m paid in cash in July of this year and the balance settled in shares of MIC to be issued in July of 2016. The number of shares issued next year will be based on the volume weighted average share price at which a performance fee for the second quarter in 2016, if any, would be reinvested. The MIC board requested, and the Manager agreed, that the payment of a portion of the fee be in cash rather than entirely reinvested in shares as means of minimizing any dilutive impact of a share issuance to settle the full amount. The settlement of this particular performance fee in part in cash and shares in 2016 represents neither a change in policy nor a modification of Macquarie’s views on the value of MIC shares.