X0306 4 2019-01-02 0 0001506401 InfraREIT, Inc. HIFR 0001631929 Gates John A. 1900 NORTH AKARD STREET DALLAS TX 75201 1 0 0 0 common stock, $0.01 par value per share 2019-01-02 4 A 0 3779 A 16053 D LTIP Units common stock 16901 D Restricted common stock awarded under the InfraREIT, Inc. 2015 Equity Incentive Plan to non-employee directors. The shares are scheduled to vest on January 2, 2020. In the aggregate, Mr. Gates beneficially owns 32,954 shares of common stock, consisting of the 16,053 shares of common stock shown in Table I and the 16,901 shares underlying the LTIP Units shown in Table II. Represents LTIP Units of InfraREIT Partners, LP. Pursuant to the Third Amended and Restated Agreement of Limited Partnership of InfraREIT Partners, LP, Mr. Gates 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. /s/ Gregory S. Imhoff, as Attorney-In-Fact for John A. Gates 2019-01-04