OPERATING AGREEMENT



                                       OF



                       MACQUARIE INFRASTRUCTURE ASSETS LLC



                           Dated as of April 13, 2004







                                TABLE OF CONTENTS







                                                                                                                   Page

                                                                                                                   ----

                                                                                                                

ARTICLE 1 THE COMPANY............................................................................................     1



         Section 1.1 Formation...................................................................................     1

         Section 1.2 Name........................................................................................     1

         Section 1.3 Purpose; Powers.............................................................................     1

         Section 1.4 Principal Place of Business.................................................................     1

         Section 1.5 Term........................................................................................     2

         Section 1.6 Filings; Agent for Service of Process.......................................................     2

         Section 1.7 Title to Property...........................................................................     2

         Section 1.8 Payments of Individual Obligations..........................................................     2

         Section 1.9 Definitions.................................................................................     3



ARTICLE 2 THE TRUST..............................................................................................    11



         Section 2.1 Trust to Be Sole Member.....................................................................    11

         Section 2.2 Trust Stock to Represent LLC Interests......................................................    11

         Section 2.3 Circumstances Under Which Trust Stock Will Be Exchanged for LLC Interests...................    11

         Section 2.4 Right to Acquire Outstanding LLC Interests..................................................    12



ARTICLE 3 ADMISSION OF MEMBERS...................................................................................    13



         Section 3.1 LLC Interest Certificates; Admission of Additional Members..................................    13

         Section 3.2 Authorized Stock............................................................................    14

         Section 3.3 Issuance of Additional LLC Interests........................................................    14

         Section 3.4 Repurchase of LLC Interests by the Company..................................................    14



ARTICLE 4 ALLOCATIONS............................................................................................    14



         Section 4.1 Profits.....................................................................................    14

         Section 4.2 Losses......................................................................................    14

         Section 4.3 Special Allocations.........................................................................    14

         Section 4.4 Curative Allocations........................................................................    16

         Section 4.5 Loss Limitation.............................................................................    17

         Section 4.6 Other Allocation Rules......................................................................    17

         Section 4.7 Tax Allocations:  Code Section 704(c).......................................................    17



ARTICLE 5 DIVIDEND DISTRIBUTIONS.................................................................................    18



         Section 5.1 Net Cash Flow...............................................................................    18

         Section 5.2 Amounts Withheld............................................................................    18

         Section 5.3 Limitations on Distributions................................................................    18



ARTICLE 6 BOARD OF DIRECTORS.....................................................................................    18





                                       i










         Section 6.1 Initial Board...............................................................................    18

         Section 6.2 General Powers..............................................................................    19

         Section 6.3 Duties of Directors.........................................................................    19

         Section 6.4 Number, Tenure and Qualifications...........................................................    19

         Section 6.5 Election of Directors.......................................................................    19




 

 

	

		

		

		
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