Industry News | February 20, 2009

Tim Hortons Dividend Increases to 10 Cents Per Share

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Tim Hortons Inc. (NYSE: THI, TSX: THI) today announced the Board of Directors has approved a 11.1 percent 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.