Foremost Income Fund Announces Executive Leadership Team

CALGARY, ALBERTA--(Marketwired - Sept. 24, 2015) - Foremost Income Fund ("Foremost" or the "Fund") announces executive leadership team.

Foremost's Board of Trustees is pleased to announce an impending leadership change to become effective January 1, 2016. Kevin Johnson, currently serving as VP, Mobile Equipment, will be promoted to the role of President, replacing outgoing Interim CEO, Bevan May who will be resuming his sole role of Chairman of the Board. Further, the board also announces the promotion of Mike McCarthy to the role of Sr. VP Operations, also to be effective January 1, 2016.

Kevin Johnson joined Foremost in 2012 as a General Manager for the Mobile Equipment operation based in Calgary. Kevin holds a Mechanical Engineering degree from the University of Alberta and also holds an MBA from Queens School of Business. Prior to joining Foremost, Kevin held progressively responsible roles at Canada Bread, Afexa Life Sciences, and Imperial Rubber.

Mike McCarthy joined Foremost in July 2014 as VP Technical Services and Strategic Business Development after serving in a leadership role at URS Flint and a prior General Manager role at Foremost's Calgary South operating location. Mike holds a Mechanical Engineering degree from the University of Calgary.

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.