X0306 4 2015-03-09 0 0001506401 InfraREIT, Inc. HIFR 0001183371 WOLF ELLEN C 1807 ROSS AVENUE, 4TH FLOOR DALLAS TX 75201 1 0 0 0 LTIP Units 2015-03-09 4 C 0 5632 D Common Stock 5632 0 D common units 2015-03-09 4 C 0 5632 A Common Stock 5632 5632 D Pursuant to the Second Amended and Restated Agreement of Limited Partnership of InfraREIT Partners, LP (as amended from time to time, the "Partnership Agreement"), 5,632 LTIP Units of InfraREIT Partners, LP held by the reporting person automatically converted on a one-for-one basis to common units of InfraREIT Partners, LP. The reporting person also holds 4,000 LTIP Units of InfraREIT Partners, LP that were granted on February 4, 2015 and have a one year vesting period. Represents common units of InfraREIT Partners, LP. Pursuant to the Partnership Agreement, common units are redeemable for cash or, at InfraREIT, Inc.'s election, shares of InfraREIT, Inc.'s common stock on a one-for-one basis, beginning the day before the first year anniversary of the closing of InfraREIT, Inc.'s initial public offering. The right to redeem common units does not have an expiration date. /s/ Gregory S. Imhoff as Attorney-In-Fact for Ellen C. Wolf 2015-03-10