Tim Hortons Inc. Announces Exercise of Over-Allotment Option

OAKVILLE, Ontario (March 28, 2006) – Tim Hortons Inc. (NYSE/TSX:THI) announced today that the underwriters of its initial public offering of 29 million shares of common stock have exercised their over-allotment option and will purchase 4.35 million additional shares of common stock.

Including the over-allotment shares to be purchased, the offering will total 33.35 million shares at the public offering price of C$27.00 (U.S.$23.162) per share and will result in net proceeds to the company of approximately C$846.4 million (U.S.$726.1 million) after deducting underwriting discounts and commissions of C$54.0 million (U.S.$46.3 million).

A final prospectus was filed with the applicable Canadian regulatory authorities and is available at www.sedar.com . U.S. residents may obtain a copy of the final prospectus of Tim Hortons Inc. by contacting Goldman, Sachs & Co. at (212) 902-1171 or RBC Capital Markets at (212) 428-6532.

Tim Hortons Inc. Overview

Tim Hortons Inc. is Canada ’s largest quick service restaurant chain and features coffee, fresh-baked goods, soups and sandwiches. As of January 1, 2006 , there were 2,597 restaurants in Canada and 288 in the United States . More information about the Company is available at www.timhortons.com.

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