Tim Hortons Inc. Raises Quarterly Dividend Payments by 28.6%

    Seventh Consecutive Dividend Declared

    OAKVILLE, ON, Feb. 20 /CNW/ - Tim Hortons Inc. (NYSE:  THI, TSX: THI) today
announced the Board of Directors has approved a 28.6% increase in the
quarterly dividend to $0.09 per share. The Board also declared the seventh
consecutive dividend.
    The dividend is payable on March 17th, 2008 to shareholders of record as
of March 3rd, 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 Directors.
    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, 2008 at the daily noon rate established by the Bank of
Canada and paid in U.S. dollars on March 17th, 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 December 30, 2007, Tim Hortons had 3,221 system-wide
restaurants, including 2,823 in Canada and 398 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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