Cash Store Financial surpasses 400 branches in operation

    Edmonton-based alternative financial services provider expects to have
    407 branches in full operation by end of November

    EDMONTON, Oct. 29 /CNW/ - Gordon J. Reykdal, Chairman and CEO of The Cash
Store Financial Services Inc. ("Cash Store Financial") today announced that
the Company has exceeded the 400 branch mark and will have 407 branches in
full operation by the end of November, 2008.
    The announcement followed the release of the Company's fiscal 2009 first
quarter results. For the period, the Company achieved record levels in terms
of both top line revenue and bottom-line earnings. On quarterly revenue of
$37.3 million the Company achieved earnings of $6.1 million, or 31 cents per
    "This has been a remarkable quarter and a remarkable year," said
Mr. Reykdal at the Company's fiscal 2008 Annual General Meeting. "To achieve
record earnings and to reach 400 branches all in the same quarter is a major
milestone when you stop to think that only seven years ago we had just one
    He further commented: "The bottom line is that we offer great products
and services. We've built our brand primarily on word of mouth and there is a
very high demand for what we offer. Research clearly indicates that we supply
our products to people of all income levels and walks of life. We do what
traditional banks don't do, and our customers like that."

    About The Cash Store Financial Services Inc. (Cash Store Financial)

    Cash Store Financial is the only payday advance broker in Canada
publicly-traded on the Toronto Stock Exchange (TSX:CSF). Cash Store Financial
operates over 400 branches across Canada under two banners: The Cash Store and
    The Cash Store and Instaloans act as brokers to facilitate payday advance
services to income-earning consumers who may not be able to obtain them from
traditional banks. Cash Store Financial also provides a private-label debit
card, the "Freedom Card", and a private label pre-paid credit card, the
"Freedom MasterCard", as well as other ancillary products.
    Cash Store Financial employs more than 1,500 associates and is
headquartered in Edmonton, Alberta.

    This News Release contains "forward-looking information" within the
meaning of applicable Canadian and United States securities legislation.
Forward-looking information includes, but is not limited to, information with
respect to our objectives, strategies, operations and financial results,
competition as well initiatives to grow revenue or reduce retention payments.
Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects", or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "does not anticipate", or "believes" or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might", or "will be taken", "occur", or "be achieved". In
particular this News Release contains forward-looking statements in connection
with the Cash Store Financials goals and strategic priorities, introduction of
products, share repurchase initiatives and branch openings. Forward-looking
information is subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or
achievements of Cash Store Financial, to be materially different from those
expressed or implied by such forward-looking information, including, but not
limited to, changes in economic and political conditions, legislative or
regulatory developments, technological developments, third-party arrangements,
competition, litigation, risks associated with but not limited to, market
conditions, and other factors described in our Annual Information Form ("AIF")
dated August 27, 2008 under the heading "Risk Factors". All material
assumptions used in making forward-looking statements are based on
management's knowledge of current business conditions and expectations of
future business conditions and trends, including our knowledge of the current
credit, interest rate and liquidity conditions affecting us and the Canadian
economy. Although we believes the assumptions used to make such statements are
reasonable at this time and have attempted to identify in our continuous
disclosure documents important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there
may be other factors that cause results not to be as anticipated, estimated or
intended. Certain material factors or assumptions are applied by us in making
forward-looking statements, include without limitation, factors and
assumptions regarding our continued ability to fund our payday loan business,
rates of customer defaults, relationships with, and payments to, third party
lenders, demand for our products, as well as our operating cost structure and
current consumer protection regulations. There can be no assurance that such
information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking
information. We do not undertake to update any forward-looking information,
except in accordance with applicable securities laws.

For further information:

For further information: on Cash Store Financial please contact: Gordon
J. Reykdal, Chairman and Chief Executive Officer, Cash Store Financial, (780)
408-5118; or Michael J.L. Thompson, Senior Vice President and Corporate
Secretary, Cash Store Financial, (780) 408-5595, cell (780) 934-4729

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The Cash Store Financial Services Inc.

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