Timolol is a beta blocker. It will slow your heart rate down, both resting and during exercise. I am on Atenolol for rapid heart rate. It is also a beta blocker. I take 25 mg daily. I am still able to reach a fairly high heart rate (up to 85-90% target heart rate) during exercise. Is your blood pressure underneath control? Do you have any other arrythmia problems? Why did they put you on a beta blocker as opposed to ACE inhibitor or something? Barbarella is right. There was an article on the net about how doc's should adjust BB so a person can reach at least 70% of target heart rate. I would tell your doc about not being able to reach THR. I am very frustrated with Atenolol.
I do have to work very hard to get heart rate up and hopefully won't get injured. Perhaps your doc can switch BP meds to ones that don't affect HR, like Ace inhibitor.
Is your BP med a beta blocker? If so beta blockers can cause that. I'm on BP meds but they are not beta blockers and I have no problem reaching my target heart rate.