X0306 4 2015-03-09 0 0001506401 InfraREIT, Inc. HIFR 0001325466 Hunt Hunter 1900 NORTH AKARD STREET DALLAS TX 75201 1 0 1 0 common units 2015-03-09 4 J 0 1969130 A Common Stock 1969130 1969130 I See Footnote Class A units 2015-03-09 4 C 0 10124859 D Common Stock 10124859 0 I See Footnote common units 2015-03-09 4 C 0 10124859 A Common Stock 10124859 12093989 I See Footnote Represents common units of InfraREIT Partners, LP. 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. Pursuant to the terms of the Second Amended and Restated Agreement of Limited Partnership of InfraREIT Partners, LP (as amended from time to time, the "Partnership Agreement"), 2,329,283 common units were automatically issued to Hunt-InfraREIT, L.L.C. ("Hunt-InfraREIT"), which is a subsidiary of Hunt Consolidated, Inc. ("Hunt"). Hunt-InfraREIT subsequently distributed the common units to Hunt Transmission Services, L.L.C. ("HTS") and Electricity Participant Partnership, LLC ("EPP"), each of which is a subsidiary of Hunt. Excludes 360,153 common units held by EPP for the benefit of current and former employees and service providers to Hunt. The reporting person disclaims beneficial ownership of these securities. Excludes 1,527,440 common units held by EPP for the benefit of current and former employees and service providers to Hunt. The reporting person disclaims beneficial ownership of these securities. The reported securities are owned directly by Hunt or one of its subsidiaries. The reporting person is a co-President of Hunt and controls Hunt through one or more intermediaries. The reporting person disclaims beneficial ownership of the shares except to the extent of his pecuniary interest therein. Pursuant to the Partnership Agreement, 10,166,525 Class A units of InfraREIT Partners, LP held by Hunt-InfraREIT automatically converted on a one-for-one basis to common units of InfraREIT Partners, LP. Hunt-InfraREIT subsequently distributed the common units to HTS and EPP. Excludes 41,666 Class A units that, following the conversion into common units described in note 6, are held by EPP for the benefit of current and former employees and service providers to Hunt. The reporting person disclaims beneficial ownership of these securities. Excludes an aggregate of 1,569,106 common units held by EPP for the benefit of current and former employees and service providers to Hunt. The reporting person disclaims beneficial ownership of these securities. /s/ Gregory S. Imhoff as Attorney-In-Fact for Hunter L. Hunt 2015-03-10