Tim Hortons Inc. Raises Quarterly Dividend Payments by 11.1% and declares a $0.10 per share dividend

    (All amounts in Canadian dollars)

    OAKVILLE, ON, Feb. 20 /CNW/ - Tim Hortons Inc. (NYSE:   THI, TSX: THI)
today announced the Board of Directors has approved a 11.1% increase in the
quarterly dividend to $0.10 per share.
    The Board of Directors has approved an increase in the quarterly dividend
to $0.10 per share and the first payment of a dividend at the new rate is
payable on March 17th, 2009 to shareholders of record as of March 3rd, 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 March 10th, 2009 at the daily noon rate established by the Bank of
Canada and paid in U.S. dollars on March 17th, 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 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_dianne@timhortons.com

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