Tim Hortons Inc. Board declares quarterly dividend of $0.10 per share



    (All amounts in Canadian dollars)

    OAKVILLE, ON, May 7 /CNW/ - Tim Hortons Inc. (NYSE:   THI, TSX: THI) today
announced the Board of Directors has declared a dividend of $0.10 per share
payable on June 16th, 2009 to shareholders of record as of June 2nd, 2009. The
Company's current dividend policy is to pay a total of 20%-25% of prior year,
normalized annual net earnings in dividends each year, returning value to
shareholders based on the Company's earnings growth.
    Dividends are paid in Canadian dollars to all shareholders with Canadian
resident addresses whose shares are registered with Computershare (the
Company's transfer agent). For all other shareholders, including all
shareholders who hold their shares indirectly (i.e., through their broker) and
regardless of country of residence, the dividend will be converted to U.S.
dollars on June 9th, 2009 at the daily noon rate established by the Bank of
Canada and paid in U.S. dollars on June 16th, 2009.

    Tim Hortons Inc. Overview

    Tim Hortons is the fourth largest publicly-traded quick service
restaurant chain in North America based on market capitalization, and the
largest in Canada. Tim Hortons appeals to a broad range of consumer tastes,
with a menu that includes coffee and donuts, premium coffees, flavored
cappuccinos, specialty teas, home-style soups, fresh sandwiches and fresh
baked goods. As of March 29, 2009, Tim Hortons had 3,457 systemwide
restaurants, including 2,930 in Canada and 527 in the United States. More
information about the Company is available at www.timhortons.com.





For further information:

For further information: INVESTORS: Scott Bonikowsky, (905) 339-6186 or
investor_relations@timhortons.com


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