Company Delisted

December 16, 2010 – Calgary, Alberta – Foremost Income Fund (the “Fund”) announces that the Fund's units were delisted from the Toronto Stock Exchange ("TSX") at the close of business on December 15, 2010, following the Fund's application to voluntarily delist the units. Additional detailed information regarding the delisting and the definitive text of the amendments to the Deed of Trust were included in the Fund's Information Circular dated October 29, 2010. Effective as of today, the fund also amended its Deed of Trust, inclusive all these amendments. As previously announced on October 28, 2010, the Trustees have currently determined to use $6.40 per unit as the initial posted price that the Fund will use for redemption for units of the Fund and plan to maintain such price until up to and including January 31, 2011. Unitholders wishing to redeem their units should contact Foremost investor relations or Computershare Trust Company.