EX-99.2 5 dex992.htm PRESENTATION OF THE CORPORATION IN CONNECTION WITH THE NOTES OFFERING Presentation of the Corporation in connection with the Notes offering
Exhibit 99.2
Tim Hortons
Debt Offering
Presentation

Agenda and Introductions
Agenda
Business & Industry Overview
Financial Highlights
Transaction Highlights
Management Participants
Don Schroeder
President and CEO
Cynthia Devine
Chief Financial Officer
Diana Fife
Treasurer
Scott Bonikowsky
Vice-President, Investor Relations
2

Confidentiality & Notice
Information set forth in this presentation and that you otherwise obtain during the course of meetings
today, whether orally, in writing, electronically, or through other media or medium, is confidential
information of Tim Hortons
Inc. and its affiliates (the “Company”). 
This information is being provided to you on the express understanding that you will not disclose the
information to any individual or entity, whether inside or outside the Company, and you will maintain
any such information in strict confidence, as required by the terms of this understanding.  In addition,
you
may
not
make
copies
or
extracts
from
any
of
these
materials,
or
otherwise
make
use
of
these
materials. 
If you are not willing to accept and/or obtain such information from the Company today on the terms
set forth above, please immediately notify any Company representative of your refusal to accept
these terms.
This presentation does not constitute an offer to sell, or the solicitation of an offer to buy in the
United States, the securities referenced herein.  Such securities have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or applicable
state securities laws and may not be offered or sold in the United States absent registration or an
exemption
from
the
registration
requirement
under
the
Securities
Act
and
applicable
state
securities
laws.
*    *    *
3

Safe Harbor Statement
Certain information in this presentation, particularly information regarding future economic performance, finances, and plans,
expectations and objectives of management, constitutes forward-looking information within the meaning of Canadian securities
laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  We refer to all
of these as forward-looking statements. Various factors, including competition in the quick service segment of the food service
industry, general economic conditions and others described as "risk factors" in the Company's 2009 Annual Report on Form
10-K,
filed
March
4
th
,
2010,
could
affect
the
Company's
actual
results
and
cause
such
results
to
differ
materially
from
those
expressed in forward-looking statements. As such, readers are cautioned not to place undue reliance on forward-looking
statements contained in this presentation, which speak only as of the date hereof. 
Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited
to, assumptions about: the absence of a material increase in competition within the quick service restaurant segment of the
food service industry; the absence of an adverse event or condition that damages our strong brand position and reputation;
continuing positive working relationships with the majority of the Company’s franchisees; there being no significant change in
the Company’s ability to comply with current or future regulatory requirements; the absence of any material adverse effects
arising as a result of litigation; and general worldwide economic conditions.  We are presenting this information for the purpose
of informing you of management’s current expectations regarding these matters, and this information may not be appropriate
for any other purpose.  We assume no obligation to update or alter any forward-looking statements after they are made,
whether as a result of new information, future events, or otherwise, except as required by applicable law.  Please also review
the Company's Safe Harbor
Statement at www.timhortons.com/en/about/safeharbor.html.  Other than the Safe Harbor
Statement, other information available on our web site is not incorporated by reference herein.
Please note that this presentation includes “adjusted”
financial information, metrics, and/or analysis that are non-GAAP
measures. We are required under applicable securities law to provide a reconciliation of non-GAAP measures to the nearest
GAAP measure. All of these reconciliations are included in the attached Appendix.
4

Overview
5

Long and Proven History
6
A long record
of healthy
relationships
with
franchisees,
suppliers and
partners
Iconic brand
and market
leadership in
Canada with
unparalleled
customer
loyalty
Financial
performance
among leaders
in the North
American
restaurant
sector
46-year history: 
4 years as a
publicly-traded
company

Financial Summary
$6.1 Billion (As May 18, 2010)
Market
Capitalization,
4
th
largest
of
public
North American restaurant chains
$5.0+ Billion
2009
systemwide
sales
(1)
$2.2
Billion
(2)
2009
total
revenues,
an
increase
of
9.7% 
from 2008
$398
Million
(2)
2009
free
cash
flow
(1)
before
investments
$595
Million
(2)
EBITDA
(1)
attributable to THI in 2009, an
increase of 11.3% from 2008
7
(1) Refer to the Appendix for non-GAAP information on systemwide sales on slide 29, free cash flow and EBITDA on slide 30
(2) Results do not incorporate adoption of new accounting standard SFAS No. 167 – Amendments to FASB No. 46(R), now codified within ASC 810 –
Consolidations.  This standard relates to consolidation of certain variable interest entities.  Please refer to the Company’s Form 10-Q 1Q10 for additional information.
(As at  January 3, 2010, CAD   –   unless otherwise noted. 2009 results consist of 53 weeks)

Food Service Industry is Large &
Growing
Source:  NPD Group, 12 months ended November  2009, Canadian data, unless otherwise noted.
QSR Represents 62% of Sector Traffic
62%
1%
11%
11%
15%
QSR
Fine
Retail
Casual
Family/
Midscale
Cdn. Food Service
Sector is $45 Billion
Industry
QSR Industry Represents:
CDN
$20 Billion
USD
$164 Billion
8

We Enjoy a Commanding Market
Position in the Canadian Market
Source:  NPD Group, 12 months ended November  2009, Canadian data, unless otherwise noted.  All trademarks of the companies listed above are reserved by their respective
owners.
QSR Represents 62% of Sector Traffic
62%
1%
11%
11%
15%
QSR
Fine
Retail
Casual
Family/
Midscale
Tim Hortons represents ~40% of QSR Traffic
QSR Indep
39.7%
13.8%
3.9%
2.9%
2.5%
2.3%
2.2%
2.1%
1.9%
11.6%
9

The QSR Industry is Relatively
Recession Resistant
05/04
06/05
07/06
08/07
09/08
Tim Hortons has outperformed the QSR Industry
due to our brand value position and convenience
Based on Canadian systemwide sales, refer to the Appendix for information regarding systemwide sales on slide 29
Source: Canadian Restaurant and Food Services Association, 2009 industry sales based on forecast
% Change in Canadian Food Service Sales
10

Proven business model creates
recurring streams of income
Real
Estate
Vertical
Integration
Typical model
is rent based
on 8.5% to
10% of sales
(1)
Franchising
Typical royalty
model is
based on 3.0%
to 4.5% of
sales
Distribution
centres, coffee
roasters, JV
bakery
(2)
etc.
11
(1)
Rent owed to Tim Hortons when a franchisee leases from the Company.  (2)  Tim Hortons announced that its bakery joint venture partner has invoked the buy/sell 
provisions of the joint venture.  As a result, the Company has the right to either sell its interest or acquire the interest of our joint venture partner.  The joint venture 
documentation provides for supply rights and other protections.  Refer to the 10-Q 1Q10 for additional information.

Commitment to Growth –
Store Count
(As at  January 3, 2010)
2005
2006
2007
2008
2009
2,885
3,047
3,221
3,437
Canada
U.S.
99.5% Franchised
288
2,597
336
2,711
398
2,823
520
2,917
563
3,015
3,578
12
CAGR
5.5%

13
Strategic Plan:  2010 –
2013
More than a Great Brand
Attacking daypart,
category and
marketing
opportunities to
drive same-store
sales
Growing differently
in ways we haven’t
grown before
Leveraging our
core business
strengths and
franchise system
Investing to build
our scale and
brand in new and
existing markets

Our Strategic Plan Drives Aspirational
Long-Term EPS CAGR of 12% to 15%
8%
-
10%
~2% -
3%
12%
-
15%
Operating
Income
Financial
Initiatives
(Share Repurchase/
Interest Leverage)
Canadian
Public Company
Reorganization
EPS
Growth
14
~2%
Note:  See Appendix for detail regarding our aspirational targets on slide 28

Financial Highlights
15

16
Same-Store Sales Growth
Revenues
(3)
CAGR
11.7%
($ in millions, CDN)
(1)
(2)
(1)
Long-Term Track Record of Revenue
and Same-Store Sales Growth
(1)
2004 and 2009 results consist of 53 weeks   (2) Sales include distribution sales, Company-operated restaurant sales and sales from certain non-owned consolidated restaurants. 
(3)
Results do not incorporate adoption of new accounting standard SFAS No. 167 – Amendments to FIN 46(R), now codified within ASC 810 – Consolidations.  This standard relates 
        to consolidation of certain variable interest entities.  Please refer to the Company’s Form 10-Q 1Q10 for additional information.

U.S. business a Leader in Same-Store
Sales Percentage Growth
17
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Source: Thomson Reuters.  Blended quarterly average U.S. restaurant industry same-store sales growth rate.
6.9% 10-YR
SSS Average

Strong Adjusted EBITDA
and Free Cash Flow Growth
CAGR
9.7%
18
28.0%*
27.2%*
26.8%*
27.2%*
26.8%*
$53.1
$7.3
$21.3
($ in millions, CDN)
*Adjusted EBITDA
Margins
Free Cash Flow Before Investments
(2)(3)
(1)
Adjusted EBITDA
(2)(3)
(1) 2009 results consist of 53 weeks  (2) Refer to Appendix for information regarding the non-GAAP measures on slide 30  (3)  Results do not incorporate adoption of new accounting standard SFAS
No. 167 – Amendments to FIN 46(R), now codified within ASC 810 – Consolidations.  This standard relates to consolidation of certain variable interest entities.  Please refer to the Company’s Form
10-Q 1Q10 for additional information.  Historical free cash flow before investments equals net income attributable to THI before depreciation and amortization

Met Most 2009 Performance Targets in
Tough Economic Conditions
19
(1) 2009 targets and results consist of 53 weeks    (2) Adjusted Operating Income is a non-GAAP measure; refer to the Appendix on slide 33  (3) Results do not incorporate adoption of 
new accounting standard SFAS No. 167 – Amendments to FIN 46(R), now codified within ASC 810 – Consolidations.  This standard relates to consolidation of certain variable interest
entities.  Please refer to the Company’s Form 10-Q 1Q10 for additional information.  (4) See Appendix for detail regarding our aspirational targets on slide 28

20
Cash and cash equivalents
$ 100,123
$ 79,779
$ 121,653
$ 124,717
Restricted cash and cash equivalents and
Restricted Investments
$ 50,086
$ 34,286
$ 80,815
$ 62,329
Total Assets
$ 2,013,036
$ 2,035,562
$ 2,094,291
$ 2,097,694
Long-term debt
$ 411,272
$ 404,044
$ 411,694
$ 405,500
Total liabilities
$ 779,133
$ 766,534
$ 838,605
$ 865,891
Total Equity
$ 1,233,903
$ 1,269,028
$ 1,255,686
$ 1,231,803
($ in thousands, CDN)
Fiscal Quarter
Fiscal Year
Q1 2010
Q1 2009
2009
2008
Strong Balance Sheet
Results for 2010, and retroactively for 2009 and 2008, incorporate adoption of new accounting standard SFAS No. 167 – Amendments to FIN 46(R), now codified within
ASC 810 – Consolidations.  This standard relates to consolidation of certain variable interest entities.  Please refer to the Company’s Form 10-Q 1Q10 for additional
information.  Long-term debt includes Current Portion debt.

21
($ in thousands, CDN)
Fiscal Quarter
Fiscal Year
Q1 2010
Q1 2009
2009
2008
Revenues
Sales
Franchise Revenues:
Rents & Royalties
Franchise Fees
Total Revenues
$ 405,948
159,960
16,704
582,612
$ 391,116
144,164
20,427
555,707
$ 1,704,065
644,755
90,033
2,438,853
$ 1,541,882
593,483
93,808
2,229,173
Asset impairment and related closure costs
Other costs and expenses
454,876
444,491
1,913,251
21,266
1,729,460
Total costs and expenses
Operating income (EBIT)
Interest expense, net
454,876
127,736
5,100
444,491
111,216
4,793
1,913,251
525,602
19,184
1,750,726
478,447
19,632
Income before income taxes
Income taxes
122,636
38,063
106,423
35,041
506,418
186,606
458,815
150,309
Net income
Net
income
attributable
to
noncontrolling
interest
$ 84,573
$ 5,684
$ 71,382
$ 4,943
$ 319,812
$ 23,445
$ 308,506
$ 23,828
Net
income
attributable
to
Tim
Hortons
Inc.
$ 78,889
$ 66,439
$ 296,367
$ 284,678
Summary Income Statement
Results for 2010, and retroactively for 2009 and 2008, incorporate adoption of new accounting standard SFAS No. 167 – Amendments to FIN 46(R), now codified within ASC 810 –
Consolidations.  This standard relates to consolidation of certain variable interest entities.  Please refer to the Company’s Form 10-Q 1Q10 for additional information.

Solid Credit Metrics
(1)
Adjusted Total Debt
(2)
/
Adjusted EBITDAR
(2)
Adjusted EBITDAR
(2)
/
Adjusted Interest
(2)
Total Debt
(2)
/
Total Capital
(2)
22
(1)  Results do not incorporate adoption of new accounting standard SFAS No. 167 – Amendments to FIN 46(R), now codified within ASC 810 – Consolidations.  This standard
relates to consolidation of certain variable interest entities.  Please refer to the Company’s Form 10-Q 1Q10 for additional information.  (2) Please refer to the Appendix for
information regarding non-GAAP measures on slide 32

Transaction Highlights
23

Organization Structure
Tim Hortons
Inc.
(THI)
TDL Group
Partnership
(2)
TDL Group Corp.
(Guarantor)
TDL Marks Corp
(2)
~81%
(1)
of Tim Hortons
Consolidated Revenues
New Senior
Unsecured
Notes
24
Tim Hortons
USA Inc.
(2)
(1)
      As at Q1 2010 based on trailing twelve months.  (2) Three additional revenue generating guarantors under the current senior credit facility representing
~17%
(1)
of Tim Hortons Consolidated Revenues as at Q1 2010 on a trailing twelve month basis.

Summary
Disciplined
and profitable
growth track
record
Favourable
industry and
market trends
Superior real
estate
locations that
are
geographically
diverse
Strong and
flexible balance
sheet with
recurring
revenue
streams
25

Appendix
26

General information regarding financial
outlook, targets, and aspirational goals
1.
Operating income year-over-year growth rate for 2010 is based on 52 weeks to remove the
benefit from 2009 of approximately 1.5% associated with 53 weeks
of operations in 2009.
2.
The operational objectives, financial outlook, and aspirational goals (collectively, “targets”)
established for 2010 and long-term EPS growth are based on the accounting, tax, and other
legislative rules in place at the time the targets were issued and on the continuation of share
repurchase programs relatively consistent with historical levels.  The impact of future
changes in accounting, tax and/or other legislative rules that may or may not become
effective in fiscal 2010 and future years, changes to our share repurchase activities, and
other matters not contemplated at the time the targets were established that could affect our
business, are not included in the determination of these targets.  In addition, the targets are
forward-looking and are based on our expectations and outlook on, and shall be effective
only as of, the date the targets were originally issued.  Except
as required by applicable
securities laws, we do not intend to update these targets.  You should refer to the Company’s
public filings for any reported updates.  These targets and our performance generally are
subject to various risks and uncertainties and are based on certain underlying assumptions,
set forth in Item 1A of our Annual Report on Form 10-K, filed March 4, 2010 which may
impact future performance and our achievement of these targets.
27

Non-GAAP Measure
Systemwide
Sales
Canadian systemwide
sales growth includes restaurant-level sales at both Company and Franchise
restaurants. Approximately 99.6% of our Canadian restaurants were franchised as at January 3, 2010.
Systemwide
sales
impact
our
franchise
royalties
and
rental
income,
as
well
as
our
distribution
income.
Changes
in
systemwide
sales
are
driven
by
changes
in
average
same-store
sales
and
changes
in
the
number
of
systemwide
restaurants
and
in
the
case
of
2009
by
the
53
week
of
operations.
Management
believes
systemwide
sales data is useful and important in assessing the overall health and financial performance of the
brand and the Company’s franchisee base, and ultimately, the financial performance of the Company on a
consolidated and segmented basis.
28
Franchised
Restaurant Sales
(in millions)
2009
Full Year
2008
Full Year
2007
Full Year
2006
Full Year
2005
Full Year
Canada (C$)
$ 4,880.9
$ 4,546.0
$ 4,197.5
$ 3,821.9
$ 3,410.6
U.S. (US$)
$ 410.0
$ 345.4
$ 301.3
$ 246.3
$ 199.1
rd

EBITDA
($ in millions, CDN)
2009
(1)
2008
2007
2006
2005
Net income
$297.9
$286.9
$271.9
$261.6
$192.9
Interest expense, net
19.3
19.6
16.7
18.5
14.5
Income tax expense
178.2
139.8
139.5
101.6
84.9
Operating income
$495.4
$446.3
$428.1
$381.7
$292.3
Depreciation and amortization
101.5
91.3
83.6
72.7
72.0
EBITDA
$596.9
$537.6
$511.7
$454.4
$364.3
EBITDA attributable to noncontrolling interest
$2.2
$3.1
$3.4
$2.7
$2.4
EBITDA attributable to THI
$594.7
$534.5
$508.2
$451.7
$361.9
Adjusted EBITDA attributable to THI
$602.0
(2)
$555.8
(3)
$508.2
$451.7
$415.0
(4)
Total Revenues
$2,242.1
$2,043.7
$1,895.9
$1,659.5
$1,482.0
Adjusted EBITDA Margins
26.8%
27.2%
26.8%
27.2%
28.0%
Non-GAAP Measure Reconciliation
EBITDA,
Adjusted
EBITDA
and
Free
Cash
Flow
(5)
29
Free
Cash
Flow
($
in
millions,
CDN)
2009
(1)
2008
2007
2006
2005
Net income attributable to THI
$296.4
$284.7
$269.6
$259.6
$191.1
Depreciation and amortization
101.5
91.3
83.6
72.7
72.0
Free Cash Flow Before Investments
$397.9
$376.0
$353.2
$332.3
$263.1
Capex
158.0
174.2
175.5
180.0
218.6
Free Cash Flow
$239.9
$201.8
$177.7
$152.3
$44.5
(1)  2009 results consist of 53 weeks    (2)  Excludes $7.3 million of costs related to the public company reorganization    (3) Excludes $21.3 million of costs related to asset impairment and related 
closure costs    (4)  Excludes $53.1 million of goodwill and asset impairment costs;   (5) Results do not incorporate adoption of new accounting standard SFAS No. 167 – Amendments to FASB No. 46(R), now 
codified within ASC 810 – Consolidations.  This standard relates to consolidation of certain variable interest entities.  Please refer to the Company’s Form 10-Q 1Q10 for additional information. 

Non-GAAP Measure EBITDA
Disclosure on Non-GAAP Financial Measure EBITDA
EBITDA attributable to THI (“EBITDA”) is defined as net income before interest, taxes, depreciation and amortization, and
EBITDA Margin represents EBITDA expressed as a percentage of Total revenues. EBITDA and EBITDA Margin are used by
management
as
a
performance
measure
for
benchmarking
against
our
peers
and
our
competitors.
We
believe
EBITDA
and
EBITDA Margin are useful to investors because they are frequently used by securities analysts, investors and other interested
parties
to
evaluate
companies
in
our
industry.
EBITDA
and
EBITDA
Margin
are
not
recognized
terms
under
GAAP.
EBITDA
should not be viewed in isolation and does not purport to be an alternative to net income as an indicator of operating performance
or as an alternative to cash flows from operating activities as a measure of liquidity. There are material limitations associated with
making the adjustments to calculate EBITDA and using this non-GAAP financial measure as compared to the most directly
comparable GAAP financial measure. For instance, EBITDA does not
include:
•
interest expense, and because we have borrowed money to finance our operations, interest expense is a necessary
element of our costs and ability to generate revenue;
•
depreciation and amortization expense, and because we use property and equipment, depreciation and amortization
expense is a necessary element of our costs and ability to generate revenue; and
•
Income tax expense, and because the payment of taxes is part of our operations, tax expense is a necessary element
of our costs and ability to operate.
Additionally, EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not
consider certain cash requirements such as capital expenditures,
contractual commitments, interest payments, tax payments and
debt service requirements. Because not all companies use identical calculations, this presentation of EBITDA may not be
comparable to other similarly titled measures of other companies.
30

Non-GAAP Measures
EBITDAR, Adjusted EBITDAR, Total Debt, Adjusted Total Debt
and Adjusted Interest
Disclosure on Non-GAAP Financial Measures
EBITDAR and Adjusted EBITDAR, Total Debt and Adjusted Total Debt, Adjusted Interest and Free Cash Flow are non-GAAP measures,
which do not have a standardized meaning prescribed by U.S. GAAP, and may not be comparable to similar measures presented by other
publicly-traded companies.  Therefore, EBITDAR and Adjusted EBITDAR, Total Debt, Adjusted Total Debt and Free Cash Flow should not
be construed as an alternative to other financial measures determined in accordance with U.S. GAAP. 
EBITDAR
is
defined
as
net
income
before
interest,
taxes,
depreciation
and
amortization
and
rent
expense.
Adjusted
Total
Debt
is
defined
as total debt which includes long-term debt, capital leases and current portion of long-term obligations plus capitalized operating leases
calculated as minimum and contingent rent expense multiplied by a capitalization factor of 6.0x.  Using a capitalization factor we can
quantify the approximate impact of off balance sheet leasing arrangements to come to a fulsome leverage picture which is consistent with
the methodology commonly used.  As not all our peers disclose their rent expense, this value uses their publicly disclosed future contractual
commitments and add contingent rent paid, if applicable.  Adjusted Interest is defined as the gross interest expense plus minimum and
contingent
rent
expense.
Adjusted
EBITDAR
is
defined
as
Adjusted
EBITDA
plus
minimum
and
contingent
rent
expense.
Free
cash
flow
is
defined
as
net
income
adjusted
for
amortization
and
depreciation
net
of
capital
requirements
to
sustain
business
growth.
Total
capital
is
defined as total debt plus total equity.
Management
believes
these
measures
are
important
for
the
purpose
of
comparing
leverage
levels
amongst
our
peers
and
to
prior
periods
as they adjust for differences in asset financing strategies.  These measures provide a more fulsome view of management’s perspective on
leverage relative to our peers. Management believes free cash flow is an important tool to compare underlying cash flow generated from
core operating activities once capital investment requirements have been met. EBITDAR is not intended to be a measure of free cash flow
for management’s discretionary use, as it does not consider certain cash requirements such as capital expenditures, contractual
commitments, interest payments, tax payments and debt service requirements.  Because not all companies use identical calculation, this
presentation of EBTIDAR and Adjusted Total Debt may not be comparable to other similarly titled measure of other companies. 
31

Non-GAAP Measure Reconciliation
Adjusted Operating Income
(1)
32
($ in millions, CDN)
2009
Full Year
2008
Full Year
2007
Full Year
2006
Full Year
2005
Full Year
Reported Operating
Income
$ 495.4
$ 446.3
$ 428.1
$ 381.7
$ 292.3
Add:
Public company
reorganization costs
7.3
-
-
-
-
Add:
Asset impairment and
related closure costs
-
21.3
-
-
-
Add:
Goodwill and asset
impairment cost
-
-
-
-
53.1
Adjusted Operating
Income
$ 502.7
$ 467.6
$ 428.1
$ 381.7
$ 345.4
(1)  Results do not incorporate adoption of new accounting standard SFAS No. 167 – Amendments to FIN 46(R), now codified within ASC 810 – Consolidations.  This standard relates to
consolidation of certain variable interest entities.  Please refer to the Company’s Form 10-Q 1Q10 for additional information.

($ in millions, CDN)
2009
(1)
2008
2007
2006
Adjusted EBITDA attributable to THI
Rent
Adjusted EBITDAR
602.0
148.2
750.2
555.8
138.8
694.6
508.2
129.2
637.4
451.7
118.9
570.6
Current Portion of LT Obligations
Capital Leases
Term Debt
7.6
67.2
336.0
6.7
59.0
332.5
6.1
52.5
328.0
5.5
44.8
325.6
Total Debt
Rent
Capitalization Factor
Capitalized Operating Leases
Adjusted Total Debt
410.8
148.2
x 6.0
889.2
1,300.0
398.2
138.8
x 6.0
832.8
1,231.0
386.6
129.2
x 6.0
775.2
1,161.8
375.9
118.9
x 6.0
713.4
1,089.3
Interest Expense
Rent
Adjusted Interest
21.2
148.2
169.4
24.6
138.8
163.4
24.1
129.2
153.3
22.3
118.9
141.2
Total Debt
Total Equity
Total Capital
410.8
1,170.9
1,581.7
398.2
1,142.0
1,540.2
386.6
1,004.4
1,391.0
375.9
1,020.5
1,396.4
Adjusted Total Debt / Adjusted EBITDAR
Adjusted EBITDAR / Adjusted Interest
Total Debt / Total Capital
1.7 x
4.4 x
0.3 x
1.8 x
4.3 x
0.3 x
1.8 x
4.2 x
0.3 x
1.9 x
4.0 x
0.3 x
Non-GAAP Measure Reconciliation Adjusted EBITDAR,
Adjusted
Total
Debt
and
Adjusted
Interest
(2)
33
(1)
2009 results consist of 53 weeks (2) Results do not incorporate adoption of new accounting standard SFAS No. 167 – Amendments to FIN 46(R), now codified within ASC 810 – 
Consolidations.  This standard relates to consolidation of certain variable interest entities.  Please refer to the Company’s Form 10-Q 1Q10 for additional information.