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Seeding Future Growth

In 2011, we entered the Gulf Cooperation Council (GCC) through a master license agreement with Apparel FZCO. By the end of 2012, there were 24 Tim Hortons restaurants operating in the United Arab Emirates and Oman, with plans calling for up to 120 in the region by the end of 2015.

The initial performance of our restaurants in the GCC has exceeded our expectations. In addition to supporting our belief in the potential international appeal of our brand, our presence in this region provides an opportunity to validate our international business model and learn from our experience.

We are actively evaluating other international markets. Criteria include market size, competitive landscape, supply chain considerations, and the availability of suitable partners with local expertise. We take a disciplined approach to managing risks and will proceed only where a strong business case exists.

By establishing a presence in new markets, we hope to set the stage for long-term growth.