Foremost Income Fund Confirms Distribution for 2020

Calgary, Alberta--(Newsfile Corp. - February 26, 2021) - Foremost Income Fund ("Foremost" or the "Fund") confirms distribution for 2020.

By way of a press release dated December 15, 2020 (the "press release"), Foremost Income Fund (the "Fund") announced its projection that there will be a distribution of $0.40 per trust unit in respect of the 2020 fiscal year.

The Fund undertook to confirm the foregoing in February 2021 upon final determination of the taxable income of the Fund.

This press release confirms that there will be a distribution in respect of the 2020 fiscal year per details below:

Income allocated per trust unit: $0.40

Cash distribution per trust unit: $0.40

Record date: December 31, 2020

Payment date: On or before March 31, 2021

This amounts to the allocation of the aggregate total income of the Fund in respect of 2020, of $7,090,961 and distribution of cash of the same amount.

On behalf of the Trustees

Foremost Income Fund[signed: Bevan May]Bevan May, 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.

For further Investor Relations information please contact:Jackie Schenn, CATel: (403) 295-5800 or toll free 1-800-661-9190 (Canada/US) - Fax: (403) 295-5832E-mail: investorrelations@foremost.ca - Website: www.foremost.ca^[1][2]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75582^[3]

References

1. ^{^} investorrelations@foremost.ca (www.newsfilecorp.com)
2. ^{^} www.foremost.ca (www.newsfilecorp.com)
3. ^{^} https://www.newsfilecorp.com/release/75582 (www.newsfilecorp.com)