On October 30, 2009, Tim Hortons Inc. (the "Corporation") issued a press release containing financial information regarding its 2009 third quarter results and certain other information. The press release is attached hereto as Exhibit 99.1.

Dividend. On October 30, 2009, the Corporation also announced that its Board of Directors has approved a Cdn.$0.10 per share regular quarterly dividend. The dividend is payable on December 15, 2009 to shareholders of record on December 1, 2009. The declaration of all future dividends is subject to the Board's discretion. The full text of the Corporation's press release issued today regarding its quarterly dividend is attached hereto as Exhibit 99.2 and contains certain tax information relative to the dividend.

Share Repurchase Program. On October 30, 2009, the Corporation also announced that its Board approved the resumption of repurchases under a previously announced share repurchase program, with additional purchases of up to Cdn.$150 million to be made under the resumed program in the fourth quarter of 2009. The Corporation had previously announced that repurchases were deferred as a result of the decision by the board of directors of the Corporation's predecessor, Tim Hortons Inc., a Delaware corporation ("THI USA"), to proceed with the reorganization of THI USA as a Canadian public corporation. Prior to the decision to defer the program, THI USA spent Cdn.$16.7 million to repurchase approximately 0.6 million common shares during the first quarter of 2009. Further information regarding the share repurchase program is set forth in the press release attached hereto as Exhibit 99.3.

(d) Exhibits.

Exhibit 99.1    Press release issued by the Company dated October 30, 2009
                regarding the release of quarterly financial results and other
                information.

Exhibit 99.2    Press release issued by the Corporation dated October 30, 2009
                announcing Cdn.$0.10 quarterly dividend.

Exhibit 99.3    Press release issued by the Corporation dated October 30, 2009
                announcing the resumption of the 2009 share repurchase program.