HSBC Infrastructure Company Limited (“HICL”) FACT SHEET

Fund Details
March 2010 Directors
Graham Picken
Summary Sarah Evans
Henri Grisius
John Hallam
HSBC Infrastructure Company Limited (“HICL”, and together with its corporate subsidiaries, the
“Group”) is a long-term investor in infrastructure projects which are predominantly in their Investment Adviser
operational phase and yielding steady returns

Investment objectives

• Target dividend growth to 7p per share by March 2013

• Enhance value and grow yield per share to investors over time by managing the current
portfolio and making suitable additional infrastructure investments

Summary of Investment Strategy Tony Roper – Director, HSBC

Specialist Fund Management
Current strategy (extracted from the Chairman’s statement) is to seek new investments including: Limited
• PFI/PPP/P3 projects (both operational and in their construction phases).
• Operational renewable energy projects where there are suitable contractual structures in
place, enabling the Group to secure long term income streams comparable in nature to those
in PFI/PPP/P3 projects.
• Regulated utilities.
• Selectively, debt funding in infrastructure projects where it is attractively priced and
appropriately structured.

Please see the HICL website for the Company’s full Investment Policy

Interim Results for the six months to 30 September 2009 Keith Pickard – Portfolio
Director, HSBC Specialist
• Announced on 12 November 2009 and available from the website – Publications Fund Management Limited
• Profit before valuation movement of £9.8m on investment basis
• Profit before tax of £8.5m
• Net debt at 30 September of £39.5m Statistics as at 31 March
• First interim dividend of 3.20p per ordinary share, with a scrip dividend alternative 2010
Number 33
Recent News holdings
NAV1 per 109.3p
• In January, the Company issued 7,965,390 new ordinary shares via a tap issue at 113.9p per share share
• In March, the Group acquired a 50% interest in Newcastle Libraries PFI project for £3.0m Share price2 117.9p
• For further information please refer to HICL website – Investor Relations, Announcements Shares in 454,301,314
issue2
Premium to 7.9%
NAV3
2007/08 6.25p
div./share
2008/09 6.40p
div./share
1. as at 7 January 2010
2. as at 31 March 2010
3. based on 31 March 2010 share price and
using 7 Jan 2010 NAV per ordinary share

www.hicl.hsbc.com
HSBC Infrastructure Company Limited (“HICL”) FACT SHEET
General Information
Listing date 29 03 06
March 2010 Investment HSFML*
Adviser
Portfolio – Ten largest assets (as at 31 March 2010, based on the 30 September 2009 valuation plus SEDOL B0T4LH6
acquisitions at cost, listed alphabetically) Dividend Dec, June
payment
Asset name Sector Financial year March
end
* HSBC Specialist Fund Mgt Ltd, part of
Barnet PFI Hospital Health HSBC Specialist Investments Ltd, the
infrastructure and real estate arm of the
Central Middlesex Hospital Health HSBC Group. HSFML is authorised and
regulated by the Financial Services
Colchester Garrison Accommodation Authority
Dutch High Speed Rail Link Transport
Greater Manchester Police Authority Law & Order The ordinary shares are eligible for
Highlands Schools PPP Education inclusion in PEPs and ISAs
(subject to applicable subscription
Home Office Headquarters Accommodation limits) provided that they have
Kemble Water Junior Loan Utilities been acquired by purchase in the
Romford Hospital Health market and they are permissible
West Middlesex Hospital Health assets for SIPPs.

Registered address
Asset valuation*
30 Sept 2009 31 Mar 2009 At launch 1 Le Truchot
St Peter Port
Guernsey
Net Asset Value (‘NAV’) £409.8m £373.7m £246.1m Channel Islands

NAV per share 109.7p 110.5p 98.4p Administrator & Company

Secretary
NAV per share post 106.5p 107.2p 98.4p
Dexion Capital (Guernsey)
distribution
Limited
*On an investment basis.
1 Le Truchot
Past performance is not a guide to future performance St Peter Port
Guernsey GY1 1WD
Portfolio as at 31 March 2010
Education Education Health Law & Order Contact: Karen Greening
Tel: +44 (0)1481 743 940
Health & Safety Bishop Auckland Sussex Custodial
Labs Wooldale Centre
Registered number
Exeter Crown
Conwy Schools Darlington Schools West Middlesex Court
44185
Helicopter Training Central Middlesex GMPA Police
Haverstock School Stations
Contact Investment Adviser
Defence 6th Form Renfrewshire Blackburn MPA SEL Police
College Schools Stations
By e-mail:
Pinnacle Schools Highlands MPA Firearms hicl.enquiries@hsbcib.com
Fife Schools Barnet Training
By post:
Ealing Schools Bradford Stoke Mandeville D & C Firearms HSBC Specialist Fund Mgt.
Schools Training
Ltd
North Tyneside Newcastle Oxford Investor Relations
Schools Libraries John Radcliffe Accommodation Level 21
Romford 8 Canada Square
Home Office London E14 5HQ
Hospital
Colchester Website: www.hicl.hsbc.com
Utilities Transport Garrison
Kemble Water Dutch High Speed Health & Safety HQ
Junior Loan Rail Brokers
Collins Stewart Europe Ltd and
Key: Oriel Securities Ltd
Portfolio at 31 Acquired since Acquired
March 2009 31 March 2009 additional stakes
HSBC Infrastructure Company Limited (“HICL”) FACT SHEET
March 2010 Disclaimer
This document is not and should
not be construed as an offer to sell
Key events or the solicitation of an offer to
Event Date purchase or subscribe for any
Financial year-end 31 March 2010 investment. The document is
intended for information purposes
Annual Results announcement 25 May 2010 only and does not constitute
AGM 26 July 2010 investment advice. It is important
to remember that past performance
is not a guide to future
performance. Furthermore, the
Share Price Performance (as of 31 March 2010) value of any investment or the
income deriving from them may go
8.0m
down as well as up and you may
120
7.0m
not get back the full amount
invested.
6.0m 100
(c) HSBC Infrastructure Company

Share price / NAV - pence

Volume shares traded

5.0m 80
Limited 2010. All Rights Reserved.

4.0m
60

3.0m
40
2.0m

20
1.0m

0.0m 0
Mar-06 Aug-06 Dec-06 Apr-07 Aug-07 Jan-08 May-08 Sep-08 Jan-09 Jun-09 Oct-09 Feb-10

Daily traded volume Daily closing share price NAV (Inv basis)

Source: Datastream, HSFML

Past performance is not a guide to future performance

Share premium and discount to published NAV per share

20.0%

15.0%
Premium/Discount to NAv per share

10.0%

5.0%

0.0%
Mar-06 Aug-06 Dec-06 Apr-07 Aug-07 Jan-08 May-08 Sep-08 Feb-09 Jun-09 Oct-09 Mar-10
-5.0%

-10.0%

-15.0%

-20.0%

Source: Datastream, HSFML