Tim Hortons Amends Buyback Plan To Buyback 10% of Common Stock

Tim Hortons Inc.

today announced that it has obtained regulatory approval from the Toronto Stock Exchange ("TSX") to amend its Normal Course Issuer Bid ("NCIB") to remove the former maximum dollar cap of $250 million. As a result, under our amended NCIB, as approved by the Company's Board of Directors and subject to the execution of an amended broker agreement, we will be entitled to purchase up to 10% of our "public float" as at February 14, 2013 (the reference date for our original NCIB), being 15,239,531 common shares. The Company's common shares under the amended bid will be purchased under the program through a combination of a 10b5-1 automatic trading plan as well as at management's discretion in compliance with regulatory requirements, and given market, cost and other considerations. Repurchases will be made through the facilities of the TSX (and/or other Canadian marketplaces), the New York Stock Exchange ("NYSE"), or by such other means as may be permitted by the TSX and/or the NYSE, and under applicable laws, including private agreements permitted under issuer bid exemption orders issued by a securities regulatory authority in Canada. Purchases made by way of private agreements under an issuer bid exemption order issued by a securities regulatory authority will be at a discount to the prevailing market price, as provided in the exemption order. There can be no assurance as to the precise number of shares that will be repurchased under the share repurchase program, or the aggregate dollar amount of the shares purchased. Tim Hortons may discontinue purchases at any time, subject to compliance with applicable regulatory requirements. Shares purchased pursuant to the share repurchase program will be cancelled. The maximum number of shares that may be purchased during any trading day may not exceed 25% of the average daily trading volume on the TSX (as defined in Section 628 of the TSX Company Manual) for a daily total of 122,790 common shares. This limit, for which there are permitted exceptions, is determined in accordance with regulatory requirements. From February 26, 2013 until July 31, 2013, approximately 2.4 million shares have been purchased under the NCIB at an average price of $55.01 per share, for a total of approximately $132.1 million.