Analyst Coverage

Firm Analyst
Bank of America Merrill Lynch Joseph Buckley
BMO Capital Markets Peter Sklar
Canaccord / Genuity Candice Williams
CIBC World Markets Perry Caicco
Cowen and Company Paul Westra
Desjardins Securities Keith Howlett
Edward Jones Brian Yarborough
Goldman Sachs Michael Kelter
Morgan Stanley Jon Tower / John Glass
Raymond James Kenric Tyghe
RBC Capital Markets Irene Nattel
Scotia Capital Patricia Baker
SunTrust Robinson Huphrey Christopher O'Cull
TD Newcrest Michael Van Aelst
UBS Securities David Palmer

Tim Hortons Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Tim Hortons Inc.'s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Tim Hortons Inc. or its management. Tim Hortons Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.