First National Financial Income Fund announces estimated year end special distribution and December monthly distribution



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
    THE U.S./

    TORONTO, Dec. 14 /CNW/ - First National Financial Income Fund
(TSX: FN.UN) (the "Fund") today announced that its Board of Trustees approved
an estimated one time special cash distribution for the fiscal year ended
December 31, 2007. The amount of the special distribution is estimated to be
$0.05 per unit and will be paid on or about March 17, 2008 to unitholders of
record at the close of business on December 31, 2007. The exact value of the
special cash distribution will be based on the taxable income of the Fund for
the fiscal year ended December 31, 2007 and will be announced via news release
once the taxable income is determined in February, 2008.
    In addition, the Fund announced that its regular monthly cash
distribution for the period December 1 to December 31, 2007 will be
$0.10417 per unit. This distribution will be payable on January 15, 2008 to
unitholders of record at the close of business on December 31, 2007.

    About First National Financial Income Fund

    First National Financial Income Fund (TSX: FN.UN) owns a 19.97 per cent
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 more than $31 billion in mortgages
under administration, First National is Canada's largest non-bank originator
and underwriter of residential 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 Statements

    Forward-looking statements are included in this press release. 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. Forward-looking
information may relate to management's future outlook and anticipated events
or results, and may include statements or information regarding the future
financial position, business strategy and strategic goals, product development
activities, projected costs and capital expenditures, financial results,
distributions, risk management strategies, hedging activities, geographic
expansion, licensing plans, taxes and other plans and objectives of or
involving the Company. Particularly, information regarding growth objectives,
any increase in mortgages under administration, future use of securitization
vehicles, industry trends, future revenues and distributions is
forward-looking information; more particularly, the amount of the estimated
special distribution is forward-looking, and there can be no assurance that
the amount of this distribution once finally determined will be equal to, in
excess of or less than the amount currently estimated and referred to herein.
The declaration of the estimated special distribution referred to herein is
not intended nor should it be construed as indicative of future performance.
Forward-looking information is based on certain factors and assumptions
regarding, among other things, the Fund's actual performance, interest rate
changes and responses to such changes, the demand for institutionally placed
and securitized mortgages, the status of the applicable regulatory regime and
the use of mortgage brokers for single family residential mortgages. These
forward-looking statements should not be read as guarantees of future
performance or results, and will not necessarily be accurate indications of
whether or not, or the times by which, those results will be achieved. While
management considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect. Forward
looking-information is subject to certain factors, including risks and
uncertainties, which could cause actual results to differ materially from what
management currently expects. In evaluating these statements, the reader
should specifically consider various factors, including the risks outlined
under "Risk and Uncertainties Affecting the Business" in the Fund's Management
Discussion and Analysis for the nine months ended September 30, 2007 and
elsewhere in the Fund's public disclosure documents filed on and available
from the System for Electronic Document Analysis and Retrieval
(www.sedar.com), which may cause actual events or results to differ materially
from any forward-looking statement. The forward-looking statements contained
in this discussion represent management's expectations as of the date hereof,
and are subject to change after such date. However, management and the Fund
disclaim any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise,
except as required under applicable securities regulations.





For further information:

For further information: Rob Inglis, Vice President, Finance, First
National Financial LP, Tel: (416) 593-1100, Email:
rob.inglis@firstnational.ca; Danna Broadworth, Consultant, BarnesMcInerney
Inc., Tel: (416) 367-5000, Email: dbroadworth@barnesmcinerney.com


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