Portfolio Update

4 April 2006

                      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 March
2006. This list includes all of the Group's investments with a value greater
than 5% of the Group's total assets:

Project

Home Office Headquarters              
                                      
Dutch High Speed Rail Link            
                                      
Colchester Garrison                   
                                      
Bishop Auckland Hospital              
                                      
Central Middlesex Hospital***         
                                      
Health & Safety Laboratory***         
                                      
West Middlesex Hospital               
                                      
Blackburn Hospital                    
                                      
Barnet Hospital                       
                                      
Stoke Mandeville Hospital             

Contact:

Nigel Massey

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.

*** For the purpose of this announcement it has been assumed that completion in
respect of the Group's acquisition of interests in Central Middlesex Hospital
and Health & Safety Laboratory pursuant to a Sale and Purchase Agreement
entered into with HSBC Infrastructure Fund and HSBC Infrastructure Limited on
23 March 2006 has taken place. Completion is expected in the near future.

Any forward-looking statements in this announcement reflect the Company's views
with respect to future events as at the date of this announcement and are
subject to these and other risks, uncertainties and assumptions.