Tim Hortons Inc. Board Declares Quarterly Dividend Payment of $0.09 per share

    (All amounts in Canadian dollars)

    OAKVILLE, ON, Aug. 7 /CNW/ - Tim Hortons Inc. (NYSE:  THI, TSX: THI) today
announced the Board of Directors has declared a quarterly dividend of $0.09
per share.
    The dividend is payable on September 2nd, 2008 to shareholders of record
as of August 18th, 2008. The Company's current dividend policy is to pay
20-25% of prior year, normalized net earnings. The declaration of future
dividends continues to be subject to the discretion of the Company's Board of
    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 August 25th, 2008 at the daily noon rate established by the Bank of
Canada and paid in U.S. dollars on September 2nd, 2008.

    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 June 29th, 2008, Tim Hortons had 3,257 systemwide
restaurants, including 2,851 in Canada and 406 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; MEDIA: Rachel Douglas: (905) 339-6277 or

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