09 2015 wolfe_ppt_final_full

1. InfraREIT, Inc.
Wolfe Research Power & Gas Leaders Conference
September 2015

2. Safe Harbor
2
Forward Looking Statements
This presentation contains “forward-looking statements” about the business, financial performance, contracts, leases and prospects of InfraREIT, Inc. (the “Company”).
Words such as “could,” “will,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “guidance,” “outlook,” “target,” “expect,” “intend,” “plan,” “estimate,” “anticipate,”
“believe,” “project,” “budget,” “potential” or “continue” and similar expressions are used to identify forward-looking statements, although not all forward-looking
statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events
and are based on currently available information as to the outcome and timing of future events. This presentation also contains forward-looking statements that have
previously been publicly disclosed by the Company. These previously disclosed forward-looking statements should not be deemed reaffirmed or updated by their
inclusion in this presentation. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by any forward-
looking statements made in connection with this presentation. The Company’s capabilities or performance, stockholder value as well as any other statements that are
not historical facts in this presentation are forward-looking statements that involve certain risks and uncertainties, many of which are difficult to predict and beyond the
Company’s control. Factors that could cause actual results to differ materially from the results contemplated by such forward-looking statements include, without
limitation, risks that the capital expenditures the Company expects will not materialize for a variety of reasons, including as a result of lower oil and gas drilling and
related midstream and service company activities in the Permian Basin relative to the Company's current expectations; the Company’s ability to acquire electric
transmission and distribution assets (T&D assets) on terms that are accretive to stockholders; the Company’s current reliance on its tenant for all of the Company’s
revenues and, as a result, the Company’s dependency on its tenant’s solvency and financial and operating performance; defaults on or non-renewal or early termination
of leases by the Company’s tenant; risks related to future lease negotiations; changes in the regulated rates the tenants of the Company’s assets may charge their
customers; the completion of the Company’s capital expenditure projects on time and on budget; competitive conditions for the development and acquisition of T&D
assets; insufficient cash available to meet distribution requirements; the price and availability of debt and equity financing; the Company’s level of indebtedness or debt
service obligations; changes in governmental policies or regulations with respect to the Company’s permitted capital structure, acquisitions and dispositions of assets,
recovery of investments and the Company’s authorized rate of return; weather conditions and other natural phenomena; the effects of existing and future tax and other
laws and governmental regulations; the Company’s failure to qualify or maintain its status as a real estate investment trust (REIT); availability of qualified personnel; the
termination of the Company’s management agreement or development agreement or the loss of the services of the Company’s manager or the loss of access to the
development function of the Company’s developer; the effects of future litigation; changes in the tax laws applicable to REITs; adverse economic developments in the
electric power industry; and changes in general business and economic conditions, particularly in Texas. When considering forward-looking statements, you should
keep in mind the risk factors and other cautionary statements described under the heading “Risk Factors” included in the Company’s filings with the Securities and
Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary
materially from those indicated. Forward-looking statements speak only as of the date made and reaffirmed, and the Company disclaims any obligation to update or
revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Legend
This presentation contains certain financial measures that are not recognized under generally accepted accounting principles (GAAP). These non-GAAP measures are
presented because InfraREIT’s management believes they help investors understand InfraREIT’s business, performance and ability to earn and distribute cash to its
stockholders by providing perspectives not immediately apparent from net income. These measures are also measures frequently used by securities analysts, investors
and other interested parties. The presentation of cash available for distribution (CAD), funds from operations (FFO) in this presentation are not intended to be
considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, InfraREIT’s method
of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similar measures as calculated by
other companies that do not use the same methodology as InfraREIT.

3. Introduction to InfraREIT
3
 High-growth company focused on owning electric transmission and distribution
(T&D) infrastructure assets in the U.S., with an emphasis on the Texas market
and the Southwest
 Unique opportunity to invest in a rapidly expanding, dividend-focused business
 Double-digit growth is expected in Cash Available for Distribution (CAD) per
share, facilitated by Footprint Project capital expenditures, a robust pipeline of
development projects and potential acquisition opportunities
 Experienced management team
 Closely aligned with Hunt Consolidated, Inc. (Hunt), InfraREIT’s development
partner and long-term investor

4. Investment Highlights
4
Attractive Asset
Portfolio
 ~$1.1 bn in regulated electric T&D assets (rate base)
 Transmission assets currently comprise ~75% of rate base
Stable Cash Flow
 100% of revenue driven by regulated asset base
 REIT revenue governed by multi-year leases
Strong Track
Record
 Increased rate base from $60 mm in 2009 to ~$1.1 bn in 2Q 2015
 Successfully developed 300 miles and 4 substations of CREZ transmission system
 Closed acquisitions and completed rate case under REIT structure
Constructive
Regulatory
Environment
 Constructive T&D regulatory framework in Texas
 Texas regulation supportive of REIT structure
 Interim rate filings minimize regulatory lag
Efficient Structure
 REIT structure enables structurally advantageous cash generation
 Hunt is highly aligned with shareholders
High-Growth
Opportunities
 10% - 15% cumulative annual growth rate in dividends per share for 2015 – 2018
 Footprint Projects expected to achieve lower half of range
 Robust pipeline of ROFO projects, other T&D projects from Hunt and 3rd party
acquisitions
 Expect 2015 CAD per share between $1.07 and $1.12; quarterly dividend for
remainder of 2015 of $0.225 per share

5. Hunt Consolidated: A Proven Energy Developer
5
 Founded in 1934, the Hunt Oil Company and Hunt Consolidated, Inc. (a
diversified holding company managed by the Ray L. Hunt family) are actively
engaged in the energy and infrastructure businesses throughout the world
 Hunt has a long history of entrepreneurial activity and a successful track record
in developing and constructing large complex projects, such as the Texas CREZ
project
 Hunt has successfully partnered with large multinationals, international partners
and governments, and has a presence in 14 countries around the world

6. Strategic Sponsor with Long-Term Alignment
6
Through its ownership and its agreements as manager (Hunt
Manager) and developer (Hunt Developer), Hunt is highly
aligned with InfraREIT shareholders
 Hunt owns approximately 25.2% of InfraREIT(common stock and
operating units) as of June 30, 2015
 Lock-up agreements in respect of common stock and operating units
 Incentive distribution feature in the management agreement
 Hunt is required to offer specific development projects (ROFO Projects) to
InfraREIT
Hunt intends for InfraREIT to be the primary owner of Hunt’s future T&D
development projects

7. Attractive Asset Profile
7
Dallas
Austin
San Antonio
Houston
El Paso
Amarillo
Texas
Stanton
Celeste
Brady
McAllen
Railroad DC Tie
Service Territory
Panhandle Transmission
Railroad DC Tie
Panhandle
Transmission
 ~75% of rate base
 ~ 620 miles
 Transmission
Operations Center
 Railroad DC Tie with
Mexico (300 MW)
Distribution
 ~25% of rate base
 ~10,500 miles
 Over 50,000 electric
delivery points

8. Constructive Regulatory Environment
8
ERCOT
 Texas has its own electrical grid managed by the Electric
Reliability Council of Texas (ERCOT)
 Electric utilities are subject to regulation by the Public Utility
Commission of Texas (PUCT)
 Transmission revenue requirement can be updated through
a rate case or an interim Transmission Cost of Service
(TCOS) filing (twice per year)
 Distribution rates are typically updated through a rate case
 State government and regulators focused on further
enabling the growth of the Texas economy by providing
reliable and inexpensive electric service
 REIT structure approved by the PUCT in 2008
2014 Rate Case Settlement: 9.7% allowed ROE and 55% debt / 45% equity

9. $60
$1,100
2009 Q2 2015
Proven Results & Track Record
9
25%
75%
Distribution Transmission
2014 Rate Base
The CREZ Project, capital expenditures and acquisitions have enabled us to
significantly grow our business, with a heavy focus on Transmission
Rate Base
$ millions

10. Disciplined, Multifaceted Pursuit of Growth
10
Footprint Projects
(Funded by InfraREIT)
Hunt Development
team members
have an average of
15 years’ industry
experience
ROFO Projects
Growth Strategy Growth Drivers
• Population and economic growth across Texas
• Energy-driven economic expansion
• Generator interconnections to Panhandle
Transmission assets
• Specific Hunt T&D projects under construction or
in development
• Cross Valley transmission line and Golden
Spread interconnection have approved CCNs
and are under construction
• Value enhancing M&A Transactions that build on:
• Hunt’s industry relationships and reputation
• Expertise with REIT structure
• Future T&D projects developed and constructed
by Hunt
• Primarily focused on Texas and the Southwest
Other Hunt
Development Projects
Acquire other T&D assets
from third parties

11. Economic Drivers of Footprint Growth
11
 Renewable Energy Development and Interconnection in the
Panhandle and South Plains (CREZ Project)
 Connects high-potential renewables zones to the North and Central
Texas load pockets
 The Golden Spread Electric Coop Interconnection (ROFO Project)
connects to Panhandle Transmission Lines
 Economic Expansion in West Texas
 Investment required to ensure reliability and meet identified customer
requirements
 Regional electricity usage has grown rapidly; significant unmet needs
 Economic and Population Growth in South Texas
 Strong population growth in the Rio Grande Valley and expanding
economic activity on both sides of the Texas and Mexico border
 Track record and relationships in South Texas contributed to Cross
Valley Transmission Line (ROFO Project) opportunity
Source: ERCOT, US Census Bureau, Texas State Data Center

12. Pipeline of Development Projects
12
ROFO
Project (1)
Estimated (2)
Project Cost
Expected
Completion Status
GSEC Inter-
connection
$80-$100mm 2016
Under
construction
Cross
Valley Line
$160-$185mm 2016
Under
construction
Southline $700-$800mm —
Draft EIS
Published
Verde $60-$80mm —
In
development
Under Construction Other ROFO Additional Development Opportunities
(1) ROFO projects are identified projects that are being developed by Hunt Consolidated, Inc. and its affiliates with respect to which
InfraREIT has a right of first offer.
(2) The Company publicly disclosed this information previously and is not updating it or reaffirming it as of August 7, 2015.
NM
TX
AZ
NV
CA
M E X I C O
NV
CA
OK
TX
AZ
NM
MEXICO
Additional U.S. –
Mexico DC Ties
Additional South Texas
Transmission / Generation
Interconnections
Import capacity from
New Mexico and
Arizona to California
PJM and MISO
interconnection
ERCOT
Southeast
Loop
Transmission
Line
South Plains
Reinforcement
Southline
Transmission
Project
Verde Transmission
Project
Cross Valley
Transmission Line
Golden Spread
Electric Coop
(GSEC)
Interconnection
Lubbock Power & Light
Interconnection

13. ROFO Project Update
As of September 30, 2015
ROFO Project State Status
Golden Spread
Interconnection
TX
• CCN (Certificate of Convenience & Necessity) received
• Structural installation and wire stringing underway
• Bids for major components have been received
• Expected completion in late Q1 or early Q2 2016
Cross Valley
Transmission
TX
• CCN received
• Structural installation underway
• Bids for major components have been received
• Expected completion in late Q2 or Q3 2016
Southline AZ, NM
• Draft EIS (Environmental Impact Statement) published in April 2014
• Achieved Phase 3 status in WECC (Western Electricity Coordinating
Council) ratings process in March 2015
• FERC (Federal Energy Regulatory Commission) granted a PDO
(Petition for Declaratory Order) in September 2015
Verde NM • Easement agreements reached with three Native American Pueblos
13

14. Governance & Management
14
Board Structure  9 total members, 6 independent
Related Party
Transactions
 Requires majority approval by the independent board members (i.e.,
ROFO Project acquisitions)
Management
(Hunt Manager)
 CEO, CFO and General Counsel are officers of InfraREIT and Hunt
Manager
 Responsible for the day-to-day business and legal activities of
InfraREIT
 Annual base fee is equal to $13.1 million as of April 1, 2015 through
March 31, 2016, and 1.50% of total book equity as of the previous
year thereafter
 Capped at $30 mm per year
 Incentive fee is equal to 20% of dividends per share in excess of the
Threshold Distribution Amount (120% of initial dividend) payable
quarterly
 2015 Dividend per share: $0.225
 Threshold Dividend: $0.270
Management
Agreement
(Hunt Manager)

15. Structure Mechanics
15
SDTS (2)
Shareholders
InfraREIT (1)
Hunt Family
Sharyland
Utilities
Customers
T&D Services Cash
Rent
1
2
3
4
 Ownership (3)
 Hunt Manager
 Hunt Developer
100% Interest
(1) Represents InfraREIT public entity, InfraREIT Partners, LP (Operating Partnership) and Transmission and Distribution
Company, L.L.C. (TDC).
(2) Represents Sharyland Distribution & Transmission Services, L.L.C. (SDTS) and subsidiaries.
(3) Represents Hunt Transmission Services, L.L.C. (limited partner of the Operating Partnership & shareholder of InfraREIT)
Conducted business as a REIT since 2010
 SDTS owns the T&D
assets and leases them to
Sharyland
 Sharyland collects rate-
regulated revenue from
other utilities and retail
electric providers
 Sharyland makes regular
lease payments to SDTS
 InfraREIT receives a tax
deduction equal to the
amount of dividends the
Company distributes
1
2
3
4
Lease
Hunt
Consolidated,
Inc.

16. Financing Strategy
16
Focus on
Regulated
T&D
Opportunities
Maintain Strong
Balance Sheet
Grow
Dividends
 Sign long-term leases
that reflect regulated
rate structure
 Minimize regulatory
lag with prudent rate
case / TCOS filings
 80% - 85% long-term
CAD payout ratio
 Construct Footprint
Projects
 Acquire ROFO Projects
 Acquire Other Hunt
Development Projects
 Opportunistically
acquire other T&D
assets
 Target consolidated credit metrics of 60% Debt / Capitalization and 12% AFFO / Debt
 Maintain 55% Debt / Capitalization at SDTS
 Maintain significant liquidity to support capex plan and financial flexibility

17. Investment Highlights
17
Attractive Asset
Portfolio
 ~$1.1 bn in regulated electric T&D assets (rate base)
 Transmission assets currently comprise ~75% of rate base
Stable Cash Flow
 100% of revenue driven by regulated asset base
 REIT revenue governed by multi-year leases
Strong Track
Record
 Increased rate base from $60 mm in 2009 to ~$1.1 bn in 2Q 2015
 Successfully developed 300 miles and 4 substations of CREZ transmission system
 Closed acquisitions and completed rate case under REIT structure
Constructive
Regulatory
Environment
 Constructive T&D regulatory framework in Texas
 Texas regulation supportive of REIT structure
 Interim rate filings minimize regulatory lag
Efficient Structure
 REIT structure enables structurally advantageous cash generation
 Hunt is highly aligned with shareholders
High-Growth
Opportunities
 10% - 15% cumulative annual growth rate in dividends per share for 2015 – 2018
 Footprint Projects expected to achieve lower half of range
 Robust pipeline of ROFO projects, other T&D projects from Hunt and 3rd party
acquisitions
 Expect 2015 CAD per share between $1.07 and $1.12; quarterly dividend for
remainder of 2015 of $0.225 per share

18. Appendix

19. Lease Mechanics
Lease Terms
 InfraREIT is obligated to fund
capex for Footprint Projects
 New assets are added to leases
through supplements
 Lease renewals apply the same
methodology but are updated for
new rate case information
 Approximately 80% - 90% of rent
is a fixed amount – paid monthly
 Approximately 10% - 20% of rent
is variable based on a percentage
of Sharyland’s gross revenue less
adjustments – paid quarterly
Lease Objectives
InfraREIT
 Rent payments intended to
provide InfraREIT with
approximately 97% of the
projected regulated return on rate
base investment attributable to
InfraREIT’s assets
Sharyland
 Sharyland recovers operating and
maintenance (O&M) costs and a
portion of the return on InfraREIT’s
rate base
19

20. Building InfraREIT’s Income Statement
Lease Revenue
Less: Corporate SG&A
Less: Depreciation
Operating Income
Less: Interest Expense
Less: Income Tax Expense
Net Income
A
B
C
D
E
A
B
C
D
E
Approximately 97% of regulated return on rate base
(traditional utility model)
Primarily management fee, public company costs and
professional fees at InfraREIT
PUCT-approved depreciation rates on InfraREIT’s assets
InfraREIT consolidated interest expense
As a REIT, corporate taxes applied to net taxable income,
less deduction for dividends paid
20

21. InfraREIT Cash Available For Distribution
Q2 2015 vs. Q2 2014
CAD grew by 10% over Q2 2014, reflecting growth in adjusted EBITDA
$ thousands Q2 2015 Q2 2014
Increase/(Decrease)
$ %
Net income $ 8,843 $ 5,513
Depreciation 9,671 8,366
FFO 18,514 13,879
Non-cash reorganization structuring fee — —
Percentage rent adjustment 6,095 6,729
Base rent adjustment 3,068 3,548
Amortization of deferred financing costs 912 830
Reorganization expenses — —
Non-cash equity compensation 185 120
Other income, net (847) (172)
Capital expenditures to maintain net assets (9,671) (8,366)
Cash Available For Distribution (CAD) $ 18,256 $ 16,568 $ 1,688 10%
Shares outstanding (as of 6/30/2015) 60,594
CAD Per Share $ 0.30
21

22. InfraREIT Cash Available For Distribution
June YTD 2015 vs. June YTD 2014
CAD grew by 25% over June YTD 2014, reflecting growth in adjusted EBITDA
$ thousands
YTD
2015
YTD
2014
Increase/(Decrease)
$ %
Net (loss) income $ (27,030) $ 10,505
Depreciation 19,179 16,827
FFO (7,851) 27,332
Non-cash reorganization structuring fee 44,897 —
Percentage rent adjustment 12,559 13,056
Base rent adjustment 5,131 3,984
Amortization of deferred financing costs 1,824 1,659
Reorganization expenses 333 —
Non-cash equity compensation 308 120
Other income, net (1,473) (39)
Capital expenditures to maintain net assets (19,179) (16,827)
Cash Available For Distribution (CAD) $ 36,549 $ 29,285 $ 7,264 25%
Shares outstanding (as of 6/30/2015) 60,594
CAD Per Share $ 0.60
22

23. Debt Obligations & Available Liquidity
Long-Term Debt (rate / maturity)
($ millions)
Outstanding
As of June 30, 2015
TDC - Senior Secured Notes (8.50% / Dec. 30, 2020) $ 19.4
SDTS - Senior Secured Notes (6.47% / Sep. 30, 2030) 103.7
SDTS - Senior Secured Notes (7.25% / Dec. 30, 2029) 45.4
SP - Senior Secured Credit Facility (2.44% (1) / Jun. 20, 2018) (2) 391.7
SP - Senior Secured Notes (5.04% / Jun. 20, 2018) (2) 60.0
Total (3) $ 620.2
Liquidity Facilities
($ millions)
Total
Amount
Outstanding
As of June 30, 2015
Available
InfraREIT Partners Revolver $ 75.0 $ — $ 75.0
SDTS Revolver 250.0 — 250.0
Total $ 325.0 $ — $ 325.0
Cash (as of June 30, 2015) 50.5
Total Available Liquidity $ 375.5
(1) Interest based on LIBOR at June 30, 2015, plus an applicable margin
(2) Sharyland Projects (SP) debt used to fund construction of our CREZ Transmission assets
(3) The sum of the Long-Term Debt Total may not equal due to rounding
23