Board declares quarterly dividend of $0.10 per share

    (All amounts in Canadian dollars)

    OAKVILLE, ON, Aug. 6 /CNW/ - Tim Hortons Inc. (NYSE:   THI, TSX: THI) today
announced the Board of Directors has declared a quarterly dividend of $0.10
per share payable on September 1st, 2009 to stockholders of record as of
August 18th, 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 stockholders based on the Company's earnings growth.
    Dividends are paid in Canadian dollars to all stockholders with Canadian
resident addresses whose shares are registered with Computershare (the
Company's transfer agent). For all other stockholders, including all
stockholders 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 August 25th, 2009 at the daily noon rate established by the Bank of
Canada and paid in U.S. dollars on September 1st, 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 premium coffee, flavored cappuccinos, specialty
teas, home-style soups, fresh sandwiches and fresh baked goods. As of June 28,
2009, Tim Hortons had 3,475 systemwide restaurants, including 2,939 in Canada
and 536 in the United States. More information about the Company is available

For further information:

For further information: INVESTORS: Scott Bonikowsky: (905) 339-6186 or

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