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Press release from CNW Group

First National announces filing of Revised Annual Management's Discussion and Analysis and officers' certifications

Monday, May 17, 2010

First National announces filing of Revised Annual Management's Discussion and Analysis and officers' certifications17:00 EDT Monday, May 17, 2010/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./TORONTO, May 17, 2010 /CNW/ - First National Financial Income Fund ("First National" or "the Fund") (TSX: FN.UN) announced today that it has filed revised officers' certificates for the certification of annual filings for December 31, 2009, and revised officers' certificates for the certification of interim filings for the interim period ended March 31, 2010 (the "certifications"), and Revised Annual Management's Discussion and Analysis for the year ended December 31, 2009 (the "Revised MD&A"), dated May 17, 2010, with the Canadian securities regulatory authorities in Canada. The certifications have been revised to better describe the capacity in which the certifying officers act for the Fund, add "N/A" in subparagraph 6(b)(ii), and are dated to correspond with the filing of the Revised MD&A. The Revised MD&A replaces and supersedes the previous Annual Management's Discussion and Analysis of the Fund dated March 30, 2010 (the "MD&A"), and has been refiled to add disclosure on page 27 regarding Controls over Financial Reporting as required by NI 52-109. The wording added is as follows:"Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. However, because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis."Management evaluated, under the supervision of and with the participation of the Chairman and President, and Chief Financial Officer, the effectiveness of the Company's internal control over financial reporting based on the criteria set forth in the Internal Control over Financial Reporting - Guidance for Smaller Public Companies issued by the Committee of Sponsoring Organizations of the Treadway Commission and, based on that evaluation, concluded that the Company's internal control over financial reporting was effective as of December 31, 2009, and that there were no material weaknesses that have been identified in the Company's internal control over financial reporting as of December 31, 2009."Mr. Rob Inglis, Chief Financial Officer of First National, has authorized this news release.The Revised MD&A is available on SEDAR at www.sedar.com.About First National Financial Income FundFirst 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 $49 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 InformationCertain 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: (416) 593-1100, Email: rob.inglis@firstnational.ca; Steve Wallace, Vice President, BarnesMcInerney Inc., Tel: (416) 367-5000, Email: swallace@barnesmcinerney.com