th investor conference for website (02!26!2014)
TRANSCRIPT
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Investor Conference 2014
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Scott BonikowskyVice-President Corporate Affairs & Invest
Introduction
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Welco
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AgendaMorning Session
Topic Presenter
Introduction/Housekeeping Scott Bonikowsky, Vice-President Corporate Affairs & Investor Re
Winning in the New Era Marc Caira, President & Chief Executive Officer
Trends & Insights Bill Moir, Chief Brand & Marketing Officer
Questions & Answers
Lunch
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AgendaAfternoon Session
Topic Presenter
Strategic Pillars & The Ultimate Guest Experience David Clanachan, Chief Operating Officer
Canada: Lead, Defend & Grow Roland Walton, President, Tim Hortons Canada
U.S.: Must-Win Battle Mike Meilleur, Executive Vice-President, Tim Hortons U.S
International: Grow, Learn, Expand Jill Sutton, Executive Vice-President, General Counsel, &
Questions & Answers
Break
Supply Chain & Productivity Cynthia Devine, Chief Financial Officer
Financial Strategy & Outlook Cynthia Devine, Chief Financial Officer
Enabling Execution Steve Wuthmann, Executive Vice-President, Human Res
Strategic Plan Summary Marc Caira, Chief Executive Officer
Executive Group Q&A
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Safe harbor statement
Certain information in todays presentations, particularly information regarding future economic performance, finances, an
aspirational goals, plans, expectations and objectives of management, and other information, constitutes forward-looking i
the meaning of Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigof 1995. We refer to all of these as forward-looking statements. Various factors including competition in the quick service sfood service industry, general economic conditions and others described as risk factors in our 2012 Annual Report on Fo
February 21, 2013, our Quarterly Report on Form 10-Q filed on November 7, 2013, and our 2013 Annual Report on Form be filed on February 25, 2014 with the U.S. Securities and Exchange Commission and Canadian Securities Administratorsactual results and cause such results to differ materially from those expressed in, or implied by, forward-looking statemenreaders are cautioned not to place undue reliance on forward-looking statements contained in these presentations, which managements expectations as of the date hereof.
Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limassumptions about: (i) prospects and execution risks concerning our growth strategy; (ii) the absence of an adverse event
damages our strong brand position and reputation; (iii) the absence of a material increase in competition or in volume or tyactivity within the quick service restaurant segment of the food service industry; (iv) the cost and availability of commoditieof an adverse event or condition that disrupts our distribution operations or impacts our supply chain; (vi) continuing positirelationships with the majority of our restaurant owners; (vii) the absence of any material adverse effects arising as a resuno significant changes in our ability to comply with current or future regulatory requirements; (ix) our ability to retain our seteam and attract and retain qualified personnel; (x) our ability to maintain investment grade credit ratings; (xi) our ability toon favorable terms; and (xii) general worldwide economic conditions.
We are presenting this information for the purpose of informing you of managements current expectations regarding thes
information may not be appropriate for any other purpose. We assume no obligation to update or alter any forward-lookingthey are made, whether as a result of new information, future events, or otherwise, except as required by applicable law. P
full Safe Harbor Statement at www.timhortons.com/en/about/safeharbor.html.
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Marc CairaPresident & CEO
Winning in thNew Era
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Rejuvenated Canadian growth engine
Scalable, profitable U.S. business
Established, growing international presence
Enhanced capabilities and talent
Above market-average total shareholder return (TSR)
2014-2018
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Bold
DifferDari
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Our Promise
We will delight evconsumer who co
in contact with o
by providing supe
quality products/and the ultimate
guest experience
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Well positioned Tremendous growth trajectory
2,5352,855
3,3293,639
4,095
4,5194,904
5,2965,623
6,042
6,4456,804
2013
A unique pbenefitingstakehold
Investors, ROwners, Coand the Cor
SYSTEMWIDE SALES ($M)
+9% CAGR
20122011201020092008200720062005200420032002
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Well positioned Key accomplishments
Sustained leadership inCanada
Unparalleled consumerreach and loyalty
Continuing to outgrowthe market
Over a decade of double-digit sales growth
Brand awareness,convenience in our
largest markets
Emerging sbase in theCooperatio
U.S.CANADA INTERNATI
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Well positioned The undisputed Canadian beve
TOTAL CAFFEINATED BEVERAGES% SHARE OF QSR SERVINGS
Source: NPD Crest, 12 months ended November 2013. All trademarks, copyrights and other forms of intellectual property belong to their respective owners.
74.5
4.6
9.6
All OtherQSR
11.4 76.6% Cold Specialty Coffee
76.0% Hot Tea
75.9% Brewed Coffee
64.6% Hot Specialty Coffee
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A New Era is facing consumer and restaurant co
(1.1)%Canadian QSR traffic growth
6.U.S. U
Source: NPD Crest, November 2013; U.S. Bureau of Statistics, January 2014
Heightened consumer demands
Changing demographics
Low growth environment
Evolving market forces
Sweeping technology changes
Intensified competition
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The New Era presents many transformational oppo
Coffee, Beverages and Snacks,A Destination for Meals
North America, Global
In our Restaurants, Plus
Insightful, proactive and agile
Known for Coffeeand Baked Goods
Canada
In our Restaurants
Opportunistic
From To
Consumer-centric: Winning GuBuilding Restaurants
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Significant opportunities across our portfolio
Defend the core
Narrow the averagecheque gap
Capture new demandspaces
Extend our brand reach
Lead, Defend & Grow
Core and priority marketAUV growth
Optimize box and capitaldeployment model
Focus on select core andpriority markets
Must-Win Battle
Grow and
Validate stbeyond GC
Redeploy r
Positioned market(s)
Grow, Lear
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Several critical enablers will underpin our succes
Forward looking
Rapid ideato launch
Nutrition, Healthand Wellness
In-depth
understandingData drivenpursuit of"DemandSpaces"
Operational
ExcellenceConsumerLoyalty
In
Co
Pla
Focused and
accountableDedicated to theultimate guestexperience
Differentiated
Innovation Engaged Employees
Driven by Consumer
Insights
Mak
Diff
LeverageTechnology for
Advantage
http://www.google.ca/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=rdmNUbs8lmgM3M&tbnid=eIQ6eatd1aE9AM:&ved=0CAUQjRw&url=http://www.apa.org/divisions/div46/&ei=kqoDU-W7M4rhsATU0oDYCQ&bvm=bv.61535280,d.dmQ&psig=AFQjCNEKdx9tn5v39SnCznvwIC75yFNXeQ&ust=1392835494581524http://www.google.ca/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=Fld6oOkKMAe0-M&tbnid=cz3MFA0_gRwyCM:&ved=0CAUQjRw&url=http://theessayexpert.com/blog/tag/grammar-tips/&ei=UKsDU-izIonOsASMo4DICw&bvm=bv.61535280,d.dmQ&psig=AFQjCNH2j3xGYzNHMJJwFsPVmjJWmwolGQ&ust=1392835693219789 -
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St
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ValueAbomarTSR
Operati
improve
Respon
and effi
use of c
Sustainagrowth
Creation
Strong
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Trends andInsights
Bill MoirChief Brand and Marketing Officer
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Position of strength
#1Most TrustedCoffee Retailer BrandIpsos Read
#6Most Influential BrandIpsos ReadUndisputed
Coffee
Leader
#6Most Beloved BrAPCO InsightWorldwide
in C
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Strong foundation across categories and daypart
UndisputedCoffee Leader
Most Popular
Most Preferred
Best Tasting
Snacking leaderVariety andpremiumization
Mix of health andindulgence
1/3 of breakfastsout of the home
Over half at QSR
We outsellcompetitors by 2-1
Gain& sh
AppeDeli Sand
Lead
Coffee Baked Goods Breakfast Lunch
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Mega trends are reshaping the industry
Menu
Evolution
Behavioral &
Demographic shifts
Technolo
Converge
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Menu evolution
Quality of IngredientsNutrition, Health & Wellness
New Flavours & Customization Green & Sustainable
i i h l h ll
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Nutrition, health & wellness
94%
eating is impo
71%healthffood is
when d
52%more likrestaurahealthie
Insights
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January 2014Turkey SausageBreakfast Sandwich
May 2014
Frozen Green Tea L
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November 2013
Jalapeno BiscuitBreakfast Sandwich
August 2013
Extreme ItalianSandwich
Tim Hortons dark roast
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Tim Hortons dark roast
83% 39%24%
Light/Mild Dark/BoldMedium/Regular
Current Blend Dark Roast
TC
co
1ro
Consumed in the past 4 weeks?
Source: NPD Crest
Behavioural & demographic shifts: Redefining the
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Behavioural & demographic shifts: Redefining the
Convenience on the gMillennialsAging Boomers
Ethnic Diversity Trading DownTrading Up
Resonating across demographic segments
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Resonating across demographic segments
Source: Tim Hortons Brand Tracking, Canada, year ended Q3 2013
Total 18-24 25-34 35-49 50+ Female
96106105 104 103Index
PAST 4 WEEKS USAGE - TIM HORTONS (%)
Total
58 60 60 6155
60
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Technology convergence sweeping the industry
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Technology convergence sweeping the industry
Multi-C
Half of cuse Smdevice o
Orders
Paymen
Coupon
Technology convergence sweeping the industry
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Social
Technology convergence sweeping the industry
The digis drivin
Gather
Connec
Engage
Digitally Connected
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Digitally Connected
All trademarks, copyrights and other forms of intellectual property belong to their respective owners.
23%TimHortons.com Growthin the last 12 months
168KFollowers on Twitter
#1Facebook pagein Canada 2.4MLikes on Facebook
Aligning for success
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Aligning for success
Talent Advantage
Innovation Imperative
Authenticity
Constant Communication
Brand Affinity
The Brand is
Authenticity, T
Social Conscio
All trademarks, copyrights and other forms of intellectual property belong to their respective owners.
Aligning for success
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Aligning for success
InnovaImpera
Differeinnova
Robustpipelinunders
the tre
Three core concepts are emerging to sharpen our a
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Three core concepts are emerging to sharpen our a
InnovationCouncil
InnovationLab
DemandSpaces
Innovation Council
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Innovation Council
Insights Pipeline
Development
Executive
Alignment
Go to
Market
Demand spaces
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Demand spaces
Emotional andfunctional drivers
Factors that drive choice
for a specific occasion
Statistically clustered
responses
Common needs ordemand spaces
Areas of growth and opportunity
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Areas of growth and opportunity
Charge
Caffeine fix
$1.3B $0.3B
Breakfast on the run
$1.6B $0.4B
Just feed me
$2.6B $1.7B
Connect
Morning leisure
$1.5B $0.4B
Modest comfort
$2.2B $0.9B
Health aware
$2.9B $1.1B
Family time
$2.4B $1.5B
Source: CCCI Consumer Survey (August - September 2013)
$22.2B $9.0BTotal Market: $$ $$
Defending the core
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g
Leading
Caffeine fix
$1.3B $0.3BBreakfast on the run
$1.6B $0.4BTreat break
$4.0B $1.0BMorning leisure
$0.4B$1.5B
Source: CCCI Consumer Survey (August - September 2013)
$$ $$
Areas of opportunity
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pp y
Just feed me
$2.6B $1.7B
Health aware
$2.9B $1.1B
Modest comfort
$2.2B $0.9B
Family time
$2.4B $1.5B
Satisfy
$3.7
$$ $$
Tims innovation labflexible and nimble
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The change is donewith the restaurant
Strategy team (sub-set) in restaurant daily
Part of the lab team
Many revisions andenhancementsexpected
Staff membersencouraged toexperiment
Try > Learn > Adjust
Progress is revieweddaily/weekly
Operational gapsrapidly fixed
Multi-purpose lab
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MenuboardPricing
ProductAssortment
SubstitutionOptions
ProductEmphasis /Placement
Combos andComboPricing
In-storeMarketingCollateral
Coupons/LoyaltyIncentives
OperationalStandards
EmployeeScripts
ManagerEngagement
ProductAttribut
p p
Be Bold
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Be Bold,
Be DifferentBe Daring
DigitalCoffee Leadership
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Art of Coffee
unique users create
multiple pieces of coffee art
+35,000
Digital activity creating awareness and engagem
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Sidney CrosbyJump the Boa
Engage with the idea like Tim Hortons, uni
All trademarks, copyrights and other forms of intellectual property belong to their respective owners.
PR campaigns and digital /social activity integrat
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The Pre-Cup was created bycoffee lovers, for coffee lovers,to add a fun twist when theyretreating someone to coffee during
RRRoll up the Rim to Win
Pre-Cup
Becoming one of the industrysmost consumer-centric companies
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most consumer centric companies
Deepen our consumer insights
Aggregate consumer insights to drivedecision-making and innovation
Focus on the ultimate guest experience
Build stronger loyalty
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David ClanachanChief Operating Officer
Strategic Pilla& the UltimateGuest Experie
Tim Hortons today
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Undisputed market
share leader
Historically outgrowing
the market
Proven cash flow generator
Strong presence in several
major markets
Double-digit top-line growth
Brand awareness and
convenience created in core
and priority markets
Emerging su
base in the GCooperation
Longer-term
opportunities
3,588locations 859locations 38locations
As of December 29, 2013
CANADA U.S. INT
Coffee Value Freshness Quality Speed Communi
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Rejuvenating and
reigniting Canada
Putting the U.S. on
solid footing to scale
for sustainable,
profitable growth
Gett
estab
inter
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Complexity toSimplicity
Brand Appeal andthe in-restaurantexperience
Embrtechn
OperationalExcellence
Delivering the
UltimateGuest Experien
Operational
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Operationa
exce
Operationalexcellenceunderpins ourability to deliverthe growth
set out in ourStrategic Plan.
Core focus areas guide our operational excellence
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Coffee Leadership
Speed of Service
Flawless Execution
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Coffee leadershipand our promise
Procuremeroasting, b
and in-res
Consistencfreshness
100/0 the execut
Speed of Service
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Gift of
Time
Speed of service continues to be a key priority
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90%of Canadian a drive-thru a Double-Or5thCar capa
100of targeted s
completed b
In 2013 we doubled-down on improving throughput and capacity
ExpressBeverage Lin
MobilePayment Pla
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Complexity
Simpli
Simplification is a key enabler
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Products
Product Builds
Equipment
Procedures
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AppealBrand
Experience& In-Restaura
Table Stakes
in the New Era
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Changingperceptions
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ReimagiPr
p pof the brand andattracting newdemographics
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In-Restaurant
ExperiHospitality defineTim Hortons expein the New Era
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Understandthe gue
Tim Hortons today is a very contemporary,dynamic brand in the marketplace
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In last five
~50of our restahave the Nerenovations
~80by end of 20
~35renovations
~45in 2014
Embracing Technology
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All trademarks, copyrights and other formsof intellectual property belong to their respective owners.
A
dr
gr
ou
Guest Engagement Technology Strategy
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Guest Services
GUEST CONTACT POINTS
Transaction Data
Psychographics
Basket Data
Demographics
Payments
Digital
Bricks & Mortar
One-to-One Relevance
AGGREGATION INSI
Timmy
Me
Web Social E-Com
Tim Card Co-brand Card Ordering &Payments
POS Restaurants
En
All trademarks, copyrights and other formsof intellectual property belong to their respective owners.
Mobile payments increasingly importantto mainstream guests
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We are innovating at a rapid pace
AddTim Card SelectRestaurant EnterOrderRegister &Sign inOne PlatformOne Engine
Digital Menu BoardsBefore and After
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Breaking newsFirst of its Kind:Tim Hortons Dual-branded Payment Card
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Dual purpose, dual branded payment card
Entry into loyalty
Launch dateMay 2014
On to the next level
We are well positioned to thrive and adapt in the
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Opportunities across our geographic markets
Focusing on what matters to drive relevanceand engagement in the market
Our Ultimate Guest Experience will be drivenby operational excellence done flawlessly
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Roland Walton
President, Tim Hortons Canada
Canada: LeadDefend & Gro
Canada will continue to be our economic engineduring the Strategic Plan period of 20142018
TODAY
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80of resta
90of chai
99*Based on 2013 results
of businoperati
TODAY
Leading QSR
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Leading QSRmarket share
42%27%share of dollars share of trafficMorenext
com
Source: NPD Crest, year ended November 2013
Leading in
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gmultiple QSR
categories
#1Hot beverages
Breakfast
Morning snackAfternoon snack
Evening snack
Challengi
#1 in lunc
Source: NPD Crest, year ended November 2013
Key 2014-2018strategic pillarsf C d Extend
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for Canada
Defendthe core
Extendbrand reach
Capture newconsumer
spaces
Narrow theaveragecheque gap
BaseBusiness
Drive itemcount, items per
order and offerpremium items
Focus againstspecific demandspaces
Win at lunch,attack supper
Build out footprin
Logicaladjacencies
Hold core trafficoperationalexcellence
Drive mix
Categoryleadership
Defend the core
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Defending and protecting our core business
within a slower growth market and more challenging
competitive environment includes four key elements
Operational
excellence
Comp
simp
Category
leadership
Ultim
expe
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Food leadership is a key driver of our Strategic Pl
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Becoming a fooddestinationa key driver ofgrowth
Hot breakfastsandwich
Lunch & otherdayparts
Ownable lunch proposition: Fresh, bolder flavouand significant moves in Health, Nutrition & We
Proprietary food platforms that transcend daypa
Redefine value with premiumization, sizing optiand combos with relevant side orders
Daypart and demand space innovation to drive r
DRIVERS OF CDN SSSG (%)
2014-2018F
Traffic
Mix
Premium
Snackbaked
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Narrothe AveraCheque
Average cheque opportunity spans multiple dayp
TIM HORTONS CHEQUE SIZE LAGS PEERS IN EVERY DAYPART
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4.1
2.6
5.2
2.7
5.7
2.6
5.6
3.3
7.0
4.0
7.9
4.8
Breakfast/Brunch
SupperAfternoonsnack
27%
Eveningsnack
AM Snack Lunch
Rest of QSRTim Hortons
TIM HORTONS CHEQUE SIZE LAGS PEERS IN EVERY DAYPART
Cheque size ($)
23%
27%
32%
28%
45%
Source: NPD Crest, year ended May 2013
Combos are a key focus area and big opportunityin the Canadian business
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15-2Goal
of meal orders
increase from twthree items
Our plan will include initiatives to increasethe number of items per order
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4%
12%
2%
40%
% of total orders
Coffee(s), Tea(s)only
Baked Good(s)only
All OtherMixed Drink(s)
Meal Item(s)only
Almost
60%Goal
5-10of snack orders
from one to two
of ordersinclude onlyone item
Coffee mix drives average cheque gap, but compopportunities exist to narrow the gap
AVERAGE CHEQUE GAP
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6.50
Tims(today)
QSR*
Totalgap
Tims(plan)
AVERAGE CHEQUE GAP
($)
* QSR (excluding Tim Hortons) average cheque. Source: NPD Crest, year-ended November 2013.
Immediatefocus
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CaptuNew ConsDemand
Demand space opportunities
d f
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Just feed me Modest comfortHealth aware FamilSatisfy craving
5-15% $4.9B $5.0B
Source: BCG CCCI Consumer Survey, August/September 2013
Lunch Supper
OUR CURRENT SHARE OPPORTUNITY
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We have continued runway for unit developmentbut format mix will shift in outer years of the Str
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RESTAURANT T
33%
Standard
67%
Historical
2013 18,900
2018 17,100
West
20132018
Canada
2013 17,600
2018 15,800
Qubec
2013 8,100
2018 8,500
East
2013 11,400
2018 11,300
Ontario
* Population per standard restaurant
Runway for more
than 600 units
Canada
We believe we also have a compelling opportunitnon-standard and captive audience channels
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70
90
110
170
470
~55
~410
~1200
~1480
~1100
Transportation
Business & Industry
Hospitals
Education
Petroleum
Existing units,year-end 2013
Remaining chanopportunity (uni
Development shifts in later yearsof strategic plan to reflect new formats
ExpressUrban
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p
Self-Serve
Brand leverage and channel extension provideincremental opportunity
Retail Roast & ground Single-serve coffee
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channels
Commercialchannels
Office
Roast & groundcoffee
Single-serve coffee
Vending
Canada remains the profit enginethroughout the plan period
However, the business is at a
critical inflection point
Lead, Defe
& Gro
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critical inflection point
Strategic planning process has
highlighted many growth avenues
Vision for 2018: Rejuvenated
Canadian business
& Grow
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U.S.Must-Win Batt
Mike MeilleurExecutive Vice-PresidentTim Hortons U.S.A
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By 2018, a $50M EBIT buready to scale for profitasustainable growth
Tim Hortons U.S. strategic evolution
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Profitably Grow Concept
Establish Foundation
Aggressively Sca
Establish brand identity
Build a foothold
in key markets
Drive awareness
and convenience
AUV growth within
current footprint
Focus on select core
and priority markets
Optimize box and capital
deployment model
Solidify position ac
multiple dayparts
Pursue bolder mov
multiple new mark
Contribute meanin
to corporate perfo
20082013
20142018
2018STRATEGIC PLAN FOCUS
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17%Tim Hortons StandardRestaurants AUVgrowth over 2008
3
Average unit volumehave grown significa
Yeg
Competing effectively in a big & growing segmen
TIM HORTONS BREAKFAST GROWTH
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+17%Year ended 2013+106%Growth over 2008
We are takinshare in ourstrongest da
* Standard restaurants
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95% 79%Drive AUV improvementacross all dayparts
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95%of population* isaware of Tim Hortons
79%of population* findsTim Hortons convenient
*in core and priority markets
We have created significant awareness and conv
Our opportunity is to grow frequency and convert traffic to other da
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Aware
Convenient
Visited
Visit multiple
Visit regularly
ALL DAYPARTSCORE AND PRIORITY MARKETS
LUNCHEXCLUDING BUFFALO
Aware
Convenient
Considered
Visited
Visit multiple
Visit regularly
22
48
68
79
95
4
13
22
26
76
95
% of surveyed population responding positively
Enhance loyalty and spend at breakfast
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Increase unitFrequency
Drive averagecheque with meals
Increase trialwith coffeeand beverages
Furthebreakfinnova
Drive consideration beyond morning daypart
Drive AUV
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improvementthrough
innovationand marketing
Demand space opportunities
EXISTING STRENGTHS
Breakfast on the runCaffeine fix
OPPORTUNITIES
Just feed me Health aware Satisfy craving
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Morning leisure
AM guests trade upto meal occasion
1in15
Family timeModest comfort
AM guests return afternoon snack
CaptureFair Sha
AM guests returnfor lunch
1in25
Treat break
Disciplined growth
Traditionaldevelopment with
Infill developmentwith moderate
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development withcorporate realestate control
with moderatecapitaldeployment
Local developmentwith franchisee
real estate control
Strategicdevelopment
with partners
Non-standard & non-capital
A larger percentage of mix to build out our brand presence
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Non-StandardRestaurant
StandardRestaurant
Capital
Non-Capital
Capital
Non-Capital
Non-StandardRestaurant
StandardRestaurant
HISTORIC PLAN
New development agreements
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Youngstown
Fargo/Minot
St. Louis
Fort Wayne
5-yeardevelopment targets
St. Louis 40
Youngstown 25
Fort Wayne 15
Fargo/Minot 15
* Combination of standardand non-standard.
Reducing initial investment costs
20142015Cafe & Bake Shop
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Reduced sizeof prototype
Decreased buildingcosts by 8%
Gained efficiencies
with equipment
Costs reducedby 6%
Additional1015%costreductionswith new
fit for U.S.purposeprototype
Becoming ameaningfulcontributor toconsolidated
f
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performance
Famous for
Cafe & Bake Shop
AUV growth in
current footprint
Drive increased
trial & loyalty
Enhan
reduci
deploy
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100 120GrowLearnExpand
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SaudiArabia
Oman
UAE
Qatar
Kuwait
Bahrain
100 120restaurants targeted toUAE, Qatar, Bahrain, K
restaurants targetedto open in Saudi Arabia
TOTAL NUMBER OF RE
5
24
38
2011 2012 2013
At year-end
Filtering process has been instrumental to our su
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Criteriaby whichmarkets areevaluated
Importanceof partner
Optimal basemodel todrive positivecash flows
Ddi
GrowLearnExpand
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GCC Model
Royalties License andFranchise Fees
Supply Chain
Partner Capital
Oversight
We expect the GCC business to continue to genermeaningful increases in chain sales over the plan
TIM HORTONS GCC CHAIN SALES Chain sales drive
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Brand has marke
Development, in
estate access &
Local marketing/
media knowledg
Operational exce
2015 2016 2017 20182014
GrowLearnExpand
We will validate our internationalexpansion strategy in 2014
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Guiding principles
Macro factors
Core brand strengths
expansion strategy in 2014
Guiding principles
Expand concept globally and profitably
Overall
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Core brand will notbe comprised, howeveradaptations will bemade for local markets
Entry with strong localpartner that has thecapability to invest
Select a model that willdeliver positive cashflows within five years
Dedicated resourcesand executive teamrepresentatives
Brand
Financial
Entry
Management
Macro factors
Macro
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Political andeconomicenvironmentcoupled withthe competitivelandscape are
key considerationsin enablingsuccess
Popu
GDP
Politic
Urba
Coffe
Fast f
Ease
Integlangu
Cana
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GrowLearnExpand
Our intpath fo
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path fo
Continugrow in
Validate2014 be
Redeploresourc
Internabeyond
Positioned to enternew markets in 2015
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Cynthia DevineChief Financial Officer
Supply Chain Productivity
Supply Chain overview
ObjectivesProcurement & Logistics Manufacturing
Protect Leverage scale
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Warehouse & Distribution
Protectproprietary
products
Leverage scale
Realize
systemwidebenefits
Important
contributor toprofitability,with relativelymodest capitalinvestment
Significant opportunities exist in our supply chain
3-channel Delivery Warehouse
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3 a1 truck
yEfficiencies
a ouSimplification O
Manitoba
BritishColumbia
Tim Hortons operates a hybrid distribution mode
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Qubec
Ontario
AlbertaManitoba
Saskatchewan
Michigan
Ohio
Newfoundland& Labrador
NewYork
Maine
Indiana
Pennsylvania
Virginia
Kentucky
WV
NovaScotia
VT
Maryland
NJ
NH
Mass.Conn.
Delaware
PEINewBrunswick
During our Strategic
Plan, we will explorevarious alternatives forfull 3-channel deliveryacross the system
Summary
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Moderate investment,
attractive returns
Committed to delivering value
to restaurant owners
Driving efficiencies and effectivenessover the life of the strategic plan
We protect and invest in those areas of our supply chain w
view as strategic. Other areas we view as transactional an
for the most efficient, effective models including outsourcin
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Cynthia DevineChief Financial Officer
Financial Stra& Outlook
Our strategic plan builds on our substantial financia
Buildingon our track record
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Increasingcash flows enable
reinvestment and return of value
Investingin 2014 to create
sustainable long-term growth
2015 to 2018 aspirational targets
One of the industrys strongest financial perform
$3.3B~$8B $6.
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Year ended December 29, 2013, except as otherwise noted, CAD(1) As at February 22, 2014(2) Franchised restaurant sales are reported to us by our restaurant owners. Franchised restaurant sales result
in royalties and rental revenues, which are included in our franchise revenues, as well as distribution sales.(3) Free cash flow is a non-GAAP measure. Refer to slide 153 for information about the use of this non-GAAP
measure, as well as a reconciliation to its closest GAAP measure.
$353M$621MFree Cash Flow3Operating Income
$3.3B~$8BTotal Revenues Franchised SaleMarket Capitalization1
$6.
Long track record of revenue growth
REVENUES ($CDN B)
7.9% CAGR1
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(1) CAGR is calculated using Total Revenue from 2008 to 2013. (2) 2009 results consist of 53 weeks.(3) Sales include distribution sales, Company-operated restaurant sales and sales from consolidated
non-owned restaurants.
1.51.7 1.8
2.02.2 2.3
0.10.1 0.1
0.1
0.1 0.2
0.6
0.60.7
0.7
0.80.8
2008 20092 2010 2011 2012 2013
Sales3
Franchise Fees
Rent &Royalties
2.22.4 2.5
2.93.1
3.3
Strong earnings and free cash flow growth
EPS (DILUTED) ($CDN)
12.7% CAGR
FREE CASH FLOW1 ($CDN M)
13.0% CAGR
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(1) Free cash flow is a non-GAAP measure. Refer to slide 153 for information about the use of this non-GAAP measure,as well as a reconciliation to its closest GAAP measure.
1.55
2.82
2008 2013
192
353
2008 2013
Industry leader in financial returns and performa
OPERATING MARGIN (%) RETURN ON ASSETS (%) RETURN ON INVESTED CAPITAL
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Source: FactSet. Industry figures based on the average of 25 major North American restaurant companies and 10 major Canadian retail companies from their most recently cofilings for the last 12 months as of February 2014. Tim Hortons figures based on application of FactSet definitions to reported results up to and including fiscal 2013 year end.list of companies in each peer group and definitions of the measures used by FactSet to calculate Operating Margin, Return on Assets and Return on Invested Capital.
Tim H
N.A.
Cana
24.8
14.9
18.0
9.3
19.1
15.6
5.2
8.6
12.2
20142018Moving confidentlyinto the future on soundfinancial footing.
20142018Moving confidentlyinto the future on soundfinancial footing.
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gg
Three key priorities drive our capital allocation de
Focus on organic growth
Invest in the business
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Maintain financial strength and flexibility
Dividend growth
Diligently and predictably returncapital to shareholders
Strong and flexible
balance sheet to
support future growth
Maintain investment
grade rating
Share repurchase
180 to221
Reinvest in the business prudently to drive futureCapital intensity reduces in outer years of strategic plan
CAPITAL SPENDING (CDN$ M)1
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177187
180 to230
221
150 to170
Capital highligh
Higher capital sp
2013 to 2015 to
enhanced renova
program
More moderate c
spending beyond
Corporate
U.S.
Canada
(1) Excludes capital investment by Ad Fund (2011$4, 2012$49, 2013$22)
2011 2012 2013
2014to
2015
2016to
2018
TOTAL DEBT IN THECAPITAL STRUCTURE (%)
ADJUSTED EBITDATO INTEREST COVERAGE
ADJUSTED TOTAL DEBT/ADJUSTED EBITDAR
Capital structure remains strong
flexibility increases over life of strategic plan
2
fo
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~2.9x
~11x
~82%
Adjusted Total Debt to Adjusted EBITDAR and Adjusted EBITDA to Interest Coverage are non-GAAP measures. For more information and a reconciliationof 2013 Pro Forma figures to the nearest GAAP measure, please refer to slide 155. 2018 estimates are for illustrative purposes only.
2012 2013 2013 2018E 2012 2013 2013 2018E 2012 2013 2013 2018E
fo
e
t$
Iin
o
I$
ProForma
ProForma
ProForma
Demonstrated commitment to return value to shar
QUARTERLY DIVIDEND HISTORY
Dividend
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* Percentages rounded
Plan imeanincreain paybeyon
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
2010 2013
24%
31%
2011 2012 2014
23%
24%
Dividend
2009
30%
20-25% 30-35% 35-40% Payout Range
Demonstrated commitment to return value to shar
SHARE REPURCHASE HISTORY ($CDN M)
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Recapi
Normarepurchdeploy beyond
Meaninto EPS
*~$40 million of the 2014/2015 program is expected to be purchased in January and February of 2015
>$2Bin sharerepurchasessince 2009
2010 2011 2012 2013 20142009
191
400
2010 2011 2012 2013 2014
130
570
225
720
63140*
2009
240
YTD
Approved
TARGETS
2014 Key Highlights & Targets
Solid improvement Same-store Sales Growth Restaurant Developm
HIGHLIGHTS
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Solid improvement
in 2014 despitelow growthenvironment
Investment year tobuild sustainablelonger-term
growth
Canada
CAPEX
p
Tax Rate
1to 3%
U.S.
2 to4%
Canada
140to160
EPS
$180M to$220M(including US$30M in U.S.)
~29% $3.1
Capex and EPS in $CDN
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Strategic plan drives significant cash flows
and financial flexibility
Opportunity to returnsignificant value to
EXPECT TO GENERATE ~CDN$2 BILLIONIN FREE CASH FLOW(1)FROM 2015-2018
Unique business model and declining CAPEXrequirements drives improved cash flows
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significant value to
shareholders throughDividends and ShareRepurchase
Plan includes
meaningful increases toDividend Payout Ranover life of plan
CAPEX
Free Cash Flow
Illustrative(1) Free cash flow is a non-GAAP measure. Refer to slide 153 for the underlying calculation methodology.
2015 20182016 2017
Investing in 2014 to create long-term sustainable g
2015-2018 represents a return to stronger growth and cash
Stronger earningsand reduced CAPEX
drive increased free cash flows longer-term
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Plan includes meaningful dividend increases
and dividend payout ratio increases
Increased financial flexibility in laterplan years driven by improved leverage
ratios
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Appendices
Free cash flow
Non-GAAP measure
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Free cash flow is a non-GAAP measure. Free cash flow is generally defined as net income adjusted for amortization and de
requirements to sustain business growth. Management believes that free cash flow is an important tool to compare underl
from core operating activities once capital investment requirements have been met. The Companys use of free cash flow m
measures reported by other companies. The reconciliation of net income attributable to THI, a GAAP measure, to free cash
Free Cash Flow($ in millions, CDN) 2013 2008
Net income attributable to THI 424 285
Depreciation and amortization (excluding VIEs) 150 92
Free Cash Flow Before Investments 574 377
Capex1 221 185
Free Cash Flow 353 192
* All numbers rounded.(1) CAPEX excludes capital expenditures by the Ad Fund.
Operating Margin, Return on Assets,
and Return on Invested Capital
Companies comprising peer groups
Bob Evans Farms Inc.
Brinker International Inc.
Jack in the Box Inc.
Krispy Kreme Doughnuts Inc.
North American Restaurant Peers Operating Margincalculated as OperatingIncome divided by Net Sale
FactSet Metric Definitio
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Buffalo Wild Wings Inc.
Burger King Worldwide Inc.CEC Entertainment, Inc.
Cheesecake Factory Inc.
Chipotle Mexican Grill Inc.
Cracker Barrel Old Country Store Inc.
Darden Restaurants Inc.
DineEquity Inc.
Domino's Pizza Inc.
Dunkin' Brands Group Inc.
Fiesta Restaurant Group Inc.
py g
McDonald's Corp.
Panera Bread Co.Papa John's International Inc.
Popeyes Louisiana Kitchen Inc.
Red Robin Gourmet Burgers Inc.
Sonic Corp.
Starbucks Corp.
Texas Roadhouse Inc
The Wendy's Co.
Yum! Brands Inc.
Canadian Retail PeersAlimentation Couche-Tard Inc.
Canadian Tire Corporation
Dollarama Inc.
Empire Co. Ltd.
Hudson's Bay Co.
Loblaw Companies Limited
Metro Inc.
RONA Inc.
Shoppers Drug Mart Corporation
The Jean Coutu Group Inc.
yRevenue, multiplied by 100
Return on Assetscalculated as Net Incomedivided by the two fiscal peaverage of Total Assets.
Return onInvested Capitalcalculated as Net Incomedivided by the two fiscal peaverage of Total InvestedCapital, multiplied by 100.
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Enabling Exe
Steve WuthmannExecutive Vice-President, Human Res
Tim Hortons people processes and capabilities
Talent & Capabilities Structure & Alignment
Transforming to enable the strategy
Accountability &Performance Mana
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Talent & Capabilities Structure & Alignment Performance Mana
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Structure & Alignment
Organizational alignment will bekey to our success
Align employee incentive plans
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g p y p
Shareholder and restaurant owner-friendly metrics:net income, SSSG, ROA, TSR
Strategy execution measures for executives
Creation of new Strategy Project Management
Office with dedicated senior leadership
Strategic workstreams with direct executiveoversight and accountability
Accountability & Performance Management
Role clarity and individual accountabilitywill be championed
Driving role-clarity and accountability processes
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g y y p
New, highly disciplined objective setting processfor all employees
Strengthened performance management processthat focuses on objective achievement and
alignment of behaviours
Targeted training and development programsto enhance overall performance management
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Marc CairaPresident & CEO
Strategic PSummary
It all comesdown toleadershipand execution
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It all comes down to leadership and execution
https://www.google.ca/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=l-9FuFtfw5lLkM&tbnid=xk-Y3ykbgnv08M:&ved=0CAUQjRw&url=https://www.osep-meeting.org/2012conf/keynotes/Mon_LessonsLearned/Lessons%20Learned_Sugai%20Fernandez%20Wolder.htm&ei=gHWuUrKZMaTx2QWNoIC4CQ&bvm=bv.57967247,d.b2I&psig=AFQjCNHWr9uQWW_W5Qy6hWcqXDKJI-jkbA&ust=1387251350318205 -
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We are committed to
Flawless Execu
Value AbomarTSR
Sustaina
growth
Creation
Strong
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Rejuvenated Canadian growth engine
Scalable, profitable U.S. business
Established, growing international presence
Enhanced capabilities and talent
Above market-average total shareholder return (TSR)
2014-2018