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2012 Report Card

At Tim Hortons, we believe in setting challenging objectives and holding ourselves accountable against those objectives. In 2012, we met several but not all of our key targets.

We believe a difficult economic climate in 2012 impacted consumer confidence, leading to constrained discretionary spending and an intensified competitive environment. In this environment we again increased same-store sales, demonstrating our resilience and value positioning in the quick service restaurant industry. The rate of growth in our Canadian segment, however, was slightly below our target range.

1 We also opened 13 self-serve kiosks in the U.S. to increase guest convenience and brand awareness. We again expect to complement our U.S. development target in 2013 with additional self-serve kiosks. 3 Items not incorporated into our fiscal 2013 EPS target include approximately $9.0 million of reorganization costs expected to be incurred in the first quarter, as well as further costs we expect to incur during fiscal 2013 related to the transition to a new CEO, the amount and timing of which are not yet determinable. 2 2012 EPS includes an approximate $0.10 per share reduction related to Corporate reorganization expenses, which were not contemplated as part of fiscal 2012 targets. 4 Capital expenditure targets and results exclude Advertising Fund capital spending.