H&R REIT AND H&R FINANCE TRUST - MD&A - December 31, 2010  TOP TWENTY SOURCES OF REVENUE BY TENANT  Tenant  % of rentals from  income properties (1) Number of  locations  REIT owned sq.ft.  (in 000’s)  Average lease term  to maturity (in years)  1. Bell Canada 12.4 4 1,734 14.8 2.  TransCanada Pipelines Limited  7.4  2  950  10.2  3. Telus Communications 6.5 2 943 12.4 4. Bell Mobility 6.0 2 775 14.9 5. Rona Inc. 4.2 14 2,151 8.9 6.  Versacold Logistics Canada Inc.  3.7  12  1,733  16.0  7.  Canadian Tire Corp.  3.7  4  2,189  15.8  8.  Royal Bank of Canada  3.4  4  467  5.7  9.  Lowes Companies Inc.  2.4  11  1,435  8.2  10. Nestle USA 2.1 3 2,168 6.8 11.  Nestle Canada Inc.  2.0  1  170  8.7  12.  Shell Oil Products  1.9  18  249  11.6  13. Purolator Courier 1.9 12 1,071 10.4 14. Finning International 1.7 16 893 11.4 15  Public Works of Canada  1.7  3  277  6.3  16. Marsh Supermarkets 1.5 9 548 15.9 17.  Hudson’s Bay Company  1.2  3  937  8.2  18. Sobey’s Inc. 1.2 10 347 11.1 19. Loblaw Properties Limited 1.0 1 716 12.1 20.  BJ’s Wholesale Club Inc.  1.0  4  452  11.3  Total 66.9% 135 20,205 (1) The percentage of rentals from income properties is based on estimated annualized gross revenue excluding the straight lining of contractual rent and  discontinued operations. Office  Industrial  Retail  Total  LEASE  EXPIRIES % of sq.ft. Rent per  sq.ft. ($) on  expiry  % of sq.ft.  Rent per  sq.ft. ($) on  expiry  % of sq.ft.  Rent per  sq.ft. ($) on  expiry  % of sq.ft.  Rent per  sq.ft. ($) on  expiry  2011 0.3 21.95 0.8 8.73 0.1 23.16 1.2 13.24 2012 0.8 18.04 1.9 5.32 0.1 20.56 2.8 9.50 2013 0.5 18.75 3.8 5.23 0.4 10.11 4.7 7.08 2014 1.4 16.16 3.5 4.47 0.4 6.66 5.3 7.72 2015 1.1 22.17 1.3 7.57 0.3 27.94 2.7 15.78 4.1 18.88 11.3 5.53 1.3 14.97 16.7 9.54 Page 6 of 45 