X0303 4 2009-05-12 0 0001345111 Tim Hortons Inc. THI 0001331300 SALES WAYNE C 4150 TULLER ROAD, UNIT 236 DUBLIN OH 43017 1 0 0 0 Deferred Share Units 2009-05-12 4 A 0 425.2303 24.17 A Common Stock 425.2303 8140.7261 D Deferred Share Units 2009-05-12 4 A 0 531.5379 0 A Common Stock 531.5379 8672.2640 D Each Deferred Share Unit (DSU) is the economic equivalent of a share of common stock of the issuer. These DSUs are Elective DSUs issued under the issuer's Non-Employee Director Deferred Stock Unit Plan. The DSUs will be settled in cash upon the director's separation from service. The number of Elective DSUs allocated to a reporting person is based on the mean of the high and low prices of the issuer's common stock on the Toronto Stock Exchange on the transaction date (C$28.22). The U.S. price reported represents the approximate equivalent of C$28.22, as converted into U.S. dollars on the transaction date using the noon buying rate of Bank of Canada. Each Deferred Share Unit (DSU) is the economic equivalent of a share of common stock of the issuer. These DSUs are Voluntary Formula DSUs issued under the issuer's Non-Employee Director Deferred Stock Unit Plan. The DSUs will be settled in cash upon the director's separation from service. The number of Voluntary Formula DSUs allocated to a reporting person is based on the mean of the high and low prices of the issuer's common stock on the Toronto Stock Exchange on the transaction date (C$28.22). The number of derivative securities beneficially owned includes additional DSUs acquired in connection with the automatic conversion of dividend equivalent rights (associated with outstanding DSUs) into additional DSUs after each quarterly dividend payment date. Jill E. Aebker, Attorney-in-Fact 2009-05-14