First National announces filing of revised Annual Information Form

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TORONTO, April 30, 2010 /CNW/ - First National Financial Income Fund ("First National" or "the Fund") (TSX: FN.UN) today announced that it has filed a Revised Annual Information Form (the "Revised AIF"), dated April 30, 2010, for the year ended December 31, 2009, with the Canadian securities regulatory authorities in Canada. The Revised AIF replaces and supersedes the previous Annual Information Form of the Fund dated March 30, 2010 (the "AIF") and has been filed to correct certain typographical errors on pages 3, 4, 15 and 16 of the AIF. Pages 3 and 4 identified that the First National Financial LP (the "Company") had $800 million of mortgages under administration as at March 31, 1997. That amount has been revised to $835 million. Page 15 of the AIF had incorrectly stated that the Company had ABCP availability under its program consisting of prime residential and CMHC-insured multi-unit residential mortgages of $942 billion. The correct figure is $942 million. Page 16 of the AIF had incorrectly stated that the Company has approximately $10 million of mortgages in the Company's ABCP program consisting of small, conventional multi-unit residential and commercial mortgages and that the Company services approximately $40 billion of multi-unit residential mortgages securitized under its NHA-MBS Program. The correct figures are $190 million and $4.0 billion, respectively.

Mr. Rob Inglis, Chief Executive Officer of First National, has authorized this news release.

The Revised AIF is available on SEDAR at www.sedar.com.

About First National Financial Income Fund

First National Financial Income Fund (TSX: FN.UN) owns a 21% interest in First National Financial LP, a Canadian-based originator, underwriter and servicer of predominantly prime residential (single family and multi-unit) and commercial mortgages. With nearly $48 billion in mortgages under administration, First National is Canada's largest non-bank originator and underwriter of mortgages and is among the top three in market share in the growing mortgage broker distribution channel. For more information, please visit www.firstnational.ca.

Forward-Looking Information

Certain information included in this news release may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will, "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. This forward-looking information should not be read as providing guarantees of future performance or results, and will not necessarily be an accurate indication of whether or not, or the times by which, those results will be achieved. This forward-looking information is as of the date of this release, and is subject to change after such date. However, management and the Fund disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

For further information: Rob Inglis, Chief Financial Officer, First National Financial LP, Tel: [phone], Email: [email protected]; Steve Wallace, Vice President, BarnesMcInerney Inc., Tel: [phone], Email: [email protected]