First National Financial Income Fund's normal course issuer bid accepted by TSX

    THE U.S./

    TORONTO, Aug. 6 /CNW/ - First National Financial Income Fund (TSX: FN.UN)
(the "Fund") today announced that the Toronto Stock Exchange (TSX) has
approved its notice of intention to make a normal course issuer bid (the
"Bid") to purchase up to 632,817 units ("Units") of the Fund, representing 5%
of the Units issued and outstanding.
    As of August 1, 2008, there were 12,656,355 Units issued and outstanding.
Purchases under the Bid may begin on August 8, 2008 and will end no later than
August 7, 2009. The maximum number of Units which may be purchased daily is
4,821 Units. The Units will be purchased for cancellation through the
facilities of the Toronto Stock Exchange in accordance with its policies and
at market price.
    In the opinion of the Fund's management, First National Financial LP, the
Units have been trading at levels that do not reflect the underlying value of
the Fund. As a result, First National Financial LP believes that the Units
represent an attractive investment at current and recent prices and the
purchases of Units would be an appropriate and desirable use of available
funds. Management of First National Financial LP is confident that the Fund's
solid cash flow and credit capacity can support this bid without reducing its
ability to execute its growth strategy.

    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 more than $36 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

    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. 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, 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 future increase in
mortgages under administration, future use of securitization vehicles,
industry trends and future revenues is forward looking information. Forward
looking information is based on certain factors and assumptions regarding,
among other things, 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. This forward looking information should not be read as
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. While management considers these assumptions to be
reasonable based on information currently available, they may prove to be
incorrect. Forward looking information is subject to certain factors,
including risks and uncertainties that could cause actual results to differ
materially from what management currently expects. These factors include
reliance on sources of funding, concentration of institutional investors,
reliance on relationships with independent mortgage brokers and changes in
interest rates under "Risk and Uncertainties Affecting the Business" in the
MD&A. In evaluating this information, investors should specifically consider
various factors, including the risks outlined under "Risk and Uncertainties
Affecting the Business" in the MD&A, which may cause actual events or results
to differ materially from any forward looking information. 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:

For further information: Stephen Smith, Chairman and President, First
National Financial LP, Tel: (416) 593-2929; Rob Inglis, Vice President,
Finance First National Financial LP, Tel: (416) 593-2927

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