First National's Stephen Smith named Ernst & Young Professional/Financial Services Entrepreneur of the Year for 2007



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    THE U.S./

    TORONTO, Oct. 19 /CNW/ - First National Financial Income Fund
(TSX: FN.UN) today announced that Stephen Smith, Chairman and President of
First National Financial LP, was named the 2007 Ernst & Young Ontario
Entrepreneur of the Year in the Professional/Financial Services category.
    Hundreds of business leaders attended this year's Ernst & Young
Entrepreneur of the Year Ontario Awards Gala to celebrate and honour the
achievements of the province's most successful entrepreneurs. Spanning 10
business categories, these awards were created to identify outstanding
entrepreneurs who have demonstrated excellence in their industries.
    "I am truly honoured to receive this prestigious award and am proud to be
in the company of such outstanding entrepreneurs," said Stephen Smith. "I
accept this award on behalf of everyone at First National, because it is the
efforts of every single one of us that has made our company the success it is
today."

    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 $28 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.





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, Account Executive,
BarnesMcInerney Inc., Tel: (416) 367-5000, Email:
dbroadworth@barnesmcinerney.com


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