X0306 4 2016-11-07 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 2016-11-07 4 J 0 5500 A 5500 I By a subsidiary common units common stock 15262028 15262028 I By a subsidiary Represents the forfeiture by Benjamin D. Nelson to Hunt Transmission Services, LLC ("HTS"), a subsidiary of Hunt Consolidated, Inc. ("HCI"), of a prior grant of common stock from HTS as incentive compensation. The stock was restricted and, as of Mr. Nelson's resignation on November 7, 2016, had not vested. As a result, pursuant to the terms of the grant, the shares were forfeited. In the aggregate, HCI beneficially owns 15,267,528 shares of common stock, consisting of the 5,500 shares of common stock shown in Table I and the 15,262,028 shares underlying the common units shown in Table II. This amount excludes 1,534,238 common units held by Electricity Participant Partnership, LLC 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. /s/ Gregory S. Imhoff as Attorney-In-Fact for Hunt Consolidated, Inc. 2016-11-09