InfraREIT reported solid Q1 2017 results with increases in lease revenue and net income in line with expectations. However, some non-GAAP measures were mixed. Non-GAAP EPS decreased slightly to $0.30 per share due to growth in operating expenses offsetting increased lease revenue. Adjusted EBITDA increased 7% to $40.8 million due to lease revenue growth. Capital expenditures were $52 million for ongoing system upgrades and to accommodate load growth in the service territory.

1. Q1 2017 Results &
Supplemental Information
May 4, 2017

2. 1
Safe Harbor
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. 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. 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, 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 Company’s current reliance on its
tenant for all of its revenues and, as a result, the Company’s dependence on its tenant’s solvency and financial and operating performance; 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) or changes in the tax laws
applicable to REITs; the amount of available investment to grow the Company’s rate base; 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; cyber breaches, weather conditions or other natural phenomena; the
effects of existing and future tax and other laws and governmental regulations; the termination of the Company’s management agreement or the loss of the services of the
Company’s manager or other qualified personnel; and adverse developments in the electric power industry or in business conditions generally.
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. For example, management uses the cash available for distribution (CAD) measurement
when recommending dividends to its Board of Directors. These non-GAAP measures are also presented 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; CAD; net income (loss) before interest expense, net, income tax expense,
depreciation and amortization (EBITDA); Adjusted EBITDA; 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 1-4 to this
presentation.

3. Q1 2017 Highlights
2
▪ Solid Q1 2017 performance; in line with expectations
 Increases in both lease revenue and net income
 Non-GAAP EPS of $0.30; 7% increase in adjusted earnings before interest, taxes,
depreciation and amortization (Adjusted EBITDA)
 $52 million of capital expenditures
▪ Strong growth fundamentals in Sharyland’s service territory
 Distribution peak load and distribution volume continue to trend higher in Q1 2017
 Oil prices have recently stabilized around $50s per barrel
▪ Hunt projects
 Ongoing discussions regarding South Plains interconnection, LP&L integration into
ERCOT, Verde and Southline projects
 Sharyland pursuing several wind interconnection agreements in the Texas Panhandle
▪ Rate case
 Proceedings abated and hearings canceled
 Settlement negotiations in progress

4. Sharyland Distribution:
Residential and Industrial Trends
3
Source: Sharyland Utilities
(1) Change in net residential customers – end of the period vs. beginning of the period.
(2) Change in KW for Primary and Large Secondary (>10 kW) rate classes; 2014-2016 data adjusted for cancels/rebills.
Growth in Residential Customers (1)
Growth in Industrial and Large
Business Customer Demand, KW (2)
Period
% Annual
Growth
2015 6.0%
2016 2.3%
Q1 2017 vs Q1 2016 4.6%
Period
% Growth Over
Prior Year
2015 vs 2014 23.7%
Q1 2016 vs Q1 2015 16.2%
Q2 2016 vs Q2 2015 16.6%
Q3 2016 vs Q3 2015 14.9%
Q4 2016 vs Q4 2015 12.6%
2016 vs 2015 15.0%
Q1 2017 vs Q1 2016 12.2%

5. Permian Region Total
Oil Production
4
1.02
1.19
1.35
1.63
1.87
2.02
2.09
2.16
2011 2012 2013 2014 2015 2016 Q4 2016 Q1 2017
Millions barrels (bbls) / day (1)
Change in Annual Average
bbls/day 2011-2016
2012 vs. 2011 16.7%
2013 vs. 2012 13.9%
2014 vs. 2013 20.4%
2015 vs. 2014 14.9%
2016 vs. 2015 7.9%
Change in Quarterly
Average bbls/day 2015-2017
Q2 2015 vs. Q1 2015 5.8%
Q3 2015 vs. Q2 2015 0.0%
Q4 2015 vs. Q3 2015 0.2%
Q1 2016 vs. Q4 2015 2.9%
Q2 2016 vs. Q1 2016 1.7%
Q3 2016 vs. Q2 2016 2.6%
Q4 2016 vs. Q3 2016 2.4%
Q1 2017 vs. Q4 2016 3.3%
(1) Represents the average bbls/day of the respective time period from the U.S. EIA Monthly Drilling
Productivity Report for the Permian Basin released April 17, 2017

6. Interconnections Agreements
for Panhandle Wind Generation
5
208 208
1,278
2,672
3,429
4,033 4,033 4,033
811 1,180 1,461
502
3,894
3,894
208 MW 208 MW
1,278 MW
2,672 MW
3,429 MW
5,346 MW
9,107 MW
9,388 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
Cumulative MW Installed IA Signed - Financial Security Posted IA Signed - No Financial Security
Source: ERCOT – Spring 2017 Final Seasonal Assessment of Resource Adequacy and Generation Interconnection Status Report (March 2017)

7. Pipeline of Hunt Projects
6
Additional U.S. –
Mexico DC Ties
Generation Interconnections
South Plains
Reinforcement
Southline
Transmission
Project
Verde 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 4, 2017

8. Rate Case:
Request Summary
7
Abatement of rate case proceedings granted; Settlement negotiations in progress
▪ PUCT Docket No. 45414; Test Year: 2015
▪ SDTS rate base in the rate case filing was $1,245 million
▪ Requested $30 million return on and of deferred regulatory assets
▪ Complied with requirement for a system-wide tariff and cost based rates for each
customer class
▪ SDTS requested CCN
▪ Requested approval of two tariff leases
SDTS and Sharyland Combined Rate Case Request Summary
► Equity 45%
► Debt 55%
► Return on Equity 10%
► Cost of Debt 4.97%
► Rate of Return 7.24%

9. Q1 2017 Performance Summary
$ millions, except per share amounts
8
Growth in lease revenue and net income in line with expectations
Net Income Attributable to InfraREIT, Inc.
Common Stockholders Per Share
$0.14
$0.18
Q1 2016 Q1 2017
Lease Revenue
$33.7
$39.6
Q1 2016 Q1 2017
+18%
Net Income
$8.8
$11.0
Q1 2016 Q1 2017
+25%
+29%

10. Q1 2017 Performance Summary
$ millions, except per share amounts
9
Mixed Non-GAAP results in line with expectations
Cash Available for Distribution
$19.3 $19.3
Q1 2016 Q1 2017
Non-GAAP EPS
$0.31 $0.30
Q1 2016 Q1 2017
Adjusted EBITDA
$38.1
$40.8
Q1 2016 Q1 2017
+7%
-3%

11. Drivers of Non-GAAP EPS Changes (1)
10
Growth in lease revenue, driven by increased rate base, was offset by increases in G&A,
depreciation and interest expense along with a decrease of other income, net
($ millions, except percentages and per share amounts) Q1 2017 Q1 2016 Change
Lease revenue $ 39.6 $ 33.7 $ 5.9 17.5%
Operating costs and expenses
General and administrative expense 6.0 5.5 (0.5) 9.1%
Depreciation 12.7 11.1 (1.6) 14.4%
Interest expense, net 9.7 8.8 (0.9) 10.2%
Other income, net — 0.8 (0.8)
Income before income taxes 11.3 9.0 2.3 25.5%
Income tax expense (0.2) (0.2) —
Net income 11.0 8.8 2.2 25.0%
Percentage rent adjustment 6.2 7.0 (0.8)
Base rent adjustment 1.0 3.0 (2.0)
Non-GAAP net income $ 18.1 $ 18.8 $ (0.7) 3.7%
Non-GAAP EPS $ 0.30 $ 0.31 $ (0.01) 3.2%
(1) The totals may not equal due to rounding

12. Debt Obligations and Liquidity
$ millions
11
Long-Term Debt (rate / maturity)
Outstanding
As of
March 31, 2017
TDC – Senior Secured Notes (8.50% / December 30, 2020) $ 17.2
SDTS – Senior Secured Notes (5.04% / June 20, 2018) 60.0
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) 42.1
SDTS – Senior Secured Notes (6.47% / September 30, 2030) 96.3
Total $ 715.6
Liquidity Facilities Amount
Outstanding
As of
March 31, 2017 Available
InfraREIT Partners Revolver $ 75.0 $ — $ 75.0
SDTS Revolver 250.0 162.0 88.0
Total $ 325.0 $ 162.0 $ 163.0
Cash (as of March 31, 2017) 2.6
Total Available Liquidity $ 165.6

13. Growth and Financing Strategy
12
Focus on
Regulated
T&D
Opportunities
Maintain Strong
Financial Profile
Grow
Dividends
► Sign long-term leases that reflect regulated
rate structure
► Construct Footprint Projects
► Opportunistically acquire T&D assets
► Maintain significant liquidity to support
capex plan and financial flexibility
► Maintain 55% debt to capitalization at
InfraREIT’s regulated subsidiary, SDTS
► Target consolidated credit metrics of 60%
debt to capitalization and 12% AFFO to
debt

14. 2017E – 2019E Footprint
Capital Expenditures (1)
13
Forecast range of $275 million – $500 million for 2017 – 2019
Significant system upgrades since 2013, particularly in the Stanton (West Texas) area, have
accommodated growth and created capacity for future expansion
$ millions 2017 2018 2019
Base Distribution $35 - $60 $35 - $60 $20 - $60
Base Transmission $45 - $75 $20 - $50 $5 - $30
Base Footprint
Capex
$80 - $135 $55 - $110 $25 - $90
Synchronous
Condensers &
Second Circuit
$95 - $105 $20 - $40 $0 - $20
Total Footprint
Capex
$175 - $240 $75 - $150 $25 - $110
(1) Footprint Projects are transmission or distribution projects primarily situated within our distribution service territory, or that physically hang from our existing transmission assets
or are physically located within one of our existing substations.

15. Reg G Reconciliation

16. Schedule 1:
Explanation and Reconciliation of Non-GAAP EPS
Q1 2017 vs. Q1 2016
15
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) a quarterly, not annual, adjustment for the difference between the amount of
percentage rent payments that the Company expects to receive with respect to the applicable period and the amount of
percentage rent the Company recognizes under GAAP during the period and (b) 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. 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, 2017 and 2016:
($ thousands, except per share amounts)
Q1 2017
Amount Per Share (3)
Q1 2016
Amount Per Share (4)
Net income attributable to InfraREIT, Inc. $ 7,949 $ 0.18 $ 6,315 $ 0.15
Net income attributable to noncontrolling interest 3,068 0.18 2,462 0.14
Net income 11,017 0.18 8,777 0.15
Percentage rent adjustment (1) 6,174 0.10 6,990 0.11
Base rent adjustment (2) 957 0.02 3,035 0.05
Non-GAAP net income $ 18,148 $ 0.30 $ 18,802 $ 0.31

17. 16
Schedule 1:
Explanation and Reconciliation of Non-GAAP EPS
Q1 2017 vs. Q1 2016
(1) Represents the difference between the amount of percentage rent payments and the amount recognized during the applicable period, if
any. Although the Company receives percentage rent payments related to each quarter, it does not recognize lease revenue related to
these percentage rent payments until the Company’s tenant’s annual gross revenues exceed minimum specified annual breakpoints
under the leases.
(2) 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.
(3) The weighted average common shares outstanding during the three months ended March 31, 2017 of 43.8 million was used to
calculate net income attributable to InfraREIT, Inc. per diluted share. The weighted average redeemable partnership units outstanding
during the three months ended March 31, 2017 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 during the
three months ended March 31, 2017 of 60.7 million was used for the remainder of the per share calculations.
(4) The weighted average common shares outstanding during the three months ended March 31, 2016 of 43.6 million was used to
calculate net income attributable to InfraREIT, Inc. per diluted share. The weighted average redeemable partnership units outstanding
during the three months ended March 31, 2016 of 17.0 million was used to calculate the net income attributable to noncontrolling
interest per share. The combination of the weighted average shares and redeemable partnership units outstanding during the three
months ended March 31, 2016 of 60.6 million was used for the remainder of the per share calculations.

18. Schedule 2:
Explanation and Reconciliation of CAD
Q1 2017 vs. Q1 2016
17
CAD
The Company defines CAD in a manner that it believes is appropriate to show its core operational performance, which includes a
deduction of the portion of capital expenditures needed to maintain its net assets. This deduction equals depreciation expense
within the applicable period. The portion of the capital expenditures in excess of depreciation, which the Company refers to as
growth capital expenditures, will increase the Company’s net assets. The CAD calculation also includes various other
adjustments from net income, as outlined below and described in more detail on Schedules 1, 3 and 4.
The following table sets forth a reconciliation of net income to CAD for the three months ended March 31, 2017 and 2016:
(1) See footnote (1) on Schedule 1 on Explanation and Reconciliation on Non-GAAP EPS
(2) See footnote (2) on Schedule 1 on Explanation and Reconciliation on Non-GAAP EPS
(3) Includes allowance for funds used during construction (AFUDC) on other funds of $0.8 million for the three months ended
March 31, 2016. There were no AFUDC on other funds recorded during the three months ended March 31, 2017.
($ thousands) Q1 2017 Q1 2016
Net income $ 11,017 $ 8,777
Depreciation 12,687 11,074
Percentage rent adjustment (1) 6,174 6,990
Base rent adjustment (2) 957 3,035
Amortization of deferred financing costs 1,004 1,003
Non-cash equity compensation 140 292
Other income, net (3) (3) (759)
Capital expenditures to maintain net assets (12,687) (11,074)
CAD $ 19,289 $ 19,338

19. Schedule 3:
Explanation and Reconciliation of EBITDA
and Adjusted EBITDA
Q1 2017 vs. Q1 2016
18
EBITDA and Adjusted EBITDA
InfraREIT defines EBITDA as net income (loss) before interest expense, net; income tax expense; depreciation and amortization.
Adjusted EBITDA is defined as EBITDA adjusted in a manner the Company believes is appropriate to show its core operational
performance, including: (a) a quarterly, not annual, adjustment for the difference between the amount of percentage rent
payments that the Company expects to receive with respect to the applicable period and the amount of percentage rent the
Company recognizes under GAAP during the period, (b) 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 (c) adjusting for other income (expense), net.
The following table sets forth a reconciliation of net income to EBITDA and Adjusted EBITDA for the three months ended
March 31, 2017 and 2016:
(1) See footnote (1) on Schedule 1 on Explanation and Reconciliation of Non-GAAP EPS
(2) See footnote (2) on Schedule 1 on Explanation and Reconciliation of Non-GAAP EPS
(3) See footnote (3) on Schedule 2 on Explanation and Reconciliation of CAD
($ thousands) Q1 2017 Q1 2016
Net income $ 11,017 $ 8,777
Interest expense, net 9,698 8,842
Income tax expense 244 186
Depreciation 12,687 11,074
EBITDA 33,646 28,879
Percentage rent adjustment (1) 6,174 6,990
Base rent adjustment (2) 957 3,035
Other income, net (3) (3) (759)
Adjusted EBITDA $ 40,774 $ 38,145

20. 19
Schedule 4:
Explanation and Reconciliation of FFO and AFFO
Q1 2017 vs. Q1 2016
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) a quarterly, not annual, adjustment for the difference between the amount of percentage rent payments that the
Company expects to receive with respect to the applicable period and the amount of percentage rent the Company recognizes
under GAAP during the period, (b) 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 (c) adjusting
for other income (expense), net.

21. Schedule 4:
Explanation and Reconciliation of FFO & AFFO
Q1 2017 vs. Q1 2016
20
FFO and AFFO
The following table sets forth a reconciliation of net income to FFO and AFFO for the three months ended March 31, 2017 and 2016:
(1) See footnote (1) on Schedule 1 on Explanation and Reconciliation of Non-GAAP EPS
(2) See footnote (2) on Schedule 1 on Explanation and Reconciliation of Non-GAAP EPS
(3) See footnote (3) on Schedule 2 on Explanation and Reconciliation of CAD
($ thousands) Q1 2017 Q1 2016
Net income $ 11,017 $ 8,777
Depreciation 12,687 11,074
FFO 23,704 19,851
Percentage rent adjustment (1) 6,174 6,990
Base rent adjustment (2) 957 3,035
Other income, net (3) (3) (759)
AFFO $ 30,832 $ 29,117

22. Appendix

23. 22
Attractive Asset Profile
Transmission
► ~70% of our rate base is
transmission
► ~815 circuit miles of transmission
lines
► Transmission Operations Center
► Railroad DC Tie with Mexico
(300 MW)
Distribution
► ~30% of our rate base is distribution
► ~35,800 circuit miles of overhead
distribution lines
► ~4,700 circuit miles of underground
distribution lines
► ~54,000 electric delivery points
As of December 31, 2016

24. 23
Rate Case:
Proposed Lease Changes
▪ Existing leases will be terminated and SDTS and SU will enter into two
new leases based on asset type
 Transmission assets
 Distribution assets
▪ Leases will be directly regulated and approved by the PUCT as part of
an SDTS tariff
▪ New leases are designed to continue to comply with the “true lease”
requirement and other tax rules applicable to REITs
▪ Rent updated through rate cases, TCOS and DCRF filings instead of
annual rent supplements and validations
▪ New leases will each have initial four-year terms compared to
staggered, multi-year expirations

25. 24
Rate Case:
Proposed Transmission Lease
▪ Test Year SDTS transmission rate base ($916 million)
▪ Contains both base and percentage rent
 Approximately 85 percent will be a fixed amount, paid
monthly
 Percentage rent will be paid quarterly and will include a 35
percent percentage rent rate
▪ Transmission lease payments will be updated for TCOS
filings approved subsequent to the Test Year

26. 25
Rate Case:
Proposed Distribution Lease
▪ Test Year SDTS distribution rate base ($329 million)
▪ Contains both base and percentage rent
 Approximately 80 percent will be a fixed amount, paid monthly
 Percentage rent will be paid quarterly and have a two-tier breakpoint
• 15.4% rate between first and second breakpoint
• 39.9% rate above the second breakpoint
▪ Distribution lease payments will be updated for DCRF filings approved
subsequent to the rate case
▪ The unregulated owners of SDTS and Sharyland intend to enter into a
transition payment agreement to allocate distribution revenue growth after the
2015 test year
 Expected to be based on a variety of factors, including Sharyland’s distribution
revenue growth and the amount of distribution assets placed in service
 This agreement will not affect ratepayers

27. Rate Case:
Rate Base
26
($ thousands)
Test Year 2015
SDTS Sharyland Total
Test Year
2012 Change
Plant in service 1,523,740 27,733 1,551,473 437,514 1,113,959
Accumulated depreciation (253,368) (15,042) (268,410) (188,313) (80,097)
Net plant in service 1,270,372 12,691 1,283,063 249,201 1,033,862
Working capital (811) (2,660) (3,471) 972 (4,443)
Accumulated deferred
federal income tax (ADFIT)
(90,992) 7,231 (83,761) (11,507) (72,254)
Materials and supplies 7,129 — 7,129 2,344 4,785
Prepayments — 1,067 1,067 89 978
Plant acquisition adjustment 28,970 — 28,970 — 28,970
Regulatory assets 30,000 (1,255) 28,745 55,654 (26,909)
Total Rate Base 1,244,668 17,074 1,261,742 296,753 964,989

28. Rate Case:
Revenue Requirement
27
($ thousands)
Test Year 2015
SDTS Sharyland Total
Operating & maintenance expense 6,488 75,748 82,236
Depreciation, amortization & other expenses 43,246 1,991 45,237
Taxes other than federal income tax — 19,964 19,964
Federal income tax 30,159 (301) 29,858
Return on rate base 90,114 1,236 91,350
Total cost of service 170,007 98,638 268,645
Other revenues (3) (974) (977)
Transition to competition — (479) (479)
Revenues recovered in Docket 21591 deferral rider (3,000) — (3,000)
Account 565 revenue — (15,390) (15,390)
Total Adjusted Revenue Requirement 167,004 81,795 248,799

29. 28
Rate Case:
Customer Benefits
▪ Long-term investments in rate base
 Supported significant distribution load growth of
approximately 13 percent per year over the past five years
(through 2016), primarily due to increased oil and gas
exploration and production activity throughout the West Texas
region
 Improved long-term reliability by investing over $300 million in
transmission and distribution infrastructure outside of the
Texas Panhandle over the last three years (through 2015)
 Expanded access for wind farms in the Texas Panhandle to
provide clean, cost-effective electricity for Texas customers

30. 29
Rig Count Trends In West Texas
Average Weekly Rig Count
Total Permian Basin
Period Avg. # of Rigs
2012 499
2013 466
2014 539
2015 Q1 399
2015 Q2 243
2015 Q3 248
2015 Q4 224
2016 Q1 177
2016 Q2 140
2016 Q3 184
2016 Q4 230
2017 Q1 298
Average Weekly Rig Count
Counties in Sharyland Service Territory
Period Avg. # of Rigs
2012 294
2013 266
2014 300
2015 Q1 195
2015 Q2 127
2015 Q3 128
2015 Q4 115
2016 Q1 85
2016 Q2 70
2016 Q3 93
2016 Q4 113
2017 Q1 138
Source: Baker Hughes, North American Rotary Rig Count

31. 30
Permian Basin Rig Deployment
By County
As of 9/30/2016
(1) (17) (11) (1) (3)
(0) (1) (2) (1)
(2) (31) (10) (1)
(0)(2)(7)(11)
As of 4/13/2017
(7) (21) (22) (2) (3)
(4) (1) (5) (0)
(2) (39) (9)
(4)(13)(19)
(4)
Source: Baker Hughes, North American Rotary Rig Count

32. 31
2011-2017 Sharyland System
Peak Load
230
259
296
341
392
426
0 MW
100 MW
200 MW
300 MW
400 MW
2011 2012 2013 2014 2015 2016
Source: Sharyland Utilities
(1) System Coincident Peak: during Q1 2017 occurred on January 5, 2017; during Q1 2016 occurred on January 28, 2016
System Coincident Peak Load (MW) (1)
System
Peak Load
(MW)
Annual
Change
2011 230
2012 259 12.6%
2013 296 14.3%
2014 341 15.2%
2015 392 15.0%
2016 426 8.7%
System Coincident Peak Load (MW)
341
416
Q1 2016 Q1 2017

33. 32
2011-2017 Sharyland Distribution
Volume Trends
1,240
1,487
1,823
2,148
2,423
2,586
611
715
2011 2012 2013 2014 2015 2016 Q1 2016 Q1 2017
17.1%
19.9%
6.7%
22.6%
17.9%
12.8%
Total Distribution GWh (1)
Source: Sharyland Utilities
(1) Reflects total distribution volumes adjusted for cancel/rebills and normalized weather for 2014-2016.

34. Hunt Projects (1)
As of May 4, 2017
33
Project State Net Plant
Golden Spread TX ~ $90 mm
Cross Valley TX ~ $170 mm
Project State Status
Generation Interconnections TX Development
Nogales – DC Tie AZ Development
Southline AZ – NM Development
South Plains / LP&L Integration TX Development
Verde 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 the primary owner of its transmission and distribution development projects as they are completed and placed in service.

35. 34
Structure Mechanics
SDTS (2)
 SDTS owns our 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 pays dividends
to stockholders
1
2
3
4
Shareholders
InfraREIT (1)
Hunt Family
Sharyland
Utilities
Customers
T&D Services Cash
Lease
Rent
1
2
3
4
▪ Ownership (3)
▪ Hunt Manager
▪ Hunt Developer
100% Interest
(1) Represents InfraREIT, Inc., InfraREIT Partners, LP (Operating Partnership) and Transmission and Distribution Company, L.L.C. (TDC)
(2) Represents Sharyland Distribution & Transmission Services, L.L.C. (SDTS)
(3) Represents Hunt Transmission Services, L.L.C. (limited partner of the Operating Partnership, shareholder of InfraREIT and Hunt Developer)
Conducted business as a REIT since 2010
Hunt
Consolidated,
Inc.

36. 35
Governance and Management
Board Structure
Management
Related Party
Transactions
Management
Agreement
» 9 total members, 6 independent
» CEO, CFO and General Counsel are officers of InfraREIT and Hunt
Manager; InfraREIT’s CEO is also CEO of Sharyland
» Require majority approval by the independent board members (i.e.
Hunt project acquisitions)
» Responsible for the day-to-day business and legal activities of
InfraREIT
» Annual base fee equal to $14.2 million for April 1, 2017 through
March 31, 2018 representing 1.50% of total book equity as of year-
end 2016
◊ Capped at $30 million per year
» Incentive fee equal to 20% of quarterly dividends per share in excess
of the threshold distribution amount payable quarterly
◊ 2017 dividend per share: $0.25
◊ Threshold dividend: $0.27