Foremost Income Fund Announces Revised Distribution Record Date for Special Non-Cash Distribution

CALGARY, ALBERTA--(Marketwired - Dec. 14, 2015) - Foremost Income Fund (the "Fund") announces revised distribution record date for special non‐cash distribution.

This is further to the press release, material change report and CDS bulletin of Foremost Income Fund (the "Fund") issued on December 7, 2015 announcing that the Fund will be distributing its 2015 taxable income by way of a distribution of units of the Fund (as more particularly described in the December 7, 2015 announcement, the "December 31, 2015 Non‐Cash Distribution"). In order to provide an extended opportunity for all unitholders of the Fund wishing to transfer units or redeem units, in accordance with the Deed of Trust of the Fund dated November 12, 2005 as amended (the "Deed of Trust"), the Trustees have determined that the record date for the December 31, 2015 Non‐Cash Distribution will be revised from December 15, 2015, to December 28, 2015.

This information is intended for summary purposes only and is subject in all respects to the Deed of Trust. The income and other tax consequences of holding, redeeming or disposing of units and acquiring promissory notes will vary depending on the unitholder's particular circumstances, including the jurisdiction(s) in which the unitholder resides or carries on business, and whether the unitholder is an RRSP, RESP, RRIF, PPSP or TFSA. Accordingly, this information is of a summary nature only and is not intended to be legal or tax advice to any prospective purchaser or any unitholder. All unitholders should consult their own legal and tax advisors.

On behalf of the Trustees

Foremost Income Fund

Bevan May, Interim President/CEO and Trustee

FORWARD‐LOOKING STATEMENT

Certain statements in this news release may constitute "forward‐looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. When used in this news release, such statements use words such as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements include statements the Fund's intention to proceed with a Unitholders' meeting and information regarding the Trustees' views of the future prospects and tax treatment of the Fund and tax treatment of the Special Redemption, the Fund's expectations regarding the future availability of cash to meet redemption requests and the Trustee's expectations for redemption prices in December 2011 and January 2012. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this news release. These forward‐ looking statements involve a number of risks and uncertainties, including: the impact of general economic conditions, industry conditions, changes in laws and regulations, increased competition, fluctuations in commodity prices and foreign exchange, and interest rates and stock market volatility.