A Record of Delivering Value to Shareholders

We recently increased our targeted dividend payout range to 35% to 40% of prior year normalized net income attributable to Tim Hortons Inc. We also increased the quarterly dividend by approximately 24% to $0.26 per common share – our sixth consecutive increase.

We have a history of creating value for shareholders through share repurchase programs. We recently announced a new $250 million share repurchase program.

We believe it is a combination of the strength of our brand, our restaurant-level operations and our integrated multi-layer business model that has given us a strong track record on these key measures.

Over the past two years, the appreciation in our share price has exceeded that of the S&P/TSX Composite and S&P 500 indexes.