2016 Proxy Information Available Here

2016 INTERACTIVE ANNUAL REPORT

W. Kirk Baker , , , Chairman of the Board of Directors

Kirk Baker is the Chairman of InfraREIT. He is the managing partner of Captra Capital LLC, an infrastructure investment firm. Baker served as president and chief executive officer of Hunt Utility Services and InfraREIT until August 2014. He also served as a member of the board of directors of Hunt from April 2006 until August 2013. Baker was Senior Vice President and General Counsel of Hunt from February 2007 until January 2011 and was an executive and Tax Counsel from 1998 until 2007. During his time at Hunt, Baker had various positions, including manager of Hunt Transmission Services and Senior Vice President of Sharyland, and was involved in structuring many transactions for the subsidiaries and affiliates of Hunt in the oil and gas, real estate, power and private equity markets. Baker was part of the team that originated the idea to own regulated infrastructure assets through a REIT structure and led the effort for Hunt to obtain the private letter ruling confirming that electricity delivery systems constitute real property for purposes of the REIT rules of the IRS. Baker also led the effort to raise capital commitments resulting in the formation of InfraREIT. Prior to joining Hunt, Baker was with the law firms of Oppenheimer, Blend, Harrison & Tate in San Antonio, Texas and O’Melveny & Myers in New York, New York. Baker earned a Bachelor degree in accounting from Baylor University and a Juris Doctorate with high honors from the University of Texas School of Law.

David Campbell , , , Chief Executive Officer and director

David Campbell is president of Hunt Utility Services; president and chief executive officer of InfraREIT; and president and chief executive officer of Sharyland. Prior to joining InfraREIT in 2014, Campbell was president and chief operating officer of Bluescape Resources, an independent resource and investment company based in Dallas, Texas. Before that, he served as chief executive officer of Luminant, a competitive power generation subsidiary of EFH (previously TXU). Campbell originally joined TXU Corp. in 2004 as executive vice president of corporate planning, strategy and risk and became chief financial officer of TXU Corp. in early 2006. Before TXU, he was a principal in the Dallas office of McKinsey & Company, where he led the Texas and Southern Region hubs of McKinsey’s corporate finance and strategy practice. From 2010 to 2012, Campbell served as a board member for the National Nuclear Accrediting Board and the Electric Power Research Institute. Campbell earned a Bachelor of Arts from Yale University and a Juris Doctorate from Harvard Law School. Also, he graduated with a Master’s degree from Oxford University, where he studied as a Rhodes Scholar.

John Gates , , , Independent Director

John Gates is the Chief Executive Officer of Markets for Jones Lang LaSalle Americas, a financial and professional services firm that specializes in commercial real estate services and investment management. He oversees the Brokerage, Capital Markets, Project & Development Services, Property Management and Retail businesses and serves on the Americas Executive Committee setting overall strategy for the firm. Between January 2010 and January 2014. Gates was President of Real Estate Service, Americas at Jones Lang LaSalle. Gates began his career at The Staubach Company in 1990, where he held several leadership positions, including President and Chief Operating Officer and later as President of Americas Brokerage and Director of Markets West until The Staubach Company merged with Jones Lang LaSalle in 2008. Gates earned a Bachelor of Science degree in Economics/Finance from Trinity University and his Masters of Business Administration in Finance from the University of Texas (Austin).

Storrow M. Gordon , , , Independent Director

Storrow Gordon was Executive Vice President, General Counsel and Corporate Secretary of Electronic Data Systems Corporation (EDS) until 2008. She joined EDS in 1991 and during her 17-year tenure at EDS, in which she served in various management positions with the company, she was a key leader in EDS’s spin-off from General Motors Corporation in 1996 and the establishment of its independent board and governance systems. Before EDS, Gordon was a partner at the law firm of Johnson & Gibbs, where her practice focused on mergers and acquisitions. She was selected as a Texas Monthly Super Lawyer for 2004 and 2005. Gordon earned a Bachelor of Arts from The University of Texas (Austin) and a Juris Doctorate from Southern Methodist University where she served as an editor of the law review.

Trudy A. Harper , , , Independent Director

Trudy Harper is an adjunct faculty member for the Electrical and Computer Engineering Department at Tennessee Technological University (TTU. Harper was the President of Tenaska Power Services Co., the power marketing affiliate of Tenaska Energy, Inc. (Tenaska), until 2012. Harper retired from the Tenaska Board of Stakeholders in December 2015, although she remains a shareholder of Tenaska. Prior to leading Tenaska Power Services, Harper was general manager of business development for Tenaska’s independent power plant development efforts. She was the 2010 recipient of the Gulf Coast Power Association’s Pat Wood Power Star Award for her contributions to the deregulation of the Texas power market. Before joining Tenaska in 1992, Harper held various transmission and generation planning and state and federal regulatory affairs positions with Texas Utilities Electric Co. (TXU) in Dallas. In her various roles at TXU she was responsible for licensing new generation and transmission facilities and developing their policies on transmission access and pricing. Harper earned a Bachelor of Science degree and a Master of Science degree, both in electrical engineering from TTU, and a Master of Business Administration from Southern Methodist University.

Hunter L. Hunt , , , Director

Hunter Hunt is the CEO of Hunt Consolidated Energy, LLC, and Co-CEO of its holding company, Hunt Consolidated, Inc. the holding company for Hunt Oil, Hunt Power and the other energy activities of the Ray L. Hunt family of Dallas, Texas, and has held various positions within the Hunt organization since 1998. The Hunt family of companies is one of the largest privately-owned energy companies in the world, engaging in exploration and production as well as LNG. Hunt is also engaged in refining and development of energy technologies and renewable energy projects. Hunter Hunt is also the Chairman and Chief Executive Officer for Sharyland Utilities, L.P. Prior to joining Hunt Consolidated, Hunter Hunt began his career with the investment bank Morgan Stanley, both in corporate finance and commodity trading. He graduated from Southern Methodist University summa cum laude, earning Bachelor of Science degrees with honors in both economics and political science.

Harold R. Logan, Jr. , , , Independent Director

Hal Logan is the Lead Director of InfraREIT. Logan has served as a member of the Board of Supervisors of Suburban Propane Partners, L.P., a New York Stock Exchange listed company, since 1996 and as its Chairman since 2007,. Logan has been a director of Graphic Packaging Corporation, a New York Stock Exchange listed company, since 2001, where he currently serves as a member of the Audit Committee. Logan is also the Lead Director of Cimarex Energy Co., a New York Stock Exchange listed company. Logan was a Co-Founder of TransMontaigne Inc. in 1995 and served as Chief Financial Officer, Executive Vice President and Treasurer and as a director. In 2002, he retired from his position as an officer of TransMontaigne Inc. but remained a director until the company was sold to Morgan Stanley in 2006. From 1987 to 1995, he was Senior Vice President/Finance, Chief Financial Officer and a director of Associated Natural Gas Corporation. Prior to that, he was an investment banker with Dillon Read & Co. Inc. and Rothschild, Inc. Logan earned a B.S. in Economics from Oklahoma State University and an MBA in Finance from Columbia University Graduate School of Business.

Dr. Harvey Rosenblum , , , Independent Director

Dr. Harvey Rosenblum is a professor of financial economics in the Cox School of Business at Southern Methodist University (SMU). In addition, he was Executive Vice President and Director of Research at the Federal Reserve Bank of Dallas between 2005 and 2013, when he retired. Rosenblum began his professional career in 1970 as an economist with the Federal Reserve Bank of Chicago, ultimately serving as Vice President and Associate Director of Research. He serves on the Board of Directors of the Dallas Committee on Foreign Relations. Rosenblum frequently speaks on a broad range of economic topics. He previously served on several other Boards of Directors, including the National Bureau of Economic Research, Secretary-Treasurer and Board member of the Western Economics Association International, and as Executive Director and Board member of the International Banking, Economics and Finance Association. He is a past President of the National Association for Business Economics. Rosenblum earned a Bachelor of Arts in economics from the University of Connecticut and a Ph.D. in economics from the University of California, Santa Barbara.

Ellen C. Wolf , , , Independent Director

Ellen Wolf served as Senior Vice President and Chief Financial Officer of American Water Works Company, Inc., the largest investor-owned U.S. water and wastewater company, from 2006 until her retirement in May 2013. Previously, she served as Senior Vice President and Chief Financial Officer of USEC, Inc. from 2003 until 2006 and as Vice President and Chief Financial Officer of American Water Works from 1999 to 2003. Since 2008, Wolf has served as a director of Airgas, Inc., a New York Stock Exchange listed company, since 2013 she has served as a director of Premier, Inc., a NASDAQ listed company, and since 2015 she has served as director of the Connecticut Water Services, Inc., a NASDAQ listed Company. Wolf earned a Bachelor of Arts degree from Duke University and a Master of Business Administration from the University of Pennsylvania

Contact The Board

To contact all directors on the Board of Directors, all directors on a committee of the Board of Directors or an individual member or members of the Board of Directors, including any non-management or independent director, you may mail a written communication to: InfraREIT, Inc., Attention: Corporate Secretary, 1807 Ross Avenue, 4th Floor, Dallas, Texas 75201. You may submit your concern anonymously or confidentially by postal mail. You may also indicate whether you are a stockholder or other interested party.

All communications received in the mail will be opened by our Corporate Secretary for the purpose of determining whether the contents represent a message to the Board of Directors. The contents of communications to the Board of Directors will be promptly relayed to the appropriate members.

To report concerns or complaints about InfraREIT's accounting, internal accounting controls or auditing matters, or other concerns regarding non-compliance of laws (including securities laws) and our company policies to InfraREIT's Board of Directors, you may also use one of the options below:

Call the InfraREIT Helpline: 844-877-5472

Report online: www.reportlineweb.com/infrareit

Complaints relating to InfraREIT's accounting, internal accounting controls or auditing matters will be referred to the Audit Committee of the Board of Directors. All complaints and concerns will be received and processed under the oversight of the Board of Directors by InfraREIT's Director of Internal Audit and general counsel. If possible, we will provide you with a written acknowledgment upon receipt of your written complaint or concern. You can report your concerns anonymously or confidentially. Reports received via the Helpline or email address provided above will be confidential to the fullest extent possible and may be made anonymously if the reporting person so desires. InfraREIT will maintain the confidentiality of reports, including the identity of those individuals who provide their names when reporting concerns or complaints. However, identities and confidences may be revealed to the extent necessary to conduct a thorough investigation.

The information provided on these pages includes forward-looking statements, which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially. We refer you to the discussion of risk factors that could affect future results and performance in our most recent prospectus and other SEC filings. InfraREIT, Inc. assumes no obligation to update any forward-looking statements made here as a result of new information or future events or developments.

InfraREIT, Inc. makes no claims concerning the accuracy of the information provided on these pages, and will not be held liable for any use of this information. Note: Historical and current stock price performance data is not necessarily indicative of future performance.