Tim Hortons SC 13D/A Tim Hortons Inc.

Exhibit 4

LIST OF TRANSACTIONS IN ISSUER’S COMMON SHARES EFFECTED BY THE REPORTING PERSONS IN THE LAST 60 DAYS

Trade Date		Transaction Type	Fund	Quantity		Price (not including commission)
	10/1/2013	Sell	Scout Capital Master Fund, Ltd.		39,500		57.82
	10/1/2013	Buy	Scout Capital Long Term Master, Ltd.		39,500		57.82
	10/14/2013	Sell	Scout Capital Master Fund, Ltd.		5,994		58.36
	10/14/2013	Sell	Scout Capital Long Term Master, Ltd.		358		58.36
	10/15/2013	Sell	Scout Capital Long Term Master, Ltd.		300		58.36
	11/7/2013	Sell	Scout Capital Master Fund, Ltd.		46,611		60.04
	11/7/2013	Sell	Scout Capital Long Term Master, Ltd.		3,389		60.04
	11/8/2013	Sell	Scout Capital Master Fund, Ltd.		8,949		60.01
	11/8/2013	Sell	Scout Capital Long Term Master, Ltd.		451		60.01
	11/11/2013	Sell	Scout Capital Master Fund, Ltd.		9,517		59.68
	11/11/2013	Sell	Scout Capital Master Fund, Ltd.		96		59.20
	11/11/2013	Sell	Scout Capital Long Term Master, Ltd.		483		59.68
	11/11/2013	Sell	Scout Capital Long Term Master, Ltd.		4		59.20
	11/12/2013	Sell	Scout Capital Partners II, L.P.		1,289		59.31
	11/12/2013	Sell	Scout Capital Partners II, L.P.		3,095		59.29
	11/12/2013	Sell	Scout Capital Master Fund, Ltd.		24,187		59.31
	11/12/2013	Sell	Scout Capital Master Fund, Ltd.		58,078		59.29
	11/12/2013	Sell	Scout Capital Long Term Master, Ltd.		1,224		59.31
	11/12/2013	Sell	Scout Capital Long Term Master, Ltd.		2,937		59.29
	11/13/2013	Sell	Scout Capital Partners II, L.P.		13,846		59.60
	11/13/2013	Sell	Scout Capital Partners II, L.P.		11,580		59.61
	11/13/2013	Sell	Scout Capital Partners II, L.P.		5,040		59.69
	11/13/2013	Sell	Scout Capital Master Fund, Ltd.		33,365		59.60
	11/13/2013	Sell	Scout Capital Master Fund, Ltd.		27,899		59.61
	11/13/2013	Sell	Scout Capital Master Fund, Ltd.		12,146		59.69
	11/13/2013	Sell	Scout Capital Long Term Master, Ltd.		1,689		59.60
	11/13/2013	Sell	Scout Capital Long Term Master, Ltd.		1,411		59.61
	11/13/2013	Sell	Scout Capital Long Term Master, Ltd.		614		59.69
	11/14/2013	Sell	Scout Capital Partners II, L.P.		18,406		59.89
	11/14/2013	Sell	Scout Capital Partners II, L.P.		18,406		59.90
	11/14/2013	Sell	Scout Capital Partners II, L.P.		426		59.95
	11/14/2013	Sell	Scout Capital Partners II, L.P.		5,408		59.87
	11/14/2013	Sell	Scout Capital Partners II, L.P.		3,271		59.73
	11/14/2013	Sell	Scout Capital Master Fund, Ltd.		44,350		59.89
	11/14/2013	Sell	Scout Capital Master Fund, Ltd.		44,350		59.90
	11/14/2013	Sell	Scout Capital Master Fund, Ltd.		1,023		59.95
	11/14/2013	Sell	Scout Capital Master Fund, Ltd.		13,033		59.87
	11/14/2013	Sell	Scout Capital Master Fund, Ltd.		7,884		59.73
	11/14/2013	Sell	Scout Capital Long Term Master, Ltd.		2,244		59.89
	11/14/2013	Sell	Scout Capital Long Term Master, Ltd.		2,244		59.90
	11/14/2013	Sell	Scout Capital Long Term Master, Ltd.		51		59.95
	11/14/2013	Sell	Scout Capital Long Term Master, Ltd.		659		59.87
	11/14/2013	Sell	Scout Capital Long Term Master, Ltd.		398		59.73