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## H&R REAL ESTATE INVESTMENT TRUST H&R FINANCE TRUST 

Combined Balance Sheets (In thousands of dollars) December 31, 2010 and 2009 

<img src='content_image/173771.jpg'>

## Liabilities and Unitholders' Equity 

Liabilities: 

<img src='content_image/173772.jpg'>

See accompanying notes to combined financial statements. 

Approved by the Trustees: 

“Robert Dickson” Trustee 

“Thomas J. Hofstedter” Trustee 

