X0306 4 2017-01-03 0 0001506401 InfraREIT, Inc. HIFR 0001630818 Baker W Kirk 1807 ROSS AVENUE, 4TH FLOOR DALLAS TX 75201 1 0 0 1 Chairman of the Board common stock, $0.01 par value per share 39932 D common stock, $0.01 par value per share 3000 I By Knight Grandchildren's Trust LTIP Units 2017-01-03 4 A 0 4519 A common stock 4519 12765 D common units common stock 256615 256615 I By Electricity Participant Partnership, LLC In the aggregate, Mr. Baker beneficially owns 309,312 shares of common stock, consisting of the 39,932 shares of common stock shown in Table I, the 256,615 shares underlying the common units shown in Table II and the 12,765 shares underlying the LTIP Units shown in Table II, but does not include the 3,000 shares held by the Knight Children's Trust as to which Mr. Baker has disclaimed beneficial ownership. Represents securities held by the Knight Grandchildren's Trust for the benefit of Mr. Baker's children. The reporting person's spouse is the trustee of the trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of any pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission that Mr. Baker is the beneficial owner of these securities for purposes of Section 16 or for any other purpose. Represents LTIP Units of InfraREIT Partners, LP, 8,246 of which are fully vested and 4,519 of which are scheduled to vest on January 3, 2018. Pursuant to the Third Amended and Restated Agreement of Limited Partnership of InfraREIT Partners, LP, Mr. Baker may elect to convert any vested LTIP Units on a one-for-one basis to common units of InfraREIT Partners, LP in accordance with their terms. 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 rights to convert vested LTIP Units into common units and redeem common units do not have expiration dates. LTIP Units are awarded under the InfraREIT, Inc. 2015 Equity Incentive Plan to non-employee directors who elected to receive LTIP Units in lieu of common stock. 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. The 256,615 common units beneficially owned by Mr. Baker are held by Electricity Participant Partnership, LLC, a subsidiary of Hunt Consolidated, Inc. /s/ Gregory S. Imhoff, as Attorney-In-Fact for W. Kirk Baker 2017-01-05