1Q2018 Results & Supplemental Information

Q1 2018 Results &
Supplemental
Information
May 3, 2018

1
Safe Harbor
Forward Looking Statements
This presentation contains “forward-looking statements” about the business, financial performance, contracts, leases and prospects of InfraREIT, Inc. (InfraREIT or 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. 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, and in no event should the inclusion of forecasted information in
this presentation be regarded as a representation by any person that the results contained therein will be achieved. Statements about the Company’s anticipated financial and
operating performance, including projected or forecasted financial results, distributions to stockholders, capital expenditures, debt ratios, capitalization matters and other
forecasted metrics, as well as statements about a possible De-REIT alternative and 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, decisions by regulators or changes in governmental policies or
regulations with respect to the Company’s organizational structure, lease arrangements, capitalization, acquisitions and dispositions of assets, recovery of investments,
authorized rate of return and other regulatory parameters; the impact of any termination of the Company’s real estate investment trust (REIT) status; the implications of the
Company’s relationships with Hunt and its affiliates on any transaction or arrangement that may be proposed with respect to InfraREIT’s business or structure; the Company’s
current reliance on its tenant for all of its revenues and, as a result, the Company’s dependency on its tenant’s solvency and financial and operating performance; the amount
of available investment to grow the Company’s rate base; the Company’s ability to negotiate future rent payments or to renew leases with its tenant; insufficient cash available
to meet distribution requirements; and the effects of existing and future tax and other laws and governmental regulations. 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 U.S. 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). InfraREIT’s management uses non-
GAAP measures as important supplemental measures of its operating performance. InfraREIT also presents these measures because 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. InfraREIT has a diverse set of investors, including investors that primarily focus on utilities, yieldcos, MLPs or REITs. Management believes that each of these
different classes of investors focus on different types of metrics in their evaluation of InfraREIT. For instance, many utility investors focus on earnings per share (EPS) and
management believes its presentation of non-GAAP earnings per share (Non-GAAP EPS) enables a better comparison to other utilities. Management believes it is
appropriate to calculate and provide these measures in order to be responsive to these investors. Including the reporting on these measures in InfraREIT’s public disclosures
also ensures that this information is available to all of InfraREIT’s investors. The presentation of Non-GAAP EPS, funds from operations (FFO) and adjusted FFO (AFFO) 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. Reconciliations of these measures to their most directly comparable
GAAP measures are included in Schedules 1-3 to this presentation.

Q1 2018 Highlights and Recent Events
2
 Solid Q1 2018 performance
 Growth in lease revenue was $6 million, up 15 percent, driven by fixed rent comprising a
larger percentage of expected total rent under the Company’s leases for 2018 and
additional assets under lease
 Net income increased $7 million to $18 million in the first quarter of 2018, primarily due
to higher lease revenue
 Net income attributable to InfraREIT, Inc. common shareholders per share (EPS) of
$0.29 in 2018 compared to $0.18 in 2017
 Non-GAAP EPS of $0.29 in 2018 compared to $0.20 in 2017
 $15 million of capital expenditures
 Second Circuit of the Panhandle loop and two synchronous condensers placed in
service during the first half of 2018

InfraREIT’s Corporate Structure
3
 InfraREIT’s Board of Directors completed its initial review of the Company’s
REIT status and has directed management to pursue an alternative structure
that would involve terminating REIT status and opting for a C-corp structure
(“De-REIT alternative”), which could also include one or more of the following:
 Combining SDTS and Sharyland
 Terminating the leases between SDTS and Sharyland
 Other negotiations with Hunt and its affiliates, including seeking to terminate or
renegotiate the following:
• Management agreement
• Development agreement
• Other related agreements
 The Board of Directors has not set a specific timeline for evaluating a De-REIT
alternative nor is there any guarantee that a De-REIT alternative will be
executed
 In tandem, the Conflicts Committee will continue to monitor Hunt’s Schedule
13D filings regarding Hunt’s intentions with respect to InfraREIT

Pipeline of Hunt Projects
4
Additional U.S. –
Mexico DC Ties
Generation Interconnections
Southline
Transmission
Project
Cross Valley
Transmission Line
Golden Spread
Electric
Cooperative (GSEC)
Interconnection
Lubbock Power &
Light Interconnection
Under Development
Operational; Owned by
Sharyland Utilities, L.P.
As of May 3, 2018
Nogales DC Tie Generation Interconnections

Transmission Development Update
5
 At the March 8th Open Meeting, the Public Utility Commission of Texas (PUCT)
approved a final order related to Lubbock Power & Light’s (LP&L) application to join the
ERCOT market
 The current planning-level estimate of the total transmission requirement to interconnect LP&L to
ERCOT is $364 million
 LP&L and Sharyland will build the required transmission interconnections
• The two parties were asked to work jointly to determine which portions of the new
transmission lines and substations would be built by each party
 The Company expects less than $10 million of Sharyland’s portion to be footprint capital
expenditures
 Later this summer, Sharyland expects ERCOT’s completion of the South Plains study
refresh taking into account the new lines already endorsed for the integration of
Lubbock into ERCOT. ERCOT’s independent review could include the endorsement of
a third and, depending on the new levels of committed wind generation, a fourth
synchronous condenser.
 If included and ultimately approved, the new synchronous condensers would be footprint capital
expenditures

Q1 2018 Performance Summary
$ millions, except per share amounts
6
GAAP and Non-GAAP measures are in line with expectations
Net Income Attributable to InfraREIT, Inc.
Common Stockholders Per Share (EPS)
$0.18
$0.29
Q1 2017 Q1 2018
Lease Revenue
$39.6
$45.7
Q1 2017 Q1 2018
+15%
Net Income
$11.0
$17.8
Q1 2017 Q1 2018
+62%
+61%
Non-GAAP EPS
$0.20
$0.29
Q1 2017 Q1 2018
+45%

Drivers of Non-GAAP Earnings Metric
$ millions
7
Q1 2018 vs. Q1 2017
$12.0
6.0
1.1
1.1
0.1 0.7
1.0
0.2 $17.8
5
7
9
11
13
15
17
19
21
Q1 2017
Non-GAAP
Net Income
Lease
Revenue
Base Rent
Adjustment
Depreciation G&A Other
Income, net
Interest
Expense
Asset
Exchange
Transaction
Q1 2018
Non-GAAP
Net Income
-
-
-

Forward Outlook
8
 Affirming Guidance:
 2018 EPS range of $1.29 to $1.39
 2018 Non-GAAP EPS range of $1.22 to $1.32
 Expect to maintain current quarterly cash dividend of $0.25 per
share, or $1.00 per share annualized through 2018
 Current year earnings and dividend guidance assumes existing
lease payments continue as scheduled and that the Company
maintains its REIT status throughout 2018
 Footprint capital expenditures for 2018 – 2020 in the range of
$70 million to $180 million

2018E – 2020E Footprint Capital Expenditures
As of May 3, 2018
9
Footprint capex guidance range of $70 million – $180 million for 2018 – 2020
Long-term opportunities tied to generation interconnections and renewables expansion, regional
growth and new projects required to improve reliability and relieve congestion
$ millions 2018 2019 2020
Base Footprint Capex $40 - $65 $10 - $30 $10 - $25
Synchronous Condensers &
Second Circuit
$10 - $15 $0 - $20 $0 - $25
Total Footprint Capex $50 - $80 $10 - $50 $10 - $50

Financing Strategy
10
Focus on
Regulated
Asset
Opportunities
Maintain Strong
Financial Profile
Grow
Dividends
► Sign long-term leases that reflect
regulated rate structure
► Construct footprint capital expenditures
► Opportunistically acquire regulated
assets
► Maintain significant liquidity to support
capex plan and financial flexibility
► Maintain 55 percent debt-to-
capitalization at InfraREIT’s regulated
subsidiary, SDTS
► Target consolidated credit metrics of
60 percent debt-to-capitalization and
12 percent AFFO-to-debt

Schedule 1:
Explanation and Reconciliation of Non-GAAP EPS
Q1 2018 vs. Q1 2017
12
($ thousands, except per share amounts)
Q1 2018
Amount Per Share (3)
Q1 2017
Amount Per Share (3)
Net income attributable to InfraREIT, Inc. $ 12,864 $ 0.29 $ 7,949 $ 0.18
Net income attributable to noncontrolling interest 4,900 0.29 3,068 0.18
Net income 17,764 0.29 11,017 0.18
Base rent adjustment (1) (120) — 957 0.02
Transaction costs (2) 151 — — —
Non-GAAP net income $ 17,795 $ 0.29 $ 11,974 $ 0.20
Non-GAAP EPS
InfraREIT defines non-GAAP net income as net income (loss) adjusted in a manner the Company believes is appropriate to show its core
operational performance, including: (a) an adjustment for the difference between the amount of base rent payments that the Company receives
with respect to the applicable period and the amount of straight-line base rent recognized under GAAP and (b) adding back the transaction costs
related to the Asset Exchange Transaction. The Company defines Non-GAAP EPS as non-GAAP net income (loss) divided by the weighted
average shares outstanding calculated in the manner described in the footnotes below.
The following table sets forth a reconciliation of net income attributable to InfraREIT, Inc. per diluted share to Non-GAAP EPS for the three
months ended March 31, 2018 and 2017:

13
Schedule 1:
Explanation and Reconciliation of Non-GAAP EPS
(1) This adjustment relates to the difference between the timing of cash base rent payments made under the Company’s leases and
when the Company recognizes base rent revenue under GAAP. The Company recognizes base rent on a straight-line basis over
the applicable term of the lease commencing when the related assets are placed in service, which is frequently different than the
period in which the cash rent becomes due.
(2) This adjustment reflects the transaction costs related to the Asset Exchange Transaction. These costs are exclusive of the
Company’s routine business operations or typical rate case costs and have been excluded to present additional insights on
InfraREIT’s core operations.
(3) The weighted average common shares outstanding of 43.8 million was used to calculate net income attributable to InfraREIT, Inc.
per diluted share. The weighted average redeemable partnership units outstanding of 16.9 million was used to calculate the net
income attributable to noncontrolling interest per share. The combination of the weighted average common shares and
redeemable partnership units outstanding of 60.7 million was used for the remainder of the per share calculations.

14
Schedule 2:
Explanation and Reconciliation of FFO and AFFO
Q1 2018 vs. Q1 2017
FFO and AFFO
The National Association of Real Estate Investment Trusts (NAREIT) defines FFO as net income (computed in accordance with GAAP), excluding
gains and losses from sales of property (net) and impairments of depreciated real estate, plus real estate depreciation and amortization (excluding
amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. Applying the NAREIT definition to
the Company’s consolidated financial statements, which is the basis for the FFO and the reconciliations below, results in FFO representing net income
(loss) before depreciation, impairment of assets and gain (loss) on sale of assets. FFO does not represent cash generated from operations as defined
by GAAP and it is not indicative of cash available to fund all cash needs, including distributions.
AFFO is defined as FFO adjusted in a manner the Company believes is appropriate to show its core operational performance, including: (a) an
adjustment for the difference between the amount of base rent payments that the Company receives with respect to the applicable period and the
amount of straight-line base rent recognized under GAAP; (b) adding back the transaction costs related to the Asset Exchange Transaction; and (c)
adjusting for other income (expense), net.
The following table sets forth a reconciliation of net income to FFO and AFFO for the three months ended March 31, 2018 and 2017:
($ thousands) Q1 2018 Q1 2017
Net income $ 17,764 $ 11,017
Depreciation 11,577 12,687
FFO 29,341 23,704
Base rent adjustment (1) (120) 957
Other income, net (2) (733) (3)
Transaction costs (3) 151 —
AFFO $ 28,639 $ 24,658
(1) See footnote (1) on Schedule 1: Explanation and Reconciliation of Non-GAAP EPS
(2) Includes allowance for funds used during construction (AFUDC) on other funds of $0.7 million for the three months ended March 31,
2018. There was no AFUDC on other funds recorded during the three months ended March 31, 2017.
(3) See footnote (2) on Schedule 1: Explanation and Reconciliation of Non-GAAP EPS

Schedule 3:
Forecasted Guidance for 2018
Reconciliation of GAAP to Non-GAAP
15
Forecasted Guidance for 2018
The Company provides yearly guidance for Non-GAAP EPS, which is one of the supplemental financial measures it uses
in evaluating the Company’s operating performance. The Company believes that Non-GAAP EPS helps the Company and
investors better understand the Company’s business and performance by providing perspectives not immediately
apparent from net income.
The following table sets forth a reconciliation of the forecasted GAAP net income attributable to InfraREIT, Inc. per share
to Non-GAAP EPS for the year ending December 31, 2018:
(Per share amounts)
Full Year 2018
Low High
Net income attributable to InfraREIT, Inc. $ 1.29 $ 1.39
Net income attributable to noncontrolling interest 1.29 1.39
Net income 1.29 1.39
Base rent adjustment (0.08) (0.08)
Transaction costs 0.01 0.01
Non-GAAP EPS $ 1.22 $ 1.32

17
InfraREIT’s Investment Highlights
Attractive Asset
Portfolio
Strong Track
Record
Stable Cash Flow
» $1.5 billion in regulated electric transmission and wholesale distribution
assets (rate base)
» Increased rate base from $60 million in 2009 to $1.5 billion in 2018
» Successfully developed 300 miles and 4 substations in the CREZ
transmission system and significantly expanded the West Texas assets
» 100 percent of revenue driven by regulated asset base
» 90 percent of assets in transmission, remainder in wholesale distribution
(no end-use retail customers)
» Constructive regulatory framework in Texas
» Ability to submit interim transmission rate filings; minimizes regulatory lag
Constructive
Regulation
Strong Sponsor
Growth
Opportunities
» Hunt has long-term track record and relationships in Texas and the
Southwest
» High alignment between Hunt and other stakeholders
» Pro-business, high-growth state with growing infrastructure needs in West
and South Texas
» Well-positioned relative to future expansion of wind and solar generation
in the Panhandle, West Texas and South Plains
» Pipeline of projects with Hunt Developer

18
InfraREIT’s Transmission Assets
PANHANDLE
DALLAS
HOUSTON
AUSTIN
SAN ANTONIO
PERMIAN
BASIN

Interconnections Agreements
for Panhandle Generation
19
208 208
1,278
2,672
4,163
4,932 4,932 4,932 4,932
370
1,051 1,459
2,711
2,711
208 MW 208 MW
1,278 MW
2,672 MW
4,163 MW
4,932 MW
5,302 MW
8,694 MW
9,102 MW
0 MW
2,000 MW
4,000 MW
6,000 MW
8,000 MW
10,000 MW
2012 2013 2014 2015 2016 2017 2018 2019 2020
Cumulative MW Installed IA Signed - Financial Security Posted IA Signed - No Financial Security
Source: ERCOT – Summer 2018 Final Seasonal Assessment of Resource Adequacy and Generation Interconnection Status Report (March 2018)

Hunt Projects (1)
As of May 3, 2018
20
Project State Net Plant
Golden Spread TX ~ $90 mm
Cross Valley TX ~ $167 mm
Project State Status
Generation Interconnections TX Development
LP&L Integration TX Development
Nogales – DC Tie AZ Development
Southline AZ – NM Development
Construction or Development Projects
Assets in Operation
(1) InfraREIT holds a right of first offer applicable to many, but not all, of Hunt’s development projects. However, Hunt has informed InfraREIT that it intends for
InfraREIT to be primary owner of its development projects as they are completed and placed in service

Debt Obligations and Liquidity
$ millions
21
Long-Term Debt (rate / maturity)
Outstanding
As of
March 31, 2018
TDC – Senior Secured Notes (8.50% / December 30, 2020) $ 15.9
SDTS – Senior Secured Notes (5.04% / June 20, 2018) 60.0
SDTS – Senior Secured Term Loan (3.04% / June 5, 2020) 200.0
SDTS – Senior Secured Notes, Series A (3.86% / December 3, 2025) 400.0
SDTS – Senior Secured Notes, Series B (3.86% / January 14, 2026) 100.0
SDTS – Senior Secured Notes (7.25% / December 30, 2029) 40.0
SDTS – Senior Secured Notes (6.47% / September 30, 2030) 91.6
Total (1) $ 907.6
Liquidity Facilities Amount
Outstanding
As of
March 31, 2018 Available
InfraREIT Partners Revolver $ 75.0 $ — $ 75.0
SDTS Revolver 250.0 35.5 214.5
Total $ 325.0 $ 35.5 $ 289.5
Cash (as of March 31, 2018) 1.6
Total Available Liquidity $ 291.1
(1) The sum of the Long-Term Debt Total may not equal due to rounding.

Tax Cuts and Jobs Act (TCJA)
Financial Implications
22
 The TCJA reduced the corporate federal income tax rate from 35 percent to 21
percent
 As a result, the PUCT ordered all electric utilities to book a regulatory liability
for the revaluation of accumulated deferred federal income tax (ADFIT) and
the customer rate differential resulting from the lower corporate federal tax
rate
 Sharyland reduced its wholesale transmission rates for the reduced income
tax allowance instead of booking the regulatory liability for the customer rate
differential
 Sharyland communicated to InfraREIT its current intent not to request a reduction to
2018 lease payments to reflect the impacts of the TCJA
 Impacts to InfraREIT
 Reduced percentage rent in 2018 due to a reduction in Sharyland’s revenues
 Lower lease revenue per dollar of rate base on new assets placed in service or at
lease renewals reflecting a lower tax rate
 Created a $56 million regulatory liability during the fourth quarter of 2017 to reflect
the reduction in ADFIT

23
Structure Mechanics
(1) Parties to the management agreement
(2) Parties to the development agreement
(3) Represents Hunt Transmission Services, L.L.C. (limited partner of the Operating Partnership, shareholder of InfraREIT
and Hunt Developer)
(4) Sharyland is the managing member of SDTS; however, Sharyland’s economic interest in SDTS is de minimis, and
Sharyland has delegated to InfraREIT some of its managing member authority and obligations pursuant to a delegation
agreement
(5) Percentages as of March 31, 2018
Stockholders
InfraREIT, Inc.
NYSE:HIFR
(InfraREIT) (1) (2)
Hunt
Consolidated, Inc.(1) (2)
Sharyland (2)SDTS
Transmission and
Distribution
Company, L.L.C.
(TDC)
InfraREIT Partners, LP
(Operating Partnership)(1) (2)
Hunt Family
25.8%
74.2%
100%
100%
Member (4)
 Ownership (3)
 Hunt Manager
 Hunt Developer
Other Utilities
• SDTS owns
the regulated
assets and
leases them
to Sharyland
• Sharyland
provides
regulated
services to,
and collects
rate-
regulated
revenue from
other utilities
• Sharyland
makes
regular lease
payments to
SDTS
1
1
2
2
3
3

1Q2018 Results & Supplemental Information

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