X0306 4 2016-07-11 0 0001506401 InfraREIT, Inc. HIFR 0001631638 Hunt Consolidated, Inc. 1900 NORTH AKARD STREET DALLAS TX 75201 0 0 1 0 common stock, $0.01 par value per share 2016-07-11 4 S 1 3142378 D 0 I By a subsidiary common units 2016-07-11 4 P 1 3142378 A common stock 3142378 15262028 I By a subsidiary Pursuant to a swap agreement between Hunt Transmission Services, L.L.C. ("HTS"), a subsidiary of Hunt Consolidated, Inc. ("HCI"), and MC Transmission Holdings, Inc. ("MC Transmission"), a subsidiary of Marubeni Corporation, HTS exchanged 3,142,378 shares of common stock of InfraREIT, Inc. for an equal number of common units of InfraREIT Partners, LP owned by MC Transmission. Because the swap was a one-for-one exchange of shares for common units, the swap had no effect on HCI's fully-diluted ownership of InfraREIT, Inc. HCI beneficially owns 15,262,028 shares of common stock underlying the common units shown in Table II. This amount excludes 1,543,445 common units held by Electricity Participant Partnership, LLC, a subsidiary of HCI, as to which HCI has disclaimed beneficial ownership. Represents common units of InfraREIT Partners, LP. Pursuant to the Third Amended and Restated Agreement of Limited Partnership 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. The right to redeem common units does not have an expiration date. Ray L. Hunt and Hunter L. Hunt, through one or more intermediaries, control HCI. By virtue of this relationship, they may be deemed to have or share beneficial ownership of securities beneficially held by HCI. Messrs. Hunt and Hunt expressly disclaim beneficial ownership of such securities, except to the extent of their pecuniary interest therein. /s/ Gregory S. Imhoff as Attorney-In-Fact for Hunt Consolidated, Inc. 2016-07-11