Foremost Income Fund
TSX : FMO.UN

Foremost Income Fund

November 26, 2010 19:39 ET

Foremost Income Fund Announces Unitholder Approval of Proposal to Amend Trust Deed and Voluntarily Delist From TSX

CALGARY, ALBERTA--(Marketwire - Nov. 26, 2010) - Foremost Income Fund (TSX:FMO.UN) ("Foremost", or the "Fund") announces that its unitholders have approved by a significant margin a resolution (outlined in the Fund's Information Circular dated October 29, 2010) to amend the Fund's deed of trust (the "Deed of Trust") and to voluntarily delist from the Toronto Stock Exchange ("TSX"), at a special meeting today called to consider the proposal.

The Fund held a special meeting (the "Meeting") of the unitholders (the "Unitholders") today, Friday, November 26, 2010 at 2:00 p.m. (Mountain Standard Time) to approve amendments to the Deed of Trust regarding redemption and trading rights of Unitholders, and any other consequential amendments to the Deed of Trust, and to ratify the application given by the Fund to the TSX to delist the Fund's trust units ("Units") from trading on the TSX.

A resolution adopting the above was approved by Unitholders holding approximately 86.3% of the Units voted at the Meeting.

Additional detailed information regarding the delisting and the definitive text of the proposed amendments to the Deed of Trust were included in the Fund's Information Circular dated October 29, 2010.

The Trustees of the Fund plan to proceed with the proposal to arrange for the Fund to be voluntarily delisted from the TSX. The Fund intends to arrange for such delisting to occur at the end of trading on or about December 15, 2010, with the amendments to the Deed of Trust to take effect on the following day.

FORWARD-LOOKING STATEMENTS

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 included statements regarding the Fund's plans to delist and amend its Deed of Trust. These statements reflect management's current expectations regarding future events 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.

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