Portfolio Update

2 January 2008

                      HSBC INFRASTRUCTURE COMPANY LIMITED                      

            (Incorporated in Guernsey with registered number 44185)            

                               PORTFOLIO UPDATE                                

In accordance with Listing Rule 15.4.11(2), HSBC Infrastructure Company Limited
(the "Company") announces that the following list represents the 10 largest*
investments** of the Company and its subsidiaries (the "Group") as at 31
December 2008. This list includes all of the Group's investments with a value
greater than 5% of the Group's total assets:

Project

Bishop Auckland Hospital                   
                                           
Central Middlesex Hospital                 
                                           
Colchester Garrison                        
                                           
Dutch High Speed Rail Link                 
                                           
Greater Manchester Police Authority        
Stations                                   
                                           
Health & Safety Laboratory                 
                                           
Home Office Headquarters                   
                                           
Kemble Water                               
                                           
South East London Police Stations          
                                           
West Middlesex Hospital                    

Contact:

Kleinwort Benson (Channel Islands) Fund Services Limited

Company Secretary

01481 727111

Points to note:

* Outstanding subscription obligations that the Group is obliged to make in
respect of a project have been included for the purpose of calculating the
value of that project.

** The Group's investments comprise investments in the equity and debt of the
project company (and/or the project company's holding company) responsible for
the projects listed.