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When will First National's quarterly results be released? Upcoming quarterly results will be release on or about the following dates: Q2 2010: July 28, 2010 Q3 2010: October 26, 2010 The dates and times of the Fund's quarterly conference calls will be announced via news release. When is First National's fiscal year-end? First National's fiscal year-end is December 31. When was First National's IPO and what was the offering price? First National completed its IPO on June 15, 2006, at $10.00 per unit. When is First National’s next Annual General Meeting? First National's Annual General meeting (AGM) for the 2009 fiscal year was held on May 4, 2010 at 10 a.m. ET at the TSX Broadcast & Conference Centre in Toronto, Ontario. The date, time and location of First National’s AGM for the 2010 fiscal year will be announced at a later date. Where do First National's units trade, and what is the symbol? First National Financial Income Fund's units trade on the Toronto Stock Exchange (TSX) under the ticker symbol FN.UN. What is First National’s monthly distribution to unitholders? The Fund’s monthly distribution is $0.125 per unit, or $1.50 annually. Do First National's senior managers have significant investments in First National Financial LP? Yes, the senior managers’ interest in First National Financial LP is greater than 80%. Whom can I contact regarding unit certificates? Please contact First National's transfer agent: Computershare Investor Services 100 University Ave. 9th Floor Toronto, ON M5J 2Y1 1-800-564-6253 Will the Fund convert to a corporation when the tax rules change in 2011? If there is a conversion to a corporate tax structure, will there be any change to the distribution/dividend payout policy? First National is not required to convert; however, by January 2011, the Fund will become subject to specified investment flow-through entities (SIFT) rules, meaning that from that time onwards, the Fund will be liable for tax at a rate comparable to the combined federal and provincial corporate tax rate on all or a significant portion of its income distributed to unitholders. Essentially, the tax advantage of being an income trust will disappear. Accordingly, on March 25, 2010, the Company announced its plan to convert to a corporation on or about December 31, 2010. The conversion plan was put to vote at the Company’s AGM on May 4, 2010, and subsequently approved by unitholders. The Fund intends to continue paying monthly distributions of $0.125 per unit ($1.50 per unit annually) through December 2010. Following the conversion, First National intends to initially adopt a dividend policy set at $0.09167 per share on a monthly basis ($1.10 per share annually). It is believed that this initial post-conversion dividend rate will allow First National to offer a sustainable return to shareholders while positioning the Company well to continue growing the business and delivering strong results and solid returns over the long term. Regarding changes to the distribution/dividend payout policy, management's assertion currently is that, at a minimum, the Fund's corporate successor will payout the Fund's then current distribution amount less the amount of tax applicable to a corporation on its earnings. However, depending on future cash flows and financial results, management believes that the future dividend payout ratio may be higher than this amount. What is the tax breakdown of the distributions paid to unitholders in 2009? Of the distributions declared in 2009, 100% is ‘other taxable income’. For more detailed information, see First National Financial Income Fund’s tax breakdown posting at http://www.cdsinnovations.ca/applications/taxforms/taxforms.nsf/PROCESSED-EN-?OpenViewandRestrictToCategory=All-2008 |