Tim Hortons Inc. Confirms Regulatory Approval to Commence Share Repurchase Program

    (All amounts in Canadian dollars)

    OAKVILLE, ON, Feb. 26 /CNW/ - Tim Hortons Inc. (NYSE:   THI, TSX: THI)
today announced that on February 25, 2009, the Company obtained regulatory
approval from the Toronto Stock Exchange (TSX) to commence its 2009 share
repurchase program for up to $200 million in common shares, not to exceed the
regulatory maximum of 9,077,438 shares, equivalent to 5% of the outstanding
common shares at the time of regulatory approval.
    Purchases will be made under the repurchase program at management's
discretion, subject to applicable regulatory requirements and market, cost and
other considerations. The 2009 program will commence on March 2, 2009 and will
end on March 1, 2010 or sooner if the $200 million or 5% share maximum has
been reached. If a decision is made to proceed with previously announced
potential changes to the Company's corporate structure, the timing of share
repurchases could be affected including deferring future purchases subsequent
to the first quarter of 2009 until after a transaction is implemented.
    There can be no assurance as to the precise number of shares that will be
repurchased under the 2009 program, or the aggregate dollar amount of the
shares purchased. The program may also be terminated at the Company's
discretion in compliance with applicable regulatory requirements. Additional
details regarding the share purchase program were set forth in the Company's
earlier announcement regarding its share repurchase program, issued February
20th, 2009.

    Safe Harbor Statement

    Certain information in this news release, including information regarding
future economic performance, finances, and plans, expectations and objectives
of management, is forward-looking as contemplated under the Private Securities
Litigation Reform Act of 1995. Various factors including those described as
"risk factors" in the Company's 2008 Annual Report on Form 10-K, filed
February 26, 2009, and those risk factors set forth in our Safe Harbor
Statement, as well as other possible factors not listed or described in the
foregoing, 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 news release, which speak only as of the date
hereof. Except as required by federal or provincial securities laws, the
Company undertakes no obligation to publicly release any revisions to the
forward looking statements contained in this release, or to update them to
reflect events or circumstances occurring after the date of this release, or
to reflect the occurrence of unanticipated events, even if new information,
future events or other circumstances have made the forward-looking statements
incorrect or misleading. Please review the Company's Safe Harbor Statement at

    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 December 28, 2008, Tim Hortons had 3,437 systemwide
restaurants, including 2,917 in Canada and 520 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: Diane Slopek-Weber, (905) 339-6229
or slopek-weber_diane@timhortons.com

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