X0306 4 2016-11-28 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 5500 I By a subsidiary common units 2016-11-28 4 J 0 91586 D common stock 91586 15170442 I By a subsidiary In the aggregate, Hunt Consolidated, Inc. ("HCI") beneficially owns 15,175,942 shares of common stock consisting of the 5,500 shares reported in Table I and the 15,170,442 shares of common stock underlying the common units shown in Table II. This amount excludes 1,534,238 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 ("InfraREIT Partners"). Pursuant to the Third Amended and Restated Agreement of Limited Partnership of InfraREIT Partners, 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. Represents the grant of common units of InfraREIT Partners by Hunt Transmission Services, L.L.C., a subsidiary of HCI, to David A. Campbell as incentive compensation. The common units are restricted and subject to vesting. The common units will vest one-fourth on January 31, 2018, one-fourth on January 31, 2019, one-fourth on January 31, 2020 and the balance of common units will vest on January 31, 2021, subject to continual service by Mr. Campbell with HCI or an affiliate thereof on such dates. /s/ Gregory S. Imhoff as Attorney-In-Fact for Hunt Consolidated, Inc. 2016-11-29